Any bee's out there who own their own business??!

posted 2 years ago in Career
Post # 2
Member
2661 posts
Sugar bee
  • Wedding: May 2014

My husband has a degree in finance but owns his own contracting business.  He refinishes hardwood floors (and does other home remodeling…he can do about anything but specializes in installing and refinishing hardwoods).  He is quite successful, but it took several years and a lot of hard work to build his business.  IMO, one of his most imprtant assets (besides doing amazing work) is the fact that he has connections that get him work.  His best friend is in real eastate and sometimes flips houses.  My hubby often gets busness from him  and that business leads to other business.  The down side is that people do not re-model their homes as much when the economy is bad.  You have to be VERY fiscally disciplined when you work for yourself.

 

Oh, and he HATED working at a desk, so he went into business for himself.

 

Hope that helps/

Post # 3
Member
1055 posts
Bumble bee
  • Wedding: December 2014 - Loft

MrsPerry0427:  On a very small scale My FI and I have an etsy store and small craft company on the side. In terms of not trusting employers I think its the same thing every angle. You can’t necessarily trust the economy, buyers, or the market. Unfortunately employment on any end of the spectrum is just not guarunteed.

  • This reply was modified 2 years, 4 months ago by  missjz.
Post # 5
Member
2661 posts
Sugar bee
  • Wedding: May 2014

 

MrsPerry0427:  Yes, it is restrictive.  I have a regular old full time job working for Uncle Sam!

  • This reply was modified 2 years, 4 months ago by  NavyBee.
Post # 6
Member
2696 posts
Sugar bee
  • Wedding: June 2012

While I still work full time outside the home (for now) DH owns his own electrical contracting business and I also run the admin side of things.

DH worked as an electrician for a number of years before deciding to go out on his own. He gained such valuable knowledge by paying attention to how his bosses conducted business. He’s also very financially minded and seems to have a natural knack for running his own company.

One of the biggest things that bites people in the ass is that they don’t understand or take seriously enough, the administrative side of business. It’s one thing to be able to provide a service, but keeping track of everything financially and making sure you’re actually making money is HUGE. So many people don’t seriously sit down and look at things in this regard. My DH is constantly tracking what money he is making, how to adequately price things, when to bill people, etc. The paperwork is never ending.

We use Simply Accounting/Sage and track everything in there. It’s a daily need to sit down and make invoices, add reciepts to track costs, do remittance and payrol, etc. We pay an accountant to ensure we are doing things correctly and to help during tax time.

It is so important to be organized from the get-go.

While DH’s business is successful, it prooves to be quite stressful as well. We have employees, and in the trades, there is not a consistant flow of work at all times. It’s hard to have to either lay people off or cut back hours, while at the same time worrying about what $$ we have coming in to pay our own bills. Many of our evenings are spent in front of the laptop inputting reciepts, doing paperwork, and talking business. It’s the nature of the beast!

  • This reply was modified 2 years, 4 months ago by  urchin.
Post # 7
Member
1016 posts
Bumble bee
  • Wedding: August 2014

Is your business successful??  Yes! If I do say so myself! Demand keeps increasing as people keep getting busier in their work lives, we have a niche service that other service providers charge extra for and only half-ass. With us it’s the default and we’re serious about it.

What was your biggest struggle, Staff staff staff staff. We have very low unemployment here, you can quit at noon and have a new job at 1 so it’s dififcult recruiting for a less than glamourous, sometimes gross, physically demanding job. Many (most) competition hire temporary foreign workers, which I refuse to do so that has resulted in my paying top wages for these positions. As such I need to charge top rates, so I have to present and market the business in such a way that people are happilly willing to pay a premium. 

how/why did you decide to start one, what business did you decide to go with and why?? I started one because I was sick of the frankly, STUPID decisions made by corporate or my bosses, and being at the mercy of someone/something else. I am big on having my freedom, telling shitty customers to screw off (politely), firing customers who are not worth my while, and deciding I want this or that day off, I’m going to make it happen. <br /><br />I also get very bored doing the same old thing, and need constant challenge. I hate being tethered to anywhere for any amount of time, so having my own business allows me to wear so many hats. I find the bookkeeping and record keeping part tedious, but it’s hardly difficult. I can more or less schedule my whole day the way I want. My workers ar very independent so some days if I don’t feel like it, I don’t get out of bed til 10am in the middle of the week! 

