To start or not to start....

[Bwill]

I have been thinking of starting my own business for a few years now. I lost my job a few years ago and that is when I formed my idea. I met with someone from my local score chapter and got some good advice. He told me at that time my focus needed to be on finding a job, which is what I did. I found a job. I also continued to think about the company I wanted to create. This past November I lost my job again. I kept thinking about starting my own company. But, I remembered what I was told by the man I met with at Score. I started a new job this past February. I still can't stop thinking about starting my own company.

Do any of you have suggestions for whether someone should start their own business? What guidelines did you use in starting your own business?

I am really torn. I feel like if I don't at least try it, I will forever regret it. I can't seem to forget about it. Yet I keep waiting for some sort of sign that I should move forward. I know that sign will never come. I just need to take action or move on all together.

[Harold Mansfield]

Do any of you have suggestions for whether someone should start their own business? What guidelines did you use in starting your own business?
I didn't have any guidelines. It was 2008. The economy had started sucking in 2007 and everyone was just waiting for the other shoe to drop. I quit ahead of layoffs to spend more time learning about web design. I'd been tired of working for people since...well I actually never liked working for people. I merely tolerated it as a means to get money.

I started my business out of necessity. No plan B. Before I got started, I always thought I'd start a business when all of the stars lined up, I had everything else taken care of, no bills, no stress, and for some reason had all of this extra time and money laying around to dabble in a new project...once I had my perfect office built of course.

How I started was just the opposite. I had no money. Didn't have a bunch of fancy new equipment. Didn't have business cards. No company stationery. No fancy 800 number. Even my first website was kind of crappy.

I showed up at my first ever appointment with a potential local client with no laptop, no cards, no brochures. Nothing but a yellow legal pad where I had written down some thoughts and sketched some layout ideas. And I got it. (By the way, I do not recommend ever doing that. I was an idiot who got lucky.).

I knew the need was there, that there wasn't a whole lot of people doing it, and that I could compete with those that were. I figured sooner or later someone would call me so I did what I could to get my name out there.



I am really torn. I feel like if I don't at least try it, I will forever regret it. I can't seem to forget about it. Yet I keep waiting for some sort of sign that I should move forward. I know that sign will never come. I just need to take action or move on all together.

If you don't try, you will always regret it. You'll spend your days wondering "what if", and in that fantasy you never visualize how hard it would have been, or failure. In that "what if" fantasy your business is always a great success, you're on a beach sipping margaritas, and you kick yourself on how you lost out on great riches because you were scared to give it a try.

There is no sign. It's not kismet. The universe will not speak to you. It's not like the American Express commercials. The accumulation of all of the elements, ideas, and situations that make you think this is a good idea, IS the sign. It's laying the ground work, doing some research and figuring out if there is a market for your product or service AND if you can pull it off well enough to capitolize on it.

It's a risk. A 50/50 chance at best.

I started with the understanding that I could fail, but deep inside I really didn't think I would if I hit the ground learning and improving.
I also had nothing to lose, so that actually made it easier to take a leap of faith. For me it was either back into the fire and be miserable, or aim for the mattress below. I chose the mattress.

[Bwill]

Awesome story. Pretty much exactly what I was thinking for quite some time now. I am grateful for the advice I received from the Score Advisor BUT I have always felt it isn't always possible to wait for the perfect situation. As you mention sometimes just taking the leap starts the fight or flight response.

Thank you for sharing your story. I assume your decision has worked out well for you.

[Freelancier]

Is there a reason you can't continue your full-time job AND start your new business?

[Harold Mansfield]

...As you mention sometimes just taking the leap starts the fight or flight response.

And that's exactly it. Starting a business is more of a personal exercise than anything.

What are you willing to sacrifice? How broke are you willing to live if need be?
When you have to make a decision of whether to pay the cable/internet bill or buy groceries, which do you chose? I've had to make that decision many times and it was never a question that internet was far more important than food.

Who are you when the chips are down? How do you respond when the odds are stacked against you and you NEED to land a client or go bust? Are you the take charge squad leader who will do anything it takes to survive a fire fight when you are out gunned and out manned? Or are you the private who waits in the fox hole for someone to tell him what to do next?


Thank you for sharing your story. I assume your decision has worked out well for you.
Best decision I ever made.

[Bwill]

Is there a reason you can't continue your full-time job AND start your new business?

