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Business owners/self employed

4,646 Views | 33 Replies | Last: 5 yr ago by mwp02ag
NoahAg
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What was the last straw the led you to stop working for others and start doing your own thing?

How long did you continue working for someone else while starting your own business? Or did you make a clean break and begin from scratch?
AgBank
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AG
What was the last straw the led you to stop working for others and start doing your own thing?

How long did you continue working for someone else while starting your own business? Or did you make a clean break and begin from scratch?

1. Investment Banking was too many hours. My bank was bought out, but they gave me a bonus on my way out.
2. Clean break.


My wife is pretty supportive.
NoahAg
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You started a bank?

Username checks out.
dc509
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1. My first job out of school was with a startup so I had the bug immediately.

2. Clean break. It's the only way. You can't focus on your business and your job with your employer. You're dividing your attention and short changing both sides. I'm sure there are exceptions, but if you're starting a business then that needs to be your day-to-day. The timing will never be "right."
AgBank
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AG
I didn't, but it is funny you say that. An old client of mine wanted to buy a broker dealer for me to start a bank.


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Cyp0111
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I have not yet as I've yet to find something I would want to switch from. My current profession does not lend itself to going solo, however, I have a 3 year plan to try and work for myself. I spend so much time thinking about early retirement when all I really want to do something on my own and build something.

Question for the group. How much salary/income did you have saved up before taking the leap.
montejr
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AG
I was raised in a self-employed household. The alternative was never an option if I could help it.
mwp02ag
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AG
Quote:

My last job was with a smaller statewide builder in SA. I was hired to build their new $400k and up product, helped develop 4 plans with the architect, built the first model (a $600k home) and was promoted to estimator in the area office.

After my first annual review at that job I was told that my performance was fantastic but that there was no money for raises that year and that 30% of my bonus opportunity was being taken away but not to worry because I was going to be "given more responsibility" meaning I was going to be expected to complete 40% more homes starts the next year.

I've always given more than was expected of me, I was working 50 hour weeks without a problem already, but I now had to go ask the Area President "What am I becoming here". I wanted to move to the grossly understaffed Land Development department, as I had stated from my first interview, and asked when that might happen if I was going to have to work harder to earn my 10% bonus bump.

I'll never forget, and I am eternally grateful, the smug SOB sitting on the other side of the desk as he listened to my question with his hand on his chin. He then leaned over the desk, put his left index finger on the desk and informed me that "you are making as much money as you will ever make here. The job you want in land development is at least two years out and I don't think you're right for it and I need to know right now if you are 110% dedicated to being an estimator where I need you or I will find someone who is.

I walked out of there determined to become a real estate inspector and within 6 months had my license. Since that beautiful day, I've quadrupled my income, lessened my work load and stress levels, opened a crossfit gym with my wife, completed a ground up remodel of a 100 year old triplex, made it cash flow and opened our second company (for our real estate deals).


That's from an old post of mine from another thread, bolded part is the instant I knew. In the immortal words of Jim Rohn "the alarm bells have got to be going off!!" and they were that day!.

I actually continued to work with that same AP for the 6 months it took me to earn my license. Everyday I would just smile knowing where I was going. My wife still works her nursing job, two doubles M and W from 6am to 11pm. We're getting closer to her leaving that.

My advice, keep working your day job. Work 80 hours a week for a few short years and you can truly build something sustainable and beautiful. There are sacrifices. They are worth it.
dlp3719
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AG
1. When I lead the charge on a $100 million+
price increase, they told me what I great job I had done and my bonus went up $30k. That was the end for me. I knew I had to have an equity stake (even if it was a much smaller business) to ever have a chance of making real money.

2. 6 years
MPython43
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1. Knew I could never work for anyone else

2. Started a company the week after I graduated in 2006. Wife's teacher salary paid all the bills for the first couple years.
Hey Nav
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AG
Quote:

What was the last straw the led you to stop working for others and start doing your own thing?
Never had a "last straw". I always felt the need to go Air Force. To do that, you have to "work for others".

