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2012-09-15 11:57 AM

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Elite
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Subject: Becoming a small business owner

So the wife and I are buying a business. She managed one for a year looking to buy, but we passed on that. She started a LLC to do a service and now a store has come available. We think we are getting a fair deal and there is some meat on the bone. By combining her business and this it will be better for us.

Of course, there are some problem and it is not perfect. The only real problem is it's a bit scary in these times. It will have to be owner operated so some of the part time employees have to go. Growing up in construction and working in the stable field I do, I am sensitive to how paychecks can be tied to the economy. This is a "luxury" business so it is disposable if one's income is short.

We have a plan though. We think we can make it profitable. We have a bit to make it through to the busy season... what's the worst that can happen? Loose our tails???

No real topic, just a little scared... and excited too!!!



Edited by powerman 2012-09-15 11:59 AM


2012-09-15 12:40 PM
in reply to: #4412645

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Elite
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Subject: RE: Becoming a small business owner

You can't build that yourself!    Just kidding.  

Good luck!  

2012-09-15 12:54 PM
in reply to: #4412645

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Member
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Franklin
Subject: RE: Becoming a small business owner
obummer will make sure somebody else's tax dollars will build the roads in front of your and drive in business and for his efforts, he'll tax the s*** out of you.
2012-09-15 2:02 PM
in reply to: #4412645

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Pro
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Omaha, NE
Subject: RE: Becoming a small business owner
Congrats.  Just remember cash flow is king.  You can do everything right and still go under if you don't have a line of credit or some personal $ to cover short months.
2012-09-15 5:02 PM
in reply to: #4412645

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Austin
Subject: RE: Becoming a small business owner
congrats on the new adventure! one day i hope to have the courage you have to start my own business. good luck!
2012-09-15 5:58 PM
in reply to: #4412645

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Elite
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Subject: RE: Becoming a small business owner

Thanks guys. I didn't build anything, I'm just taking it over. It's going to be my wife's deal, and I'm confident in her. Neither of us see this as a huge money maker, but I think she can make a living at it. I just want her to be happy.... but yes I realize I'm picking up a new part time job too.

I'm already the maintenance man and I guess I will have to assume my new role as IT guy. We already have a web site that we will use, but I have not done much with it. A friend built it professionally. That is what he does for a living so I will have to learn more about it.

It's a big plunge for both of us so we are a little nervous. I'm just trying to figure out if that is normal nervous, or something bad nervous. I usually revert to me usual response.... "Only one way to find out..."



2012-09-15 9:58 PM
in reply to: #4412645

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Subject: RE: Becoming a small business owner
Want to share the website?  Maybe I can buy something from you guys!   Good luckand hope you guys have fun.... and then when you're doing well, apply for a chance on Shark Tank!
2012-09-16 12:00 PM
in reply to: #4412645

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Subject: RE: Becoming a small business owner
I just wanted to wish you luck! I'm in the process of embarking on a similar journey myself, so I understand both your fear and excitement - I feel exactly the same! My business will also be something that would be considered a "luxury" expense, but I feel pretty confident that there will be enough of a market to make it work. A good business plan and realistic budget of starting and operating expenses is a good place to start (sounds like you may already have that). When do you expect to be up and running?
2012-09-16 1:30 PM
in reply to: #4412645

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Subject: RE: Becoming a small business owner

Good luck to you and your wife. I left the security of the corporate world and started my own business in 2008. It's been quite a learning experience and a bit of a roller coaster at times, but I could never go back.

Lots of hard work and hopefully success will follow.

2012-09-16 2:09 PM
in reply to: #4412645

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Elite
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Subject: RE: Becoming a small business owner
We are trying to get it turned over the 1st of Oct. It has some pluses going for it, but it has some problems too. It isn't perfect, but neither are we in a position to acquire a "perfect" business. There is a forum for that service so I suppose I will be spending some time there learning a few things. It s close to home though and it is in a good neighborhood/part of town. Right now we are combining our services and just getting the bills paid. We still have to sign a lease with the landlord. My wife is working another job too that she has to quite. Lots going on.
2012-09-16 7:41 PM
in reply to: #4412645

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Expert
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Austin, TX
Subject: RE: Becoming a small business owner

Welcome to the small business owners club.

I can be both scary and rewarding.

Being scared is normal, just don't let it paralyze you.  Havign a plan like you metnion is good.

I hope a year from now you give us an update about hwo well you're doing.



2012-09-17 8:28 AM
in reply to: #4412723

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Subject: RE: Becoming a small business owner

tuwood - 2012-09-15 3:02 PM Congrats.  Just remember cash flow is king.  You can do everything right and still go under if you don't have a line of credit or some personal $ to cover short months.

I cannot stress this enough.  In the beginning if you do not 100% need an item to make the business work do not buy it.  For example, sit on milk crates if you don't have chairs.

It is rewarding and stressful at the same time.  We're going on 8 years now.  Good luck!

