Just curious if anyone here runs there own business? I'm currently at uni doing a 3 year degree to get a career as i work a lot of shitty factory jobs at the moment. However this is just a safe route to take for better employment opportunity's. At the end of the day i fucking hate working for some one else and would rather work for my own business, which leads me to my question who here owns there own business and whats it like? Do you feel like you have much more freedom in life. would be great to choose your own hours and work on your own terms... then again you are responsible for everything.
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depending on your business but working your own hours , normally doesn't work out like that ,working for yourself requires a shitload of time as you need to make a wage as well as pay back your investment
i know a few people that own their own business but to make any money to live on they need to take a second job
i know a few people that own their own business but to make any money to live on they need to take a second job
I always remember something my mentor and old boss said to me about his business a few years ago-
All anyone sees is the BMW and big house no one sees the decade of living on beans and rice, dodging creditors, failed marriage, 16hr days and kids who I never saw when they were growing up. Was it worth it, probably not but thats easy to say when your living in a nice house, driving a bmw and banging a trophy wife.
All anyone sees is the BMW and big house no one sees the decade of living on beans and rice, dodging creditors, failed marriage, 16hr days and kids who I never saw when they were growing up. Was it worth it, probably not but thats easy to say when your living in a nice house, driving a bmw and banging a trophy wife.
IRON TANKS
Site Advertiser
See what Brick said. Running your own business is tough, but very rewarding. particularly if you can't take orders from anyone else.
What bloke and brick said.
It is easier in some fields than others.
In 5 years time I want to be working for myself.
Lucky for me I'm in a field (digital logic design/embedded systems) that you don't need much capital ,mostly just to cover your living costs while you build the business up.
Hardware costs would be 10k to 50k - few pc's ,software licenses and few development boards/cards and multiple backups.
Know a few people doing their own startups, most are working part time jobs while doing it and its not that much fun for them but they are doing in their late 20's.
They do have the software skills (mostly) to do it, just a lot depends on their business skills or lack of.
It is easier in some fields than others.
In 5 years time I want to be working for myself.
Lucky for me I'm in a field (digital logic design/embedded systems) that you don't need much capital ,mostly just to cover your living costs while you build the business up.
Hardware costs would be 10k to 50k - few pc's ,software licenses and few development boards/cards and multiple backups.
Know a few people doing their own startups, most are working part time jobs while doing it and its not that much fun for them but they are doing in their late 20's.
They do have the software skills (mostly) to do it, just a lot depends on their business skills or lack of.
You would only have to do your time as an apprentice if you want a trade as your own business, at the end of the day your still working for some one as a tradie (annoying customers) and competing against 5 million other tradies... If however you just bought a business may be a different story, but even then your right in a sense as you would have to do your time in a shitty job to save the funds to purchase a business.
If thats the position they are in why do they bother with the business? although i guess its probably temporary until the business loans are paid of then its easier sailing hopefully.
Yeah sounds like he sacrificed a lot but your right in saying thats pretty easy to say when he has nice car, house wife now anyway lol guess the sacrifice paid off 10 years of bullshit to living comfortably until retirement. This sounds better than working in a shitty job you cant stand for 40 years.
Hate taking orders from others lol specially when you work hard for shit money and crappy hours and never get ahead.
Good luck with it all mate I hope it all works out for ya. Will never happen if you do not give it a go. Apparently the richest people in the world went bankrupt many times before they got wealthy. As the saying goes ''Have a full time job to make a living and a part time business to make a fortune''
If you think starting a business means no one will tell you what to do your wrong. More motherfuckers are gonna be pushing you around then ever. Clients, creditors, suppliers, subcontractors. If you struggle to get on with bosses all these fuckers are gonna shit you even worse. You wanna make money your gonna be answering to people.
Hey oz dude... I meant "apprenticeship" in more of a figurative sense as in pay your dues, do your time and learn your trade whether it be as a sparkle or working as a financial planner before starting your business. You learn from people who know, take in as much as you can and then start your own business. Working in a factory and studying does not really give you a great foundation is the point I was trying to make. I am guessing that you are probably pretty young given that you are studying still, so you have plenty of time. Impulsive decisions cost money. I have worked this out the hard way as my rush to start a business saw me buy a franchise from an unscrupulous franchiser that cost me much money, angst and time...
