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Hot!Any self made / small business owners?

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Carbfiend
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2017/02/16 23:10:19 (permalink)

Any self made / small business owners?

Always been something I've been keen on really, anyone here who started their own business that wants to take me under their wing?

Have a couple ideas about what kind of business id like to open, it's always appealed to me for the reasons not working for anyone, and of course if it's successful, the money.

Old family friend runs a small tanning booth and from what I worked out, seemed like they were on 2k profit a week, after everything got paid etc

Obviously depends on success of the business

But yeah, anyone here who would give a hopeful up and coming one day business owner any advice? Basic dos and donts and anything you'd say to a younger you?

Cheers
#1

20 Replies Related Threads

    ANIMAL
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    Re: Any self made / small business owners? 2017/02/16 23:25:57 (permalink)
    2k a week profit on a tanning booth?

    Sounds like he's laundering money mate.

    Squat 220kg(3) - Bench 200Kg - Deadlift 250kg - Strict Press 130kg - Push Press 140kg
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    #2
    Rasputin
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    Re: Any self made / small business owners? 2017/02/17 11:02:55 (permalink)
    Do get financial backing. Biggest mistake I made was going alone so as a result the stress of having money out all the time is bad. Whilst you make which to be the boss etc dont let your pride get in the way of it. 
     
    Secondly be honest about what your personal situation is. Are you ready to sacrifice friends, family, location and even simple things like no being able to get a mortgage, car etc for a few years to get it up and running. 
     
    Thirdly are you capable of doing what you want to achieve. Do you have the mental capacity, the time and ability. I was supposed to set my company up with another person but he backed out and forced me into a position where I had to go alone or stay and basically look like a pussy. Retrospecively I maybe should have waited but my impatience and anger got the better of me. Now I have the ability and the mental capacity to do my job the one thing I cant get anymore of is time and when you start trying to manage multiple processes and events you simply run out of hours in the day and this has a knock on effect on the rest of you business. 
     
    Oh and make sure you have a fall back plan in case you end up physically unable to work. 

    Ra Ra Rasputin lover of the Russian Queen, Ra Ra Ra Rasputin Russia's greatest love machine (Allegedly)
    #3
    Rasputin
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    Re: Any self made / small business owners? 2017/02/17 11:06:35 (permalink)
    Oh also I work on my own in an office with my dog. If I dont go to the gym its very common I spend 24/48 hours without interacting with another human being which kinda makes you mentally very drained from sitting at a desk after 4 days. So if you can find somewhere to co work it works out kinda nice just to stop what you are doing have a conversation and then go back to it like you would in a normal job. 
     
     

    Ra Ra Rasputin lover of the Russian Queen, Ra Ra Ra Rasputin Russia's greatest love machine (Allegedly)
    #4
    oasis
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    Re: Any self made / small business owners? 2017/02/17 12:36:06 (permalink)
    The key to any venture such at tanning booths, small shops/Boutiques call em what you will is footfall..

    It's hard to be humble when I'm so great...

    If you even dream of beating me you'd better wake up and apologize...Muhammad Ali
    #5
    footprint
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    Re: Any self made / small business owners? 2017/02/17 13:18:35 (permalink)
    I've always been in business, no trade or qualifications and being an anti-social b*st*rd, leaves little choice if you want to make money.
     
    You could do worse than ask here http://www.ukbusinessforums.co.uk/ some of the guys are very knowledgeable and extremely helpful. Ask your question well, take time to explain yourself and you will get some good responses.
     
    Rasputin, I can relate to that, all too well!!
     
    £2k a week profit from a tanning booth = hahaha!!!
    #6
    Carbfiend
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    Re: Any self made / small business owners? 2017/02/17 13:57:27 (permalink)
    Thank you for the input everyone and the links I'll be sure to have a look

    Without prying for specifics here of course, can I ask to those who do run their own business, is it worthwhile financially? I understand it's subjective but obviously one of the main reasons I'm drawn to having my own little firm is the money behind it

    As for the money my family friend claims to be on...I can't confirm or deny it, it's the only one in a rather large area and is almost always busy, has it fitted with pretty high end stuff, and he seems like he's doing alright by his house and car etc, but...I have no proof that's what he's on
    post edited by Carbfiend - 2017/02/17 13:58:35
    #7
    matthewvincentconnor
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    Re: Any self made / small business owners? 2017/02/17 14:36:17 (permalink)
    IT consultant/dev business.  sometimes get others to do work, but mainly a single man outfit.
    pretty good income stream when on charge, typically about 2.5-3K / week.
     
    not easy though - need to put up with 'perm envy', being given **** tasks, months in hotels all over country etc.
    plus you need to be skilled in your field.
    #8
    Faux Real
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    Re: Any self made / small business owners? 2017/02/17 16:50:43 (permalink)
    Would you consider an online business?
     
