E90Post
 


Lux Angel Eyes
 
BMW 3-Series (E90 E92) Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board > who owns their own business? debating opening one



Reply
 
Thread Tools Search this Thread
      11-29-2012, 11:01 AM   #23
Undertow
Private
 
Drives: 2011 E93
Join Date: Sep 2010
Location: Boston

Posts: 68
iTrader: (0)

Towing can be a rough and highly territorial business. You better know your local market and all of the other towing companies very well before jumping in.
__________________
2011 E93 M3 | 2014 M235i
Undertow is offline   United_States
0
Reply With Quote
      11-29-2012, 11:03 AM   #24
amanda hor$t
Banned
 
Drives: a380
Join Date: Sep 2012
Location: ny ny

Posts: 208
iTrader: (0)

amanda hor$t is offline  
0
Reply With Quote
      11-29-2012, 11:10 AM   #25
amanda hor$t
Banned
 
Drives: a380
Join Date: Sep 2012
Location: ny ny

Posts: 208
iTrader: (0)

Quote:
Originally Posted by ENGINE er View Post
How many successful business do you see without employees?
real estate agents, fortune tellers / spiritual consultants, freelance hookers, and i know a guy who sells lingerie on ebay from his mom's basement
amanda hor$t is offline  
0
Reply With Quote
      11-29-2012, 11:34 AM   #26
ENGINE er
New Member
 
Drives: E90 S13 UZJ100 MKV-GTI
Join Date: Dec 2011
Location: Houston

Posts: 28
iTrader: (0)

haha can you call selling lingerie from your moms basement successful?

the most successful agents are brokers that have other agents working for them.
ENGINE er is offline  
0
Reply With Quote
      11-29-2012, 11:44 AM   #27
MisterSkiMask
Lieutenant Colonel
 
Drives: I Can not say
Join Date: Nov 2005
Location: you must not know

Posts: 1,940
iTrader: (0)

Quote:
Originally Posted by ENGINE er View Post
haha can you call selling lingerie from your moms basement successful?

the most successful agents are brokers that have other agents working for them.
MisterSkiMask is offline  
0
Reply With Quote
      11-29-2012, 03:37 PM   #28
Hisam135i
Major
 
Hisam135i's Avatar
 
Drives: 335i
Join Date: Dec 2010
Location: Irvine, CA

Posts: 1,160
iTrader: (0)

Quote:
Originally Posted by ENGINE er View Post
How many successful business do you see without employees? A mistake i see over and over is the "nobody can do it better than me" mentality. It ruins businesses and lives.

Read: The E-Myth, it will change your perspective.
+100, sure at first you may need to do the work yourself, but if you want your business to grow you have to shift gears from being the worker to being the teacher and showing others how to do the simple things so you can focus on what really maters; the big deals. AKA in this guys case getting more tow trucks and more employees
__________________
2008 Monaco Blue 335i | Terracotta | Premium | Auto | Comfort Access | Matte-black Grills | Carbon Fiber Splitters | 20% Tint | 1- point E9x Picture Game | Staggered 19' VMR V701 | Legal Disclaimer: My posts on this website cannot be held against me in any issues, such as warranty claims. |
Hisam135i is offline   United_States
0
Reply With Quote
      11-29-2012, 04:24 PM   #29
persian54
Lieutenant General
 
persian54's Avatar
 
Drives: SL550. Prev: E93 M3/335i/Z435i
Join Date: Jun 2009
Location: The Valley, SoCal

Posts: 15,796
iTrader: (291)

Quote:
Originally Posted by ENGINE er View Post
haha can you call selling lingerie from your moms basement successful?

the most successful agents are brokers that have other agents working for them.
One's time is only worth so much.

You can only do what you can in 24 hours time.... but have 10 people working your business for you and you can get much more work done.