After those days ended, I was never wired to work for someone else. I could not fathom working for a boss other than my customers and me. I've been blessed to have that choice.
Kool
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AG
NoahAg said:

What was the last straw the led you to stop working for others and start doing your own thing?

How long did you continue working for someone else while starting your own business? Or did you make a clean break and begin from scratch?


I was the fourth Partner of a four-man physician group. The second Partner, who ran the financials, was one of the most unethical persons I've ever met. To the point that the other three of us brought in a tax attorney who was a former IRS agent and two CPAs to get him to "cease and desist" some of what he was doing. After that was taken care of, the straw that broke the camel's back was two Partners working behind my back to terminate for cause the third Partner. I wouldn't go along with it, and it got VERY ugly. I put in my Notice and had to continue to work in the practice for 120 days. It was absolutely awful.

Now, however, I run my own practice. It's been emotionally and financially beneficial to me. I wish I had done it earlier. Some people are OK with turning a blind eye to unethical behavior but I just couldn't do it. I sleep well at night now, none of my employees despise me ( as far as I can tell), and I don't worry about having to pick up trash on the side of the road wearing an orange jumpsuit.
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Lone Stranger
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I was in an executive position at a statewide association in my late 20's when people started calling me wanting me to consult on projects for them. This was due to a stint with an internationally recognized expert in my area/field the first 5 years of my career. Within 3 years I was making 3 times consulting part time what my salary was from my full time. Liked the association work but decided it was time to put the shingle out full time when the association started talking about restructuring and members were questioning cost/benefit of belonging during tight times in that industry. Never looked back.

When I started I undercut the established folks and competed on lower price. 30 years later the young guns are doing the same thing to me with my price conscious clients. The circle of life as they say.
EnglishElhew07
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I never had a 'last straw' moment. My dad was self employed his whole life and I always wanted to do my own thing. It took about 18 months of planning to make the jump but at that point it was 100% break. Took about 5 months to get any sort of revenue, but at 9 months back to where I was. I had a years worth of expenses set aside to do it.
Cyp0111
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I'm getting close to the same time frame. The only issue is I need to figure out my next career.

I was raised by a self-employed/small business owner and I do agree it was never likely in my blood to work for others. I've done it the past 12 years since graduating A&M with the past 4-5 being very rewarding from a financial perspective. However, it's getting close to the time to figure out the next step in life as I want that flexibility from 35 on.
drill4oil78
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AG
You never really stop working for someone else, although owning your own company allows you to choose who you work for ... In my case I got tired of working for oil companies that eventually got bought by another oil company. I went through 4 sales in 10 years at one point. The severance packages were lucrative and allowed me to start my own business. I saw the direction that oil companies were going as far as my discipline ... Less full time employees and using more consultants was the way of the future, especially for smaller companies. Made the jump to starting a consulting company of 2 in the beginning and continued to grow it over the next 18 years. Recently decided I had enough of the business in this last down turn and handed it over to another group in Australia that we worked with in the past and retired early at 61.

Best decision in my career to start a business and get away from the internal politics of most oil companies.
Reloadags1998
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Last Straw, Corporate politics led to be losing my job. I never wanted to be at the whim of corporate shenanigans again so I started my own gig.

How long did you continue working for someone else? Total clean break as I had no other job when I started.. It was a do or die situation. 14 years later, we are still growing, getting better at what we do and bettering the lives of myself and my employees.
Win At Life
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Four out of the first 6 companies I worked for went bankrupt while I was employed by them, including Enron. The last one was a small consulting firm, and they hired a lot of 1099's, so I transitioned to 1099 there and continued on my own after they went under.

Been on my own for 10 years now and will probably stay that way. So far, it's been just me as hired gun, but I'll probably ramp up my marketing efforts in the near future and try to become a prime contractor with 1099's under me.
Trek Strategy
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Sponsor
AG
NoahAg said:

What was the last straw the led you to stop working for others and start doing your own thing?

