Who runs their own business?

**FJRider** · 21st January 2010, 18:35

Originally Posted by Headbanger

Can I ask in what field?

I've been mulling over the idea of launching myself as a consultant, Though a bit of research indicates a few others locally have gone before me and failed.

I'm a consultant .... pay me (lots of money) and I will answer your questions ... CORRECT/ON TOPIC answers cost more ...

**Motu** · 21st January 2010, 19:46

I had my own business for 11 years,and although I'm happy I did it,I'm sure glad I'm not in it now.Someone gave me some advice about a small business - you need to get out at your peak,preferably before.He didn't, and nor did I.My best year financially was my worse year personally,and it was all downhill from there.Several friends and family ended up in hospital,and ultimately my mother had terminal cancer,I was unable to support everyone and my business at the same time...so I let my business suffer from my lack of time to the small things....and small things are important.By the time I was able to turn it around it was too late...or at least the effort required was sure to kill me.

4weeks holiday a year and no responsibility is heaven....

**BoristheBiter** · 21st January 2010, 20:18

Originally Posted by LilSel

So all in all, this is my experience ^^ & my attitude is, ya gotta do what ya gotta do to be successful, sacrificing time/money/social life is part & parcel.
My role is the 'boss' lol & my staff are gems

I treat them as I'd like to be treated myself, with respect, I used to hate being spoken down to at previous jobs & that is something I just couldn't do. At first I was a little concerned about possibly being walked over because of my age but my guys are great!! I may be their 'boss' but I dont put myself above them, someone has to be in charge so to speak, we're a team, we work together & work together well!!

Without them, I wouldn't have the biz.

Right... back to work LOL!!

wish i had staff like yours. we looked after our staff well, good pay, conditions, phones, training etc and got taken for a ride so now i just treat them like emmployees.
they don't get to take any vans home, any time off is docket no phones short breaks and we get the same work out of them. i would like to treat them better but they have taken the piss for to long.
i now pay myself a shit load more than them (used to be the other way round) so when they complain i say "when you pay my wages then you can tell me what to do so get back to work".

**Edbear** · 21st January 2010, 21:05

Originally Posted by BoristheBiter

wish i had staff like yours. we looked after our staff well, good pay, conditions, phones, training etc and got taken for a ride so now i just treat them like emmployees.
they don't get to take any vans home, any time off is docket no phones short breaks and we get the same work out of them. i would like to treat them better but they have taken the piss for to long.
i now pay myself a shit load more than them (used to be the other way round) so when they complain i say "when you pay my wages then you can tell me what to do so get back to work".

It has to work both ways. I have to say I'm impressed with my son-in-law's employees, they do work hard and as result get more than they are entitled to. He believes in rewarding effort and they are as keen to build the business as he is as they realise their income depends upon the business succeeding.

**BiK3RChiK** · 21st January 2010, 21:23

Originally Posted by Motu

I had my own business for 11 years,and although I'm happy I did it,I'm sure glad I'm not in it now.Someone gave me some advice about a small business - you need to get out at your peak,preferably before.He didn't, and nor did I.My best year financially was my worse year personally,and it was all downhill from there.Several friends and family ended up in hospital,and ultimately my mother had terminal cancer,I was unable to support everyone and my business at the same time...so I let my business suffer from my lack of time to the small things....and small things are important.By the time I was able to turn it around it was too late...or at least the effort required was sure to kill me.

4weeks holiday a year and no responsibility is heaven....

I agree with this.... We've been in our own business for about 21 years and it has proved to be far too long! We really should have got out about 4 years ago, but thems the breaks! Back to the slog tomorrow...

**Leviticus** · 21st January 2010, 21:56

Originally Posted by Big Dave

I'm self employed, freelance, my own man, it's great, but the the boss is an idiot.

I'm the same, self employed, and my boss is a idiot too. Our Works Christmas party was a bit quiet though.

**cc rider** · 22nd January 2010, 01:59

My ex & I owned two. One a motorcycle customizing business. Harleys. Did fabrications etc & sold production parts to shops including in Germany. Naturally you have to deliver in-person, it's only polite. No real money in it especially when you find illegal reproductions of limited edition items in the local harley shop. That just pisses ya off.