One isn't able to do everything on his/her own; trusted employees are a necessity for any business's success
persian54 is offline   United_States
0
Reply With Quote
      11-29-2012, 04:36 PM   #30
Mr Tonka
Tonka.... Mr. Tonka
 
Drives: Exceptionally well :)
Join Date: Feb 2009
Location: Tampa, FL

Posts: 1,183
iTrader: (0)

Quote:
Originally Posted by ENGINE er View Post
How many successful business do you see without employees? A mistake i see over and over is the "nobody can do it better than me" mentality. It ruins businesses and lives.

Read: The E-Myth, it will change your perspective.
This x1000
__________________
-Joe


"Government is the great fiction, through which everybody endeavors to live at the expense of everybody else." — Frédéric Bastiat
Mr Tonka is offline   United_States
0
Reply With Quote
      11-29-2012, 07:05 PM   #31
Bobble
Major
 
Bobble's Avatar
 
Drives: E90 335i/RIP E46 323Ci
Join Date: Oct 2008
Location: SoCal

Posts: 1,215
iTrader: (1)

Quote:
Originally Posted by ENGINE er View Post
How many successful business do you see without employees? A mistake i see over and over is the "nobody can do it better than me" mentality. It ruins businesses and lives.

Read: The E-Myth, it will change your perspective.
Depends on the business model. I am self employed IT consultant, I had employees thru the 90's and for the last 12 years am solo. I only do projects I want to do, work about 50 hours a week including running the business, IE payroll taxes bills etc.. I do ok, less than when i had 4 people working for me but I work way less and spend way less, back then it was always 60+ hours per week and had some real asshats work for me sometimes(subcontracted gigs) always having to kiss someones ass because somebody thought because they were a so called expert they could pontificate to the client. Life is better now and have way more life.
__________________
08 E90 335i Monaco Blue Gray Dakota ZPP ZSP Heated Seats CA Step w/Paddles iPod
Bobble is offline   United_States
0
Reply With Quote
      11-29-2012, 09:44 PM   #32
ToothDoc
Second Lieutenant
 
Drives: 997.2 TTS, IS-F, X5M
Join Date: Aug 2007
Location: Chicagoland

Posts: 234
iTrader: (0)

Go ahead do it... but you have to work hard. You have to work harder than your competition. NO matter what you do, if you are better, cheaper, and faster, you'll win over customers and business. Over time, you will have to change over to using people (employees) to make money for you.

Having said that, are you sure you are ready to give up everything for the sake of your business? I mean, work 70+ hours a week and give up social live and fancy food, drink, cars, vacations? If you aren't, don't do it. I started my own business at 29. Worked, worked and worked. Lost 1/2 my hair, got 10-20 points higher BP, lost my youth. But now, at 39 I'm doing fine. My gamble was to sacrifice TEN years of my life so I could enjoy the rest of my life. Will you sacrifice 10 years of the PRIME of your life for it? My back hurts, my eyes are tired, I'm old, but now I enjoy life... Only you know if it is worth it. TEN years is a LONG time and IMO, I was lucky.
ToothDoc is offline  
0
Reply With Quote
      11-29-2012, 09:44 PM   #33
Mr Tonka
Tonka.... Mr. Tonka
 
Drives: Exceptionally well :)
Join Date: Feb 2009
Location: Tampa, FL

Posts: 1,183
iTrader: (0)

Quote:
Originally Posted by Bobble View Post
Depends on the business model. I am self employed IT consultant, I had employees thru the 90's and for the last 12 years am solo. I only do projects I want to do, work about 50 hours a week including running the business, IE payroll taxes bills etc.. I do ok, less than when i had 4 people working for me but I work way less and spend way less, back then it was always 60+ hours per week and had some real asshats work for me sometimes(subcontracted gigs) always having to kiss someones ass because somebody thought because they were a so called expert they could pontificate to the client. Life is better now and have way more life.
To become wealthy, one typically has to leverage money or people.


To the OP.

