My mom works at the insurance business my grandparents founded 30 years ago- and it's been through some serious ups and down (by the end of the '90's we had nearly 100 employees and had hugely expanded by acquiring two other companies) We've sinced down-sized and are now more specialized- though the rising star seems to be our inputting software company. While she finds her work stressful, being that she has many tasks in different areas of the business that she wouldn't have to do in a larger corporation, she does love the freedom and power that come with her position.
Does anyone own their own business?
- Thread starter tati133
- Start date
My husband has owned his own business for over 10 years...importing floral home decor items to the U.S. He sells to major chain-stores. It is great to have your own business,as far as calling the shots...but he always says that when it all comes down to it, he is the only one that is responsible to pay the bills, and that can be a huge burden. Last year he opened a factory in China, so now he has something like 150 employees....it is a lot of responsibility. BUT....I don't think he would have it any other way!
Last year, he started the internet company that I work for...and we sell handbags. Seems like it would be a dream job, but it is not as much fun as I thought it would be!!! Cause now he is my boss......
Last year, he started the internet company that I work for...and we sell handbags. Seems like it would be a dream job, but it is not as much fun as I thought it would be!!! Cause now he is my boss......
mine's not really a real.. business with a business license and all that. lol. just stuff i do on the side under my 'company' name JNguyen Designs. web designs, graphic designs and interior design work. that's all.
A little background as to why I'm asking.....I'm opening a vintage online store (apparel, accessories, houseware, etc.) and so far, I have some stock and the backbone of my website built. I just need to add the items to the site and set up my shopping cart. I'm excited!
So do any of you own your own business? What kind of business is it? How did you get started and how long have you been at it? How is the business doing right now? What are your successful strategies? And what were some huge mistakes? What's great and what's not so great?
I just want to hear everything and anything about owning your own business, even if it has nothing to do with my market. I find small-businesses really fascinating.
So do any of you own your own business? What kind of business is it? How did you get started and how long have you been at it? How is the business doing right now? What are your successful strategies? And what were some huge mistakes? What's great and what's not so great?
I just want to hear everything and anything about owning your own business, even if it has nothing to do with my market. I find small-businesses really fascinating.
Hello!! And congrats on starting your own business!!
It is a HUGE undertaking... and contains a stress that is hard to describe, especially if it is something that you love or love to do. (Which more often then not, its going to be!)I used to own a business, that I started from scratch in Illinois. My background: I was a competitive dancer for 18 years, danced in HS, college & a regional dance company... I also taught at a local dance studio for 5+ years before & during college.
The semester I was going to graduate from college with a Business Marketing degree with a Minor in Coach Dance, I was contacted by friends of my sister's and my sister to make me aware of a location in Illinois that had lost their dance studio (due to the owner's husband being relocated), and was in need of one... I went to check out the area multiple times, it also helped that I had lived there for a year when I was in Jr. High and my sister was still living there!
I ended up opening a dance studio, in a town in Illinois in 2004, the summer after I graduated from college. I ran the studio for a year, and over the summer of 2005 we moved to a new location, for need of more space and better facilities. (I also got married during this time period, so I moved it about 15 miles closer to where I would be living then.) I ran a student body of over 100 girls ( & 1 boy
) through the summer of 2006 - at which point I had to put the studio up for sale, as my husband was transfered with the car manufactuer he works for. (i.e. We had to move to the HQ in Detroit)By the time I had the studio up for sale, I also had opened a dancewear portion in the studio during that season. I ended up selling the studio to a local lady that had just graduated from college herself, and splitting the dancewear & studio apart. (Sold the studio, kept the dancewear business with me.) I've basically just spent time liquidating the dancewear stock since then, and now - around a year later it is just now beginning to dwindle.
The sale was something that made me very sad, but it had to be done. I basically did not have a choice, as my husband was offered a very lucrative promotion, one that was key to his future success - and I went into the dance studio situation knowing I did not want to live in that geographical area for the rest of my life. Selling the dance studio was good in the sense that, I was able to make a profit to live off of for a while, save, and invest (yes, mostly in bags!)... The sad, downside to the sale is... out of my 100 girls, only about 30 of them ended up sticking with the person that bought the studio, and the others either got scattered among other studios or quit dance altogether... It was sad to hear a year later, that girls that had been on my teams together for 2 years weren't together anymore... but it was nice to hear that they missed me.