I went with the business I knew I was good at, and knew there was a local demand for. I can’t say I’m passionate about the work we do, but we’re good at it and people are more than willing to pay for it, so it’s a win. 

I don’t know that I’ll ever be able to go back to a traditional job, but I’m more than willing to start and stop different businesses throughout my life. I feel much more in control of my life this way – when the economy turns, there is only so much you can do as an employee to adapt. It’s up to the company you work for, and in general they don’t give a rats ass if it’s you whose on the chopping block as a resulty of their inability to adapt. As a business owner/entrepreneur – you just shift gears depending on what your local economy is doing. 

Post # 8
Member
1055 posts
Bumble bee
  • Wedding: December 2014 - Loft

MrsPerry0427:  I work full time and run the etsy store. My FI and Iboth contribute to it but right now it is just a personal time venture and bonus money for the wedding.  I wish we could do it full time. That is my ultimate goal.

Post # 9
Member
100 posts
Blushing bee
  • Wedding: February 2015

MrsPerry0427:  I have a small event decor business on the side. I do mostly just kids parties, showers, and other small events, and I love it! I’ve always loved arts and crafts and creating things, and once I took a balloon decor class and saw how great it was, I knew this was something I could do. I saw that there was a bit of demand for this service in my area and started my business in college to make some extra money on the side and its just grown bigger than I ever expected, so I would consider it successful by my standards.

The biggest struggle for me was in the beginning just getting my name out there and advertising. After a while you will establish your name and clients but the first year or so can be a struggle. My biggest piece of advice: if possible try to get your name out there by partnering with well known businesses. When I started I went and handed out business cards to well know event halls in the area and got many clients that way.

Now, I’m teaching, which is great because I get weekends and summers off, which are my busiest times for events. I’ve hired and trained two people to help take all the burden off myself and I’m doing pretty good with managing both a full time job and a small business. 

If you dont know what type of business to start think about what you love to do. You said you love animals and talking to people, have you ever thought of opening up a pet grooming shop? 

Post # 12
Member
1016 posts
Bumble bee
  • Wedding: August 2014

MrsPerry0427:  I actually got fed up with the company I was working for (I was a “sub-contractor” but for all THEIR purposes, they tried to make it as if I were an employee – ugh), quit my job, half-assed starting my own business for about a month until I started my real hustle. 

I firmly believe in allowing yourself to rebel against structure for at least a couple of weeks before getting super serious with your business. Sleep in, design business cards, go for a walk, play with the dog, research stuff you’ll need to start, eat some chips, binge watch your favourite series, sleep whenever you want for however long you want. Might be easier said than done, I chose a business with minimal start-up costs, took out out no loans or credit, and had a few months worth in savings so I could do this. I just think it’s really great to get it out of your system before imposing stricter schedules upon yourself – if you can!

I did have experience in the field I went into and was highly confident that when I wanted work, I’d find work.  And I did. That’s why I had so much fun doing above for a good month before I even started looking for clients.  I was not at all worried. That being said, I live in a location going through an extended economic boom so depending on your location, your competition, and demand for your service/product, you might not be able to have the same confidence in your target market. 

Post # 13
Member
100 posts
Blushing bee
  • Wedding: February 2015

MrsPerry0427:  thanks, it is definitely fun! I worked at an event hall for some time and noticed customers would always ask if we did balloon decor or if we knew anyone who did, since they always seemed to have a hard time finding someone who could do quality work. Then I got to know some of the other ladies who would come and do decor for parties and it turned out one of them actually taught a class showing the basics of balloon sculpting, so I decided to just give it a try and ended up falling in love! 

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