Those who created / own your own business

[KillJoy]

How did you start out?

 

Did you have help? Friends / Family?

 

How did you deal with the low income / high outgo in the beginning?

 

How did you build your client base?

 

???

 

 

KillJoy

[lawnman]

1 . Used my 401 k to buy a lawncare business in 1990 , sold it in 2007

2. I did end up hiring my brother - in - law , and fired him 3 months later.

3 . The initial low income was tough , but I planned for it . In lawncare I would not bill until the end of the month , so in the beginning I did not get paid for 2-3 months from the bigger customers.

4.I advertised alot in the beginning, it did not really work for me . In the end , word of mouth from satisfied customers is what really made my business grow.

Edited January 30, 2009 by lawnman

[Linc5.0]

when I first started, I had another job as well to suppliment my income...started all by myself...with a truck and a mower in the back....

[Chad is Dead]

Basically I'm just taking over what my dad does so it was pretty simple for me once I decided that I'm ready for a career. My cousins own Rockwood Cleaners in Gahanna and they are doing well for themselves even though it took them awhile to finally be able to pay themselves. I know they just went door to door and left flyers. They are already talking about expanding.

[CHERRY]

I started in the Race & Car Show Promotions back in 1985. I did it on a wing and a prayer. I was working Midnight to 8am M-F and coming home, getting a shower, grab breakfast, and get on the phones and/or typewriter (before computers). My first Event in 1985 was the Super Car Show Down held in Bowling Green, KY. I invited Car Craft Magazine and Car Review Magazine and both sent out their Editors. We got on the front cover of Car Craft with 6 pages of editorial inside of which 2 pages were in color. Car Review gave me an honorable mention on the Front Cover with 65 pages of Black & White Editorial inside. I only had 46 cars show up the first year.

 

But in 1987, with the Magazine coverage the Event was huge and I made enough money that I QUIT my regular job. I would honestly tell you this, if you have a dream, think it through, and take the chance, if you fail then at least you tried, but if you succeed then your pride will take over from there. Either way I wish you the best.

 

Chuck

[TTQ B4U]

How did you start out?

 

Did you have help? Friends / Family?

 

How did you deal with the low income / high outgo in the beginning?

 

How did you build your client base?

 

???

 

 

KillJoy

 

Probably a different line of work, but nonetheless.

 

Wife started her own law practice right out of school. $5k from our savings to buy a computer, basic office furniture and a rental deposit. We bought he furniture used and shared office space with another attorney. Both were a big help. Lots of long days and nights networking and getting leads through various network groups. She advertised small at first because it was expensive. Didn't make a whole lot the first year, but it covered the overhead and she's increased business every year since.

 

10yrs later and she's doing fine. Overhead is steep but she does okay. Now it's her, two employees and she'll never work for anyone else ever. She grew the business to several attorneys working for her at one time, even bought a nice size office and gutted it, but then it became too much HR related and not enough real satisfaction. After two kids she decided to go back to her basics have fun and practice law.

 

Good luck. It's rough at first, but if you have a good plan, and a backup for every major thing that you do which may not work out, you'll be fine.

[HAOLE]

1. I started out the hard way. I crashed one practice because I did not understand how to run a business in health care. We were not taught that in school. So I worked for a guy to learn for about two years. After doing that went back into business for myself and have been fine since. I acquired equipment over the years, piece by piece.

 

2.I had the moral support of my wife, that is it.

 

3.Learn to live cheap and make sure you don't have debt obligations that will eat you.

 

4. Public speaking, word of mouth, Yellow pages(that really does not work anymore)

[TTQ B4U]

Yellow pages(that really does not work anymore)

 

Interesting....I had thought that too, but my wife's practice draws in a lot from her various ads. The number is different so the calls can easily be tracked. She gets a lot of call ins from the various internet resources too. Not cheap though. I think she has like $900mo in AT&T advertising....but one client can easily pay for that. So far it's paid off.

[thorne]

How did you start out?

 

Did you have help? Friends / Family?

 

How did you deal with the low income / high outgo in the beginning?

 

How did you build your client base?

 

???

 

 

KillJoy

 

 

I've personally had tons of help from family and friends. I've also tried to include them in some way. For example one of my cable installers is my good friend since middle school.

 

Income, This one sucks but right now I can say that as a company more has came out of my and my partners pocket then has came in but thats starting to change. I stay have my main job.

 

Clients? That's not been to hard. The product I have is something that I feel is considerably better then anything on the market like it and it costs less. Allot of times I directly contact a person.

 

 

 

If you need a good business lawyer I like the one we use.

[Casper]

http://c1.ac-images.myspacecdn.com/images02/59/l_a013798a93f7493dbddbf70d65552e8c.gif

 

Neon flashing signs.

[AI Coupe]

Cash is KING in starting a business. Reading is the second best way to be sucessful. NO partners is just about the best advice anyone could offer.

 

Having a GREAT business plan (probably takes a minimum of six months to prepare), staying on track, working LONG days and nights and being able to focus on your goals will help. If you are married... well, you will be tested!

