Who owns their own business?

I'm an engineer (mechanical), doing design work in automation, tooling, and consumer products. Degree in Aerospace Engineering. I was moonlighting doing part time consulting when I got laid off from my full time job, and at that point I was able to pick up enough additional consulting work that I just started doing it as a full time business. Kept it up for four years, going broke slowly (but it kept me at home when my kids were young, which was good). No employees, though I occasionally [rarely] subcontracted work out. Gave it up when one of my major customers asked if I'd come work for them full time, right about the time the economy went downhill and business fell off.

Looking back, I could have planned it better (it was sort of accidental, though I'd had it in mind for awhile). I also would have been more diligent in paying my estimated taxes on time instead of blowing cash in hand, and more disciplined in staying inside and working instead of going out and playing when the weather was nice. I should have charged more for my work, too, but the problem is that even though I had years of experience I was competing with every recent graduate with a pirate copy of AutoCad on his home computer... and too many potential customers couldn't see the difference.

I own an auto & truck repair shop. Started working on the side while I had a full time job as a fleet manager for a lawn service. Wife's health took a turn for the worse, so I left the full time job to work @ home from the shop full time. I was fortunate to have the building & most of the tools already paid for, so no huge start up debt/costs. It's gone pretty well for the most part. I work 40-60 hrs a week depending on how busy it is any given week. I work by myself, with an on call tech that will come a day or two a week after his regular job. After 6 years I have a nice steady clientele built up. All advertising is word of mouth. I try to keep my overhead & prices down, & quality up, & it seems to be working well. It ain't for everyone, but a little drive, & ambition, & it works for me.

As far as schooling, I graduated H S as a certified master tech in 1984, & just keep up on re certs. as needed. A C

I've been running a small engine repair service both out of my garage and a trailer for over a year now. I started working as a dealership tech (John Deere then a Kubota Dealer) and then the economy disintegrated and I was laid off. I still work full-time (nights) as a maintenance mechanic. This will be the first year in the last five that I will not have a 2nd day-job (worked a greens crew on a golf course) so that I can focus more time on the business. For me, the biggest hump to get over as far as going full time self-employed is health insurance. With a wife and newborn at home, I can't go without and really can't afford to purchase outright.

I'm factory trained by John Deere and several small-engine manufacturers in addition to my High School Diploma and 1 year of college. (Computer Information Systems - turned out to be a waste of time and money but oh well...) I will need to update and re-cert for a few things as the business gets bigger and I would love to add warranty service sometime next year.

If there was one thing I could do different, I would have started the business in '08 when I was unemployed. I wasn't married, I was living with my future in-laws (next to nil for living expenses), and I was motivated! Going without health coverage then would not have been a big deal and I would have had years to get this thing moving instead of trying to fit it around a full-time job and a part-time job.

The double-edged sword in this business is the serious lack of qualified technicians. With stratocharging, digital carb tuning on saws, EFI on small engines, FADEC High-Pressure Common Rail Diesels coming for utility tractors, etc., the writing is on the wall for the guys who bury their heads in the sand. We'll get to a point where the average homeowner will no longer be able to perform all but the most basic repairs to his own equipment, much like today's cars. There is a LOT of resistance to high-level training at the dealer level since it's very expensive and employee turn-over is usually high due to low-wages. Having the ability to quickly and accurately diagnose a problem and correct it is the key to being able to repair this stuff as inexpensively and efficiently as possible. Part-changing is expensive!

The other nice part about my business is turn-time. Ever drop a unit at a dealer service department and be told it would take 6-8 weeks to get it back? That's actually pretty common at least around here. The mobile side of my business takes care of routine maintenence and quick, easy repairs on-site so there is no reason to remove a running machine from the customers hands. The more time consuming stuff is brought in to the shop so that I can go through it more thoroughly and without multiple trips to the customer. Even if I bring a unit in, I can still turn it around in most cases within a week, two max. Longer than that is a special case that both the customer and I have talked about before the machine was loaded on the truck.

The dream is a full-service dealership that is focused on quality-of-product and customer service but for now I'll settle for "Hey my mower is broke, you think you can fix it?".

For me, the biggest hump to get over as far as going full time self-employed is health insurance. With a wife and newborn at home, I can't go without and really can't afford to purchase outright.

