mojobo Posted September 29, 2007 Share Posted September 29, 2007 Just wondering who here owns their own business whether it be their primary income source or something they do on the side. I'm a business major and its always good to make a few contacts so thought I'd ask. Main things I want to know are: 1) What type of business do you own/operate? 2) How long have you owned this business? 3) What did it take to get started? Link to comment Share on other sites More sharing options...
sircharlz Posted September 29, 2007 Share Posted September 29, 2007 I just started my own business a few months ago. I do small construction/remodeling jobs on the side (mainly finished basements). My cousin is a partner. We contacted a lawyer to setup an LLC and obtained some liability insurance. We've been doing this type of work for about 3 years and finally decided to try and expand to do more so we created the business. My full time job is a director of internal operations for a home building company, so I have lots of knowledge and contacts in this field. My cousin is actually a research chemist, but he enjoys the construction field a lot. Link to comment Share on other sites More sharing options...
Ignatius J. Posted September 29, 2007 Share Posted September 29, 2007 I actually just started a business a few months ago as a side project. Kind of fell into it. I made myself an obama t-shirt and started wearing it to events. Everyone wanted one, so I started a company to make and sell them. They're really taking off and it's supplementing my graduate student income nicely. The intial investment was about $300, but since then we've continually reinvested our profits to keep growing. We didn't go LLC cause it seemed like we couldn't have too much liability to try to limit. Just a straight up partnership. Just put up a new website too: www.visiblemanonline.com Link to comment Share on other sites More sharing options...
SnyderShrugged Posted September 29, 2007 Share Posted September 29, 2007 edit...didnt mean to quote I just started my own consulting practice last month. Still in growth mode, but the horizon looks awesome! I invested $10k into a growth development firm that will also help me with marketing and some materials that I will use for workshops and retreats. I'll most likely invest another $10-$20K for some other products that I want to offer once I start turning a consistant profit next year. I plan to keep my full time job as a Six Sigma Master black Belt until mid year next year as well, just to build up savings. I also went LLC and set that up through a local accountant. I'd suggest legalzoom.com if you dont have a good contact for incorporating. Link to comment Share on other sites More sharing options...
RyansRangers Posted September 29, 2007 Share Posted September 29, 2007 I own my own business. I own a Mortgage Company I have owned it for 2 years It took a good business loan and a lot of stressful months in the first year. Link to comment Share on other sites More sharing options...
Monte51Coleman Posted September 29, 2007 Share Posted September 29, 2007 I own an upscale sports bar & billiard room that I designed, built and opened in 1989. I opened a second location in 1994 and sold it in 2002. "What did it take..." is far too wide reaching. If you have more specific questions that I can help you with please feel free to pm me. Link to comment Share on other sites More sharing options...
twa Posted September 29, 2007 Share Posted September 29, 2007 Co-owner of a collision/restoration shop for 17 yrs Family business we started in 71 and only real job I've ever had. Startup was about $10,000 with most tools already. Link to comment Share on other sites More sharing options...
DeanCollins Posted September 30, 2007 Share Posted September 30, 2007 I had a custom deck building business in Va. from '86-'92. It did very well but I had to close it and move to FL to take care of my father. Starting the FL deck business wasn't as easy and the recession (non existent in DC) was still hanging on and I had a ton of illegal competition. Start up expenses were about $10k mostly for contractor license course, books, testfees, insurance and yellow page advertizing. 15 years later I turn down more work than we take on so It doesn't interfer with vacations and house building. Link to comment Share on other sites More sharing options...
Southtown Posted September 30, 2007 Share Posted September 30, 2007 I own an upscale sports bar & billiard room that I designed, built and opened in 1989. A bar nearby owned by a Redskins fan?! What is it called? Link to comment Share on other sites More sharing options...
SnyderShrugged Posted September 30, 2007 Share Posted September 30, 2007 Mojo, I've been in contact with an organization recently called, "Business Networking International" or BNI. They may be helpful in making contacts for future as well. To me, it's a facinating concept. They gather 40-50 locals, each from a different profession. There are no duplicates in the meetings so you are promised a nice mix of professionas. Each member works to spread the word about each others' business in their own spere's of influence. They meet weekly and simply spread the word on contacts that bthey have made for each other. They also have lessons presented at each meeting on marketing and other business growth related activities. I plan to join after I move to a new area next year. Link to comment Share on other sites More sharing options...
MontanaRed Posted September 30, 2007 Share Posted September 30, 2007 I have owned a pet sitting business for 10 years. One of the first things to do is get your business structure (corp/llc/sole owner) set up, and if you are going to be dealing with the pubic or doing some sort of service work you will need legal contracts. Just spell out the terms that you want as part of your agreement, and a good lawyer will put in all the legal-ese. Insurance is another must - general liablility, plus care, custody and control and bonding depending on what your business is. Decide whether you are going to be able to do this yourself, or will you need employees or contractors? I use contractors, and anytime you are dealing with the IRS you want to be extra careful. My contract with my clients is only one page; I walk the dog - you pay me. But my contract for hiring my independent contractors is eight pages long. I use a payroll system (ADP) and it is worth every penny. All the taxes and reports are filed and all I have to do is have the money in the bank. Getting behind with payroll taxes is the worst thing you can do. Even if the money is paid and you forget to file a certain form they will penalize you big time. Along these line, a good accountant is a must. I have the best - Ed Jones in Fairfax of Kossler & Jones. He does all the taxes, but also helps with bookkeeping, will set up Quickbooks if you don't have it, and just has overall good business advice. So, you asked a lot in those questions, but the quick answer is ask for help. Use professionals. They do what they do for a reason. I work on building and maintaining my business, and they support me in their field of expertise. Even when I think I can do it all, I try to remember to delegate, and focus on what I do best. Check out the IRS or SBA websites for a wealth of information on starting your business. Good luck! Link to comment Share on other sites More sharing options...
freakofthesouth Posted September 30, 2007 Share Posted September 30, 2007 Hey now. I own my own business as a professional musician. I book my own shows, negotiate my wages, do my own marketing, write my own songs, and live comfortably off of the wages, with lots of free time. I have been doing this for about seven years now, and I would say the most important thing you need to get started (besides a talent of some sort) is contacts. You must be networked in order to be successful. I, too, got my degree in business, and I find myself utlizing many of the marketing techniques, etc, that I learned in school. BTW, this is my band: myspace.com/dangermuffin Link to comment Share on other sites More sharing options...
The_cavalierman Posted September 30, 2007 Share Posted September 30, 2007 I started my own training and media consulting business about 3 years ago after working as an onsite contractor until the contract ended. I had developed some really good contacts/friednships while working onsite and they encouraged me to do the same work on my own. My startup costs were minimal (under $3000) and the return has been fabulous. Thus far it has been a great choice.... Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted September 30, 2007 Share Posted September 30, 2007 I own and operate a home improvement business as a side income Link to comment Share on other sites More sharing options...
ibarramedia Posted October 1, 2007 Share Posted October 1, 2007 How lucrative has any of your respective businesses been? Do you all make at least 6 figures? Link to comment Share on other sites More sharing options...
ibarramedia Posted October 1, 2007 Share Posted October 1, 2007 Does anyone here have a cell phone business or a personal training business? Link to comment Share on other sites More sharing options...
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