I Hate My Boss
11-29-2002, 03:15 PM
#9
Member
Join Date: Aug 2002
Posts: 63
form a plan.
what sort of business are you going to run? DOes it address your strengths and minimize your weaknesses?
Plan some more
Research. I own a retail store, 2 online stores, and a few other business interests. The key to them all was to find something people want and don't know where to get it or something they want at a lower price or higher service level than they're already getting.
Funding
Make sure you've got funds in reserve. Don't spend everything on opening the business, counting on sales to keep it afloat. The first 3 years is your make-it-or-break-it period, and you should have enough to cover both the business' and your personal expenses for 6 months.
THIS IS WHY some people are business owners and their staff thinks "what's so special about this twit? I could own my own business and do better". Chances are he or she had the coin to do it, whereas most of the staff doesn't AND doesn't realize all the owner's responsibilities (quarterly filing of tax collection receipts, payroll deductions and remittance, inventory controls, cross-border shipping and customs brokerage, etc. etc.)
what sort of business are you going to run? DOes it address your strengths and minimize your weaknesses?
Plan some more
Research. I own a retail store, 2 online stores, and a few other business interests. The key to them all was to find something people want and don't know where to get it or something they want at a lower price or higher service level than they're already getting.
Funding
Make sure you've got funds in reserve. Don't spend everything on opening the business, counting on sales to keep it afloat. The first 3 years is your make-it-or-break-it period, and you should have enough to cover both the business' and your personal expenses for 6 months.
THIS IS WHY some people are business owners and their staff thinks "what's so special about this twit? I could own my own business and do better". Chances are he or she had the coin to do it, whereas most of the staff doesn't AND doesn't realize all the owner's responsibilities (quarterly filing of tax collection receipts, payroll deductions and remittance, inventory controls, cross-border shipping and customs brokerage, etc. etc.)
11-29-2002, 03:24 PM
#10
Senior Member
Join Date: Nov 2002
Location: S.w. Florida boring ass ft myers to be exact. where the old people come to die
Posts: 1,176
i totally agree with mantis. there is alot of planning and investing that needs to addressed before you quit. a good way to make sure salls are coming in is to buy an existing company that way you have a customer base already. starting from scratch takes time and alot of money. becoming my own boss is the best and worst thing i have ever done in my life.