Small Business owners-how did you know

[Playa]

I find myself at a crossroads. I began a new career in Nov, the company is great, but I don't feel at all fulfilled and its in a field I knew nothing about. Ultimately I don't think it will satisfy me long term nor fulfill the goals we have as a family.

Over the past month I have been looking at a business model with my wife's cousin. He has been running it successfully for 9 years and is in the early stages of franchising it. He has locations running independently in New Braunfels, Kansas City, and just launched in Charlotte, NC.

I had originally hoped I could ease into it and make side income, but I'm not sure logistically if that if that is achievable or desirable in my current state of discontentment.

So how did you know you were ready to strike out on your own? How did you determine if your market would support your business?

Right now I'm drafting my business plan and working through financials to determine how much revenue I must generate in order to at least maintain my current income. Initially I would operate out of my house and have no employees, so the investment is relatively small, but I would need to churn up business quickly so I don't deplete all of my savings.

What advice do you have?

[cj7zrcool]

Following. Good luck to you, I understand your discontent and yearn for the opportunity for something....more.

[RiverRat1]

With no or very low overhead, you being sole owner, and you being the worker or employee/boss/owner, IMO it should make income right off the bat or it's not worth doing.

[yanta61]

Can you start this business part time while still working at your current job?

Sorry missed this part

I had originally hoped I could ease into it and make side income, but I'm not sure logistically if that if that is achievable or desirable in my current state of discontentment.

[aggieman08]

Make sure you have enough money saved to cash flow the business until it can cash flow itself.

AND

Make sure you have enough money saved to support yourself until you can pay yourself.

Lastly if you've got the cash, it's good to have your home, two cars, two guns, and anything else allowed by Texas Homestead Law paid off so that if you do have to file bankruptcy, the creditors can't take it from you.

[sog45]

...but I would need to churn up business quickly so I don't deplete all of my savings.

Don't grow so fast that u outgrow your cash

[Catarina]

If your able to work at home and do all the work yourself with the new business, why not stick with your current job until your new business starts making money.

Really examine how much free or wasted time you have each day/week. Could you use this free or wasted time to work on your new business? Can you stay up later or wake up earlier to get it done? Or work on weekends to get it done

I have no idea what your current career is and/or what your new business will be, but could it be possible to work less hours and or days at your current job?

If you have a lot of vacation days left, take all of them at once and spend that time to really work on your new business. See if you can get anything accomplished and/or make some money with your new business during that time.

[Playa]

If your able to work at home and do all the work yourself with the new business, why not stick with your current job until your new business starts making money.

Really examine how much free or wasted time you have each day/week. Could you use this free or wasted time to work on your new business? Can you stay up later or wake up earlier to get it done? Or work on weekends to get it done

I have no idea what your current career is and/or what your new business will be, but could it be possible to work less hours and or days at your current job?

If you have a lot of vacation days left, take all of them at once and spend that time to really work on your new business. See if you can get anything accomplished and/or make some money with your new business during that time.

I've given this approach some thought and yes, during long daylight days (summer) that is plausible. But will need to answer inquiry calls during the day or outsource an answering service, make sales calls, and do the actual day to day.

Not sure how the current employer would respond if I asked to cut my hours after only having been there for 9 months. The other thing is I have clients scattered across time zones in my current capacity that often require odd times for me to accommodate. It's doable and I work for a web dev firm and we have employees who are completely remote so the infrastructure is in place for me to work from home.

[Bassdeer]

little harder to do when you have a family but I would go for it, I started my business 35 years ago but it was easy, no family, no bills, I did all the work and worked all the time. better to have tried and failed then to never have tried at all.

[Playa]

little harder to do when you have a family but I would go for it, I started my business 35 years ago but it was easy, no family, no bills, I did all the work and worked all the time. better to have tried and failed then to never have tried at all.

I keep trying to tell myself this, but we have our 3rd on the way and have outgrown our little starter home. It feels like stay in the rut and be unfulfilled or risk it all.

[Rack Ranch]

I've started three and sold two of them after they where up generating profit. My advice would be to not even consider it unless you have enough money saved to pay for one years worth of your current bills and the projected overhead of your new business. It takes at least a year to get enough working capital with most new business. Some shorter some longer, but cuz should be able to help you there. Small business loan may be an option or cuz may be able to help get you started. As far as starting the new business and trying to keep your current job, I would advise against it. One of then will suffer, and it should be all in if you decide to do it. G-Luck

[JGlock30]

From personal experience, I would double what you think it would take in the money department. Unexpected situations always arise and always cost cash. I am just starting year 9 of my business and the most important thing to know is Cash is King!!!

[Johnny Dangerr]

This is going to kind of be hard to swallow. But I've helped start a whole bunch of business by telling the new owners the truth. Stop writing things down. Stop adding things up. Shut up and get to work. Call me next year and tell me how you're doing....

[Eagle19]

I don't necessarily own my own full time business. I have a glorified hobby in which one day I hope to go full time. But I do like reading a lot of business start up articles and spark ideas with friends about different business models. I think you should work at the plan and maybe start the business with a few clients and get all your ducks in a row. I don't know what your current benefits at your job are but I would at least wait until after you have your kid. I think it would be best to save as much as you can and if you can start your business and handle a few clients that's extra income to save. Everything I've read says you work like a dog on business start ups the first few years, there's no way around that. So when you quit your job and jump on this ship make sure you're dedicated.

[RiverRat1]

This is going to kind of be hard to swallow. But I've helped start a whole bunch of business by telling the new owners the truth. Stop writing things down. Stop adding things up. Shut up and get to work. Call me next year and tell me how you're doing....

I was going to say this but decided to keep my mouth shut.

If the business is profitable being run by others and you see the other companies being sloppy, wasting money, etc... Plus you think you're smarter or a harder worker. Then go for it.

Don't do it unless you're willing to work 80+ hours per week. And above all don't think you can hire someone to run it for you...ever! People are stupid and no matter how much you pay someone they will never ever do the job near as well as you would.