How long did you continue working for someone else while starting your own business? Or did you make a clean break and begin from scratch?
Last straw was after I had built a 25 person international organization that was very successful, and they took 7 of my best people away from me to start a new company, and I knew I had to re-build all over again. to be honest, though, I was 80% sure of my decision before that happened. But that was the last straw. I have a 1 and 4 year old and my priorities in life have changed. That's the main reason.

Clean break, but I've worked for 17 years, so I have a nest egg just for this. My advice would be to save as much as you can, live BELOW your means, so that you have the freedom to do what you want. Don't become a slave to a nice house, nice car, nice things and get so in debt that you don't have the freedom to make the choice.
RAB83
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No last straw moment. I had an idea for a great business that kept gnawing at me, so I raised money and started.

I formed the corporation in April and launched in September When I told my boss, he wouldn't let me quit until I was sure it would work, and then asked to invest. In November, I made a break, but it wasn't clean. They brought me back on a contract basis to handle a project for a new client I'd landed. That wrapped up by March.

We became cash flow positive the following September. That was 15 years ago. Last year we sold the business, but I'm still running it.

When I launched the company at age 42, I was living paycheck to paycheck. Now, I'm financially independent. Building a business you can sell is the best financial decision you will ever make. It's just easier to say it than to do it.
davido
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AG
Great points about not getting caught up in the stuff and payments. Save, save, save. Live as poor as you can stand. Create a cushion, because once you go out in your own, you'll likely want it to be forever. That's a long time. Well beyond a few deals or clients.

Also agree about the exit. Something I never really knew or thought about until it started happening to friends in the industry. Then one day, a knock on the door. Six months later I got a check and happily left. Then the paradox of choice set in, but that's a whole 'nother Oprah show.

This is a good book on the exit part. Built to Sell... https://books.google.com/books/about/Built_to_Sell.html?id=4rAYQfHk_0AC&printsec=frontcover&source=kp_read_button

I haven't had a W2 from a 3rd party since HS. One semester at a big company was enough for me. I'm a hard worker. I'd make a great employee with the right mentorship and comp plan, but my studies were not where they needed to be to open those opportunities. So I went directly into a partnership, which is also it's own whole episode.

I'd agree with the working harder in both until you either can't, or REALLY don't need to. I've had two unrelated companies for almost 20 years. It's been a lot of hard and lean years, but it's really starting to pay off now.

Starting a venture from a point of financial strength is way better. Stating the obvious, but I've talked to a lot of people who don't truly take that into consideration. They think they'll make it work, but working IN and ON the business will be plenty to worry about, even without dealing with money issues.

For small business owners out there, I'd highly recommend Traction/Get a Grip, which are about EOS. After our sale, we lost more structure that I realized. At the same time, finally with a with a real cash injection, my "side job" grew to outpace the primary. That org especially had almost no structure since it had built so slowly over so long of a period (capital intensive). Even with my years of training and experience, they became cumbersome and sloppy, as I wasn't applying things correctly. EOS reeled me back in. Sharpened my "structure" skills. Almost a year ago we implemented it in one org and quickly adapted it to the others. It's been life changing for me. Highly recommend their structure. It's very easy to digest and apply.

This thread has been invigorating, to see people taking on risks later into their careers. Time for me to get back to work!
BrazosDog02
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AG
I'm 38 and thinking of doing something. I have a gnawing idea and I have had this desire to be my own boss for a couple years. I am at a point now where I cannot ignore the idea or the desire. I think about it when I go to bed. I think about it when I wake up. I research and think about it while working a contract job. Recently, everything I had that was 'keeping' from doing it disappeared. The more I think and research it, the more I can't find an excuse not to do it.

I like this thread, but have to admit that I feel a bit old starting something like this at 38.
AgBank
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38 isnt' too old.


Good luck Brazos
mhayden
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Also keep in mind that your business will also become your life -- not just because it is so time consuming, but also because it is something you enjoy doing. You'll catch yourself "working" in your free time and there's a part of your brain that will chastise you for doing so rather than going out and participating in whatever hobby you enjoy doing... until you come to the realization that the business is the hobby that you enjoy.

That is both good and bad. It can be extremely detrimental to relationships because you are often spending a lot of your time in an activity that your significant other can't really participate in.

I read an article a few months back about the founder of Sierra -- which was at one time the biggest computer game creator on the planet (and for you business history buffs, was bought by Cendant in 1997 shortly before they were involved in the (at the time) largest prosecuted accounting fraud in US history) -- and the husband and wife founders said they had great success in hiring husband and wife teams because they found that they were much more willing to put in the long hours together and still stay happy.
mwp02ag
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Founding and operating a business, now two, with my wife has been the best decision we've ever made. We were near divorce at one time, now we've become true best friends who live to help each other thrive. I am blessed beyond measure and that is the single greatest reward from owning our business.
one MEEN Ag
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AG
BrazosDog02 said:

I'm 38 and thinking of doing something. I have a gnawing idea and I have had this desire to be my own boss for a couple years. I am at a point now where I cannot ignore the idea or the desire. I think about it when I go to bed. I think about it when I wake up. I research and think about it while working a contract job. Recently, everything I had that was 'keeping' from doing it disappeared. The more I think and research it, the more I can't find an excuse not to do it.

I like this thread, but have to admit that I feel a bit old starting something like this at 38.


That's still a lot of working years ahead of you. I'm sure your previous professional experience will help you sort through the details. I was reading an article the other day that said the average starting age for a successful startup was, no joke, 38. Sounds about right, you've got a good network by then, you know how the business world works, and you're not going to halfway do it.
BoDog
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I worked in outside sales for 8 years (business process software) and honestly came to the realization that some of the most successful business owners I encountered were some of the dumbest SOBs I have ever met.

That, coupled with unreasonable managers demanding I update my TPS reports, was what pushed me over the edge and out on my own.
mwp02ag
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Yep! "Why not me!!" is to this day a mantra of mine. That's why I love to hear success stories.
RAB83
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I agree on "Built to Sell." We used to offer it in our online store.
RAB83
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Brazos, I started at 42. I started for the same reasons you mentioned. The business concept wouldn't let me alone. It took me two years to refine, commit, and raise money.

My net worth at 42, after working 20 years, was probably around $200K. I turned 58 yesterday. Today, my net worth is easily more than 100 times what it was at age 42.

I wish I started at age 32 (I needed 10 years to learn about corporate America).

You are not too damn old. Ray Kroc started at 55. You are not too damn old.
Howdy Dammit
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20,000,000 dollars saved in 16 years. Good freaking lord.
mwp02ag
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Now imagine that gnawing idea is a sense of regret for not trying and you're on your death bed.

Get it shipped, start now. Right now, not one more second of waste. A single positive step toward your goal a day, for a year and you'll be amazed to look back and see how far you've come.
RAB83
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Not saved. Wealth created and realized upon the sale of the business. It's not that unusual. I know a number of people who have built and sold businesses. Some exited with less. Some exited with more.

The path to prosperity starts with equity and an exit strategy. This is stuff you do not learn in school. Who's going to teach you? The faculty pursued PhDs and academia.

It's hard to save your way to prosperity working for someone else. And it's never too late to start a venture. Ray Kroc was a 55 year old milk shake machine salesman when he stumbled across the McDonald brothers.
mwp02ag
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RAB83 said:

Not saved. Wealth created and realized upon the sale of the business. It's not that unusual. I know a number of people who have built and sold businesses. Some exited with less. Some exited with more.

The path to prosperity starts with equity and an exit strategy. This is stuff you do not learn in school. Who's going to teach you? The faculty pursued PhDs and academia.

It's hard to save your way to prosperity working for someone else. And it's never too late to start a venture. Ray Kroc was a 55 year old milk shake machine salesman when he stumbled across the McDonald brothers.

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