The other one was a silver & goldsmithing business. We used to design & fabricate jewellery & small silverware. Again bugger all money in it for the effort. So we developed the silversmithing side, which centered around church & heritage restoration work. Them there churches have a lot of metal ware.
That was really interesting work.
I got to climb about the top of the 3 spires of St Paul's Cathedral In Melb (On top of the crosses). Great views. Had to wear my dri-rider in winter.

Worked on a number of historic building in Melb & Ballarat. I only closed that one last year. It was always spasmodic income.
Paid well, but hard to meet bill payments & keep a workshop mantained.
Always handy to know how to polish stainless steel & alloys to a high grade finish.

So now I work in a motorcycle shop.
May even try owner business again one day. You never know, aye.

cc

**LilSel** · 22nd January 2010, 05:37

Originally Posted by BoristheBiter

wish i had staff like yours. we looked after our staff well, good pay, conditions, phones, training etc and got taken for a ride so now i just treat them like emmployees.

Ahh I see... some people take things for granted eh *shakes head*, we took the guys & their wives out to dinner for xmas, they were all really appreciative & had a great time.
Made me feel really good eh

The wives all gave me hugs n kisses & it was just awesome!!! The whole magnitude still really blows my mind!!! Didn't expect to be doing it so soon, absolutely love it & wouldn't change a thing. Working from home & means wearing/doing what I want & finally I can totally be myself!! Blue hair, tattoos, piercings n all

That is the best thing!!
I dont envisage my guys taking the piss so to speak n sure hope that doesn't happen, they are good honest guys... 9 months in, there hasn't been any issues. I check over the phone bills, petrol card bills, statements from wholesalers etc etc... It wouldn't be difficult to tell if one of them was miss using things.

**Racey Rider** · 22nd January 2010, 06:13

Had 7 years in my own garden maintenance business. (No I didn't mow lawns) One Man band, fighting against the weather all the time. Employed casual staff from time to time. Made a few Business mistakes ..... Learn t' a few Lessons! Being the only income of the family I decided to pull the pin, take a break, get back on our feet financially.
Have a reasonable job now, but it's just not challenging enough for me.
Doing up a business plan now to start something in a totally different field.

A Question to small business owners:
Have you run your business both With, and Without an accountant? Are they really worth spending the money on?

Thanks.
Racey

**peasea** · 22nd January 2010, 07:16

I ran my own business for nine years. There are ups and downs but overall it was a hassle I'd not go through again. Having said that I've been freelancing for over a decade since (sold the business as a going concern in 98) but I couldn't go back to throwing spanners for a living.

Our accountant was too straight, we had to show him how to be legally devious. Anyone in any trade does work for cash here and there, it's the only way to get ahead, but there are ways you can save on taxes that are quite legal. Part of the problem with our tax system is that there are too many loopholes but 'too many' is entirely dependent on which side of the fence you're on. Yes, you need an accountant but try your best to find a good one. My ex wife was/is very good with figures and very good at understanding how monetary systems work so 99% of the work was done before the books went to the accountant, which made our bill from him pretty small every year.

I think part of the reason so many small businesses collapse is because the owner/operator might be very good in their chosen field but lousy at business practice. I still don't know anything about the money side of it unless it's cash in the hand, I just went nose down into what I knew and threw all the paper into the top drawer. To run something I'd suggest a course in business management, MYOB or something like that to get the basics.

We had a surprise visit from IRD one day, not pleasant, but we were squeaky clean. It pays to be that way or they'll chew you up and spit you out.

**Quasievil** · 22nd January 2010, 09:03

Yeah we own a small Business QMOTO, been going nearly 7 years is it easy........no...........market is now saturated with cheap trademe rubbish which seems to dominate the buyers choice, but we aint going there and have continued to increase the brand quality at the cost of volume sales but the gear now easily rivals the bigger players in the market. Would I do it again........NO.......the Motorcycle industry in this country is a very hard one to work in.

