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Hi 'm conducting a research on small businesses, and I'd like to know your thought before and after you opened up your business, like what was it like before, how you felt, was it hard for you? And then after opening your business, did you think it was easier then you thouhgt? I just need opinions pleasse.. if you can give me the name of your business.
Before I opened my business, I had all sorts of hopes and dreams of how well things were going to be going for me. As I started going through the process to get licensed through the state, I started running into all sorts of problems that I hadn't expected but I kept going on. When I finally got it opened, it was harder than I thought and became harder as I continued. Now I am at the point that I look back and wonder if it was really worth all the hassle. I am considering spending more money to move to a different location in hopes that I can get a better business going in a better area.
I sell used cars but I'm not giving you my business name. All I can say is that it's an incredibly rough economy and you not only need to know what you're doing but you also need a great amount of luck at this time.
Ahhh it's okay I'm just glad I got someone's inside of what owning a business is like thank you :)Quote:
Originally Posted by odinn7
I was self-employed, and didn't spend a dime to get started. I had worked a while for a gov't highway lighting contractor, so I just went out on my own, running the office side of several one man businesses in the building trades, doing bookkeeping, taxes, payroll, insurance, job costing, comp, and so on. I had to know 'everything,' and I spent quite a bit of my own time researching. I never had to advertise, because it was a job that most small contractors just struggle with themselves or hand over to an accounting firm, and I did a much better, more individualized, job for less cost, working a few hours a week at each place.
I charged about double what I would have earned with wages. In the US anyway, it's vital to know what you will be paying in the way of taxes, and you should factor in any lost benefits you might have had working for someone else.
I stopped doing it because I actually never had liked the bookkeeping part. I also had to deal with total messes sometimes, and not being in one place all day each day, invoices were lost, blank checks were taken out of checkbooks, papers were strewn on floors and out in trucks, and so on. Almost every job has it's moments when you regret doing it.
I have also done a lot of selling on eBay, of my own items, my parents', and for other people, on commission, 20 - 40% of the sold price (I paid the fees). But they were used items, so everything was in a way pure profit, depending on how you regard an item you don't want anymore. It's difficult to make a profit selling new merchandise online, because of all the competition.
Research HAS been done on small business, and the results are this: You need to plan on having a 6 month cushion of funds for all overhead to start, while making no profit, and after that --- most fail in the first year. Yet millions try and try again, because they want to be their own boss. And if they do make it, they might get very very rich. And with fundraising sites like kickstarter, if you have something really interesting and new to sell, you can raise tons of money without much 'work' at all.
I started part time, worked regular job and started my business, as most do, I lost money for about 2 years, ( they say it is expected) but after it started earning money, I did it full time.
I sold it last year, to move
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