The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Emergo on December 21, 2015, 05:32:50 PM

Title: How to start your own business?
Post by: Emergo on December 21, 2015, 05:32:50 PM
I don't currently have an idea.

I don't know if I have any skill I can use to start a business.

All I know is I'm tired of working for a company that's not mine. Tired of being paranoid of job security.

So it's not really about becoming wealthy by having my own business. I might be okay if I earned the same as I do now. (64k with 5k annual raises)

I seek freedom and peace of mind by having my own business. I'm willing to work hard (obviously, who doesn't) for it.

You can call me impatient or crazy.

But how did you guys start your own business?
Title: Re: How to start your own business?
Post by: arebelspy on December 21, 2015, 05:48:15 PM
Can you consult in the industry you're in now?

Typically one would have an idea, or skills, both of which you said you don't have.  What sort of business would you be starting?

You're looking to make higher than the median household income (which has more than one worker) by yourself without an idea of how.

I'd start with more concrete things.  Maybe make a list of things you can provide.

How can you add value to something?
Title: Re: How to start your own business?
Post by: deborah on December 21, 2015, 06:47:54 PM
You seek an illusion. Freedom does not come with having your own business - you work for all your customers instead of just one boss. You have to do everything - you can't palm the messy, horrible parts of the job off to someone else.

You do get the freedom to not make any money even if you do a lot of hard work.

Think it through. work out what it is you like about your work, and what it is you dislike. Think it over and work out if there is any "business" that you can create that does this work, and that pays a living. Think also about whether your work could be done a different way that would make you more satisfied (there might be scope to give some things away to someone else in return for taking on things they hate doing, but you don't mind).
Title: Re: How to start your own business?
Post by: Altons Bobs on December 21, 2015, 11:00:40 PM
You have to figure out what you enjoy, because there's no point starting a business doing what you don't like to do.  Read The Secret and find yourself. :-D
Title: Re: How to start your own business?
Post by: GoStumpy on December 21, 2015, 11:47:24 PM
Starting my own business with a partner was and is the most rewarding thing I've ever done (career wise).

Peace of mind is not something you get from having your own business........ I'd have far better peace of mind, relaxed, worry-free if I worked for another company.

I wouldn't trade it for the world though.
Title: Re: How to start your own business?
Post by: soccerluvof4 on December 22, 2015, 06:51:30 AM
I've owned several business's over the years and be careful what you wish for. I will say once you learn how to run one you can run pretty much run most BUT there is a huge learning curve to avoid the business running you. And never ever go into business with a partner. Some people will say its been great for them and there are good partnerships BUT that is not the norm. Do not be cheap on getting a good lawyer and accountant. Good Luck! its great when its good just like a marriage!