How many business owners do we have here? What's the cost to be a boss...

[Chrisv006]

Great thread.

How did you business owners find motivation to leave a well paying ($100k+) job to open a business?

[HR2L]

Except that one could easily argue that investing is kind of like being in business for your self and it doesn't matter where the money came from. Stating your dad's profession as an example is a moot point, someone could as easily become wealthy by investing the money they made at McDonalds. Would you say that flipping burgers at McDonalds makes you wealthy?

My statement meant that working a job, investments aside since they are separate, will cease to payout when that job ends unlike a successful business which will continue to post profits if done right even without the original owner at the helm.

My father in-law makes $180k annual base salary, stock options up the wazoo, full medical/dental/optical benefits for his immediate family, and like stated earlier company allowances that would make your head spin till it fell off. If I made just 1/2 that I would be happy. ;)

You do the math, and make your own conclusions on weather or not you consider that to be a wealthy figure. :)

You could also consider how risky it is owning your own business as well as how in debt you will be for a period of time, on top of whatever your starting your business in or for, is it lucrative? is there a market for what you are selling or building your business around? will it continue to be a successful business 10 to 20 years from now (so you can see that paycheck you say continues paying you after you walk away/retire)? Also what happens if Pedro or Mark or Jane hurts him/herself on the job? Personal lawsuits/liabilities against you as the business owner, as well as medical/dental/optical/vacation benefits all come out of your pocket as the business owner, the list could go on and on. I have personally witness the demise of quite a few of personally started business that were well ran, had a niche, and had the potential to become something that could have been long lasting, only to see it get taken for every last penny in court over something as stupid as an employee being negligent (to a degree) or something that was completely out of the owners hands, but someone has to pay or be responsible for the issue @ hand.

There's a reason entrepreneurship has slowly become a decline in this country, its tough (and I respect, and applaud those who venture into it), more then likely there are tons of others doing what you do, and to be quite frank, they are probably able to offer the service or product in a manor just as you are doing, and for cheaper (if not for far cheaper). Which keys me into the point you made at the end of your last point, "if done right". This country doesn't support the self made business man any longer. Corporations and big business are making sure of it. No matter what blue print for perfection you follow on starting a business, its risky and your pay has no guarantee, as well as the government honestly doesn't protect the entrepreneur/personal business like it does corporations/big business (this is the biggest reason people don't get involved).

In the end, yes you can be successful and filthy wealthy starting your own business, and yes there are many perks and upsides to owning your own business and being your own boss, but it seems as the motto here in this thread is the only way to experience true wealth is to be your own boss (not working for someone else), and quite frankly, that's the furthest from the truth.

I guess to each is there own on this topic though. ;)

I will admit this though, every business ever started, started as a dream, as well as started as a personal/self business (or partnership), so bless those who do dare to dream, and take the risks. Could you imagine how great this country would be if it supported (far more then it does) the self employed/personal business man or woman? I believe this is one of the reasons why the employment % as well as the overall US market is stagnant, no support for those trying to live the American Dream.

[carfantiti]

I own my own business has its ups and downs.
what people forget is operating cost.
first year made 240k and did taxes with loss off 13k :)
being able to do as I please is nice only answer to myself.
Currently looking for part time work while the business is slow right now.My business when going good is great when bad really stressful.

[MC Hammered]

Your father-in-law is fortunate to have such a good position with such benefits and I would think many people would trade to be in his position.

But remember one thing, if someone did not start that business oh so long ago, your father-in-law would not ever had the chance to get the job he has now. Big corps are not just born, they have evolved from some small startup.

Starting your own business is to do something you want and to do something you love at the same time.

I gave up a position that paid $120k, full benefits, 6 weeks paid vacation because after I was done revamping the operation there was nothing left to do and I was bored out of my skull. When you wake up each day and force yourself to get out of bed to go to work, even though you are being paid big $$$ to just sit in a chair, something is wrong.

Would I have given up the same pay rate and benefits if I was working for a company that I loved and a job that challenged me every day to keep my brain juices flowing? Probably not.

Starting up your own business is risky and in most cases a long shot for success, but landing a plum position at a big corporation isn't going to be much easier. If it was so easy to get such a nice, high paying job then I don't understand why people on this site are saving up money for parts for a 20 year old car all the time.

[Vtec?lol]

^either way, hard work is key!

[Kershaw]

these past 4 pages are seriously tl;dr, so this might have been stated already. but i'll throw this out there anyway.

every entrepreneurship book you'll buy will say that if money is your goal, then you need to sell your first business as quickly as possible.

[HR2L]

Your father-in-law is fortunate to have such a good position with such benefits and I would think many people would trade to be in his position.

