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have you ever wanted to start a business?

kogline
Posts: 134
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10/24/2011 12:14:26 PM
Posted: 5 years ago
or have you started one? succeeded or failed? what was it about? did you enjoy it?

tell me about it.

ones i've thought about - mobile shaved ice(like a better version of snow cone), raising aquarium fish, candy store, brothel in nevada.
if state farm has perfected teleportation technology why do they still sell car insurance?
brian_eggleston
Posts: 3,347
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10/24/2011 12:37:32 PM
Posted: 5 years ago
At 10/24/2011 12:14:26 PM, kogline wrote:
or have you started one? succeeded or failed? what was it about? did you enjoy it?


tell me about it.


ones i've thought about - mobile shaved ice(like a better version of snow cone), raising aquarium fish, candy store, brothel in nevada.

Harmony Travel International Ltd. was an inbound tour operator I co-founded in the early nineties. It thrived until the recession in Japan caused the collapse in demand for travel to Europe from our main markets in the Far East and we, eventually, had to wind the business up.

It was great fun while the going was good though - our offices were in Leicester Square right in the heart of London's entertainment district - although we worked hard we played hard too. Great times.
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CosmicAlfonzo
Posts: 5,955
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10/24/2011 2:01:50 PM
Posted: 5 years ago
I'm an independent artist, I make most of my money street performing(I do music, but it's hard for me to keep a band together. Most of the musicians I deal with don't really have the drive)

Right now, weather is getting crappy, and I'm planning to go down to Austin Texas soon.(If anyone lives around there, I'll totally sleep on your couch, and raid your fridge for you)

I was planning on going to Texas a few months ago for different reasons, but now I'm going because it is nearly impossible to make money on the streets as a musician during Chicago winters.

I make a good buck doing it. Sometimes it is like a 20 dollar an hour job.
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sadolite
Posts: 8,837
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10/25/2011 9:40:09 PM
Posted: 5 years ago
At 10/24/2011 12:14:26 PM, kogline wrote:
or have you started one? succeeded or failed? what was it about? did you enjoy it?


tell me about it.


ones i've thought about - mobile shaved ice(like a better version of snow cone), raising aquarium fish, candy store, brothel in nevada.

Started a printing business when I was in my early 20's. Borrowed $25,000 for the down payment. It was a small existing shop. It grossed about $36,000 a year, This was 30 years ago by the way. It had a single color press, a camera for making plates, a folder, a cutter, and misc. bindery equipment. Broke even the first year, broke even the second year, Got divorced and it all went down the tubes. Lost the business the house, everything. $125,000 in debt. If you include the foreclosed house.

I disappeared of the face of the earth for 10 years. No phone no forwarding address.

Recovered from the disaster and remarried. At age 47 I just started a new business. This time no borrowing money. It is a home maintenance and management business more maintenance than management right now. Bought an old van. I already have all the tools as I have collected them over the years. Printed some business cards and get all my work by word of mouth. I work a part time job and work my business the other part. Grossed $15,000 since July of this year. My advice is start small and don't barrow money. I work out of my van and a cell phone and owe nothing. If anything start a business anyway. You can use it to deduct almost everything even the mileage on your car. You don't have to show a profit for a while. Don't worry about showing small sales compared to large expenses the first few years. These are all business start up costs.

You can set up an LLC for $149.00 on line. They do everything. Whala your a business. Oh ya get a federal tax ID#. You will get credit card offers in the mail in a matter of weeks. You can use these to pay for materials and such but pay it off every single month. Keep two checking accounts one personal one business. Don't try to hide your profits from taxes. This has a negative effect if you want to barrow money to expand later. If you show low sales but really make more by hiding and not reporting. You can't prove you made more.
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vbaculum
Posts: 1,274
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10/26/2011 5:05:51 PM
Posted: 5 years ago
I've recently been struck with the entrepreneural spirit. I wan't to start a photography business. Once I learn how to operate a camera (which is an undertaking in itself) I'll take pictures of anything, weddings, families, etc....

I'm tired of the programming business. Plus, my back is giving out (siatica) which makes it hard to sit down all day. I need to stand up more.

We'll see how it goes. I like sodolite's advice on not borrowing money. Hopefully, I won't have to.
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kogline
Posts: 134
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10/26/2011 5:19:07 PM
Posted: 5 years ago
At 10/26/2011 5:05:51 PM, vbaculum wrote:
I've recently been struck with the entrepreneural spirit.

yea me too, but i'm stuck on what i want to try out. brian and sado had some interesting experiences but i don't think they apply to my setup as much.
if state farm has perfected teleportation technology why do they still sell car insurance?
RoyLatham
Posts: 4,488
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11/3/2011 1:15:50 AM
Posted: 5 years ago
I founded a high tech consulting and R&D company in 1990. The company peaked around 2000 and has now petered out. I rode the boom in computer graphics, which is now mature and mostly a commodity.

I wouldn't start any kind of business in California these days, nor any dealing with the Federal Government. We were about evenly split between commercial customers and the Feds. The regulations and paperwork are too much for a small business to handle. A pure commercial business in a business-friendly state like Texas is probably okay.

In virtually any business, most of the work is in attracting customers. You must find out what they want and provide it. If you have the attitude that you want to do XYZ and you're sure people will buy it, you may be lucky, but the odds are against you. Marketing is nonstop and goes on forever.
Chrysippus
Posts: 2,173
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11/12/2011 2:18:37 PM
Posted: 5 years ago
I started a delivery business three months ago. I now own, run, do the accounting for, and promote my own business.

Being self employed is a lot like being unemployed, except it is more expensive and takes a lot more time.

It's like having a kid all by yourself: messy, expensive, and exhausting.

It's the one of the scariest things in the world; you sink everything you have into it: your time, your savings, your reputation. You call in every favor you have out there. You bank on whatever good will you have built up in your town. You call on people you know, who know people who can help you. You advertise, you go door to door, you pass out cards, you stand behind tables at expos.

You sink your life into it, knowing all the time that you have 1 chance in 3 of making it through your first year, no matter how hard you work.
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