Business Owners/Entrepreneurs Thread. Your story?

[miket]

Thought it would be interesting to hear yalls stories. I would like to hear how/why you got started. What was your motivation. I would like to hear everyones story, but specifically from those that started and built a business yourself ( or with partner etc ).

Any words of wisdom or experience? Lesson learned? Regrets? Failures? Successes?

Anything else you want to post relative to running or owning a business, this is your chance, I want to hear it.

[JLivi1224]

In

[Trevor73402]

I’m in the process of starting. I won’t lie, it scares me. I’m about to spend $130K on equipment and a trailer. I can always sell out of it later, but it’s still stressful to me.

[miket]

I’m in the process of starting. I won’t lie, it scares me. I’m about to spend $130K on equipment and a trailer. I can always sell out of it later, but it’s still stressful to me.

Absolutely! I know the feeling. My first piece if eqpt was $35k and taking that step was.....well, scary!

[jjaimes]

In!

[yotethumper]

In.

[dclifton]

My one and only biggest problem is employees within our family business. 35+ employees

If i was to start something new i would make it something that would cap out with a handful of employees. By that i mean something that could be ran and operated efficiently with 3-4 people max.

At the end of the day, money, supplies etc is nothing. Employees are 80+% of our stress and problems.

[CEO]

Neither myself or my old man liked the corporate world and that's putting it lightly. We discussed different business options for a few years seriously and when he left we were both working for the same company. He called me one afternoon and said he was at Henson getting a new truck and was dropping his company vehicle off the next morning. Wanted me to know in case people started asking questions. He had been with the company almost 25 years, last 20 or so fairly high up in the corporation. He started the new company the next day and I joined him a year later.

No more useless meetings or two hour conference calls where half the content is one manager sucking up to the one above him.

More than dislike of working for big companies is wanting to build something. You only live once and I didn't want to feel like I gave it less than my all.

My main piece of advice is make sure your significant other is on board. We made about $500 total the first 18 months the company was open. If you don't have some money saved up or a spouse that helps it will be tough. Even now it drives my wife crazy that my income goes up and down.

[jjaimes]

Neither myself or my old man liked the corporate world and that's putting it lightly. We discussed different business options for a few years seriously and when he left we were both working for the same company. He called me one afternoon and said he was at Henson getting a new truck and was dropping his company vehicle off the next morning. Wanted me to know in case people started asking questions. He had been with the company almost 25 years, last 20 or so fairly high up in the corporation. He started the new company the next day and I joined him a year later.

No more useless meetings or two hour conference calls where half the content is one manager sucking up to the one above him.

More than dislike of working for big companies is wanting to build something. You only live once and I didn't want to feel like I gave it less than my all.

My main piece of advice is make sure your significant other is on board. We made about $500 total the first 18 months the company was open. If you don't have some money saved up or a spouse that helps it will be tough. Even now it drives my wife crazy that my income goes up and down.

What kind of business did you guys open if you don't mind me asking?

[CEO]

What kind of business did you guys open if you don't mind me asking?

Equipment Rentals and Sales. General construction and oilfield.

[Charles]

Started mine in 1992.

I agree with the employee statement above ^^^^. That was my biggest challenge when I had several employees. Thankfully I down sized years ago and don't have to worry to much about employee issues anymore.

Keep debt low and positive cash flow high and you will make it, even in a down turn market. I would also do something that generates monthly reoccurring revenue.

[MAP]

Things that use to scare me are everyday non issues now, you'll learn that pretty quick

Buy used equipment when you can. A lot of people, especially in the oilfield, think they need to buy brand new pickups and equipment as the first thing when they start. I knew a group of people who got a $250,000 bank loan and went and financed 4 brand new pickups 2 days later for their company. About 3 years later I bought some of their equipment when they filed bankruptcy.

Hire good people

Don't have to many people from the same family working for you

Know how to work every piece of equipment and know how to do everything that your company offers

Don't ever be in the position where an employee can hold you hostage, meaning don't ever get in a position where you think "yeah I need to fire him, but he is the only one that can work that machine"...… this comes up all the time with companies, I've experienced it several times. As soon as I get the gut filling, I start thinking of other options and lay out a plan in my head. When I have a serious talk with a worker, I have ever intention of personally staying there and finishing the job if they don't like what I say or want to quite then.

Keep tabs on your money, use different accounts if you need to. If you have a good amount flowing in, its easy for a good amount to start flowing out if you don't restrict it intentionally. One of the best things I did was cancel my debit card from my business account, now the only time money comes out of it is if I personally write a check. Every 2 weeks I go online and move money over to another account that has a debit card, and that's what I use to buy what I need for work.

Stay out of debit as long as possible, I still don't own a credit card personally or on any business

My motivation for being self employed, is land and the thought of owning as much as I can. Also when I'm an old man I'd like to leave behind something that I created and hopefully will still be in business. I'd hate to live and not leave behind proof that I existed.

The best thing about being self employed is not knowing how much your going to make this year, the worst part about being self employed is not knowing how much your going to make this year.

[Huntingfool]

I was a high school coach and English teacher from age 22 to 27. Had our second child and I was going to make $11,900 that year (1979). We were starving on that salary so I decided to make a change.

Moved to Georgetown and started my insurance agency in 1980 (doing employee benefits, investments, life and health only). I had zero customers and knew no one in town other than my wife's family.

I immediately became involved in the community in a number of ways and worked and hustled my rear off. That was now 40 years ago and i am still rolling - for those 40 years I have had just one employee for the first of those 28 years. She retired so I hired another assistant who has been with me the past 12 years.

Was the best decision I ever made - I am my own boss, come and go when I want, and made a serious income over all those years.

Yes it was scary as heck when I left a salaried job and was on commissions only but I had confidence in myself. I am now writing business on some of my long time client's grand kids which is pretty cool. I could retire today but still enjoy what it do so it has been a blessing.

[rjtkdplus]

My wife and got married in February 1991. In November 1992 we moved from Florida to Austin with a $15000 loan co signed by my Dad and a few credit cards. We opened a Martial Arts school on Brodie lane. We experienced amazing success over the years, opening 3 other locations and having 6 of my students open locations in Austin, Phoenix and Colorado Springs. As others have said staffing is the most difficult part of the business. We sold 3 locations and I still put in 40 hours a week most of the time at my location on Brodie lane because I still enjoy teaching and training. After being self employed for so long, I’d say the best part is the freedom to do what you want when you want. The worst part is the stress to make the business succeed because if I don’t no one else will.

[Collier]

My one and only biggest problem is employees within our family business. 35+ employees

If i was to start something new i would make it something that would cap out with a handful of employees. By that i mean something that could be ran and operated efficiently with 3-4 people max.

At the end of the day, money, supplies etc is nothing. Employees are 80+% of our stress and problems.

Exactly, the next venture will be max 3 employees, if that many.