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Starting a business how scared we're you?

Discussion in 'Road Side Pub' started by triple-s, Jan 4, 2021.

  1. oldstv

    oldstv Well-Known Member Premium Member Established Member

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    Some very good advice here, be wise and listen to it while being very honest with yourself about yourself.
    There are many reasons why a startup business fails, not enough working capital is one of the biggest. Even with a bank full of money it could still fail. I didn't start mine i bought it after it had been open for a couple of years. The guy I bought it from had access to what should have been enough startup money but he didn't know the industry. It lost big the year before I bought it and made money my first year of owning it. Within 6 years I was talking to an attorney about bankruptcy. It took another 10 years to turn it around.

    Buckle up it will not be easy and everyone has to be on board, you can not do it by yourself.

    Fear is healthy but should not stop you. Surround yourself with people that can and will help you and if you choose to move forward you will need to give it all you have.

    Don't be afraid to talk to people that have done whatever it is that you are thinking about doing.
    Just a little bit of what's on my mind.
     
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  2. triple-s

    triple-s Well-Known Member Established Member

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    Thanks guys this is all sound advice I guess I'm on top of a high diving board looking down debating if I'm going to jump.
     
  3. tistan

    tistan Well-Known Member Established Member Single Barrel Sirs

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    What kind of business?
     
  4. Mpoitrast87

    Mpoitrast87 Well-Known Member Established Member

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    I started a business in September and officially launched 2 weeks ago. One thing that I under estimated was the licensing and permits and other crap you need to have depending on your state and business. That alone set me back 2 months just trying to sort all of that out.
     
  5. tistan

    tistan Well-Known Member Established Member Single Barrel Sirs

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  6. tistan

    tistan Well-Known Member Established Member Single Barrel Sirs

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    Same here. The general contractors license test was not about what you know, but how fast you can find it in the books. I had to study for a month. Then once I passed, I had to then submit for my license, then wait for the board to meet, then I got my license about a month after the board met. The whole process was a little over 3 months.
     
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  7. triple-s

    triple-s Well-Known Member Established Member

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    roll off rental for residential trash removal.
     
  8. CompOrange04GT

    CompOrange04GT I like Wood, and not Oak in my butt Established Member

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    I’ll tell ya.. my last boss was a douche but smart. He’s banking on covid..

    he started a business... created a pressure system that mixes with cleaning product

    he then has an employee go around charging $25 per garbage can to put
    The can underneath this pressure system and “ sanitize “ the garbage can.
     
  9. oldstv

    oldstv Well-Known Member Premium Member Established Member

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    I have a friend here that just added that to his existing business "port a potty". He would probably be willing to talk to you about it if you want. LMK
     
  10. Blown 89

    Blown 89 Well-Known Member Established Member

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    Not at all....because I had existing clients, income, and a business model already in place. You don't just up and decide one day to start a business, it's something you build into that passes your existing income. Doing otherwise is playing against losing odds.
     
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  11. JJackson515

    JJackson515 Active Member Established Member

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    I rolled the dice big time when I went into business for myself. New born at home, new mortgage, cashed out my 401k. I was all in, and I was determined to make it work, "failure wasnt an option". Its paid off tenfold and I live very comfortably now, but that doesn't mean I didn't have any bumps in road.

    Biggest thing I learned is find a good mentor who has "been there and done that", and that does not have a financial interest in you. Don't try and do it all to "save money", it will cost you more in the long run in time and Money (ie: accounting; I wont pretend I have time to learn it, so I pay someone). One of my biggest road blocks was running into capital issues and knowing that I could grow a lot quicker if I had X amount of money. Be prepared to work ALOT. Good Luck!!
     
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  12. ford fanatic

    ford fanatic Four Eyed Freak Established Member

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    I have a friend in this business, it's been very lucrative...
     
  13. triple-s

    triple-s Well-Known Member Established Member

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    yeah I might take you up on that offer thanks.
     
  14. triple-s

    triple-s Well-Known Member Established Member

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    really any details on how it's been?
     
  15. nxhappy

    nxhappy Well-Known Member Established Member

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    just gotta do it and pull the trigger man. I won't lie it's not all rainbows and unicorn kisses. Ur gonna stress out, yell at your wife, and some months worry about making it. But the stress and money is what drives the ambition. The hardest thing by far is the marketing and the consistent business. Social media is your new friend. Facebook, instagram, craigslist, nextodoor....you MUST use them all to push your business. Just go for it though, no looking back.
     
  16. wizbangdoodle

    wizbangdoodle Waiting... Premium Member Established Member

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    Speaking of social media, I've got a friend that has an online business. She hired a social media expert from, I think, the Czech Republic. Worked out pretty good for her.
    Supposedly she managed her entire presence on the web. Paid off big time.
     
  17. Mpoitrast87

    Mpoitrast87 Well-Known Member Established Member

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    My business is online. I have someone from the Philippines that handles all my customer service. They're cheap and work hard.
     
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  18. coposrv

    coposrv Well-Known Member Established Member

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    I’m interested. Pm?


    Sent from my iPhone using the svtperformance.com mobile app
     
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  19. Mpoitrast87

    Mpoitrast87 Well-Known Member Established Member

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  20. Ohio Snake

    Ohio Snake Well-Known Member Established Member

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    I became self employed 24 years ago and will never look back to working for someone else. Starting a new business is scary.

    But to be as successful as possible, consider:

    Having a good CPA with a business accounting background.

    Dedicate you entire work week to your business.

    Put money back into your business to advertise and get recommendation. Spend on the right social media.

    Know the industry your in or entering very well. Know the competition.

    Create your work ethics, business plan and client statement to live by. Your business plan should be based on 1 year, 3 years and 5 years to start.
    Set a reasonable expectation for net income and goals.

    Seriously consider what you will offer that is different from your competition.....hint: customer service should be in the top. This makes you stand out.

    Are you a home based business or brick and mortar? Home based will have lots of potential interruptions and may be hard define family time with work time. Brick and mortar eliminates that but has the added expense.

    Just some thoughts.


    Sent from my iPad using Tapatalk
     
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