    Cheaper to start, low running costs, could go location independent?
     
    Have a read of the $100 Startup book or check out the Side Hustle Show podcast: http://www.sidehustlenation.com/side-hustle-show/
    #9
    G00SE
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    Re: Any self made / small business owners? 2017/02/17 18:34:24 (permalink)
    A member of my family owns a business, I wouldn't wish it on my worst enemy lol, always working, stressed, no time to himself, feels guilty about having days off as he ain't making money, the impossible task of getting good staff, ridiculous customers, accountants, banks, business rates, taxes! To name a few, he seems to enjoy it though and couldn't work for someone else tbh so it's the only option
    #10
    Carbfiend
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    Re: Any self made / small business owners? 2017/02/17 20:27:15 (permalink)
    matthewvincentconnor
    IT consultant/dev business.  sometimes get others to do work, but mainly a single man outfit.
    pretty good income stream when on charge, typically about 2.5-3K / week.
     
    not easy though - need to put up with 'perm envy', being given **** tasks, months in hotels all over country etc.
    plus you need to be skilled in your field.


    That's a niiiice weekly wage man. Worth it? With all the sh*t you mention?
    #11
    Carbfiend
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    Re: Any self made / small business owners? 2017/02/17 20:28:59 (permalink)
    Faux_Real id definitely be interested...I think I'm slightly more hands on than technical however admittedly, but I'd still be keen
    #12
    Desmo
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    Re: Any self made / small business owners? 2017/02/17 21:38:27 (permalink)
    matthewvincentconnor
    IT consultant/dev business.  sometimes get others to do work, but mainly a single man outfit.
    pretty good income stream when on charge, typically about 2.5-3K / week.
     
    not easy though - need to put up with 'perm envy', being given **** tasks, months in hotels all over country etc.
    plus you need to be skilled in your field.

    Are you a business or a one man contractor? There's a huge difference in my opinion. Being a one man contractor is nothing like running a business.

    When you have premises and staff, then you're a business.

    Life isn't about waiting for the storm to pass, it's about learning how to dance in the rain.
    #13
    Faux Real
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    Re: Any self made / small business owners? 2017/02/17 23:58:01 (permalink)
    G00SE
    A member of my family owns a business, I wouldn't wish it on my worst enemy lol, always working, stressed, no time to himself, feels guilty about having days off as he ain't making money, the impossible task of getting good staff, ridiculous customers, accountants, banks, business rates, taxes! To name a few, he seems to enjoy it though and couldn't work for someone else tbh so it's the only option

    That sounds about right! 
    #14
    Faux Real
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    Re: Any self made / small business owners? 2017/02/17 23:59:14 (permalink)
    DesmoWhen you have premises and staff, then you're a business.
    What about an ecommerce/online business?


    #15
    Faux Real
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    Re: Any self made / small business owners? 2017/02/18 00:00:27 (permalink)
    Carbfiend
    I have no proof that's what he's on
    Check the records at companies house: https://www.gov.uk/govern...ations/companies-house


    #16
    Cowley
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    Re: Any self made / small business owners? 2017/02/18 08:14:27 (permalink)
    Carbfiend
    Always been something I've been keen on really, anyone here who started their own business that wants to take me under their wing?

    Have a couple ideas about what kind of business id like to open, it's always appealed to me for the reasons not working for anyone, and of course if it's successful, the money.

    Old family friend runs a small tanning booth and from what I worked out, seemed like they were on 2k profit a week, after everything got paid etc

    Obviously depends on success of the business

    But yeah, anyone here who would give a hopeful up and coming one day business owner any advice? Basic dos and donts and anything you'd say to a younger you?

    Cheers



    I am in my 17th year of running my own businesses. This is what I have learned, in no particular order:
     