For example, say I wanted to start a business as a gym instructor. I would probably need to get some experience doing that before I even thought about making a start. I would then need to get my head around tax compliance etc. it would probably be a good idea to write a business plan, Swot analysis etc... What sort of business were you thinking?
For example, say I wanted to start a business as a gym instructor. I would probably need to get some experience doing that before I even thought about making a start. I would then need to get my head around tax compliance etc. it would probably be a good idea to write a business plan, Swot analysis etc... What sort of business were you thinking?
i ask them the same thing, most of the reply is locked into contracts , lease,products, in too deep to bail out
one bloke was doing an hour shift (11pm-7am) opening the shop at 8:30 closing at 5 getting home at around 7(after doing paperwork etc) and getting fuck all sleep and family time, before starting the routine all over again
he has since sold up and back to working for someone else ,saying it is less hassle and stress
another one running a tyre and wheel joint was doing 3am-7am and then rocking up to his job , just to make the ends meet
the other was a tattooist , doing 8 hr night shift , but for them it was extra cash as the tattoo business was booming
It is not a business until you aren't there and it is business as usual. Those people who work crazy hours are not doing it right! The best way to work it out is to do an analysis of hourly rates based on profit. 70k for 76 hours running your own business is pretty crap compared to 70k for 38 plus public hols etc working in a job.
There is a good book that explains it well. The E myth by Gerber...
I've got some slightly different advice.
Look for opportunity rather than a specific business.
My greatest sucess so far simply came from spotting a good potential money making opportunity and a business grew from there.
Made about 100k in 6 months selling pool tables on eBay, no experience and instant start up.
Initial purchase was 12k, which I had to sell stuff and scrape together the rest, but the risk was extemely low that they wouldn't sell.
I was hoping to take 12 months to sell the first lot, but they sold in about 1 month at very good profit margins.
This is just an example, this was 6 or 7 years ago now.
Have moved on to other ventures now and never looked back, was a builders labourer prior to that.
Develop an entreprenuer mindset, it will allow you to be more flexible and open minded for how to make money.
Making money can be easy, if you know how.
There are plenty of opportunities in plenty of industries.
In my opinion, I believe formal education is a waste of time if you don't want to be someones employee.
What they don't teach you at school is the most important stuff you need to know.
Look for opportunity rather than a specific business.
My greatest sucess so far simply came from spotting a good potential money making opportunity and a business grew from there.
Made about 100k in 6 months selling pool tables on eBay, no experience and instant start up.
Initial purchase was 12k, which I had to sell stuff and scrape together the rest, but the risk was extemely low that they wouldn't sell.
I was hoping to take 12 months to sell the first lot, but they sold in about 1 month at very good profit margins.
This is just an example, this was 6 or 7 years ago now.
Have moved on to other ventures now and never looked back, was a builders labourer prior to that.
Develop an entreprenuer mindset, it will allow you to be more flexible and open minded for how to make money.
Making money can be easy, if you know how.
There are plenty of opportunities in plenty of industries.
In my opinion, I believe formal education is a waste of time if you don't want to be someones employee.
What they don't teach you at school is the most important stuff you need to know.
Yep i get the point your making. you are right I am young 26 but old for uni lol just been thinking different avenues as selling our property and freeing up a bit more cash so got me thinking what i could do with it.. Havnt really looked into anything in particular just always checking whats out there really. Same old story though i know what i dont want to do (factory work).
I have heard this time and time again that buying a franchise is just buying a job. Not so bad if your the one selling the franchises though
What franchise did ya have?Mate thats awesome good work. How do you find reliable suppliers? for example the pool tables and knew ya could drop 12k to them and trust them? What happened with that venture in the end did the market get flooded once people caught on? Yeah the only reason I am at uni is its just the most productive option for me at the moment I figure once I get a ''career'' I can get some money behind me a lot easier then move of into my own thing (not related to the degree though) So its just a means to an end really as working in a factory is getting me no where fast... are your newer ventures still through ebay or moved onto bigger and better things?