 

Read "SELF MOTIVATION FOR THE SELF EMPLOYED" BY Martin Edic and then read some more. Read whenever you have time. I'm sure others here can recommend other books and guidelines.

 

Why try to reinvent the wheel? Thousands of others have been here before and some offer GREAT advice.

 

I own a franchise now and follow the basic guidelines and doing OK in this sick freakin economy.

 

I would never go back to working for someone else and have to worry if he got laid last night to see if I had a job the next day.

 

Good luck... sad to say but you will need it!

 

Avalable anytime as I'm sure others are for advice.

 

Ron

[lawnman]

I agree with Ron ..........

NO PARTNERS .

[LJ]

Small inheritence got me the cash to buyout a lease with 15 stripper wells (2-3 barrels per day) and a broken down drilling rig. Used up the rest of my cash to fix the rig and rework the wells. A few hit pretty good and the company just went from there. I started it as a side investment as a sr in college and quit my job in March and started doing this full time.

[iwishiwascool]

 

 

I own a franchise now and follow the basic guidelines and doing OK in this sick freakin economy.

 

What franchise?

[black00ws6]

How did you start out? ---Started with my mom. Her idea, both of our smarts.

 

Did you have help? Friends / Family? read above

 

How did you deal with the low income / high outgo in the beginning? - took loans, and BIG risk of using high limit credit cards.. Paid off in the end but if not, we would have been SCREWED. In our line of business, there isnt much outgoing.

 

How did you build your client base? Our company is workers' comp based and my mom had been in that field for 25+ years and had a huge network of friends. 6 years later, we've never been busier.

[1qwk767]

What franchise?

 

 

Ken the franchise he owns is Deck Rescue, I worked for him over the summer

[tripleGmax]

good advice Ron.

 

KillJoy, if you would like help with filing and legal setup you can PM and i can give you my business attorneys contact info.

[mmZ06]

It’s always interesting to hear about how people start their own businesses and the way they do it. One of the most important things when first starting a company is to set your goals and outline where you want to be in a certain amount of time and how you are going to get there. Basically just a business plan. Whether you’re looking to fund the project through a lender, investors, or personal funds I would strongly recommend this. I started my first business with personal funds and then started to expand with the help of lender's when needed.

Your income level will depend on what type of business you are going after. if your looking at a business that is already established you are basically buying a cash flow. This will be somewhat of a safer route and you will have a very good idea of what you will be earning. If you’re developing your own concept then good feasible projections will help you project future earnings.

I'm not sure what type of business you are looking to get into but most businesses are successful through repeat clients. Word of mouth and good advertising always help generate new customers. Be creative with your marketing as well and set yourself apart from the others.

One of the most important things is to have an exit strategy. Most people get wrapped up in the moment and don't think about worst case scenarios. This will get you in trouble and things always seem to fall faster than they rise. Family and friends are important but sometimes it is hard for them to understand your situation unless they are also a business owner. You will have a lot of people along the way that might not be as supportive as you would like. Most people are fairly conservative and don't like risk. Keep moving forward and never take no for an answer. I have probably heard the word no more than any other word in my life. To me that just fuels the fire and makes me press ten times harder to get it done.

Always remember, a smart man knows what to do but a wise man knows when to do it. You want to be a wise man. The most important part in being successful when owning your own business, is the ability to make the right decisions at the right times. Networking with like minded people and other entrepreneurs will also open many doors.

What type of business are you looking to get into?

[AI Coupe]

All I can say about franchising is try to talk to as many current franchise owners that have actual experience and are working with your target. Don't believe everything you hear although the law is specific and REALLY tough (as in GO TO JAIL) on anyone misleading you about earning potential of a franchise. A "business opportunity" is different... they can blow any color smoke up your rear they want.

 

It took me almost a year of research, reviewing financials and conversations to finally throw the switch on Deck Rescue...

 

FYI: Regan Rodregaz (sp) in Columbus holds monthly meetings downtown to introduce hot franchises to potential prospects. He is VERY good at introducing the parties to each other.

 

Ron

[Patrick]

Yellow pages(that really does not work anymore)

 

I was surprised at how many customers called because of the ad.

[RS69]

We are in process of setting up my wife's law practice. I was partner in another business a few years ago(jobber shop) and it was quite successful. The whole time when I was running the other business, I kept my full time job. My insurance/heathcare was taken care by my fulltime employeer and I made great money in my 'spare' time. The key is keeping your costs in line. This is how you make real money. Sure, I worked a lot of hours, but I didnt have kids back then and this paid for the extras in life. For the past year, we bought another property nearby and I have been re-furbishing it. It has been quite a bit of work and we are just about ready to open. My wife is an attorney that has been working for another attorney and it time for her to set up her own practice. She has over 15 years in probate(estate planning), business incorporation, real estate, and tax. Edited January 31, 2009 by RS69

[Patrick]

I just got a sweet hookup on blow if anybody needs some. I don't use drugs much, so profits should be high. pm me.

(sponsor link should be posted at the top of the screen soon for an easier ordering process)

 

 

I need money to save my sports car company. Please send to

PO Box 900

Los Angeles California 90202