I do not like to work more than 40 hours a week. 😜

Kidding of course. I can do both kind of. I am working in retail which means I work 50-60 hours a week. I can find hours for my business. Still, part of my business will require me to deliver goods direct to customers. That is one of the issues I need to work out still. My customers probably will not like me ringing their door bell at 8am or 9 PM. Just one of the issues I will need to work out.

[Fulcrum]

Bwill, what's holding you back from starting this? Going into business is a leap of faith.
Are you confident that you have/can learn the skills needed to both own and operate the company?
Are you willing to give up the JOB search and put all of your focus on building a company that will provide you with what you need?
Are you willing to give up short term comfort in return for long term satisfaction knowing that you at least gave it your best?

If you can answer "yes" to the above questions, than go for it. The advice about focus and drive that you were given from SCORE will be needed to get your business off the ground - never forget it.

My story is different from Harold's as I didn't need to start a business and I have been blessed to have always had a job (started working part time at the age of 12) - please remember this as you read the rest of the post. About a year (2003) after I dropped out of college I took a job that I held for 9 years. By the time I quit, right in the middle of the "Great Recession", I had been debating of going into business for myself. I had gotten myself into some cash flow issues and sold my condo to clear up debts when I quit the old job. I went back to work for my parents while I got my debt issues squared away.

About a year after that, in the course of one weekend, I got a call from my former boss seeing if I wanted my old job back (with a hefty raise to almost $30/hour), a partnership request from someone else and a real estate deal offered to me. I took a few days to make a decision and my decision was "if everyone seems to want me, why not go into business for myself". I knew a semi-retired person who had a small shop and I called him on the following Monday. I went to see the business the following night, made my decision within 30 seconds of hearing the numbers and seeing what he had. I knew absolutely nothing about saw blades aside from them spinning in a circle and cutting things.

Six months later I bought him out and have never looked back.


I do not like to work more than 40 hours a week. ��

Kidding of course. I can do both kind of. I am working in retail which means I work 50-60 hours a week. I can find hours for my business. Still, part of my business will require me to deliver goods direct to customers. That is one of the issues I need to work out still. My customers probably will not like me ringing their door bell at 8am or 9 PM. Just one of the issues I will need to work out.

Most people will be understanding about delivery times outside of normal hours if you explain the reason behind it. Personally, I would rather have something delivered at 8am rather than 9pm, but if I were a customer of yours and 9pm was all that worked for you than I would make it happen on my end. Never assume what your customer will want - always ask them and talk with them. Things will become much simpler working with firm facts and figures rather than on assumptions.

I think I can speak for most of the members here when I say that if you take the plunge, we all hope you will float rather than sink.

[Bwill]

Bwill, what's holding you back from starting this?

Man this is complicated. I think there are a lot of things once you peal all the layers back. I am not sure if there is a market for my service or how big of a market there is. I am married, have kids and am more risk adverse than a 20 something. My wife would like me to wait for when we have money to burn. Which is pretty much when hell freezes over. I am waiting for a sign from the universe which Harold tells me will never happen. To name a few.

I am confident in my own skills and knowledge. I am excited that there is so much more at our disposal these days (internet, social media, forums like this, etc.) to start a business. I would love to put all these tools to work for me.

[Harold Mansfield]

I'm not sure I actually "needed" to start a business. But after being out of work for so many months, I just didn't see the purpose of getting another job somewhere just to start over and work my way up again...for someone else. Seemed like the perfect time to just do that for myself.

Having a family is a real concern that you need to weigh heavily. You obviously can't do things like spend solely on the business, because people that depend on you want to eat.

In your situation, I'd say you'd have to take the hard, no sleep road. Keep the job to feed the family and work the business at night and on the weekends. Support from your wife is going to be key here. If she's not on board, you won't be able to do it because she won't be cool with you spending so much time in your office or won't want to take on more time with the kids so that you can work. Without her support, you should hang it up because it won't work.

The people in your life ( that you live with) have to understand and support you or you will never get any quiet time. Ever. Cause they won't give a crap about it.

[Fulcrum]

Though I am not married and can't speak from experience, one big factor that you mention needs to be addressed. Make sure both you and your wife are on the same page when you decide to start. If you can start small and keep costs down, moonlighting to start your business makes sense. If you are unemployed, don't recall if you said you were working or not and too I'm too lazy to double check, spend as little as you can, avoid debt (those interest charges will eat you alive and come back for seconds) and get started.