Author Topic: Does anyone regret taking the risk to start a business?  (Read 8266 times)

Farmgirl

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Re: Does anyone regret taking the risk to start a business?
« Reply #50 on: May 03, 2019, 07:05:32 AM »
+1 for Kyle.  I can create my own bs without being instructed on how to do it!

Dare2Dream

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Re: Does anyone regret taking the risk to start a business?
« Reply #51 on: May 03, 2019, 01:35:17 PM »
I have had a large number of side businesses in the past (selling collectibles, trading options, mining bitcoin, selling on amazon/ebay, etc).    No regrets.

Most of them lost money in the end but they were some of the best times of my life (So far).  There is nothing better in life than waking up and being excited for the day because you are doing something you love. 

oldtoyota

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Re: Does anyone regret taking the risk to start a business?
« Reply #52 on: July 26, 2019, 06:09:41 AM »
Most business owners regret it at some point.

What is the most important thing to succeed?

You have to make sales.

You do not need

A logo
A van
A website
Business cards
Etc

To make that happen.

You do have to make real connections with an offer people need to do well.


A Fella from Stella

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Re: Does anyone regret taking the risk to start a business?
« Reply #53 on: July 30, 2019, 12:13:13 PM »
The mistake I see my friends make when they start their businesses is that they do things other than get customers. Until you have a customer it doesn't count. My buddy spent more time picking out which van he would buy for a handyman business that never got off the ground, than actually doing the uncomfortable work of finding customers and pitching his services.

This. So much This. If most entrepreneurs worried about finding paying customers half as much as they worried about the paint color, the logo, the business title, the business cards, how to write-off every penny of business expenses, the carpet color.... then they would either a) be fine, or b) realize they didn't have a viable business model. Sadly, I only know this through experience and occasionally forget it.

You'll see this in some Shark Tank interviews. The business owner says he's working more on the operational side, and the panel is like "dude, what's to operate if you don't have customers to pay you?"

Bloop Bloop

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Re: Does anyone regret taking the risk to start a business?
« Reply #54 on: July 30, 2019, 05:49:41 PM »
Most business owners regret it at some point.

What is the most important thing to succeed?

You have to make sales.

You do not need

A logo
A van
A website
Business cards
Etc

To make that happen.

You do have to make real connections with an offer people need to do well.

Yes. The only thing you need is clients. Work hard till you have enough clients to fill up your X number of hours each week, then increase your rates to keep demand just about at that level.

It's dangerous as a business owner if you want to be "popular". That's how you end up working for demanding clients, or accepting invitations to provide freebie goods/services for no particular return. If each client gives you 5 hours of work and you want to work 40 hours a week, you only need 8 clients a week. If you have 12 clients each week, that just means you are screwing up your own supply/demand curve, i.e., you are setting your rates too low. One of the best things I ever did was to cull my clients down to only how many I want.

Flashy stuff like business cards/websites also don't necessarily work as well as networking and word of mouth. I don't have a business card and don't bother promoting myself in any medium, other than by doing good work and general networking.

Samuel

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Re: Does anyone regret taking the risk to start a business?
« Reply #55 on: July 31, 2019, 09:30:44 AM »
Take a look at the acquisition entrepreneur book. If the point is to have a good investment and make money, I would encourage you to think about something boring like buying an HVAC company from a retiring boomer that does 2M in sales, while providing the owner with $400K/year. You could probably buy that with an SBA loan and 150K down. https://www.amazon.com/Buy-Then-Build-Acquisition-Entrepreneurs-ebook/dp/B07JKM2F5Q

FYI - The kindle edition is currently $1.99 and there were a couple weird credits that brought it down to 38 cents (for me at least). 

Haven't read it yet. Can't vouch for it. But the price is right and this kind of stuff has been on my mind lately. Good timing for this thread to be resurrected.

Michael in ABQ

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Re: Does anyone regret taking the risk to start a business?
« Reply #56 on: August 23, 2019, 03:50:33 PM »
I just recently went the route of buying an existing business with an SBA loan.  It's only been 3 months but so far absolutely no regrets.   I would caution about buying a business that you couldn't run if all of your employees quit on you on the same day.  Either buy something you can run on your own in an emergency,  or if you buy that HVAC business, learn HVAC ASAP.
Be smart about it and remember that cash is king in the beginning.

I'd love to hear more details about how you found the opportunity, evaluated it, and pulled the trigger. What was your experience with the SBA? Did you have technical expertise in the biz you bought? Kind of a thread hijack, but you're doing exactly what OP is contemplating.


Sure.  The original decision to buy a business started after working for a couple of similar businesses.  After managing these companies for several years I realized that I was really good at it.  Seeing how much money I was making someone else, and then watching them blow though it, made me finally decide to take the plunge.  Constantly busting my ass for clueless owners who drive up in brand new sports cars just wasn't working for me anymore.

