Topic: Have you ever started/run a business?
Anonymous A started this discussion 12 years ago #38,063
It is so freaking hard. Damn. There are so many things you don't think about or know, that will arise.
Anonymous B joined in and replied with this 12 years ago, 10 minutes later[^] [v] #509,854
Not a typical one but I've done gold selling in an MMO. It was quite profitable for as long as it lasted!
Anonymous C joined in and replied with this 12 years ago, 1 minute later, 12 minutes after the original post[^] [v] #509,855
@OP
What sort of business are you in?
What sort of business are you in?
Anonymous C double-posted this 12 years ago, 1 minute later, 13 minutes after the original post[^] [v] #509,856
Anonymous B replied with this 12 years ago, 3 minutes later, 16 minutes after the original post[^] [v] #509,857
@previous (C)
Of course not. The funds made it in my posession as bitcoin sent by my partner-in-crime from another country who did play by the books etc. We never earned enough that it had to be reported afaik, but I'm not entirely sure on that, it was only a few k. I still have most of the funds as bitcoins, and just use it as spending money whenever as to not attract any attention to it.
Of course not. The funds made it in my posession as bitcoin sent by my partner-in-crime from another country who did play by the books etc. We never earned enough that it had to be reported afaik, but I'm not entirely sure on that, it was only a few k. I still have most of the funds as bitcoins, and just use it as spending money whenever as to not attract any attention to it.
(Edited 11 seconds later.)
Anonymous D joined in and replied with this 12 years ago, 1 second later, 16 minutes after the original post[^] [v] #509,858
Yes it is. Better get used to it because it never gets any easier.
Anonymous B replied with this 12 years ago, 1 minute later, 17 minutes after the original post[^] [v] #509,860
As for actual business-y stuff, my dad had a store for a few years. It's awful to be honest, would probably never want to do something like that myself unless I started off with enough capital to hire someone else to do a ton of that crap for me right off the bat.
(Edited 24 seconds later.)
Anonymous A (OP) replied with this 12 years ago, 31 seconds later, 18 minutes after the original post[^] [v] #509,861
Anonymous B replied with this 12 years ago, 34 seconds later, 19 minutes after the original post[^] [v] #509,862
Anonymous C replied with this 12 years ago, 10 minutes later, 29 minutes after the original post[^] [v] #509,863
@OP
Just realize that you will get fucked over, and that the lessons that you learn will be expensive. I worked for a guy and watched him get screwed for $60k and it pretty much broke his business and cost him a lot of customers etc. He did recover, but nearly lost his house and everything because he was really relying on that income. A colleague of his laughed and said it cost him $150k to learn the same lesson.
I like to think I took something away from all that, but until I actually go through it, I don't I'll really understand and you still need work with a level of trust with people anyway.
Just realize that you will get fucked over, and that the lessons that you learn will be expensive. I worked for a guy and watched him get screwed for $60k and it pretty much broke his business and cost him a lot of customers etc. He did recover, but nearly lost his house and everything because he was really relying on that income. A colleague of his laughed and said it cost him $150k to learn the same lesson.
I like to think I took something away from all that, but until I actually go through it, I don't I'll really understand and you still need work with a level of trust with people anyway.
(Edited 1 minute later.)
Anonymous E joined in and replied with this 12 years ago, 3 minutes later, 32 minutes after the original post[^] [v] #509,864
Trying to. A mentor is essential. You really need one.
Anonymous A (OP) replied with this 12 years ago, 1 minute later, 33 minutes after the original post[^] [v] #509,865
@509,863 (C)
Do you think that all business starters will get fucked over though? And how was your friend fucked over?
Do you think that all business starters will get fucked over though? And how was your friend fucked over?
Anonymous C replied with this 12 years ago, 31 minutes later, 1 hour after the original post[^] [v] #509,869
@previous (A)
I think you need an accountant that works with small businesses, and can tell you about the pit falls etc. Many businesses fail within the first couple of years.
He was fucked by a guy that just did not pay him. It's actually a long drawn out process to go through the courts, deal with lawyers, try to prove every little detail. You can't believe a single word that is said, or any handshake agreement that can't be proven. Everything has to be in writing, email is good for that at least. It can take years to sort out these arguments apparently, and the effort you have to put in is huge. It took the guy nearly 3 years to get his cash and if he lost he would have wasted nearly the same amount again.
As it was, he never really celebrated and a couple of the numbers he mentioned didn't really add up so I don't even think it worked out for him really.
What happened was, he supplied and installed some equipment into a factory. The guy was an asshole, didn't pay and disputed the bill. The fucked up part was that because the gear was an important part of the function of the factory, if my boss tried to or even took his gear back, he would be liable for the losses to that business which would have been millions. It was a shitty situation, because he still had to pay for the gear from his supplier and he wasn't exactly flush with cash at the time.
I'd have taken my chances with an arson conviction. Fuck that guy
I think you need an accountant that works with small businesses, and can tell you about the pit falls etc. Many businesses fail within the first couple of years.
He was fucked by a guy that just did not pay him. It's actually a long drawn out process to go through the courts, deal with lawyers, try to prove every little detail. You can't believe a single word that is said, or any handshake agreement that can't be proven. Everything has to be in writing, email is good for that at least. It can take years to sort out these arguments apparently, and the effort you have to put in is huge. It took the guy nearly 3 years to get his cash and if he lost he would have wasted nearly the same amount again.
As it was, he never really celebrated and a couple of the numbers he mentioned didn't really add up so I don't even think it worked out for him really.