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That's a good point I forgot about. We went without, for a time, fortunately everybody was healthy and my kids were a bit older, elementary school... then my wife went back to work and got the insurance, since I could be home when the school bus dropped the kids off. I just scheduled customer visits for the mornings.

cwill said:

I know some of you folks on here own your own business. I'm thinking of taking that leap, and have a few questions. I would like to hear the history of your business and how you got started.

What did you do before?
What do you do/sell?
How did you decide what to do?
How long have you been in business?
What type of schooling/training do you have?
Employees? How many?
If you could do it all over again what would you do different?

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1. I was a Geological Engineer, worked in the oil patch
2. I sell lumber, pellets, stoves, hardware
3. Had to do something after I decided working in the oilfield gave me a lousy quality of life
4. business been here since the 1800's
5. BSc.- Geological Engineer, Colorado School of Mines, 1980
6. 15
7. Hm...tough one, as hindsight is 20/20....work for the gummint, get a pension, and retire at 45.....other than that, I think I would have done well as a lifer in the service....

I was in business for myself for 6 years in Phoenix. I owned a custom sign shop and made high end sandblasted redwood signs. Also did quick, cheap sign work but concentrated mostly on the custom work. It has good and bad points for sure. There were weeks that i did not get paid. Weeks where i was broke. I found myself as the salesman, secretary, sign maker, installer, accountant, collector, janitor and more. Its tough man. I also found out how cheap people are. A custom sandblasted and hand painted redwood sign can take days from design to completion. People act like you are selling stop signs and they are just sitting on a shelf in the back. They also want everything for nothing. One problem with custom work. Also i never left the business, 24-7 you are thinking shop and really never get away. I slept there many times and some weeks never had an actual day off. I had another opportunity to go into business again and i passed. I now work 8 on and 6 off in the oil/gas industry, on those 6 off don't ask what i do for a living as i may have already forgot.

I'm a scientist as a day job, and a potter on the side. Short term goal is to go part time/consult on the science/chemistry, and do the pottery full time.

How did you decide what to do? Pottery is my art/hobby/craft. When I was laid off from my job, I started selling it at small venues to make a few bucks, pass the time.
How long have you been in business? 4 years?
What type of schooling/training do you have? Took classes in high school, and a couple classes since then in pottery. I have a PhD for my day job.
Employees? How many? None.
If you could do it all over again what would you do different? Nothing at all. I'm lucky to have a supportive wife.

The tough part for me is deciding when to "take the leap". We are lucky to both (currently) make reasonable livings. This lets me build some marketing, develop my skills, collect tools and toys. As soon as I pay off my house, I think I'll be a full time potter.

You should begin with the end in mind. Before you start, figure out how you get out of the biz. We have a biz, as did my dad, and going out of biz is surprisingly difficult.

yeah, AP, your stuff is amazing
I think I'm gonna buy one of your coffee mugs for my wife
if I can ever find one before someone else buys it
chuck

I was an over road truck driver for a few years. Currently I work full time at a factory . My partners and I have started a Guitar speaker cabinet business and are on are way while doing it debt free. The 3 of us pitched in some money each and purchased what we needed for material in order to get started. We had almost all the required tools on hand already which was a major help. My reasons where simple I am a very independent person and hate to rely on others which is partly why we heat with wood .The decision to do this is based on the fact that they are very good trustworthy friends and fiscally responsible with there finances. This is very important as a deciding factor for a self employed business owner if you suck with money in your personal life you probably will not do well with a business. I have a high school diploma and 1 year college as well as numerous certifications for heavy and light equipment operation. You will discover that many owners work for themselves because it is to mind numbing working 9 to 5 for someone else. I am a manager and do not like working for someone else at all however I love my coworkers like family. This is not my first business venture and probably won't be the last ! It takes a certain type of person to be self employed I tell people who ask me to go to small businesses and ask them for advice! You would be amazed at the response you will get and the dedication of a good business owner. I try hard to help others and believe strongly in pulling others up behind me as I climb the ladder. This is a common philosophy I have seen in a good successful business ( to help others along the way ).

Pete

I taught shop (Industrial Arts) for 20 yrs, contracting in the summer. It was a natural progression. Now I do contracting (remodeling) full time with 1-2 employee's. I have been doing this for 25 yrs, full time for 8 yrs. I have a teaching degree and had a vocational license in carpentry. I should have gotten out of teaching 10 yrs sooner. I am now looking for another business to move into because it gets harder to do the physical work as I get older.
Doug