But remember one thing, if someone did not start that business oh so long ago, your father-in-law would not ever had the chance to get the job he has now. Big corps are not just born, they have evolved from some small startup.

Starting your own business is to do something you want and to do something you love at the same time.

I gave up a position that paid $120k, full benefits, 6 weeks paid vacation because after I was done revamping the operation there was nothing left to do and I was bored out of my skull. When you wake up each day and force yourself to get out of bed to go to work, even though you are being paid big $$$ to just sit in a chair, something is wrong.

Would I have given up the same pay rate and benefits if I was working for a company that I loved and a job that challenged me every day to keep my brain juices flowing? Probably not.

Starting up your own business is risky and in most cases a long shot for success, but landing a plum position at a big corporation isn't going to be much easier. If it was so easy to get such a nice, high paying job then I don't understand why people on this site are saving up money for parts for a 20 year old car all the time.

I addressed that at the end of my post. ;) I realize it, and applaud it. My point was more on the fact that many hear feel that to be wealthy and truly secure you have to work for yourself and not work for others, which is not true by any measure of the stick.

What I said:
I will admit this though, every business ever started, started as a dream, as well as started as a personal/self business (or partnership), so bless those who do dare to dream, and take the risks. Could you imagine how great this country would be if it supported (far more then it does) the self employed/personal business man or woman? I believe this is one of the reasons why the employment % as well as the overall US market is stagnant, no support for those trying to live the American Dream.

[pureaudio]

My father in-law makes $180k annual base salary, stock options up the wazoo, full medical/dental/optical benefits for his immediate family, and like stated earlier company allowances that would make your head spin till it fell off. If I made just 1/2 that I would be happy. ;)

You do the math, and make your own conclusions on weather or not you consider that to be a wealthy figure. :)

You could also consider how risky it is owning your own business as well as how in debt you will be for a period of time, on top of whatever your starting your business in or for, is it lucrative? is there a market for what you are selling or building your business around? will it continue to be a successful business 10 to 20 years from now (so you can see that paycheck you say continues paying you after you walk away/retire)? Also what happens if Pedro or Mark or Jane hurts him/herself on the job? Personal lawsuits/liabilities against you as the business owner, as well as medical/dental/optical/vacation benefits all come out of your pocket as the business owner, the list could go on and on. I have personally witness the demise of quite a few of personally started business that were well ran, had a niche, and had the potential to become something that could have been long lasting, only to see it get taken for every last penny in court over something as stupid as an employee being negligent (to a degree) or something that was completely out of the owners hands, but someone has to pay or be responsible for the issue @ hand.

There's a reason entrepreneurship has slowly become a decline in this country, its tough (and I respect, and applaud those who venture into it), more then likely there are tons of others doing what you do, and to be quite frank, they are probably able to offer the service or product in a manor just as you are doing, and for cheaper (if not for far cheaper). Which keys me into the point you made at the end of your last point, "if done right". This country doesn't support the self made business man any longer. Corporations and big business are making sure of it. No matter what blue print for perfection you follow on starting a business, its risky and your pay has no guarantee, as well as the government honestly doesn't protect the entrepreneur/personal business like it does corporations/big business (this is the biggest reason people don't get involved).

In the end, yes you can be successful and filthy wealthy starting your own business, and yes there are many perks and upsides to owning your own business and being your own boss, but it seems as the motto here in this thread is the only way to experience true wealth is to be your own boss (not working for someone else), and quite frankly, that's the furthest from the truth.

I guess to each is there own on this topic though. ;)

I will admit this though, every business ever started, started as a dream, and a personal/self business, so bless those who do dare to dream, and take the risks. Could you imagine how great this country would be if it supported (far more then it does) the self employed/personal business man or woman? I believe this is one of the reasons why the employment % as well as the overall US market is stagnant, no support for those trying to live the American Dream.

What in the hell are you arguing with me on? Go back and read the posts made in this thread, you are arguing a statement that I didn't even make.

[MC Hammered]

I addressed that at the end of my post. ;) I realize it, and applaud it. My point was more on the fact that many hear feel that to be wealthy and truly secure you have to work for yourself and not work for others, which is not true by any measure of the stick.

If you start a business and it just takes off and you retire in 5 years time I am truly envious. Otherwise I would say that is you want to be stressed out, just making ends meet and hoping to make it through the slow periods before things pick up for a few years then by all means go work for yourself.

My brother is a Ford mechanic and he dreams of running his own shop one day. I even went as far as scoping out a prime location and would go into the business with him to help run it while he wrenches away. First thing he asks me "So how much am I going to make?" as he is expecting to be blessed with the same pay rate as he is getting now. I look at him, smiled and just dropped the folder into the garbage as I know he isn't willing to make the sacrifice.