What you're talking about doing is owning a job. Until you have multiple trucks, drivers and employees etc, you're basically a freelance guy with a truck. Not a damn thing wrong with that either. If you can make a good living from it, squirrel some away for the future, have only your customers to answer to..... sounds like a pretty good life.

If you eventually want to work 30 to 40 hours a week, while building wealth; read the E-myth and save every dime you make so you can get more trucks, drivers, etc...

I started out selling and moved in to owning the business. With the economy crapping out i had to continue to sell to keep things going. Lately I seem to be on the verge of having enough producers to allow me to work on my business and less in it. God willing that will be a great day. I really enjoy fine tuning the systems, processes, incentives that could add even a half of a percent to the bottom line. With people producing enough to pay the bills, my highest and best use will be to find ways to pump up the net profit percentage. Just thinking about putting things into the system that can add even one percent to the bottom line gets me excited. We're talking about working ON the business for 5 - 10 more hours a week than IN the business; possibly creating an additional $45k to $50k a year. That's why business owners kill for 1% of net profit.

Eventually, with processes and systems in place that continually capture those extra percentage points most business let slip by, you're creating enough extra profit for you to cut an extra 5 to 10 hours a week out of your work life. Which is great because you'll need that time to figure out how your going to leverage your newly found profit to make you more money.
__________________
-Joe


"Government is the great fiction, through which everybody endeavors to live at the expense of everybody else." — Frédéric Bastiat
Mr Tonka is offline   United_States
0
Reply With Quote
      11-29-2012, 10:08 PM   #34
amanda hor$t
Banned
 
Drives: a380
Join Date: Sep 2012
Location: ny ny

Posts: 208
iTrader: (0)

Quote:
Originally Posted by ToothDoc View Post
Having said that, are you sure you are ready to give up everything for the sake of your business? I mean, work 70+ hours a week and give up social live and fancy food, drink, cars, vacations? If you aren't, don't do it. I started my own business at 29. Worked, worked and worked. Lost 1/2 my hair, got 10-20 points higher BP, lost my youth. But now, at 39 I'm doing fine. My gamble was to sacrifice TEN years of my life so I could enjoy the rest of my life. Will you sacrifice 10 years of the PRIME of your life for it? My back hurts, my eyes are tired, I'm old, but now I enjoy life... Only you know if it is worth it. TEN years is a LONG time and IMO, I was lucky.
totally agree. my last "real" job was in '03, when i left i was pulling ~130k in what seemed (outwardly) like a great career. i've endured a financial/emotional roller coaster, burned several bridges, nonstop criticism from conformists (office space people), moved several times, was all alone several times, when you slip they all jump when you rise they don't recognize it... on and on.

things finally gained momentum about a year ago, and even then, the adjustment was rough. when i started, it was about making the big bucks. through the years, the journey changed me also: now it's about enough money and spreading a philosophy.

i'd do it all over again in a heartbeat. you only live once: better to try and fail than live wondering. you can take everything else, you'll never take my will.

Last edited by amanda hor$t; 11-29-2012 at 10:22 PM.
amanda hor$t is offline  
0
Reply With Quote
      11-29-2012, 10:44 PM   #35
ENGINE er
New Member
 
Drives: E90 S13 UZJ100 MKV-GTI
Join Date: Dec 2011
Location: Houston

Posts: 28
iTrader: (0)

Mpower, I can hear the passion for your business in what you write. I don't know what you do but would love to do business with you!

OP, you sound young and full of vigor. Leverage it! Get out and start making mistakes while you have little to lose, and surround yourself with people much smarter and more successful than you are.
ENGINE er is offline  
0
Reply With Quote
      11-29-2012, 11:17 PM   #36
Cdnrockies
Banned
 
Drives: BMW's
Join Date: Oct 2009
Location: Calgary

Posts: 1,113
iTrader: (0)

Quote:
Originally Posted by MP0WER View Post
To become wealthy, one typically has to leverage money or people.


To the OP.

