Anybody here own their own business?

Discussion in 'Mayberry Lounge' started by Jack Handy jr, Dec 31, 2016.

  1. Jack Handy jr

    Jack Handy jr Silver Belt

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    i know most of my offerings in the berry are of a let's say light hearted slant but for once I'm being serious with a thread.

    Im sick and tired of being an illuminati labor unit, scraping from check to check. Over the past three years I've fantasized about opening a coffee and donuts shop basically some type of Panera bread/Starbucks ripoff.

    I've noticed that a lot of people that aren't medical doctors or something that have a lot of disposable income seem to have their own businesses.

    I just want to know if anybody here started a successful business by submitting a business plan to a bank and securing a start up loan.
     
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  2. irish_thug

    irish_thug Meme Mod Staff Member Senior Moderator

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    You had me at coffee and donuts.
     
  3. HelloJapan

    HelloJapan Talking loud and saying nothing. Platinum Member

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    I do. I own a music school, half way through year 14 now. Doing a thorough business plan is paramount for success imo. Most people lose the stomach to start a business a third of the way into doing one. What's really scary is the amount of people that start a business without doing on.
     
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  4. touchedbyjab

    touchedbyjab Double Yellow Card Double Yellow Card

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    Are you hiring? I can play the skin flute.

    Seriously though, I would love to own my own business. That first big leap would be scary. Having to quit my career to build a business that will statistically fail is a tough fact to ignore.
     
  5. Jack Handy jr

    Jack Handy jr Silver Belt

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    Thanks for the response bro. How long did it take you to get out of the red? We're your start up costs extreme?
     
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  6. Jack Handy jr

    Jack Handy jr Silver Belt

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    Yeeeaaahhh that's where the fear is

    I've been in military/cop jobs my entire adult life and now that if I can be honest the romanticism of the profession has wained and I'm looking at my bank account with twenty years till retirement and I don't have bad habits, no mistress, no child support, no gambling habit and the account is still wtf?

    Me and some other guys are thinking it's got to be an easier way.mdont get me wrong I make good money as a GL-13 but it's just enough to live a respectable middle class check to check existence.

    I've broached the topic with the wife about downsizing the McMansion and renting some commercial space with reasonable rent to open this coffee,cookie,donut basic sandwhich type shop.

    Ive noticed places like Tim hortons , and Starbucks, and panera have endless lines of people buying that stuff disguised as something arguably healthy and maybe it'll fly.

    TBH if I can get a commercial rent space at no more than 2 grand per month I think mm going to pull the trigger late 2017
     
  7. irish_thug

    irish_thug Meme Mod Staff Member Senior Moderator

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    Would this be a side thing or are you leaving the force? No chance in hell I'm walking away from my pension, no matter how many years left till retirement.
     
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  8. My name is

    My name is Shawn

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    everyone I know that has a business seem stressed to the max . you still have to work for someone(customers) and deal with people .
     
  9. Harmonica

    Harmonica Strong, silent type

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    No, but I mind my own business, if that counts for something.
     
  10. Kühle Hand Luke

    Kühle Hand Luke Mr. Cool Hand Luke Ice

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    I have a full time job, but also, together with 3 other friends, started up a company, which has made enough money to allow us to look for investment opportunities. None of us need the income from the company we started, as we have full time jobs, we do take payouts quarterly though. The idea is to find other investment opportunities with our profit. Have a few things going at the moment, including software, a bar and a storage facility for upcoming LNG projects that will be starting 2018 here in the Gulf.
     
  11. Kais11

    Kais11 Blue Belt

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    I own a business with my cousin. A better way to secure start-up capital is to get, if you can, a 12 month or 15 month interest free credit card. The interest free gives you leverage into using free cash. The rest is up to you to hustle.
     
  12. Pure Peace

    Pure Peace Blue Belt

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    I own a couple of businesses/lines of work

    started off working "on Wall St". right after college in a 100% sales/commission based position without any base salary as a prop desk trader
    made some money and left the game after several years and bought into an old friend's financial planner practice as a partner, made good relationships with clients and then started my own recruitment/placement agency (through a connection i made with a client) with $50K of my own money which was used to finance my trips overseas and to pay an assistant (who, I am proud to say is still working with me after 10 years)...worked out of my home for the first 18 months until i started getting $ from my contracts, while still working with the financial planning company


    im currently still partners at the financial firm, as this is my bread and butter, but Ive invested into simple real estate holdings and and since all my contracts from the recruitment agency are pretty much complete, I'll be refocusing our efforts on temp/agency placement this upcoming year


    i never took out any loans because I had some of my own money, but I for sure formulated an actual business plan for my recruitment agency as well as a requirement for buying in as partner to the financial services firm

    i never made a business plan prior, all I did was by "Business Plans for Dummies" at barnes and Noble