In comparison, my cousin came here with nothing 25 years ago, went to school got his college diploma, worked hard at a tire shop and worked his way up to manager, then borrowed a bunch of money and bought the old owner out. Worked his ass off to restructure the business and now he's doing great, has a nice new house and is happy as can be.

I am saying you can be successful doing just about anything, it all depends on what your definition of success is?

Is it millions in your bank account?
Is it being able to spend your day around your newborn child while you work?
Is it being able educate someone and pass on the knowledge in your brain?
When you can answer this question you are halfway there.

Then how much effort are you going to put into it to take it to the next level, or are you just going to sit back and get comfortable with what you got and let the dream fade away?

As Vincent said from "Collateral Damage"

Your business "plan?" Someday?
"Someday my dream'll come..."?

And one night you'll wake up and
discover it all flipped on you.
Suddenly you're old. And it didn't
happen. And it never will. 'Cause
you were never going to do it, anyway.
The dream on the horizon became
yesterday and got lost. Then you'll
bullshit yourself, it could never have
been, anyway. And you'll recede it
into memory...and zone out in a
Barcalounger with daytime TV on for
the rest of your life...

Don't talk to me about killing.
You're do-in' yourself. In this
yellow-and-orange prison. Bit by bit.
Every day.

[HR2L]

What in the hell are you arguing with me on? Go back and read the posts made in this thread, you are arguing a statement that I didn't even make.

Sorry, wasn't really arguing the whole wall of text with what you stated (nor would I consider it arguing, more "discussing" my views, but if you want to take it as an argument so be it), so I guess quoting you wasn't the best idea, but you were the last to quote me, so In some way it was a partial response to what you stated, more along the comment of stating my Father In Law's position in his profession is a moot example, as if it was debatable (which it isn't, he makes good money, so its not moot).

As for the part where you stated "Would you say that flipping burgers at McDonalds makes you wealthy?", it sure did for Richard and Maurice McDonald. ;)

[HR2L]

If you start a business and it just takes off and you retire in 5 years time I am truly envious. Otherwise I would say that is you want to be stressed out, just making ends meet and hoping to make it through the slow periods before things pick up for a few years then by all means go work for yourself.

My brother is a Ford mechanic and he dreams of running his own shop one day. I even went as far as scoping out a prime location and would go into the business with him to help run it while he wrenches away. First thing he asks me "So how much am I going to make?" as he is expecting to be blessed with the same pay rate as he is getting now. I look at him, smiled and just dropped the folder into the garbage as I know he isn't willing to make the sacrifice.

In comparison, my cousin came here with nothing 25 years ago, went to school got his college diploma, worked hard at a tire shop and worked his way up to manager, then borrowed a bunch of money and bought the old owner out. Worked his ass off to restructure the business and now he's doing great, has a nice new house and is happy as can be.

I am saying you can be successful doing just about anything, it all depends on what your definition of success is?

Is it millions in your bank account?
Is it being able to spend your day around your newborn child while you work?
Is it being able educate someone and pass on the knowledge in your brain?
When you can answer this question you are halfway there.

Then how much effort are you going to put into it to take it to the next level, or are you just going to sit back and get comfortable with what you got and let the dream fade away?

As Vincent said from "Collateral Damage"

Couldn't agree with you more. QFMT!!! :up:

[Vtec?lol]

If you start a business and it just takes off and you retire in 5 years time I am truly envious. Otherwise I would say that is you want to be stressed out, just making ends meet and hoping to make it through the slow periods before things pick up for a few years then by all means go work for yourself.

My brother is a Ford mechanic and he dreams of running his own shop one day. I even went as far as scoping out a prime location and would go into the business with him to help run it while he wrenches away. First thing he asks me "So how much am I going to make?" as he is expecting to be blessed with the same pay rate as he is getting now. I look at him, smiled and just dropped the folder into the garbage as I know he isn't willing to make the sacrifice.

In comparison, my cousin came here with nothing 25 years ago, went to school got his college diploma, worked hard at a tire shop and worked his way up to manager, then borrowed a bunch of money and bought the old owner out. Worked his ass off to restructure the business and now he's doing great, has a nice new house and is happy as can be.

I am saying you can be successful doing just about anything, it all depends on what your definition of success is?

Is it millions in your bank account?
Is it being able to spend your day around your newborn child while you work?
Is it being able educate someone and pass on the knowledge in your brain?
When you can answer this question you are halfway there.

Then how much effort are you going to put into it to take it to the next level, or are you just going to sit back and get comfortable with what you got and let the dream fade away?

As Vincent said from "Collateral Damage"

:bow::bow: Whenever I feel down about anything or get besides myself... I'll be coming back to read this post and that quote!!!

Thank you!