2012-09-17 8:55 AM
in reply to: #4412645

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Master
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San Antone, Texas
Subject: RE: Becoming a small business owner
Good luck buddy!  I wish I had the guts to try something like opening a small business.  Alas, I will sit here in my convenient job which I hate but pays the bills so I can post on BT and go on rides.
2012-09-17 2:24 PM
in reply to: #4412645

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Elite
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Subject: RE: Becoming a small business owner
Thanks for all the advice and well wishes. Time to make it happen. Right now we do not need to put any money into it. We are just going to add services and work on advertising. Two areas that have a lot of room for improvement from the PO. We will put off any capital improvements until next year when things pick up. All our money will go right back into it. there are improvements we want to make over the next 5 years. If we make it that far, I would like to think the economy will have picked up and we should be sitting in a good position.
2012-09-17 2:27 PM
in reply to: #4414258

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Subject: RE: Becoming a small business owner

djastroman - 2012-09-17 7:55 AM Good luck buddy!  I wish I had the guts to try something like opening a small business.  Alas, I will sit here in my convenient job which I hate but pays the bills so I can post on BT and go on rides.

Well, I realize it includes me since it is my wife's endeavor... but "I" will be staying in my nice comfy stable job too and have no desire to do anything different. Right now, with my sister and MIL living with us, and my wife starting a new business...it will be the only sanctuary I have.

2012-09-17 4:52 PM
in reply to: #4415096

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Is this Heaven? No, it's Iowa.
Subject: RE: Becoming a small business owner
powerman - 2012-09-17 2:27 PM

djastroman - 2012-09-17 7:55 AM Good luck buddy!  I wish I had the guts to try something like opening a small business.  Alas, I will sit here in my convenient job which I hate but pays the bills so I can post on BT and go on rides.

Well, I realize it includes me since it is my wife's endeavor... but "I" will be staying in my nice comfy stable job too and have no desire to do anything different. Right now, with my sister and MIL living with us, and my wife starting a new business...it will be the only sanctuary I have.

Oh My God!!!  MIL and Sister living with you while your wife is starting a new business.  That completes the perfect combination of stress!  Good luck.

Oh, and I'm a commercial banker.  Cash is king.  Make sure you have it.  Have access to it if you don't (line of credit, etc), and keep in mind, Revenues don't pay the bills.  Profits don't pay the bills.  Cash does.  A great sale that is not collectible is a worse than no sale at all. 



2012-10-23 9:17 PM
in reply to: #4412645

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Elite
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Subject: RE: Becoming a small business owner
So things have been a exercise in patience. I thought I had a source of money, but turns out it did not qualify. We had to co the conventional route for bank loan. business plan, projected revenue, 5 year plan and all that. Waited for a couple of weeks but it was approved. Things are a little squirrly with transition and moving stuff. Obviously, we have a ton of work to do. The paer work has not been signed, but as of now it is a go. I probably will not be having any free time for a while.
2012-10-23 9:52 PM
in reply to: #4412645

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Subject: RE: Becoming a small business owner

Welcome to the club!

I currently run my own small business out of my home, making paracord crafts and items turned out on my wood lathe.  I'd share a link, but I don't want to get into any trouble for plugging my business and using BT to drum up sales.  I've been up and running for a little over 2 years now, and I'm just barely in the black.  Thanks to having to pack up my work shop to move to a new house, my ability to fill custom orders (which comprise about 80% of my business) has come to a halt.

On top of this business, I hope to eventually own my own automotive shop where anything that can be done to a car, truck, or motorcycle WILL be done to a car, truck, or motorcycle.

Again... welcome to the Small Business Owner club!! 

2012-10-24 9:12 AM
in reply to: #4466432

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Subject: RE: Becoming a small business owner
SpeedKnight - 2012-10-23 10:52 PM

Welcome to the club!

I currently run my own small business out of my home, making paracord crafts and items turned out on my wood lathe.  I'd share a link, but I don't want to get into any trouble for plugging my business and using BT to drum up sales.  I've been up and running for a little over 2 years now, and I'm just barely in the black.  Thanks to having to pack up my work shop to move to a new house, my ability to fill custom orders (which comprise about 80% of my business) has come to a halt.

On top of this business, I hope to eventually own my own automotive shop where anything that can be done to a car, truck, or motorcycle WILL be done to a car, truck, or motorcycle.

Again... welcome to the Small Business Owner club!! 

Nothing wrong with putting the link in your signature line (I think)

2012-10-24 9:20 AM
in reply to: #4466399

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Subject: RE: Becoming a small business owner

powerman - 2012-10-23 10:17 PM So things have been a exercise in patience. I thought I had a source of money, but turns out it did not qualify. We had to co the conventional route for bank loan. business plan, projected revenue, 5 year plan and all that. Waited for a couple of weeks but it was approved. Things are a little squirrly with transition and moving stuff. Obviously, we have a ton of work to do. The paer work has not been signed, but as of now it is a go. I probably will not be having any free time for a while.