I'm going back to Illinois NEXT weekend actually, to see a studio's dance recital, which will be the first recital in about 8 years that I haven't been running in some way... it will be odd, I know. Coincidently, not even my 2 nieces ended up staying with the "new owner" of my studio, due to artistic issues, so the recital I will be going to next weekend won't even be for my old studio.
I hope this isn't too long, but let me sum it up by saying - 100% go for it, if you have the passion & drive to run your own business...
There will be days that you will feel like you can't go any further, can't push any longer... keep pushing. Owning your own business carries a great deal of stress... take time for yourself, manis/pedis/shopping, don't let yourself get lost in your business. Marketing is a BIG part of a business' success (yes, I might be biased - but still)... Making people aware of your brand/store is 89% of the battle... you've just got to come through with your end of the bargain... Advertise, advertise, advertise.
At the end of the day, I wouldn't change a thing - even knowing I would have to move in 2 years after opening the studio. I loved every minute of it... even the stresses, and its great to know that you're making an impact in people's lives. Have fun!!
Bags4Bubbles, thank you so much for your response. Your story is very inspiring to read.
I wish I had some background in business but I go to a very academic/research based university here where unless you went into commerce (i would've never got in) you get NO practical experience. Did you find that your business marketing degree really helped you with the technical business aspects? Also, did you have any help with legal/tax/finance/etc. aspects of the business or did you mostly know it already / self-taught?
Thanks again for replying to my post. It was most helpful!
I wish I had some background in business but I go to a very academic/research based university here where unless you went into commerce (i would've never got in) you get NO practical experience. Did you find that your business marketing degree really helped you with the technical business aspects? Also, did you have any help with legal/tax/finance/etc. aspects of the business or did you mostly know it already / self-taught?
Thanks again for replying to my post. It was most helpful!
Azia kudos for taking on the work of starting your own business. I too would like to create an online store, I just haven't decided what I want to sell yet 
So do any of you own your own business? What kind of business is it? How did you get started and how long have you been at it? How is the business doing right now? What are your successful strategies? And what were some huge mistakes? What's great and what's not so great?
I just want to hear everything and anything about owning your own business, even if it has nothing to do with my market. I find small-businesses really fascinating.
I have my own home based business with an online store. I sell necklaces, earrings, Little Charmer Clips, Purse Charmies and cards. I got started in 2005 because I wanted to do something from home while my girls are young. Just celebrated our 2nd birthday in May. The business is doing well. We hope to break even this year.
Azia -
I have owned my own business for many years. I love being self employed.
I strongly suggest that you get business management and marketing counseling. You can get excellent advice FREE from your local offices of the Small Business Administration (SBA). I have been enjoying the benefits of their advice for years.
Find agency offices near you by visiting
www.SBA.gov
Score is a related agency. Find their offices at
www.Score.org
I also suggest you learn as much as you can about how to get on the first page of Google and Yahoo search results. The term for this is SEO: Search Engine Optimization. There's lots of free info on the web. I've spent over 200 hours studying it. Time well spent.
Start at www.Wikipedia.com for an overview of what you will need to study. Once there, search for SEO or "search engine optimization"
I also suggest you try http://groups.yahoo.com
Look for a group selling similar things. Learn from the message board posts and swap advice with other business owners.
Good luck!
ps: I love the little macaroons in your avatar. Reminds me of Fauchon's!
I have owned my own business for many years. I love being self employed.
I strongly suggest that you get business management and marketing counseling. You can get excellent advice FREE from your local offices of the Small Business Administration (SBA). I have been enjoying the benefits of their advice for years.
Find agency offices near you by visiting
www.SBA.gov
Score is a related agency. Find their offices at
www.Score.org
I also suggest you learn as much as you can about how to get on the first page of Google and Yahoo search results. The term for this is SEO: Search Engine Optimization. There's lots of free info on the web. I've spent over 200 hours studying it. Time well spent.
Start at www.Wikipedia.com for an overview of what you will need to study. Once there, search for SEO or "search engine optimization"
I also suggest you try http://groups.yahoo.com
Look for a group selling similar things. Learn from the message board posts and swap advice with other business owners.
