Well, I’ve been at my current job (Cisco systems, doing call center stuff) for almost 3 years, making a solid $30k.The job isnt hard, the customers aren’t difficult, there’s no physical labor, and the employee relationship is great. I’m sick of it. So much that I wake up and go home stressed, for no reason other than having to be here. The problem, besides the idea of making more $, is lack of dynamics. Imagine having to read a book a 1000x’s over. That’s where I sit.
So, I want to start a legit business, but not sure what avenue to take to get started. I have an idea of what I want to do to make the $ .I have a machine/hobby shop I rent just for the purpose of never finishing my projects (people that know me will get it) so there’s little overhead cost of materials. I’d imagine I’d want to get in to manufacturing, probably for automotive/motorcycles, then to whatever I deem as most profitable.
So, for those who have escaped the “rat race” what are some of the things you encountered, how you made it over the “most businesses fail after 1 year benchmark” and stay aloft? Did you quit your current job and jump right in to it, or do it as a part time to build it up first?
Anything I should consider before I get the ball rolling, perhaps financially and legal wise? Any other advice?
I am kind of in a separate category since my startup expenses were none as a consultant but I started off with a partnership. We had little risk and didn’t need keep out assets separate since we didn’t have an office or our own coverages on insurance. Also, we only were doing business in Erie County.
Our steps were to file a DBA form with the county which was $25 and then $6 per copy of the form (you usually need one on file with you and then the bank typically needs one). Then if you are a partnership you need to file the S4 for a tax ID and other state forms for sales tax. Also, if you are going to have employees that are not partners, there is a lot of other paper work to do for wages, insurance, etc. We took the all our employees were partners.
If you really wanna get started, you can meet with the Small Business Development Center at Buff State. Its free and can help you get started. Just need to make an appointment a week or two in advance.
Starting a small business now that does not provide a necessity to mankind is not a good idea with the economy where it’s at.
With that said, businesses that will prosper at current times,
Liquor store, porn shop, bar, illegal drug sales…use your machine shop to construct a Meth Lab. Mad money to be made in meth.
Thats about it, anything that will remove stress and keep em coming back for more.
Move out of NYS to open a business. It costs a shit ton of money to be legit…that’s why half the small businesses out there are not. It costs me out the ears to stay open and be 100% NYS compliant…fucking gay.
1 year doesn’t mean shit. All it takes is for one good fuck up and your business can go down in a firey crash. Owning a small business is probably one of the most stressful jobs you could ever look for.
My advice, get a good job with benefits, then do something on the side and sell the stuff on ebay or to forums and pocket the cash through Paypal and use it as side money. Don’t give the government any more than you have to.
Don’t give the government any more than you have to.
Amen to that. I was told that when I first started and for a while I just did work myself for small places. When we started doing major business and contract work, we needed to be legal but if you are not in a plan to make major money and want to run something on the side that isn’t truly government regulated, keep it on the side and take cash/paypal.
I’m actually a very positive person whether it is portrayed or not. I always look on the bright side. It’s the only thing that has kept me from putting a bullet in my brain for soo long
I sort of do, Adam. Just formed 2 s-corps plus I am the creative dir. for a company my dad and I started. The best I can say is CUSTOMER SERVICE beats all. People will remember you for how they were treated and the experience long after they’ve forgotten the product or price. If you do get into it, that’s where you distinguish yourself: quality and value versus price. Delivering on time is a big plus in people’s minds too. Other than that, go for it and if you need any help marketing your idea / business let me know, I can give you a “friend” rate and maybe even offer some stuff in trade re: machining/car wise
Alot of people around Buffalo don’t have money to buy anything. That plus the nys taxes boning you so bad, doesn’t make a legit business sound very attractive.
I do some marketing for two large companies and sell their products on the internet. These products are usually $1000 and up, its all mail order. I have yet to sell one to someone inside NY.
Thanks for the input guys. The fact is I don’t intend working for someone for too much longer, and will go in to it by doing it as a side business to the point I’m making the same/more over a long period of time OR if I made a drastic increase in revenue. You guys probably won’t hear much about it for a while, as there’s a few things I’m going to start with (manufacturing wise) and slowly expand. FYI, I’m in Rochester, and have no intentions of opening a retail or walk in. More than likely, I will act as manufacture/distributor, so I can focus more on D&D/ quality control.
I have a business, it’s nothing like what your talking about. Having a shop for machine work etc… You need to do something other than work for someone else if you ever wanna get anywhere in life. Working a job is a pyrimad scheme, no matter what you do you can’t ever get ahead or make more money then your boss (in most cases) etc…
to develop true wealth you need to go into busienss for yourself. Go for it! Stick to it work through some of the hard times of just getting it going and you’ll be paid back 10 fold for it :tup:
I’ve kept my full-time job and in fact still have one today and worked on my business during my “un-productive” time. Meaning instead of coming home and being lazy like most unsuccessful people and watching TV I use that time to build my business… I’ve been in business for 2 years now and it’s getting to the point were I can start thinking about not having to work anymore :tup:
2 years of some hard times and now today I’m sitting on what is gonna be a great start for my life with No debt and money starting to build up in the bank. Now is the time to make the money work for me even more.
From my experience the money is in distribution, thats what I’m in and poeple will always need products so it’s a safe business.
manufactoring isn’t as safe, because what you might make today could be out done tomorrow, take cd’s for example, soon they’ll be no more, taken over with ipods, mp3s…etc and then those will be out when the next better thing come along.
atleast with moving the products, it doesn’t matter what your moving, but you’ll always have something that you have to bring to consumers.
