If you are a hard worker it is better to do it for yourself.... Does not matter what you do you have to do your time or "apprenticeship" before you are ready to stat looking after things yourself. There is a reason why a large proportion of new businesses fail.
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 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.
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.
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.
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
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?
Oh. And never, ever buy a franchise!
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?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.
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...
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