Good luck!
ps: I love the little macaroons in your avatar. Reminds me of Fauchon's!
I operate my own online business. About four years ago I first launched it, and every year or so I added another product line. Now I have about four different lines of goods/services, and although they're not all really related to each other, they're based from the same website. As I sell merchandise, some of it I make myself, the rest I get seasonally throughout year when I travel and visit vendors, or contact suppliers in other ways. As I also perform services, I handle that aspect of my business a bit differently.
I enjoy having my own business, but the key to business is profit. My profits aren't large now namely because I have a full time "real" job, and it's hard to find time to devote the proper amount of attention to my own business ventures (of which now there are about four). However, I plan to devote more time to it in the future, and as it's primarily just me behind the scenes, I've made up in my mind that my effort will directly influence the outcome and successes of my endeavors. I like having my own business because I'm the creative type, and I like being able to say, "I did this" or "I own this" or even "I'm doing this." One day I hope I will have the time to grow it exponentially, because I'll never attain real wealth working for anyone else.
The first thing I did four years ago was get a business plan done. As I'm not financially fluent, I had a financial-type person do one for me (a businessman who did consulting work for my then-employer did a nice, comprehensive business plan for me in exchange for some work that my then just-starting business generated for him). I don't know what a professionally done business plan costs these days, but the business plan is a MUST. It will give you some direction, some idea of potential revenue, assess the risk of costs, and also provide solid documentation in the event that you need to get a grant, loan, or other outside funding. Even if you never need outside funding, it will help to solidify your business. Also, when I was just starting out, I had many ideas, but when I informed the person who completed my business plan, he redirected me with suggestions, and asked "Are you sure you mean to do this or that?" and it made me rethink my original ideas and goals and understand how feasible they were--or weren't. Plan to get your business plan updated on a regular basis.
Also have a business or mission statement. This can be as simplistic or as complex as you'd like, as long as it defines who you are, what you do, and how you do it differently than anyone else out there doing the same thing (and there are ALWAYS plenty of people doing the same thing, unfortunately). The business statement defines you.
I think branding is extremely important. I'm big on logos and I designed my own. It's good to have a logo or brand symbol for any and all communication you will use, such as letters, business cards, etc. When people see your logo they should think about your company, and vice versa. Someone told me once that a logo can be something as simple as a stylized version of your very own initials. If you're stuck on ideas, browse through design books and royalty-free clip art books for inspiration, then find something, adapt it (but don't copy it directly), and make it your own.
Depending on your local rules and regulations for the jurisdiction in which you live, you may need a work permit/business license even if you work from home. Make sure your at-home work area if you have one is comfortable and ergonomic.
You should, also, trademark your DBA (doing business as) or brand name, and if possible, date and self-copyright any print or online literature and logos. Once your business grows, keep in mind that you'll be spending money for an accountant (I don't recommend trying to do it all, including taking care of your own money and figuring your way through a mess of taxes) and legal advice as necessary. Excellent record-keeping is priceless. If you can't do it, get someone to do it for you. If you can't afford to hire someone, barter and trade.
Networking is important. I've found that doing link or banner exchanges for my online business is helpful, but I don't underestimate the power of local, face-to-face networking. I know that in my town, there are frequent "mixers" and other social events for small business owners and entrepreneurs. I've found that I'm my best form of advertisement for the time being, and I try to make everyone as aware of my brand as possible. Contacts are key. The important thing is: get your name/brand out there. Flyers, brochures, whatever. Be seen and heard. Socialize. You never know who you're going to meet next.
Enclosed in brackets is specific to one of my business lines, but feel free to substitute what you do/make/offer: Join [craft] associations. Do [craft] shows. Go to [craft] fairs and marketplaces. Even if what you are selling or offering doesn't really line up with trade shows and fairs, you can get solid ideas for marketing and advertising and make contacts all the same.
It's not easy, and in the beginning it's not very lucrative, especially if you have other full-time responsibilities, like a corporate job or nine-to-five "real" job, but it's highly rewarding, and if you stick with it, it has the potential to be very lucrative. Right now, I only supplement my full-time income. But I see no reason why, in the future, my business lines can't BE my full-time income.
