The Official Start your Own Business Thread

Coldguy

Technically it is overrunning the fail of the day post, I thought to start a formal discussion here. I have been working on making my company for 4 months now, and in the prototype stage to present with a business plan for capital. Anyone else in the same boat?

BontaKun

what kind of business?

Luke Burrage

Ok, I'll repost here:

Be prepared to work for at least six months (possibly much longer) without getting anything in return.

Of course you need to look further than that. A time line for a small business will go something like this:

Day minus 30. Do paperwork for starting new business, register yourself self employed and a business owner. Depending on country this can either be a day or a month job.
Day 0. Quit job.
Month 6. Have business running and make first sale.
Month 12. At this point you should have established returning customers.
Month 18. Break even on costs so far.
Month 24. Make enough money from your business to actually live.

There you go. All you need is to save money enough to live on for two years. Or to find someone to invest in your business and support you for two years. Or have a part time job to support you financially but still have enough time to do your own project.


Scott, why not ask Rym to invest in your business? You quit your job, he stays working full time. He supports you with some place to live for a few years until you make mad monies of your own. At the end of two years you can buy your business back in full. Or if it fails, you can work out a deal to pay back the money once you are working full time again. Who knows, it might take only a few months and you only have to pay back a small amount. Or after a few months you pack it in, and you only owe Rym 20 or 30 k.

I've been self employed since 2003. It is the best thing ever. For a few years you'll take a hit both in terms of time and money, but it is certainly worth it. Every year me and my girlfriend (also self employed) book about 4 months off to do anything we want together, which usually involves traveling. If either of us worked for anyone else we'd never have that freedom.

Also, while I like geeknights, I certainly wouldn't begrudge you packing it in to pursue your dream job. In fact, start the podcast again in a year when you have more time, and you'll have shit tons of new things to talk about.

Victor Frost

o.o No geeknights for a year? *shudders*

Anyway, this thread is very relevant to my interests, So I'd like to hear more of what people have to say.

Churba

Some General advice - just because you're the boss, that doesn't mean that you get to do what you want - be prepared for lots and lots of unpaid overtime, working not only on weekends, but ALL weekend, late nights, and deadlines where you're still in the shop at 3:30 AM working your guts out because you need to get something done and you had an unforeseen problem.when you open your own business.

You're not your own boss. You're not an employee. To paraphrase Judge Dredd - "You are the business."

Victor Frost

That is so true I could cry.

Cremlian

It must be a bitch to get a small business loan or venture capital at the moment.

Coldguy

Some General advice - just because you're the boss, that doesn't mean that you get to do what you want - be prepared for lots and lots of unpaid overtime, working not only on weekends, but ALL weekend, late nights, and deadlines where you're still in the shop at 3:30 AM working your guts out because you need to get something done and you had an unforeseen problem.when you open your own business.

If you are doing something that you honestly love in the business, it does not matter, seriously. Reason I am doing what I do is that I can work stupidly long hours in something I have a passion for. I know the 80+ work week exists, but as long as I have the drive to do something that I like to do the hours will slip away.

Churba

I know the 140+ work week exists

Fixed that for ya.