What happened was, he supplied and installed some equipment into a factory. The guy was an asshole, didn't pay and disputed the bill. The fucked up part was that because the gear was an important part of the function of the factory, if my boss tried to or even took his gear back, he would be liable for the losses to that business which would have been millions. It was a shitty situation, because he still had to pay for the gear from his supplier and he wasn't exactly flush with cash at the time.
I'd have taken my chances with an arson conviction. Fuck that guy
Anonymous A (OP) replied with this 12 years ago, 1 minute later, 1 hour after the original post[^] [v] #509,870
Anonymous D replied with this 12 years ago, 6 minutes later, 1 hour after the original post[^] [v] #509,872
Anonymous F joined in and replied with this 12 years ago, 5 minutes later, 1 hour after the original post[^] [v] #509,874
op
send mail to this guy. started 11 business's and will share pitfalls.
[email protected]
send mail to this guy. started 11 business's and will share pitfalls.
[email protected]
(Edited 8 minutes later by a moderator.)
Anonymous G joined in and replied with this 12 years ago, 9 minutes later, 1 hour after the original post[^] [v] #509,875
@OP don't forget to pay your taxes. You can't flee to another foreign country.
Anonymous C replied with this 12 years ago, 1 minute later, 1 hour after the original post[^] [v] #509,876
@509,870 (A)
Yeah, it's made me look at customers and their accounts differently. But you still have to trust people because that's how it works. Another one of his expensive lessons that I learned is that you get screwed when there is ongoing work and progress payments made. Nearly every time from what I saw, the last payment never gets paid. There is always an argument over money and contracts at the end, and it's a game of who wants to go to court about it... The problem is if you're only making say 20% profit on the job, and that's the final payment, you get screwed. And if you ran into your contingency and your profit margin is down, it's now cost you money to do the fucking work. It's fucked up ,you need to make your profit before the final payment every time, and if the final payment does come through it's like bonus money or something.
I'm trying to kick off my own thing, and I'm thankful I watched this sort of shit happening.
Yeah, it's made me look at customers and their accounts differently. But you still have to trust people because that's how it works. Another one of his expensive lessons that I learned is that you get screwed when there is ongoing work and progress payments made. Nearly every time from what I saw, the last payment never gets paid. There is always an argument over money and contracts at the end, and it's a game of who wants to go to court about it... The problem is if you're only making say 20% profit on the job, and that's the final payment, you get screwed. And if you ran into your contingency and your profit margin is down, it's now cost you money to do the fucking work. It's fucked up ,you need to make your profit before the final payment every time, and if the final payment does come through it's like bonus money or something.
I'm trying to kick off my own thing, and I'm thankful I watched this sort of shit happening.
Anonymous A (OP) replied with this 12 years ago, 2 minutes later, 1 hour after the original post[^] [v] #509,877
Anonymous E replied with this 12 years ago, 37 seconds later, 1 hour after the original post[^] [v] #509,879
Anonymous C replied with this 12 years ago, 8 minutes later, 1 hour after the original post[^] [v] #509,882
@509,877 (A)
@previous (E)
Engineering. I already work for myself and charge my time out as labor only. I plan on offering turn key solutions to customers and coordinating the whole project. It means I can clip the ticket on a lot of the items which can be good money for very little effort, just paperwork and putting my balls on the line for doing it.
@previous (E)
Engineering. I already work for myself and charge my time out as labor only. I plan on offering turn key solutions to customers and coordinating the whole project. It means I can clip the ticket on a lot of the items which can be good money for very little effort, just paperwork and putting my balls on the line for doing it.
Anonymous H joined in and replied with this 12 years ago, 13 minutes later, 1 hour after the original post[^] [v] #509,883
Anonymous C replied with this 12 years ago, 3 minutes later, 1 hour after the original post[^] [v] #509,884
Anonymous E replied with this 12 years ago, 2 hours later, 4 hours after the original post[^] [v] #509,894
Anonymous C replied with this 12 years ago, 3 hours later, 7 hours after the original post[^] [v] #509,912
@previous (E)
Yeah we just call them companies lol. I've already protected myself somewhat as a sole trader, by setting up a family trust and transferring my stuff to it. My lawyer called it woman proofing myself lol. I was originally going to start up a company, but they are a lot more work and a lot more accountant fees for not a lot of gain when I started out.
Like starting out it's easy to walk into any large job site and start working on a short term contract, I work by their regulations. If I walked in as an employee of my own company I'd have to supply all the health and safety documentation, hazardous goods policies, drug testing policies, employee training matrix etc my company would be liable if something happened to me as an employee etc the same as if I had 100's of employees. The insurance changes in cost and amount needed ,all sorts of stuff I really don't need until I hire someone else.
It's just the next step for me. I need to lease some space, win a tender for alarge small contract buy some gear and hire some people. It's not a get rich quick scheme, I plan on getting rich slow.
Yeah we just call them companies lol. I've already protected myself somewhat as a sole trader, by setting up a family trust and transferring my stuff to it. My lawyer called it woman proofing myself lol. I was originally going to start up a company, but they are a lot more work and a lot more accountant fees for not a lot of gain when I started out.
Like starting out it's easy to walk into any large job site and start working on a short term contract, I work by their regulations. If I walked in as an employee of my own company I'd have to supply all the health and safety documentation, hazardous goods policies, drug testing policies, employee training matrix etc my company would be liable if something happened to me as an employee etc the same as if I had 100's of employees. The insurance changes in cost and amount needed ,all sorts of stuff I really don't need until I hire someone else.
It's just the next step for me. I need to lease some space, win a tender for a
[email protected] joined in and replied with this 12 years ago, 8 hours later, 16 hours after the original post[^] [v] #509,971
Can't get one of these without one, so my answer is yes!