Have You Ever Started A Business?

[Alex_Krycek]

I am looking for advice from anyone who has started their own business.  I work a day job right now but I'm thinking of quitting and pursuing my own ideas for making money.  I have a detailed plan that I've been refining for some time.

• Have you ever started your own business?
• What was your experience? 
• Were you a success or failure? 
• Were you glad you did it or did you regret it? 
• What were the main challenges that you faced?

Edited March 10, 2018 by Alex_Krycek

[dimreepr]

You have to know who your customers are, how to get more and how to get paid.

[Alex_Krycek]

7 hours ago, dimreepr said:

You have to know who your customers are, how to get more and how to get paid.

Ok.  What kind of business did you start?  What were the main challenges that you faced?

[dimreepr]

My business was landscaping/general building and the majority of my customers came from a retailer that sold garden buildings and conservatories. The same customers often wanted more work doing or had friends that did. The problems came from large jobs/contracts and how to structure the payment. 

[Alex_Krycek]

7 hours ago, dimreepr said:

My business was landscaping/general building and the majority of my customers came from a retailer that sold garden buildings and conservatories. The same customers often wanted more work doing or had friends that did. The problems came from large jobs/contracts and how to structure the payment. 

In your mind what was the number one thing that contributed to your success?

[koti]

30 minutes ago, Alex_Krycek said:

In your mind what was the number one thing that contributed to your success?

Starting it.

[dimreepr]

40 minutes ago, Alex_Krycek said:

In your mind what was the number one thing that contributed to your success?

Customers, but before you ask getting paid is the number one thing in its demise.

[Alex_Krycek]

7 hours ago, dimreepr said:

Customers, but before you ask getting paid is the number one thing in its demise.

What do you mean - when customers don't pay you, setting up contracts effectively, etc?

7 hours ago, koti said:

Starting it.

Thanks.  SowWhen you started your business, how long did it take you to be "successful", to reach your goals?  6 months, 1 year, 5 years? 

Did you ever fail and go bankrupt, and then try again?

[koti]

12 minutes ago, Alex_Krycek said:

 SowWhen you started your business, how long did it take you to be "successful", to reach your goals?  6 months, 1 year, 5 years? 

Did you ever fail and go bankrupt, and then try again?

I never made hundreds of millions so I consider myself unsuccesful. Goals and timeline depends on many factors, its all subjective to a particular business. Sure I failed and tried again, Im in the trying again phase now actually  

But starting is the main factor of success regardless of the type of business you want to run. Also your skin thickness is important, if you fail you need to know how to get up and start over. 

[dimreepr]

1 minute ago, Alex_Krycek said:

What do you mean - when customers don't pay you, setting up contracts effectively, etc?

Well, for example, you buy the machinery needed to fulfill the contract (and countless others) if only you get paid in full. My point is when it's your own business you don't get paid by the hour, there is a level of trust inherent in the contract; too small and the customer can't pay, too big and the customer doesn't have to pay. Success is finding the balance.