What you're talking about doing is owning a job. Until you have multiple trucks, drivers and employees etc, you're basically a freelance guy with a truck. Not a damn thing wrong with that either. If you can make a good living from it, squirrel some away for the future, have only your customers to answer to..... sounds like a pretty good life.

If you eventually want to work 30 to 40 hours a week, while building wealth; read the E-myth and save every dime you make so you can get more trucks, drivers, etc...

I started out selling and moved in to owning the business. With the economy crapping out i had to continue to sell to keep things going. Lately I seem to be on the verge of having enough producers to allow me to work on my business and less in it. God willing that will be a great day. I really enjoy fine tuning the systems, processes, incentives that could add even a half of a percent to the bottom line. With people producing enough to pay the bills, my highest and best use will be to find ways to pump up the net profit percentage. Just thinking about putting things into the system that can add even one percent to the bottom line gets me excited. We're talking about working ON the business for 5 - 10 more hours a week than IN the business; possibly creating an additional $45k to $50k a year. That's why business owners kill for 1% of net profit.

Eventually, with processes and systems in place that continually capture those extra percentage points most business let slip by, you're creating enough extra profit for you to cut an extra 5 to 10 hours a week out of your work life. Which is great because you'll need that time to figure out how your going to leverage your newly found profit to make you more money.
Great post....especially the bolded, first line.



At the end of the day it all comes down to how much you're willing to risk. If you are not prepared to lose your investment and have a back up plan to deal with it, you should not open your own business. There are very, very few people that can shift careers as abruptly as you are contemplating that hit home runs right off the bat. Like Mpower mentioned, if you're just looking to buy yourself a job, then have at it.

There are many eventualities that could jeopardize your success that are out of your control in this scenario. You discussed buying a used truck. What happens if you blow the engine 2 months in? Do you have the additional capital to get yourself back up and running within days? How do you survive a month or two (or more) of negative cash flow? Good luck with your decision.
Cdnrockies is offline   Canada
0
Reply With Quote
      11-30-2012, 05:40 AM   #37
ipso_facto
Second Lieutenant
 
ipso_facto's Avatar
 
Drives: F10 520d M Sport (Sports Auto)
Join Date: Oct 2010
Location: UK, East Midlands

Posts: 211
iTrader: (0)

Is this the E-Myth book that you are referring to ?

E-myth Revisited: Why Most Small Businesses Don't Work and What to Do About It

http://www.amazon.co.uk/dp/088730728...30728010813279
ipso_facto is offline   United Kingdom
0
Reply With Quote
      11-30-2012, 06:32 AM   #38
kingofthedemo
Major
 
kingofthedemo's Avatar
 
Drives: BMW E90
Join Date: Mar 2012
Location: USA

Posts: 1,025
iTrader: (1)

I own my own business (27 yo, male), and my father does as well. First of all, you should be aware that the vast majority of new, small businesses in the USA fail in their first year- or at best do not make a profit, or even break even. It is not easy, and job stability is not as secure as being an employee when the business is new. However, in my opinion, it' s the best thing possible if you can pull it off, especially if it's something you are interested in and personally enjoy. I know this is a bit short, and vague but you get the idea...
kingofthedemo is offline  
0
Reply With Quote
      11-30-2012, 11:54 AM   #39
Mr Tonka
Tonka.... Mr. Tonka
 
Drives: Exceptionally well :)
Join Date: Feb 2009
Location: Tampa, FL

Posts: 1,183
iTrader: (0)

Quote:
Originally Posted by ENGINE er View Post
Mpower, I can hear the passion for your business in what you write. I don't know what you do but would love to do business with you!

OP, you sound young and full of vigor. Leverage it! Get out and start making mistakes while you have little to lose, and surround yourself with people much smarter and more successful than you are.
Thanks! I'm in the floor covering industry. We do mostly commercial work but also have a residential showroom. We do things like buildout renovations when companies renew or expand their lease space. We do some new construction work as well. Headed into new territory this week. We just bought a building to work out of. Now we can pay ourselves rent rather than someone else. (well, the bank for now....)
Quote:
Originally Posted by ipso_facto View Post
Is this the E-Myth book that you are referring to ?