I looked at several, and in the end didn't go with the one that had the best numbers,  but the one that I believe has the most potential.  It's still early,  but so far so good.

The SBA was.......exhausting.   Between the SBA, and the bank, and the attorney, and the broker it was crazy.  I REALLY started to second guess things.  Honestly there were a couple times that I wanted to back out but I kept thinking that if those clueless fools in their shiny infinitys can do it, damn it so can I.

Just found this thread and I'm curious what sort of business/industry you purchased in?

JeanLuc

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Re: Does anyone regret taking the risk to start a business?
« Reply #57 on: August 27, 2019, 02:00:51 AM »
I would say it depends on what you personally value. If you are someone that prefers stability in their financial situation starting your own business can be a bit unnerving. However if you are excited by the idea of starting something for yourself and running your own thing it seems like a good choice. Whatever you do, don't start a business if you are not going to completely commit to it. Obviously if you are not into entrepreneurship but you are only doing it because you think you might be able to earn a little more don't do it. It rarely works out if you don't enjoy what you are doing.

One thing I noticed personally is that it's not for everyone. The moment you quit your job and start doing something for yourself it's like your are stepping into a spotlight. Your whole social network suddenly has an opinion and there are going to be people judging you. You are going to have to believe in your own idea because others won't. If that makes you very uncomfortable you might want to reconsider.

AnnaGrowsAMustache

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Re: Does anyone regret taking the risk to start a business?
« Reply #58 on: August 27, 2019, 02:07:20 AM »

One thing I noticed personally is that it's not for everyone. The moment you quit your job and start doing something for yourself it's like your are stepping into a spotlight. Your whole social network suddenly has an opinion and there are going to be people judging you. You are going to have to believe in your own idea because others won't. If that makes you very uncomfortable you might want to reconsider.

THIS.

It's like everyone becomes an expert in how to run a business, even though it's a very specific skill. Ops manager in a company? No, you do not know how to run a small business! Accountant for a hospital? No, you do not know how to run a small business! Employed hairdresser in a salon owned by someone else?No, you do not know how to run a small business! Be careful who you take advice from.

Kyle Schuant

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Re: Does anyone regret taking the risk to start a business?
« Reply #59 on: August 27, 2019, 07:28:59 PM »
Everyone is an expert with somebody else's money :)

Lamancha

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Re: Does anyone regret taking the risk to start a business?
« Reply #60 on: August 27, 2019, 07:46:03 PM »
I just recently went the route of buying an existing business with an SBA loan.  It's only been 3 months but so far absolutely no regrets.   I would caution about buying a business that you couldn't run if all of your employees quit on you on the same day.  Either buy something you can run on your own in an emergency,  or if you buy that HVAC business, learn HVAC ASAP.
Be smart about it and remember that cash is king in the beginning.

I'd love to hear more details about how you found the opportunity, evaluated it, and pulled the trigger. What was your experience with the SBA? Did you have technical expertise in the biz you bought? Kind of a thread hijack, but you're doing exactly what OP is contemplating.


Sure.  The original decision to buy a business started after working for a couple of similar businesses.  After managing these companies for several years I realized that I was really good at it.  Seeing how much money I was making someone else, and then watching them blow though it, made me finally decide to take the plunge.  Constantly busting my ass for clueless owners who drive up in brand new sports cars just wasn't working for me anymore.

I looked at several, and in the end didn't go with the one that had the best numbers,  but the one that I believe has the most potential.  It's still early,  but so far so good.

The SBA was.......exhausting.   Between the SBA, and the bank, and the attorney, and the broker it was crazy.  I REALLY started to second guess things.  Honestly there were a couple times that I wanted to back out but I kept thinking that if those clueless fools in their shiny infinitys can do it, damn it so can I.

Just found this thread and I'm curious what sort of business/industry you purchased in?
Without getting any more specific, the pet care industry.  It's not as easy as everyone thinks either.  No, we don't pet puppies all day.  Sigh.

Monerexia

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Re: Does anyone regret taking the risk to start a business?
« Reply #61 on: August 30, 2019, 10:45:37 PM »
Running a business is an entirely different energy than working for megacorp. It's an entirely different mindset, an entirely different role as a human being. One way to look at making money for megacorp is you are paying them to hold the structure you are obviously at the current time either unable or unwilling to hold for yourself. If you leave before you address these reasons chances are you will be assaulted by unaddressed psychological winds haha and find your way back to megacorp, so leave on good terms if you must. One option to level up like this is to do it in your hours outside of work--make them parallel tracks and ease out of one into the other. :)