Hi, Does anyone have any experience owning a business? I was interested in hearing personal experiences including the pros and cons.
I used to own a Consulting company, and the business was really aweful because I am lacking of marketing. Now, I don't have it anymore. However, I plan to start up another one after my final divorce. I am currently looking at different direction to understand the start-up company. I am taking courses on Udemy...
I'm with Tekman on this one. Starting and running your own business, while it may seem fun, is very hard work. However, with planning and preparation the task can be made easier. Last year I started a one-man ( political writing, PR, business writing) consulting shop. These are the steps that I followed: 1. Market research: are my services needed in my area? Any competitors? If so, who are they? Their education, experience, and client list (if available)? Prices within my field? 2. Write a mission and vission statements. 3. Where do you see your business to be in one, three, five, seven, and ten years from now. Is your industry growing or shrinking? Industry trends? 4. Barriers to entry, degrees, certifications and experience. 5. Write SMART goals for yourself. 6. Be realistic. 7. Write a business plan. 8. Have enough cash on hand to get you through at least 12 months. These include money for utilities, your salary (if any), rent, marketing, office supplies, traveling stipend, and so on. 9. Have fun, be willing to learn, be open to advice, have a mentor. This is important, I have a good friend of mine who is quite a successful entrepreneur. So I'm picking his brains all the time. 10. have a passion for your subject. And be willing to constantly learn as much as you can. That is all I got, I have been running my business for the last 14 months, and while it has not been smooth sailing at first, things have been improving lately. Once you start building a clientele base and reputation the rest will follow. Hope this helps, and good luck to you.
Thirty two years and still ongoing. My industry changed government regulatory agencies this year for the third time, so I've spent the better part of the past six months getting up to speed on the new agency and the past two weeks assembling documents for relicensing and just submitted them. This was in addition to my regular duties: managing a workforce of 12 professionals with one assistant to help me, making sure we continue to attract customers so I can continue to make payroll, trying to keep everybody with enough work to keep them busy during our slow time, training two new hires so they'll be ready for our busiest time, and on and on... The pros are: I am my own boss and the buck stops with me. I can make a decision and not have to go through layers of management to get it acted on. Helping my employees reach their potential and delivering a quality service that I truly believe in. The cons are: I work 50+ hrs. per week during the slow times and 75+ hrs. per week during the busy times. I manage multiple personalities, employees and customers, and have to adjust my personality to accommodate, appease and persuade (and trust me---everyone has an agenda). I have not taken a real vacation, meaning a week or more, since 2007. So yes, there are a lot of things you must consider before you go into business for yourself. It's not for everybody. And a lot of people see your operation running smoothly and successfully and think how easy it would be for them to replicate it. So I've had a lot of competitors come and go in 32 years, some crashed and burned within a few years and I ended up buying out two of them. If you have any further questions feel free to PM me.
There are many resources out there for people considering entrepreneurship, but one of the good ones is The Startup Roadmap, which covers what you first need to know and does so fairly clearly and succinctly. Link: The Startup Roadmap
After almost 17 years as an executive with my former company, I formed a partnership with the CFO and purchased the company's assets, including its client contracts and its renovation/light construction arm (which was actually a separate entity, so I really now own 2 companies). The deal took almost two years, but it finally happened in September of this year. On day one I went from Executive VP to Owner of a multi-million dollar firm with 250 employees, and the owner of a small renovation company with worlds of potential. The main company was renamed and branded. In many ways purchasing a functioning company is easier that starting one. It already has clients, trained employees, office space, etc. In other ways, it is much harder because you have built in fat and overhead expenses that you never would have allowed if you were owner from day 1. You also have clients you don't really want, past reputation issues you may have to overcome, etc. In any event, 90 days in, these are the primary advantages: You are the driver. You are in control of your own destiny. The potential for significant income is far greater than it would otherwise be if you were simply an employee. You have freedom you wouldn't otherwise have as an employee. Here are the disadvantages: You incur stress in levels that would kill a normal person. You work far more hours than you've ever worked in your life (this will ease at some point, but no time in the first year). When cash flow is bad, you take the hit in your salary. When you fire people, or lay them off, it's on your conscience. Advice: Be realistic. Be strategic. If you aren't into sales and marketing, immediately hire or contract with someone who is (If you can't sell yourself and your firm, you will fail in short order). If you don't have an incredible drive to succeed, ownership isn't for you. Have adequate cash reserves. Most importantly, surround yourself with people (employees or contractors) who know more than you do. Finally, create opportunity for your clients, your employees, and for others on whom you depend.
OP you've heard advice from both ends of the spectrum. From Pug who owns a mega million dollar big business and his great perspective, to myself that owns a small business that has bucked the odds and hung in there. I'd just like to share one more lesson that I've learned and hope that you'll consider. When I first started my business my ego caused problems for myself, my partners at the time, and the business. But I learned quickly, that if I were going to be successful I must subjugate my ego and truly serve my employees and my customers. Why? Because money comes and goes and you'll experience the highs and the lows. But in the end you want to leave a lasting legacy of honor, integrity and service. And that, to me, defines a true leader.
A point worth emphasizing. I am not a business owner, but my dad is. He has been a contractor for 40 years with between 50 and 100 employees. Something he has told me and I have observed is that you need to have cash to carry you through slow times. My dad has kept top employees on the payroll for several weeks without work in order not to lose them.
Great advice. I would only add that one must maintain enough ego to project confidence to his/her clients and employees, but not so much as to be an ***hole incapable of listening to others and giving them credit for organizational wins.