Don't let others tell you what you're doing/thinking/selling won't work. If you believe in it and work hard to prove it, it can be a success. Just keep your head up and have pride in what you do. I gotta stop here, though, if not, we'll be here all night, as I can talk about this for hours on end.
I enjoy having my own business, but the key to business is profit. My profits aren't large now namely because I have a full time "real" job, and it's hard to find time to devote the proper amount of attention to my own business ventures (of which now there are about four). However, I plan to devote more time to it in the future, and as it's primarily just me behind the scenes, I've made up in my mind that my effort will directly influence the outcome and successes of my endeavors. I like having my own business because I'm the creative type, and I like being able to say, "I did this" or "I own this" or even "I'm doing this." One day I hope I will have the time to grow it exponentially, because I'll never attain real wealth working for anyone else.
The first thing I did four years ago was get a business plan done. As I'm not financially fluent, I had a financial-type person do one for me (a businessman who did consulting work for my then-employer did a nice, comprehensive business plan for me in exchange for some work that my then just-starting business generated for him). I don't know what a professionally done business plan costs these days, but the business plan is a MUST. It will give you some direction, some idea of potential revenue, assess the risk of costs, and also provide solid documentation in the event that you need to get a grant, loan, or other outside funding. Even if you never need outside funding, it will help to solidify your business. Also, when I was just starting out, I had many ideas, but when I informed the person who completed my business plan, he redirected me with suggestions, and asked "Are you sure you mean to do this or that?" and it made me rethink my original ideas and goals and understand how feasible they were--or weren't. Plan to get your business plan updated on a regular basis.
Also have a business or mission statement. This can be as simplistic or as complex as you'd like, as long as it defines who you are, what you do, and how you do it differently than anyone else out there doing the same thing (and there are ALWAYS plenty of people doing the same thing, unfortunately). The business statement defines you.
I think branding is extremely important. I'm big on logos and I designed my own. It's good to have a logo or brand symbol for any and all communication you will use, such as letters, business cards, etc. When people see your logo they should think about your company, and vice versa. Someone told me once that a logo can be something as simple as a stylized version of your very own initials. If you're stuck on ideas, browse through design books and royalty-free clip art books for inspiration, then find something, adapt it (but don't copy it directly), and make it your own.
Depending on your local rules and regulations for the jurisdiction in which you live, you may need a work permit/business license even if you work from home. Make sure your at-home work area if you have one is comfortable and ergonomic.
You should, also, trademark your DBA (doing business as) or brand name, and if possible, date and self-copyright any print or online literature and logos. Once your business grows, keep in mind that you'll be spending money for an accountant (I don't recommend trying to do it all, including taking care of your own money and figuring your way through a mess of taxes) and legal advice as necessary. Excellent record-keeping is priceless. If you can't do it, get someone to do it for you. If you can't afford to hire someone, barter and trade.
Networking is important. I've found that doing link or banner exchanges for my online business is helpful, but I don't underestimate the power of local, face-to-face networking. I know that in my town, there are frequent "mixers" and other social events for small business owners and entrepreneurs. I've found that I'm my best form of advertisement for the time being, and I try to make everyone as aware of my brand as possible. Contacts are key. The important thing is: get your name/brand out there. Flyers, brochures, whatever. Be seen and heard. Socialize. You never know who you're going to meet next.
Enclosed in brackets is specific to one of my business lines, but feel free to substitute what you do/make/offer: Join [craft] associations. Do [craft] shows. Go to [craft] fairs and marketplaces. Even if what you are selling or offering doesn't really line up with trade shows and fairs, you can get solid ideas for marketing and advertising and make contacts all the same.
It's not easy, and in the beginning it's not very lucrative, especially if you have other full-time responsibilities, like a corporate job or nine-to-five "real" job, but it's highly rewarding, and if you stick with it, it has the potential to be very lucrative. Right now, I only supplement my full-time income. But I see no reason why, in the future, my business lines can't BE my full-time income.