Tricks, a good accountant, tenacity, and hard work, as well as Marketing, go to the market dont wait for them to come to you, there a lots of cheap tools you can use to market the products or service you sell.
One thing I have learned in Marketing is the bigger the cost the worse the result, Motorcycle Mags for example are a waste of marketing dollars, spent thousands with them .............never again.

Hard yards............expect it, dont think its easy, you are working 24/7 if you own a business, mentally or physically youre at work all the time.

**Headbanger** · 22nd January 2010, 09:14

Originally Posted by peasea

I think part of the reason so many small businesses collapse is because the owner/operator might be very good in their chosen field but lousy at business practice. I still don't know anything about the money side of it unless it's cash in the hand, I just went nose down into what I knew and threw all the paper into the top drawer.

That's me.

**Edbear** · 22nd January 2010, 09:29

Originally Posted by Quasievil

Yeah we own a small Business QMOTO, been going nearly 7 years is it easy........no...........market is now saturated with cheap trademe rubbish which seems to dominate the buyers choice, but we aint going there and have continued to increase the brand quality at the cost of volume sales but the gear now easily rivals the bigger players in the market. Would I do it again........NO.......the Motorcycle industry in this country is a very hard one to work in.

Tricks, a good accountant, tenacity, and hard work, as well as Marketing, go to the market dont wait for them to come to you, there a lots of cheap tools you can use to market the products or service you sell.
One thing I have learned in Marketing is the bigger the cost the worse the result, Motorcycle Mags for example are a waste of marketing dollars, spent thousands with them .............never again.

Hard yards............expect it, dont think its easy, you are working 24/7 if you own a business, mentally or physically youre at work all the time.

Well said and good advice. If anyone wants a business, you basically have two options. Start/buy one you like but look at it as a hobby, as you're unlikely to make a lot of money. By this, I mean as an example, that I would love to own a bike shop selling bikes, realistically, I'd struggle as much as I love the idea.

Otherwise, look for a demand in the marketplace and see if you can fill that demand with better quality and/or cheaper prices for the same. Look for something that will sell. Don't sell rubbish! It will come back and bite you!

What we have done, and our bank manager and accountant agree it is a "Very good idea!", is found a product that is in effect, a better paper-clip. It is an everyday product that is essential in the industry and replaces another one that no-one wants to use, but has been the only one available until now. We are importing it directly from the manufacturer and it will sell line-ball on price with the alternative, so we expect it will take off!

The cost is similar to the paper-clip analogy, as people will simply grab another box or tube when they run out without consideration of the price. We will wholesale it to the industry merchants by the pallet.

We have had to do the hard yards in the background and it has taken some time, but 'due-diligence' is necessary as we have had virtually zero capital to invest and have to be very careful with our finances.

A good accountant is essential if you are not one yourself, and do listen to him/her! Think seriously about a Trust, too, to protect personal assets and give you tax breaks while you are small and needing every cent. I can refer you to very good "people who know about these things" if you like. But factor in administration costs. Like buying a bike, if you can't affor the helmet and boots, you can't afford the bike...

**BoristheBiter** · 22nd January 2010, 11:53

Originally Posted by LilSel

Ahh I see... some people take things for granted eh *shakes head*, we took the guys & their wives out to dinner for xmas, they were all really appreciative & had a great time.
Made me feel really good eh

The wives all gave me hugs n kisses & it was just awesome!!! The whole magnitude still really blows my mind!!! Didn't expect to be doing it so soon, absolutely love it & wouldn't change a thing. Working from home & means wearing/doing what I want & finally I can totally be myself!! Blue hair, tattoos, piercings n all

That is the best thing!!
I dont envisage my guys taking the piss so to speak n sure hope that doesn't happen, they are good honest guys... 9 months in, there hasn't been any issues. I check over the phone bills, petrol card bills, statements from wholesalers etc etc... It wouldn't be difficult to tell if one of them was miss using things.

It was all going good but when we hit a slow patch everyone just sat on there arse so it made it even harder and when we liad one guy off it got worse.
We put in gps trackers in the vans and found that they were going off all over the place and when we talked to them about nothing chaged so we took the vans off them.

I am now down to one other emmployee and because of before i just don't trust him so it makes it hard.
I think i will just close up and go work for somone else, 4 weeks paid leave a year sound quite good.