Are you business owner, salaried worker, both

[Peter 14.7]

AHA! I thought it was just me who got burned out at year 5!

That's been happening to me for 30 years.

Thanks Pete for making realise I'm pretty normal.

Or are we both ab-normal?

So is that every 5 years or every year for thirty years

We are normal and probably Myers Briggs ENTP or Inventor/Innovator Types in Personality Guides. These guides say we like to start new things and then get bored when all set up. Classic example is: Richard Branson of Virgin.

Peter

 

[oracle]

Hi Oracle

1. All good stuff here and thanks for the Kudos i got.

2. Well done for asking the question. We all answered as Devils Advocates but we failed to acknowledge that you took the correct first step and got the advice of others.

3. One KEY thing we failed to raise is Passion!

If you are not passionate about what you are doing you don’t have the energy and drive to make it work when the going gets tough.

Sounds Marketing Waffle eh... but Passion should not be underestimated as I have found.

My bus is 7 years old and at 5 years was successful and I was over it. I used a Bus Coach and worked that I liked to money but the challenge was gone. Hence the Tree Change two years back.

The Manager I got in to replace me was 27 and had the passion I had at 27 and has grown us 100%. I am reinvigorated as a result and came see where I was at before.

My new proposed business is retail in two aspects, one I am passionate about and the other a good bus idea and money spinner. I doubt if I can make the 2 one work if I don’t “want it” enough.

4. Consider a bus mentor. Someone older who can listen and give you a warts and all outsiders viewpoint. Can be friend but an honest one

Some more thoughts, Peter 14.7

Hi Peter,

Thanks for your advice and I totally agree with you. At present I am very committed to finishing what I have started already. I am in search of a good business mentor....someone who has already achieved or is well on their way to achieve what I intend to achieve.

Cheers,
Oracle.

 

[Pushka]

How about being fully employed (PAYE salary) in our own business! SInce 1992 and has been in profit every year through personal exertion (read, very long working days). We are now moving into a phase of licensing others to do the work - by using our IP. And then there is the share trading, as well as managing our own SMSF. Not to mention the IP! And educating our accountant on property investment!

 

[sailor]

I am a:
* fulltime business owner
* part-time Navy Reserve Officer
* Part-time IP's
* part-time share investor
* part-time renovator
...and no...I don't have time to sneeze.

 

[steveadl]

Full time business owner here and sucessful.

My advice is research, research and research.

1. You have to have deep pockets, so start your business whilst working. That way you have income to cover losses and have not given up on JOB if it doesn;t work.

2. It aint glamourous. Some people see it as sexy to be Bus Owner but I assure you it is not. You have staff issues, insurance, bills, tax, super, advice fee, computer accounts, etc...

A god test of prospective bus owners is when they ask me how much I spend on my accountant. It averages $5k pa and we do the books in MYOB. If they freak and say "I expected $250 a year" I politely say "you may want to reconsider". How does this answer make you feel?

3. Also, banks dont like to loan you $$.

On wages, you hand in payslip and they say how much....With bus owners they want rights to your first born child!

Example credit card. With JOB they say sign here. With bus (and we are 7 years old) we needed to submit returns for 2 years for both bus, family trust, cash in bank, etc...........took 2 months. Loans are even harder. You need a good broker or bank contact. Explaining the complexities of the bus income versus personal verus trust income is a waste of time to most loan persons/banks.

4. Personal Life. It is like baby, it changes everything. Many marriages dont make it. Even mine struggles at one point. Partners expect to have you home sometimes. Unreasonable I feel Why not work 100 Hours a week.

Sound discouraging hey? No, just a warning, I love it and would not work for someone else in a pinch but I have back up plans and skills they are not all in one area. Even so I still have some sleepless nights.

Do a TAFE or local Community Course, Unless it is really simply stuff it is worth the investment to get handle of you business and what is really is.

Peter

Both very true and the 2nd one is the main reason most businesses don't last.

Look up "unique selling proposition" (USP) on Google.

To anyone thinking of starting a business, its absolutely crucial. If you want to thrive as a hairdresser in a shopping centre with 10 others you need a significant advantage, a strategic difference that has major benefits to your customer, a USP.

Otherwise you will struggle or make so so money, which is exactly what most small business owners do. Much less than they could.

You also need to make sure there is strong demand for your product/service before you go into business.

I'm rambling now, this is my pet subject.

Well said fellas!

 

[RPI]

Went from employee to LOE to Business Owner. I definitiely think that many businesses in Australia are trated more as self employment then a business.
I bought an expensive established business that had a good history and made good money (over 5 times my previous wage) I worked in it for over a year, though rarely more than 3 or 4 days per week, so that I knew the busienss well and furter systemized and improved it. Howeever now I pay the bills and make some key decisions and that is it. I go in once a week for an hour or 2. Thats what being in business means to me, more that a decent income without the commensurate time committment

 

[kingchevy]

Went from employee to LOE to Business Owner. I definitiely think that many businesses in Australia are trated more as self employment then a business.
I bought an expensive established business that had a good history and made good money (over 5 times my previous wage) I worked in it for over a year, though rarely more than 3 or 4 days per week, so that I knew the busienss well and furter systemized and improved it. Howeever now I pay the bills and make some key decisions and that is it. I go in once a week for an hour or 2. Thats what being in business means to me, more that a decent income without the commensurate time committment

What business are you in I've have been wondering how to take the next step with my business to make it run by itself I have currently put a manger in place and that has made a big difference to my overall work load now I am just having staffing issues...