How did it go starting your own business?

[nateberry1]

I am glad this thread has helped so many people. I love to read all the information and stories that people post!

I hope others will continue to ask more questions for people to answer and I hope others will continue to share their knowledge.

 

[HDI]

Lots of good info in this thread as I read thru the whole thread. So I will share a bit of my story. Started my business while working a full time job as an electrical foreman while doing work on the side. One of the reasons for starting my own business was so I could work side by side with my boys as they grew up. As a foreman I could not believe the work ethics of a lot of the young people coming into the work force. Not to sterotype all of them but it seems to be a lot harder to find the good ones. Some people have asked what if your boys do not want to do what you do someday. I am fine with that as my goal is to hopefully instill a work ethic in them for what ever they choose to do some day. 7 years into the business looking back I wish I would have done more long term planning on the business/books side of it. The work is not a problem but finding time for the book work and PR requires a lot of time. I am to the point in my business where I need to scale back and turn some work away or hire a few more people and I would be more of a manager and not as much hands on.

What I also learned the hard way was going into a partnership. If going into a partnership it needs to carefully planned going into it and also an exit plan. I did not plan well ecspecially

 

[HDI]

Well I hit the wrong key so I will finish here. I did not plan well for the exit plan as I had to buy out a partner. I brought a partner in 3 years ago and had to buy him out this spring. We got it sorted out but it would of been a lot easier with preplanning. I was actually advised of this by my accountant but I responded we will never need to split up should have listened to him. I was very fortunate with me business because the other main contractor in my area was continually over booked and had customers he never got to for years and always told them was coming. I was fortunate because word spread like wild fire of my business and I instantly had a lot of work to the point now where I can say no when I feel I have enough work for the year. Typically when I say I cannot get to them they usually just tell me to call them when I can. So I can say it is best to always be honest with the customer even though a person hates to say no to work. For me saying no has gotten me alot of work. Be prepared for alot of hours as this always something that needs to be done.
I've rambled on enough so that is some of my story

 

[Oxbow]

Welcome to HEF HDI, and I find myself in the same quandry regarding the expansion of the business to the point where I can no longer be on the machine. Is there a scenario where one can restrict the amount of business volume and succeed? I hope so because I think that our business will proceed with that model.

 

[204saskman]

Very good advice Dwan.

Two of my fathers sayings that I take to heart when it comes to business -

"I can stay at home and be broke, there is no need in working towards it."

"A poor man never wrote me a check."

I like that quote, but I have had poor people write me a check. Still never got paid but karma will come back on him one day.

 

[CM1995]

I like that quote, but I have had poor people write me a check. Still never got paid but karma will come back on him one day.

I learned the majority of my business skills from my father. He started out poor with no skills, started toting lumber at a young age and ended up being the largest home builder in our area at one time in the '90's.

Fortunately he is still alive and kicking, enjoying retirement in a warm place with cold beer.:drinkup

 

[RTSmith]

Oxbow, HDI, and Dwan- great stuff. As a small business owner in another field. you have presented great info here. Thanks greatly!

 

[nateberry1]

Looks like no one has posted for about 5 months. Let's see if any new faces have any new ideas to contribute to this thread for all of the young and prospective owners on the forum.

Some great information has been shared and I think there is definitely a great deal more that can be said.

 

[northwesternmac]

If you want to run a sucessfull business, always remember no matter what you do, your customers make you a sucess, you don't make yourself sucessfull. Whatever you do and where you do it, just be honest and do the best you can, tell the customer the truth, even if its not what they want to hear, if you don't know, tell them so, don't try to bs them in any form. You need to offer then something are not currently getting, either more knowledge than your competators, cheaper price, better service, faster service, something that nobody currently does now, something but figure out what it is going to be before you even start, if you can't figure out what it is the customer wants, don't even think about starting a business, your not going to make it.

Well said.

Mac

 

[scheirerequip]

I have a small equipment repair shop in town that I started with nothing but my tools an my work ethic. Boy has it been tough. I don't think it will ever get easy but a few of the lessons I have learned are.

Don't think you will be the cheapest and always busy.

Be affordable and you'll always be steady

the most productive thing you can ever tell a customer is "no I can't do it today" if you want to wait I'll get on it as soon as I Finnish what I'm doing.

People make you cold. Nice guys only win in the movies don't let anyone's tough luck tug on your heart strings.

I have more trouble getting money out of the people that I know. Than the people I don't.

Free work is for the salvation army.

Don't let them big dogs crap on your head. Stick to your guns don't back down, They are expecting you to.