    1. I should have done it sooner. If I'd started in my 20s, instead of 30s, I'd have made much more money.
     
    2. At first you'll spend a lot of time learning really, really basic stuff that later you don't even think about.
     
    3. You need to fail sometimes. I have wound up several businesses that didn't work out.
     
    4. You need to be a little bit ruthless sometimes.
     
    5. Pay what you owe, but pay late if paying on time will sink you.
     
    6. You've got to have customers. If there are too few, or they are dwindling, do something else.
     
    7. Most accountants aren't very good at accounting and YOU are ultimately responsible for their errors.
     
    8. Don't look for a Dragon's Den new idea that will change the world.
     
    9. Have a mentor. Find someone who has done what you want to do and befriend them.
     
    10. Don't rely on governmment schemes or tax breaks.
     
    11. What you call your business is less important than you think.
     
    12. It takes several years to make a business work properly. It takes me 5 years.
     
    13. Take calculated risks. If you don't you'll earn very little.
     
    14. Don't buy a franchise unless you know exactly what you are doing.
     
    15. Your best customers will come from referrals.
     
    16. Obtaining customers via advertising is expensive, see 15.
     
    17. Unless you have been sued, or sued someone, you aren't trying hard enough.
     
    18. Don't trust the banks, ever.
     
    19. Keep costs under tight control, work from home for as long as you can.
     
    20. Have an exit plan.
     
     
    #17
    Desmo
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    Re: Any self made / small business owners? 2017/02/18 09:08:40 (permalink)
    Faux Real
    DesmoWhen you have premises and staff, then you're a business.
    What about an ecommerce/online business?

    Fair point. Maybe if you have multiple customers/orders at any one time?

    I'm just trying to point out that a one man contractor, though whilst maybe registered as a business, isn't really a business in my eyes if they're just working on a single project. They're a contractor.

    Life isn't about waiting for the storm to pass, it's about learning how to dance in the rain.
    #18
    Desmo
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    Re: Any self made / small business owners? 2017/02/18 09:45:08 (permalink)
    Faux Real
    G00SE
    A member of my family owns a business, I wouldn't wish it on my worst enemy lol, always working, stressed, no time to himself, feels guilty about having days off as he ain't making money, the impossible task of getting good staff, ridiculous customers, accountants, banks, business rates, taxes! To name a few, he seems to enjoy it though and couldn't work for someone else tbh so it's the only option

    That sounds about right! 

    It doesn't have to be like that. My brother and I run a business that involves us working 8-5.30 Monday-Friday and nothing more unless absolutely necessary (and that's VERY rare). Of course it hasn't always been like this but about 3 years down the line we didn't need to put in the longer hours we had to in the beginning. We take time when we need to...my brother often takes his son to football during the day and I've taken plenty of time off recently with a new baby in our family.

    As for staff....pick the people with the right attitude, not the right qualifications. OK< our business is generally based around office admin type work so huge amounts of qualifications aren't necessary but picking people with the right attitude gets far more from them....and LOOK AFTER YOUR STAFF!!! We're not huge payers yet our office is very relaxed, fun and our staff enjoy being at work. We're not slave drivers, we never ask our staff to give more hours than they should (although they have done willingly when needed on the odd occasion despite being told to go home).

    Business can be what you make it.

    Life isn't about waiting for the storm to pass, it's about learning how to dance in the rain.
    #19
    Carbfiend
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    Re: Any self made / small business owners? 2017/02/18 13:03:52 (permalink)
    Cowley
    Carbfiend
    Always been something I've been keen on really, anyone here who started their own business that wants to take me under their wing?

    Have a couple ideas about what kind of business id like to open, it's always appealed to me for the reasons not working for anyone, and of course if it's successful, the money.

    Old family friend runs a small tanning booth and from what I worked out, seemed like they were on 2k profit a week, after everything got paid etc

    Obviously depends on success of the business

    But yeah, anyone here who would give a hopeful up and coming one day business owner any advice? Basic dos and donts and anything you'd say to a younger you?

    Cheers



    I am in my 17th year of running my own businesses. This is what I have learned, in no particular order:
     
    1. I should have done it sooner. If I'd started in my 20s, instead of 30s, I'd have made much more money.
     
    2. At first you'll spend a lot of time learning really, really basic stuff that later you don't even think about.
     
    3. You need to fail sometimes. I have wound up several businesses that didn't work out.
     
    4. You need to be a little bit ruthless sometimes.
     
    5. Pay what you owe, but pay late if paying on time will sink you.
     
    6. You've got to have customers. If there are too few, or they are dwindling, do something else.
     
    7. Most accountants aren't very good at accounting and YOU are ultimately responsible for their errors.
     
    8. Don't look for a Dragon's Den new idea that will change the world.
     
    9. Have a mentor. Find someone who has done what you want to do and befriend them.
     
    10. Don't rely on governmment schemes or tax breaks.
     
    11. What you call your business is less important than you think.
     
    12. It takes several years to make a business work properly. It takes me 5 years.
     
    13. Take calculated risks. If you don't you'll earn very little.
     
    14. Don't buy a franchise unless you know exactly what you are doing.
     
    15. Your best customers will come from referrals.
     
    16. Obtaining customers via advertising is expensive, see 15.
     
    17. Unless you have been sued, or sued someone, you aren't trying hard enough.
     
    18. Don't trust the banks, ever.
     
    19. Keep costs under tight control, work from home for as long as you can.
     
    20. Have an exit plan.
     
     


    Thank you Cowley really appreciate you taking the time to jot that down man
    #20
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