Author Topic: Anyone starting their own business?  (Read 684 times)

Imma

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Anyone starting their own business?
« on: August 09, 2018, 01:38:15 AM »
I'm starting my own business, is anyone else starting their own business and interested in giving each other moral support and tips and tricks?

Background: I've worked in finance since college, got a law degree (in my country that's a bachelor's degree). Because of a medical issue I can't work fulltime, and finding a job in the law field has been hard. I work for a small business right now and in my current role, I've also become the one-woman legal department, but I'd like to do even more legal work. I am going to offer both financial and legal services, because my future customers probably need both and I don't want to waste my experience in finance. I've done this type of work as a side hustle for a couple of years, but I'm formally starting my business next week. I had my first meeting with real customers yesterday :) I am also starting a master's degree in law next month, to gain more knowledge.

Hirondelle

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Re: Anyone starting their own business?
« Reply #1 on: August 09, 2018, 02:42:57 AM »
I started 2 months ago so following along. Still need to figure out all the tax-related stuff about it.

Congrats on the meeting with your first customers!

Imma

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Re: Anyone starting their own business?
« Reply #2 on: August 09, 2018, 04:07:44 AM »
Well, that's what I do, so if you have any questions, let me know!

What's difficult for me right now is that I have done a lot of different things over the years. People have told me to narrow it down to one or two things, but right now I don't feel ready for that. I'm struggling to find a way to describe all my services on my website. I wasn't planning on seriously starting with this until the new year, but then my first customers rang me, so I figured 'why not start right now?' .

I'm also working on a scientific article that I want to get published and want to finish this month. I'm not counting on that generating any business, but it might - at least, my professor was impressed with my theory and encouraged me to try to get it published. It will get my name out there, look good on my resume and who knows, maybe sometime in the future someone dealing with this specific problem might call me for my advice on a case.

Imma

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Re: Anyone starting their own business?
« Reply #3 on: November 22, 2018, 07:18:27 AM »
I reached the first milestone! Today I'm sending out my first official invoice and I'm also working on the next assignment.

I also have a basic website now, a logo and a business card. I really love the designs. Due to these first investments and some office supplies I'm looking at a small (three figure) loss for 2018 but that's not unexpected. Now the major costs are behind me I'm hoping for a profit in 2019.

Hirondelle

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Re: Anyone starting their own business?
« Reply #4 on: November 22, 2018, 07:28:04 AM »
Congrats on the first steps Imma! Sounds like you're off for a good start.

SwordGuy

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Re: Anyone starting their own business?
« Reply #5 on: November 22, 2018, 10:49:43 AM »
I journaled my experience starting a number of businesses over my lifetime at https://forum.mrmoneymustache.com/entrepreneurship/swordguy's-entrepreneurial-odyssey/.  I hope you find it useful and entertaining.


I would also suggest you check out the Pop Up Business School at https://www.popupbusinessschool.co.uk/ or various youtube videos.   They teach (for free) how to start a business for little to no money down up front.   Smart folks, great ideas.

Best of luck!

soccerluvof4

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Re: Anyone starting their own business?
« Reply #6 on: November 24, 2018, 05:23:08 AM »
I always tell people get a good Lawyer and a good accountant but you seem to have that built in! haha..

Good Luck to you.

Imma

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Re: Anyone starting their own business?
« Reply #7 on: November 25, 2018, 06:43:37 AM »
Thanks! I've started reading your journal SwordGuy, you have really set up a wide variety of businesses! We're at the beginning of a similar path: we started out being quite poor and doing any work we could get to make money. I'm now in a comfortable white collar job with good benefits. My coworkers all seem to want to stay here for decades and invest all of their time and energy into this job. Many of those hours are unpaid. I like my current role and I really like all my coworkers, and I'm definitely interested in staying on for the foreseeable future. I'm really learning a lot. But I'm not going to invest an unlimited amount of time in bringing value to someone else's business.

I'm also going to look into the website you linked. For me it was impossible to start with 0 costs up front, but I am certainly trying to keep the initial investment as low as possible. I try to meet my clients at their place of business, which is easier for them and I don't have to show them I work from the spare room on a desk that's just about big enough for my desktop and my printer :) .

I absolutely agree with getting a good lawyer and accountant. I know people want to save money so they try to DIY complex things that they hardly know anything about, but getting a good lawyer/accountant will make you a lot of money in the long run.

WellBehavedWallet

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Re: Anyone starting their own business?
« Reply #8 on: November 26, 2018, 09:53:48 PM »
Way to go, Imma!!! I know there are probably tons of other posts on this topic, but I wanted to respond to this one specifically.
 
I have a side hustle going on eBay and I'm working to get my website/blog up and running by 11/30! 

Goals for 2019 include monetizing youtube and creating and selling other products (physical and digital).