GUZZLA
Tasty Kunce
Best thing I ever did was get a trade behind me. I run my own carpentry & Building business and have done for the last 12 years. I built up a reliable business by being good at what I do and developing good relationships with customers. I use to do huge hours, sometimes 36hrs straight on big commercial projects, but I learned a few years ago that there's no point smashing yourself day after day as the reward is not compounding. Now I just take it easy, make hay when the sun shines and use the down time to enjoy life. I figure that, of all the times I've worried about how certain situations were going to turn out, the worry has been all for nothing. So I trust myself and my judgements a whole lot more and worry a whole lot less now.
I feel sorry for those who float from job to job with no real idea what sort of career / industry they really want to get into. The again, some people are so settled in their comfort zone they don't realise it is often the most uncomfortable place to be.
I feel sorry for those who float from job to job with no real idea what sort of career / industry they really want to get into. The again, some people are so settled in their comfort zone they don't realise it is often the most uncomfortable place to be.
Stewstews
Small Fry
I launched my on business about a year ago.
Totally worth it, and totally hard. I'm also in my late 20's and wasn't going to do it unless it was going to be worth a lot more than it was working full time. It has, but it has been a lot of work. I wouldn't change anything, and am now in a position where I can make it sustainable and long lasting - hopefully without needing me involved in everything.
You need to find an opportunity as others in the thread have mentioned.
Or you have to have something to sell. If that is your skills or experience - are people going to buy? Do you have the track record and experience for someone to fork out for it? If you don't and this is the path you want to go down, this is what you need to build. If you're not ready to launch you can still work towards it.
Totally worth it, and totally hard. I'm also in my late 20's and wasn't going to do it unless it was going to be worth a lot more than it was working full time. It has, but it has been a lot of work. I wouldn't change anything, and am now in a position where I can make it sustainable and long lasting - hopefully without needing me involved in everything.
You need to find an opportunity as others in the thread have mentioned.
Or you have to have something to sell. If that is your skills or experience - are people going to buy? Do you have the track record and experience for someone to fork out for it? If you don't and this is the path you want to go down, this is what you need to build. If you're not ready to launch you can still work towards it.
oz-dude, there is a lot of stuff that the business owner has to get done that has nothing to do with the actual business. You will find that most of that free time might go to bookwork, ordering stuff, planning, looking for business, dealing with a bank manager who isn't all that bright, dealing with employees who aren't all that bright etc etc. These things will quite likely take up a lot of your time. And as Brick said, they will all be pushing their own angle. Bosses have rules to follow about how they deal with you, customers do not.
You have some good advice in this thread, good luck.
You have some good advice in this thread, good luck.
Neddysmith
Standard kunce
Hmmm, might have to get this book for the missus, she keeps banging on about owning her own business and not working for someone else and retiring early, but as soon as i mention stuff like this i am the bad one who never supports her ideas blah blah blah.
Even our mortgage broker who we know pretty well through buying investment properties says its not the bets idea and he works 80hr weeks and only take home about 75k.
Anyways, maybe if she reads a book like this she may start to realise it is not as easy as starting a business and doing a few hours here and there.....
Well thought I would update, I have started a little online business not registered yet just testing the waters. Its in sign/sticker design making mainly for cars and home wall art. I don't expect to make a lot of money out of the idea but more so just learn the ropes of business. Its also a bit of fun while making some extra cash to get me through uni and out of labouring.
First month so far been slugged with an $83 ebay fee with little traffic lol so may be scrapping that idea for awhile. Starting to get a few designs out there and actually made my first sale today for 4 designs this is through facebook advertising and networking.
Just curious as to if any one has ideas about getting my facebook presence out there as I only have 40 likes and cant keep harassing every one on my friends list lol. Already made a few gym motivation wall stickers up but havnt advertised them yet... Am I allowed to link my facebook page to here or against forum rules?
First month so far been slugged with an $83 ebay fee with little traffic lol so may be scrapping that idea for awhile. Starting to get a few designs out there and actually made my first sale today for 4 designs
this is through facebook advertising and networking.Just curious as to if any one has ideas about getting my facebook presence out there as I only have 40 likes and cant keep harassing every one on my friends list lol. Already made a few gym motivation wall stickers up but havnt advertised them yet... Am I allowed to link my facebook page to here or against forum rules?