E-myth Revisited: Why Most Small Businesses Don't Work and What to Do About It

http://www.amazon.co.uk/dp/088730728...30728010813279
yes.

Quote:
Originally Posted by kingofthedemo View Post
I own my own business (27 yo, male), and my father does as well. First of all, you should be aware that the vast majority of new, small businesses in the USA fail in their first year- or at best do not make a profit, or even break even. It is not easy, and job stability is not as secure as being an employee when the business is new. However, in my opinion, it' s the best thing possible if you can pull it off, especially if it's something you are interested in and personally enjoy. I know this is a bit short, and vague but you get the idea...
Most businesses show a loss the first couple of years. I showed a loss for the first 3 or 4 years. But i still paid myself. Those statistics about business failures and no profit years are true in spirit, but don't share the whole truth.
__________________
-Joe


"Government is the great fiction, through which everybody endeavors to live at the expense of everybody else." — Frédéric Bastiat
Mr Tonka is offline   United_States
0
Reply With Quote
      11-30-2012, 10:24 PM   #40
kevinbahnz
Lieutenant
 
kevinbahnz's Avatar
 
Drives: 2008 335xi sedan
Join Date: Aug 2008
Location: Ma-NC

Posts: 479
iTrader: (1)

Quote:
Originally Posted by ToothDoc View Post
Go ahead do it... but you have to work hard. You have to work harder than your competition. NO matter what you do, if you are better, cheaper, and faster, you'll win over customers and business. Over time, you will have to change over to using people (employees) to make money for you.

Having said that, are you sure you are ready to give up everything for the sake of your business? I mean, work 70+ hours a week and give up social live and fancy food, drink, cars, vacations? If you aren't, don't do it. I started my own business at 29. Worked, worked and worked. Lost 1/2 my hair, got 10-20 points higher BP, lost my youth. But now, at 39 I'm doing fine. My gamble was to sacrifice TEN years of my life so I could enjoy the rest of my life. Will you sacrifice 10 years of the PRIME of your life for it? My back hurts, my eyes are tired, I'm old, but now I enjoy life... Only you know if it is worth it. TEN years is a LONG time and IMO, I was lucky.
I'm going on my third year. I'm 36 I work 7 days week, 15 hrs a day. My back hurts, my eyesight is getting worse , Cancelled my gym membership from inactivity. I can't remember the last time I had a chance to sit down and enjoy a nice dinner, Don't get me started about the wife and kids. But I can't let it fail because I put too much money in it. Money that is not mine. So bring on the 10 years or more because I'm in it to win it..
__________________
<img src=http://i189.photobucket.com/albums/z164/kevinbahnz/08-23-2008030.jpg border=0 alt= />
kevinbahnz is offline  
0
Reply With Quote
      12-03-2012, 05:40 AM   #41
Comet
Troll Harder
 
Comet's Avatar
 
Drives: 997 GT3, 997 4 GTS, X6M
Join Date: May 2007
Location: Montreal, Beirut

Posts: 596
iTrader: (0)

Garage List
While it sounds like a good idea, my advice is figure out how much you can realistically make.
If it is less than what you currently make, then stick to your job.

If you can pull off doing your job in the day and the tow truck thing at night, then do that until you've got yourself up on your feet.

Also, know that there is probably competition in the area already, and they won't be too keen on new blood.
__________________
Comet is offline   Lebanon
0
Reply With Quote
      12-03-2012, 08:40 AM   #42
6spdg37s
Captain
 
Drives: none
Join Date: Aug 2012
Location: dirty jerz

Posts: 753
iTrader: (3)

im gonna pass on it for now...figure out another venture.. as far as the territorial thing though its controlled by the PD's
6spdg37s is offline  
0
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 07:27 AM.




e90post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST