dean1484 wrote:z31maniac wrote:Where do i sign up!!!Duke wrote: The "never off the clock" thing is one of the primary hurdles that is keeping me from working for myself.Yep, I'm currently about to interview at a place that gives "unlimited" vacation time as long as you are keeping up with your work.
I'd also be able to work from home a few days week and it would get me to the API/Software side of technical writing.
I'm REALLY, REALLY hoping I get the gig.
I was in the restaurant biz, owned a small pizza shop with up to 50 employees, the OP was right on the money, I loved helping my employees, hated being judgemental, Loved being in charge, did not always like the "buck stops here", I got my first cell phone in the 90's and loved that I could leave and still be connected. dean1484 MegaDork, you brought back memories, thanks. (sold my biz in 2005)
I've been self employed for 11 years. I have a business partner that handles the sales and a lot of the office paperwork. I work in the field and handle the invoicing. And we have one employee, my eldest son. We are a small company, in a niche market, and honestly we are the best in the business, in our area. We don't chase the bottom of the market where everyone wants something for nothing, we chase the top, where the money is. The people that don't mind spending a little more money for the best.
We work anywhere from 30 to 60 hours a week. The average is less than 40. Some days we work hard, some days we don't. I'm definitely a work to live person rather than a live to work type.
There are days/weeks that it sucks, but overall, I wouldn't trade it for a job.
Grew up in my Dad's shops and I was raised to take them over. Dad worked every day and at one point had 100 employees across six stores. It also gave him a stroke at 42 and heart attacks later in life. I saw what running the business did to him and swore I'd never be self employed. He barely saw my older brother grow up and it took years for them to get close as adults. Dad took good care of his employees to the end. When he closed his last shop he found jobs for everyone and used his sales tax withholding to pay everyone their last full checks. Dad had to pay the IRS back personally, but he said it wasn't his guy's fault that the place went under. Dad got paid last, if at all, and told me that was how it worked when you own your own business.
I've been a self employed consultant for the last two years and I hope I never go back to a real job. I have no employees and almost no overhead. I sell my talents and my contacts. I work crazy hours sometimes, but right now I'm typing this from my son's taekwondo dojo. Yesterday I went grocery shopping with the whole family in the middle of the day. I had to work more today to make up for it, but it all works out. My two smallest kids have no concept of me leaving home to work. I'm going to ride this out as long as possible.
Datsun310Guy wrote: I asked our welding guy what it would take to improve the department; better management. He claims we have poor management as they are always jumping from one order to another rush order. I claim it's our industry and it's hard to manage chaos. When a refinery calls on Friday for $20,000 of hoses for Monday you have to take it. Most times you can't turn down 50%GP business when they give you $1,500,000 a year. That problem is hard to get the shop to understand.
We have the same issue. Some people have a difficult time understanding why you need to change priorities on the fly. It's a juggling act to be sure, and although it may hurt productivity some, there are times you simply have to do it to get a job or keep a customer happy.
One thing about this thread, it's shocking how many here have owned or do own a business. This has to be above average given the sample size of people on this site. I have noticed over the years that a lot of car people do tend to lean this way though.
I've been on both sides of the fence.
I am currently an employee, and my decades of being self-employed makes me a helluva good employee.
I loved doing great things for my employees. It was pretty shocking how often they took me for granted. One year (which was a terrible year) I went $300,000 in debt JUST so I could keep the crew working. I literally borrowed against my house so I could pay them. When Christmas bonuses were a little skinny that year (because the company had lost a lot of money), the whole crew quit, having decided I was just a selfish greedy bastard. 15 years later, I still owe half that money. It was money well spent- I sure learned a heck of a lot through THAT experience!
I work for a great company. But I will never get being self employed out of my system.
However, I am also VERY cautious to recommend it to anyone. It's not what most people think it is.
Just starting out on my own again (healthcare patient engagement consulting). It's been about 25 years since the last time. Working a lot of hours just getting things ready. No clients (only been a couple of weeks). Feeling a little pressure these days.
I worked a 10hr shift (5pm to 3am) for my sister and brother in law who own a couple of pizza restaurants to help out with an outdoor tent at a music festival. I'm still sore 3 days later. I'm tired as hell but I only worked 10hrs-they both worked all 3 days from 11am to 3am because that is the kind of stuff you do when you own your own business and want to be successful. They make good money, but they worked hard and made big commitments to get there, and work hard to stay there.
I personally have owned my own business for 15 years and done well enough to survive and love my work, but I'm giving it up and going back to school. To make the money I can make with 18 months of school means focusing more on being a businessman and less on the work. I am sure there are lots of parts I will miss, but I sure look forward to taking vacation days and getting paid for them.
MrJoshua wrote: but I sure look forward to taking vacation days and getting paid for them.
I hear you on that!
But even as an employee, my company allows me 15 vacation days, and I have taken a total of 2 this year. Some things never change. 
MrJoshua wrote: I worked a 10hr shift (5pm to 3am) for my sister and brother in law who own a couple of pizza restaurants to help out with an outdoor tent at a music festival. I'm still sore 3 days later. I'm tired as hell but I only worked 10hrs-they both worked all 3 days from 11am to 3am because that is the kind of stuff you do when you own your own business and want to be successful. They make good money, but they worked hard and made big commitments to get there, and work hard to stay there. I personally have owned my own business for 15 years and done well enough to survive and love my work, but I'm giving it up and going back to school. To make the money I can make with 18 months of school means focusing more on being a businessman and less on the work. I am sure there are lots of parts I will miss, but I sure look forward to taking vacation days and getting paid for them.
Yeah, my roommate is the kitchen manager for a new Texas Roadhouse that just opened up (his good friend is the owner/managing partner). In the weeks leading up to, and the few weeks after it first opened, he was basically working at least 18 hour days for 5-6 weeks. I think his boss's boss finally told him, "If I see you tomorrow we are going to have an issue, take a day off."
SVreX wrote: One year (which was a terrible year) I went $300,000 in debt JUST so I could keep the crew working. I literally borrowed against my house so I could pay them. When Christmas bonuses were a little skinny that year (because the company had lost a lot of money), the whole crew quit, having decided I was just a selfish greedy bastard. 15 years later, I still owe half that money. It was money well spent- I sure learned a heck of a lot through THAT experience!
When my Dad passed away I had to go through all his papers to make sure everything was handled (plus he liked to squirrel away cash in odd places, found a few C-notes tucked away for Mom). I found records where Dad took out loan after loan to keep the business going. Some loans were from banks, some from family. He mortgaged the house at one point. Usually business came back and he repaid it all, but an explosion of cheap tire chains in the area finally killed off the last shop in 1994.
At Dad's funeral many of his old employees showed up. I took that as a compliment to how he treated them.
I have been self employed about half my life. Some good, some not so good. Now, in my old age, (71yo), I am taking it a bit easier. We have what I think is an unusual business. No inventory, no employees, all our clients are overseas. They send in orders, we arrange shipping from our suppliers. Never even see a box. Totally portable. When we moved to Bradenton, it took less than a day to get everything set up again. We could do this from a campsite. After the first of the year we are planning on ramping up advertising, even planning on some here. For me, at this time, I can't think of a better way.
cwh wrote: I have been self employed about half my life. Some good, some not so good. Now, in my old age, (71yo), I am taking it a bit easier. We have what I think is an unusual business. No inventory, no employees, all our clients are overseas. They send in orders, we arrange shipping from our suppliers. Never even see a box. Totally portable. When we moved to Bradenton, it took less than a day to get everything set up again. We could do this from a campsite. After the first of the year we are planning on ramping up advertising, even planning on some here. For me, at this time, I can't think of a better way.
So....you ever think about franchising?
Franchising? I have no idea how that would work. There has been some interest in partnerships, but no dire need at this time.
cwh wrote: Franchising? I have no idea how that would work. There has been some interest in partnerships, but no dire need at this time.
It would probably mean significantly less time for fishing! 
Screw that!
All my life I thought I had some pretty crappy bosses. In the late 90's I started my own side business.
It was only then that I understood what a TRULY crappy boss was like 
Anyone listen to the Marketplace Corner podcast?
EvanR wrote: All my life I thought I had some pretty crappy bosses. In the late 90's I started my own side business. It was only then that I understood what a TRULY crappy boss was like
That's the big problem with being self employed-you always work for an shiny happy person!
Sounds like I am not the only one that dreams of being a owner of my own business. I watch the TV show the Profit and it is interesting how people run their business, most of the the business on the show had early success and just can't keep up with it, which doesn't seem like a bad problem. The sheer competition of starting a business especially retail with all the online business that are already established (big) or someone who has low overhead and is living in their mom's basement. Add into the equitation the complicated governmental rules. My wife works as a accountant and see's more folks in the red and if they are lucky breaking-even.
trigun7469 wrote: ...most of the the business on the show had early success and just can't keep up with it, which doesn't seem like a bad problem.
It's actually a terrible problem.
Entering a market has an initial push from the "newness" of it. Stepping up to meet the needs of initial success and growth generally mean completely changing the culture of the business, in a way that is almost always impossible.
Whatever made the business "successful" at one scale, most likely will not work at another. If the success was based on your personalized service, good luck hiring employees who can do the same. If it was based on the technical knowledge of the founder, again, employees can no match that . Perhaps it was based on the fresh face in the market- after a while, you are no longer a fresh face.
So, for example... if a new restaurant opens in your town, will you try it? Most of us would. The more important question is, "What will it take for you to continue going?" Most of us will stop when the novelty wears off.
Entrepreneurs generally make crappy CEO's. Completely different skillset and personality type.
slefain wrote:cwh wrote: I have been self employed about half my life. Some good, some not so good. Now, in my old age, (71yo), I am taking it a bit easier. We have what I think is an unusual business. No inventory, no employees, all our clients are overseas. They send in orders, we arrange shipping from our suppliers. Never even see a box. Totally portable. When we moved to Bradenton, it took less than a day to get everything set up again. We could do this from a campsite. After the first of the year we are planning on ramping up advertising, even planning on some here. For me, at this time, I can't think of a better way.So....you ever think about franchising?
lol. I read cwh's post and my first thought was "So...Have you considered selling out to retire?" I could even move to the Gulf coast if he thought it would help ;-)
A year and a half ago I bought the business I had been working for the previous 23 years. It is sometimes stressful and hard, but I now get to do things the way I think they should be done. If something doesn't work out its on me, but if it does its a win.
My previous boss/owner always gave me a ton of responsibility which I liked. He also let me go when I wanted to go watch a kids game or whatever. As long as I got my stuff done I could go when I liked. I learned some things about how to earn your employees respect and make them give a E36 M3 about what they are doing. I've got a great crew and I let them know it, but they also know they won't walk all over me or they are gone.
As far as the long hours if you love what you are doing then it doesn't bother you. If it does move on and find yourself a 9-5. I find myself thinking about work at night or when I'm driving or sometimes I wake up a 3 am when I have a significant challenge. I don't let customers blow up my phone at 5 in the morning or 10 at night. Business is closed. There is nothing that can't wait, and customers need to respect that.
Just like when I was an employee, family always comes first. Anything my wife and kids need I am there. Way more important than work. I can always come back and work through the night if I need to.
It all comes back to having your priorities in line. What is important to you, once you know what is then you can make the right choice as to whether or not you should be your own boss.
In reply to ultraclyde: Honestly, I would have no idea what to do if we sold out, and what would I live on. How to establish a price? I have a lot of loyalty to my clients, who would be able to step in and continue what we have been providing? Yes, we have considered it a few times, but then a few nice orders came in and the idea went away. Somebody would have to make a very good offer, and pass my "good guy" test. Not holding my breath.
Another thing that I think that many people don't get is the highs and lows of owning a business. It can be a rollercoaster ride. A couple days ago I was chasing money. Yesterday a big pile showed. Enough to the point where I could not collect another cent for 6 months and be ok. I was looking for work for my guys for the last couple of weeks as I was looking out towards May and June of 2017 and realised that I was coming up short. For a couple of weeks I was really worried about this. Then this week I picked up enough work so it is not a worry. In fact it may mean hiring one or more new people. These are the things that can be extremely stressful and at the same time equally rewarding.
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