Don't let others tell you what you're doing/thinking/selling won't work. If you believe in it and work hard to prove it, it can be a success. Just keep your head up and have pride in what you do. I gotta stop here, though, if not, we'll be here all night, as I can talk about this for hours on end.
i have an online business as well. unfortunately i do not pay much attention to it as i should. i started it mostly for "fun" and now i am somewhat bored with it. bad - i know.
my best tip for you would be: become familiar with how to charge tax (if applicable) and report you taxes to your city/state. as well as how to register your biz and get proper licences.
also, i have found that while setting up the biz and buying products is the easy & fun part...the tedious part is the administration of it (i.e. paying taxes, and other "boring" things)...which is what i dont like to do and therefore has caused my interest in it to wain.
my best tip for you would be: become familiar with how to charge tax (if applicable) and report you taxes to your city/state. as well as how to register your biz and get proper licences.
also, i have found that while setting up the biz and buying products is the easy & fun part...the tedious part is the administration of it (i.e. paying taxes, and other "boring" things)...which is what i dont like to do and therefore has caused my interest in it to wain.
My husband and I bought a Bed and Breakfast last year. Neither of us had any sort of business background, so this year has been a challenge. ProfNot's suggestions were all right on the money. I did many of those things, and have been taught the importance of SEO.
Good luck to you! And a big YAY for small business owners!
Good luck to you! And a big YAY for small business owners!
I started my own on line childrens boutique nearly two years ago. I do find it very hard getting my name out there, and have of course done some advertising, however I have a small budget. I am a little stuck now, and am not sure if I should continue it, or try another venture. I am sitting on an amount of stock which I really want to sell, and before buying new collections, i would really like to move what I have. It is great to have a business that I can run from home, and I do love fashion.The difficulty is also finding unique lines which would give me a USP.Tricky, I am not sure which direction to go, continue with what I have and invest more, or invest in a new idea ??????
Congratulations Bart owns his own small business selling MRI machines and other medical devices to hospitals around the world. He is partnered with big names like Siemens, Philips, etc but he stands alone, makes his own decisions and pays himself.
The "company" structure here is different than it is in the US. His company is a GmbH & Co. KG. Which means a company that has limited liability and also limited partnership. The structure of a GmbH & Co. KG is difficult for me to describe in English, so I won't even get into that
Basically, it's him and another guy. The other guy does the books and everything and Bart goes out and does all of the ordering, going to Conventions, going to different hospitals, traveling, etc. It's a very stressful job for him, and he's not home a lot. He's usually gone out of Europe at least once a month (if he's lucky). A lot of his clients are in France, Belgium, Luxembourg, and Denmark but he also has clients in the US, Mexico, Brazil, Canada and Russia.
He had a pretty difficult time getting started - he was constantly gone in the beginning trying to pitch his stuff, but things really started to kick off when Siemens took him on as a "partner" (not the correct term to use here, but it's the only one I can think of). After that he became a lot more well known and since then he has signed contracts with Hospitals that state that they will only buy their products through Bart, which is great for him!
Business has been booming lately, and he's having his bookkeeper look through the books to see if it would be financially smart to hire another person to help him out...He's already got a secretary (me!), but I work for free, lmao
Bart owns his own small business selling MRI machines and other medical devices to hospitals around the world. He is partnered with big names like Siemens, Philips, etc but he stands alone, makes his own decisions and pays himself.The "company" structure here is different than it is in the US. His company is a GmbH & Co. KG. Which means a company that has limited liability and also limited partnership. The structure of a GmbH & Co. KG is difficult for me to describe in English, so I won't even get into that
Basically, it's him and another guy. The other guy does the books and everything and Bart goes out and does all of the ordering, going to Conventions, going to different hospitals, traveling, etc. It's a very stressful job for him, and he's not home a lot. He's usually gone out of Europe at least once a month (if he's lucky). A lot of his clients are in France, Belgium, Luxembourg, and Denmark but he also has clients in the US, Mexico, Brazil, Canada and Russia.
He had a pretty difficult time getting started - he was constantly gone in the beginning trying to pitch his stuff, but things really started to kick off when Siemens took him on as a "partner" (not the correct term to use here, but it's the only one I can think of). After that he became a lot more well known and since then he has signed contracts with Hospitals that state that they will only buy their products through Bart, which is great for him!
Business has been booming lately, and he's having his bookkeeper look through the books to see if it would be financially smart to hire another person to help him out...He's already got a secretary (me!), but I work for free, lmao