Good luck! Yeah, last week I didn't finish work before 7:30pm. Billing like mad but no checks coming in. Payroll still gets done though, although I get paid last. Next month I'll be flush, it's feast or famine

Welcome to the club!

2012-10-24 9:35 AM
in reply to: #4466815

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Elite
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Subject: RE: Becoming a small business owner
BrianRunsPhilly - 2012-10-24 8:20 AM

powerman - 2012-10-23 10:17 PM So things have been a exercise in patience. I thought I had a source of money, but turns out it did not qualify. We had to co the conventional route for bank loan. business plan, projected revenue, 5 year plan and all that. Waited for a couple of weeks but it was approved. Things are a little squirrly with transition and moving stuff. Obviously, we have a ton of work to do. The paer work has not been signed, but as of now it is a go. I probably will not be having any free time for a while.

Good luck! Yeah, last week I didn't finish work before 7:30pm. Billing like mad but no checks coming in. Payroll still gets done though, although I get paid last. Next month I'll be flush, it's feast or famine

Welcome to the club!

Thanks guys... I think I'm already getting a ulcer.

It's kind of the slow season. Lot's of deposits and fees to pay for. But we are making it ours. We are doing a re-fi on our house and actually can't close the loan until that is done. We lost one of the employees we wanted to keep, but another one we know fell into our laps. The one that is staying is a huge asset and we are giving her a raise. The wife technically has 3 jobs now and I guess I have two. Who knew juggling was so fun!

And no.... I have not done a stinking thing since my last HIM except gain 5 pounds. I need to sign up for a race!



2012-10-24 11:03 AM
in reply to: #4466859

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Subject: RE: Becoming a small business owner
powerman - 2012-10-24 10:35 AM
BrianRunsPhilly - 2012-10-24 8:20 AM

powerman - 2012-10-23 10:17 PM So things have been a exercise in patience. I thought I had a source of money, but turns out it did not qualify. We had to co the conventional route for bank loan. business plan, projected revenue, 5 year plan and all that. Waited for a couple of weeks but it was approved. Things are a little squirrly with transition and moving stuff. Obviously, we have a ton of work to do. The paer work has not been signed, but as of now it is a go. I probably will not be having any free time for a while.

Good luck! Yeah, last week I didn't finish work before 7:30pm. Billing like mad but no checks coming in. Payroll still gets done though, although I get paid last. Next month I'll be flush, it's feast or famine

Welcome to the club!

Thanks guys... I think I'm already getting a ulcer.

It's kind of the slow season. Lot's of deposits and fees to pay for. But we are making it ours. We are doing a re-fi on our house and actually can't close the loan until that is done. We lost one of the employees we wanted to keep, but another one we know fell into our laps. The one that is staying is a huge asset and we are giving her a raise. The wife technically has 3 jobs now and I guess I have two. Who knew juggling was so fun!

And no.... I have not done a stinking thing since my last HIM except gain 5 pounds. I need to sign up for a race!

I'm up at least 10 since my bike crash at the end of August. I have nothing to live for.

Taking the bike over to the shop today for a one over. Have an orthopod appointment tomorrow, maybe I'll get cleared to start biking. Or in another month you can call me Jabba the Rut.

2012-10-24 6:39 PM
in reply to: #4466815

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Subject: RE: Becoming a small business owner
BrianRunsPhilly - 2012-10-24 9:20 AM

powerman - 2012-10-23 10:17 PM So things have been a exercise in patience. I thought I had a source of money, but turns out it did not qualify. We had to co the conventional route for bank loan. business plan, projected revenue, 5 year plan and all that. Waited for a couple of weeks but it was approved. Things are a little squirrly with transition and moving stuff. Obviously, we have a ton of work to do. The paer work has not been signed, but as of now it is a go. I probably will not be having any free time for a while.

Good luck! Yeah, last week I didn't finish work before 7:30pm. Billing like mad but no checks coming in. Payroll still gets done though, although I get paid last. Next month I'll be flush, it's feast or famine

Welcome to the club!

It's amazing how the bills always show up on time, and the checks rarely do.  I used to love paydays, now as a business owner I hate them.  lol

2012-10-24 10:10 PM
in reply to: #4466799

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Subject: RE: Becoming a small business owner
ratherbeswimming - 2012-10-24 10:12 AM

Nothing wrong with putting the link in your signature line (I think)

I suppose the worst that can happen is someone says "don't do that."  Siggy updated.  :-)

2012-10-25 6:23 AM
in reply to: #4412645

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Subject: RE: Becoming a small business owner

Congrats.  We need more people like you guys!  I have ben in banking 19 years.  I encourage you to go to any bank and get a line of credit before you jump in.  Discuss this with them.  Also, SBA wlil lend on the purchase of a business, do it before, not after.  The key to any bank is finding a seasoned person to help you.  Look and ask around.  Have a banker in your corner going into this.  As well, formation of documents for ownership, attorney and tax advisor upfront for discussion.

I'm so grateful for the small business owner and their courage to take these risk.  That's America!

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