has anyone started their own business?

[janinegirly]

I have a few friends who''ve finally walked the walk, and started their own businesses--mostly on line sales of niche products. They''ve put together great websites, with solid marketing skills (both are MBA grads) and looks like sales are starting off strong. It''s a tough business though..

So it got me thinking..have any of you started similar businesses and what did you learn (pros and cons)?

 

[Italiahaircolor]

Well, yes and no.

When I started in my current position, I was hired strictly to do the directing of the Chicago/Midwest market...that was it. When I spent time working my region, I noticed a huge absence of well trained artists that do on location work for our target market. So, after about 6 solid months of research, I pitched it to the higher up''s in my company and we ran with it.

Now, two years later, we have a booming side industry that walks hand in hand with the original business. It wasn''t easy.

The first thing I learned is patience. For a business to go from red to black takes a long time, even simple businesses really need time to cultivate and mature.

Don''t over do it. When I first launched our on-call services, I hired to many artists and we weren''t busy enough to keep them all paid. Look back, I wish I know that it''s okay to have a wait list, that it''s good to looked booked out and hire on an as needed basis. I would tell your friends that it''s okay to start small and grow from there...don''t spend money you don''t have on products that might not sell just to have an over flowing inventory.

Find balance. Home is home, work is work.

 

[coda72]

I started my own business a year and a half ago with a lot of the hubby''s help, and it''s harder than I thought it would be. I don''t own an online business, mine is a neighborhood bar. I love it and never regret it, but it pretty much is a 24/7 kind of job. Finding and keeping good personnel is what I''ve found to be the biggest challenge. Also, don''t expect to make any money for the first year or so. For the first 6 months, hubby and I had to keep dipping into our savings just to pay bills. Then once things started picking up, it got better, and we''re doing relatively well right now. Getting customers and keeping them is always a constant concern.

 

[LaraOnline]

I saw this thread yesterday, and really wanted to reply... but just thinking about small business has me exhausted!!!

Going into business for yourself is like finally growing up, leaving home and starting out on your own... there''s a learning curve associated with having the ''buck stop with you''.

Meanwhile the people you employ are completely oblivious to the issues you personally are facing, and are quite happy to gripe and groan about ''their stuff''... while you earn nothing, to pay them their wage.

small business is really about sucking it up, and making it work. It can take many years for a pay-off to eventuate, that payoff can come slowly... and be prepared for a truckload of little shocks regarding human nature along the way!

In many ways, we continued with our small business basically because we had no choice... we were in debt up to our eyeballs so all we could do is keep on turning up every day.

Being responsible to such a degree can be a pretty heavy trip!

But I would advise to do it. For my DH and me, whose families come from teaching and public servant backgrounds, going into business has opened our eyes to another world... perhaps our own children will benefit from what we''ve learned, and go further than ourselves...

 

[LaraOnline]

Here''s my husband''s take on it:

"The reality is that business is a pound of flesh . There is only 5-10% of the population in small business because it''s bloody hard and the government taxes us into the ground. Most people want a cushy 35 hour week with sick pay and holiday leave loading and to work until they get a government pension. I hope that my businesses will become successful and that what was my life will give me a life.........but maybe it won''t. I like to believe that it will."

 

[janinegirly]

thanks, some of you ladies have a lot of drive!

i'm not really planning on it, just curious if others had. My friends situation of course got me thinking b/c we all have the same background (education and career path) so when they took the leap it did make me think! I didn't get an MBA though, so maybe I'm not quite as driven. One friend did quit her job to devote full time resources to her "business". It is online sales of a product she invented. Without giving too much away, it appeals to women who like pampering. I actually thought the product was very silly (and would never spend money on it!), but she got the attention of some media, and then it took off. Not sure how it's doing now though with this economy and people splurging less.

Then I have several other friends who sell jewelry on line (in addition to their full time jobs). A few make it on their own and sell--(these have been much harder businesses to squeeze a profit out of). Another friend is doing the jewelry import/export (a niche internaltional product) and seems to be doing quite well.