Man, how did I miss this thread? (probably because we don't have a business forum and we need one).
In June I got canned from my Development Manager job. (good bye Moto).
I had been setting it up for 4 years. I'm now on my 4th career and i'm only 40. My wife says I'm a good manager but a terrible employee and I think she's right. So, in June I went all in and now my pasture maintenance business is all there is.
The stress is different, but better. no political crap that keeps you up at night, just you doing your job and doing it the best way you can and just "knowing" that it will pay off. However, sometimes that phone doesn't ring.
Set up your business now, do it part time. The very first question people ask us is "how long have you been in business?"
5 years of course, (feel free to check the Co Sec of State records). Also been insured that whole time. Of course, I didn't break 20 grand a year until last year. (this year, we might make 100k gross, maybe, depends on fall).
But if you set it up now, by the time you are really ready to walk away, you'll have "years' of experience. You also have had insurance for a few years (makes it cheaper, you have a record). you've built up your accounts payable accounts and know the suppliers (HUGE source of business, we get tons of work off our suppliers, treat them well).
Also, having a paycheck come in makes a big difference in making your biz go. You need tons of cash in the bank when you walk away, all your stuff paid for and food storage, all your medicines bought, etc. health coverage is a mess. I'm as conservative as they get, and they might as well socialize the medicine, it couldn't possibly be any worse (or more expensive).
The best part of running your own business, you can pick your own hours. You can work any 18 hours a day you want.
Seriously, going full time is WAY more work than working my regular 40 hour a week job plus 10 to 20 more on the part time. I'm constantly amazed at how much time it sucks up. But, I'm home more too and I get other projects done too.
Advertise, advertise, advertise. Sure, word of mouth is really the key, but how do you get enough jobs initially to get that core group of customers who give you word of mouth? And of course, some things you choose won't work out. (usually the things you think willd do best do the worst). The advertising world is changing, what used to work doesn't work anymore. You need to be on the web IMHO, that takes time to build links, Craigslist is remarkably effective. Personally I think that yellow pages are not so hot, but you never know.
Accounting. Get your numbers in order. If you are a black belt, you know the numbers, make it work, get it shape, track what works and what doesn't (advertising is a nice little project). Get a GREAT small business accountant, he's going to be your confidant for the next 10 years. Don't get a corporate accountant.
Making a small business run in today's environment is just deciding which laws you are going to ignore. (I don't suggest ignoring the IRS), but it is just ridiculous and the northeast is worse than here.
Find a good insurance agent, he too is going to be your best friend for the next 10 years.
Get used to hearing no. it's very frustrating for me to spend time doing a quote and going all thru it and learning lots and then not getting the job. It happens, I realize that. You can't get work if you don't bid work and you won't get all that bid. But it's still frustrating. On the plus side, I learn a lot. You won't believe the mistakes you will make when you are starting out. (why I suggest starting now while you still have a real job)
Everything that can break will and always at the wrong time.
Do your business plan. Take your revenue projections and halve them and double your expenses. Do you still make money? Then it's realistic and a probable sucess.
Scary, scary scary
Best thing I ever did. (ask me in 2 years though
)
This is a great thread should be pinned in the business forum. You know, if we had one. Where's Dougster? He just did the same thing too.
