The day you get your own business must be a life chaning moment. I wouldn't know, because I've always tended to lean towards the security of a corporate job. However, I often regret, because I have had good ideas that havecome and gone and been done by others.

So please share your motivation and your history....

What happened in your life to get you to start your own business?
How did you rationalize the risk so that you were willign to "take the plunge"?

Thanks,
PerplexedWaffle

 

bump?

 

About 9 years ago my wife worked for a mortgage broker company out of our house making 20% of what she closed. We asked if we generated more business (normally they gave her the leads and she just closed them) how much % we would get.... they said 20%........ so we do all the work and they get 80%....

So, I sold my 1988 Honda Civic dx 4 door for $4900 cash. I paid $2k for a computer, $2k for the mortgage broker licenses, and $500 for a fax machine........ then I started sending letters to "home improvement" places..... we lucked into a large place who needed somewhere to send shitty credit people........so.... we got about $30k+ that first year just from that one home improvement place..... then slowly talking to friends, real estate agents, etc.... mortgages started rolling in.... we hired some employees, etc.......

Basically it was my idea to start a company...any company... and my wife's idea about the mortgage broker thing....... we have made a good amount of $ from it, she still does it (this will be the company's best year..(9th year basically)..we have more employees than normal and interest rates are low)....


Why? Financial freedom..... if she had continued to work for others, maybe she would be pulling in $50-60k a year by now....... vs the $$$$ she is making.... plus she could stay at home and semi-watch the kids during the day while working part time.......

risks the loss of the $4500 i invested in the licenses, computer, etc..... pretty minimal!

I worked a "corporate job" that could support the family (barely) from the beginning (except for the one year I quit in the spring of 2001)..... so we could afford the risk...... if she made nothing, at least we could still eat...

At some point about 3 years ago we got sort of lucky and met a guy who knew about Section 8 housing... so we have since bought and rented a handfull of rental houses.

 

basically it came down to this for me, i can either get a job working for someone else where i make money for them and they pay me, or i can just make money for myself. being your own boss also has many other benefits like the freedom to do what i want. i typically still work my 40 hour week and often times more, but when it comes down to it, if i want a day off, or a week or whatever, i just take it.

 

Well, maybe I can tell you why some people don't wanna start their own business!! Well, maybe cause when you work for a big coporation must mean a lot of women
a lot of women = more chance of you getting laid!!!
*ROFL* alright that was just a joke, don't mean to offend anyone!

Seriously though, I think that people start their own business is to be their own boss and you can make more $$$ that way.

 

Scot what is section 8 housing?

 

1) Can't stand working for other people.

2) Don't like the 9-5 grind but can happily work 6am - 10 pm for myself.

3) I can make decent money from my efforts that I could never make working for someone else.

4) Flexible working hours.

5) Spend more time with my family.

6) Take a break whenever I feel like it (within reason).

7) Tax breaks and benefits (a big incentive)

Having said all that it is NOT easy running your own business and very many people end up throwing in the towel. Figures are something like 1 in 3 SME's fail within the first three years.

 

Seriously, for an S. That's my first goal. My second goal is World Domination. I'm getting closer and closer every moment ;-D

~ Ryan

 

posted by Muz
Actually, 1 in 3 businesses fail within the first 2 years of starting. It's a hard road, but it CAN be very rewarding and VERY exciting.

 

Because I am an anarchist.