    I'm 35 years old
     
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  13. HelloJapan

    HelloJapan Talking loud and saying nothing. Platinum Member

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    I was lucky, I already had a good data base of students from teaching drums at home, so I just brought my students over and hired other teachers (guitar, bass, piano, voice, etc). I nailed down a awesome lease in a good location, all employees are contract, no tax number needed (no taxation on music lessons here), so admin is a breeze. I started in profit mode from the get go. I'm lucky to have that type of business where I could latter from home based to commercial location.

    Start up costs were very low; some musical gear, some waiting area stuff (customer chairs, reception desk, printer, etc), maybe $5000 at the most (I paid out of pocket). I did do a major overhaul on the facility going into the second year, I put half the funds in, financed the other half, paid it off within 30 months. Sound proofing, painting, etc was done. Turned out very nice, had a huge difference in customer satisfaction.

    I've had friends (and clients) approach me over the years asking about starting a business, my advice has been:

    - Bounce your idea off of pro's; successful business owners, business instructors, business advisors, etc etc. Not just one or two people, at least ten imo.

    - Look for non profit/government type organizations that aid in start ups. I had a great agency in my town that provided me with an amazing counselor, he taught me how to do a business plan, how to apply for financing, etc etc. This help was invaluable.

    - Do a business plan. Don't know how to do one, learn. When complete, bounce it off people mentioned in my first point. Take feedback, edit as needed. Your first draft will NOT be your final draft.

    - Study your competition. What are their weaknesses, strengths, etc etc. This will be part of your business plan as well. It's obvious, but a lot of people half ass this part.

    - Take your time. If you're having to rush to start a business, abort. A successful business starts LONG before you open.

    - Have an open mind. What you think is the right way to do things, might not be. Do you want to be successful or right?

    There's much more, but I'm hung as fuck.
     
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  14. Tavares1988

    Tavares1988 Lyoto machida's cute puppy Double Yellow Card

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    My parents have 4 water refilling station and we have 10 hectares farm
     
  15. bufetadanacara

    bufetadanacara Black Belt

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    I own my own business and have owned another in the past, both good money makers. I didn't take it a loan for them though. Not sure how that helps.
     
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  16. thetruth2709

    thetruth2709 Red Belt

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    I took a "personal" loan in 2001 to start my business. I didnt have a business plan (wouldn't even know how to do one at the time) and I got the loan basically because I lied to the bank that I still got the job that I was fired from two days before. I basically took a do or die approach... 15 years later Im still here :)

    Im not advising you to do what I did. Im just telling you that to illustrate that the conditions dont have to be perfect to start a business and if you are going to wait for "perfect conditions" well sometimes that will never happen in your life.

    Having a business is a risk, big risk, small risk, calculated risk, however you want to take it but still a "risk" so dont wait for perfect conditions where you wont feel any risk at all, that wont ever happen, sometimes you just have to grab life by the balls and say "fuck this shit Im doing it" if you take just a little more preparation than I did well you will be a lot more prepared than I was, and maybe you will do better... or maybe you wont... but thats just life bud, do what makes you happy and fuck everything else, wish you the best of luck!
     
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  17. Jack Handy jr

    Jack Handy jr Silver Belt

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    Hespect for having the balls to take the leap...TBH that's what I've been lacking bro. I recently repaired my credit after a disastrous early thirties. And I like having a great credit score....I don't know man do you take vacations and have toys in he garage?


    That's what I want not just financial freedom but the ability to buy a new gun, or take a vacation without having to do integral calculus with the family budget.
     
  18. Jack Handy jr

    Jack Handy jr Silver Belt

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    If you don't mind sharing do you have the toys, and the vacations twice a year? I notice a lot of small business owners have the car they want and take vacations without the stress of putting half the cost of the trip on credit
     
  19. Jack Handy jr

    Jack Handy jr Silver Belt

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    Forgive my ignorance bro....but what is a water refilling station or is the answer in the name lol? And if so what is it for? Like for drinking water? Is it lucrative?
     
  20. Tavares1988

    Tavares1988 Lyoto machida's cute puppy Double Yellow Card

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    We sell purified drinking water hehe.yes its for drinking
     

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