what have you gained in life from being in business? free time, money, etc

[huggytree]

I am happy every day that I went into business for myself. My life is better than I ever dreamed. I grew up very middle class. I was told in school that without a collage education id make $20k a year.

What has being in business for yourself brought you? good and bad

GOOD

Money- which gives me fantastic vacations, major remodeling and additions to my house,peace of mind, Toys (very close to buying a new Dode Challenger SRT next year)

Control- i love being in complete control of winning or losing

People- I have met so many great people and have tons of business friends

Stress- I used to have trouble sleeping/headaches when i worked for someone else.. id have insomnia 1 or 2 days a month and headaches 1 or 2 days a week...i had a good boss, but i hated having no control......I dont know if ive ever had a sleepless night in 3 years now and headaches are now 1 or 2 days a month

BAD-

I Worry- things are either going great or bad, never just steady...constant highs and lows...when i have bad customer experiences i cant get it out of my head for sometimes weeks, months.

Time- Ive become a workaholic and its like a hobby now...i talk about it off-hours too much...luckily my wife is understand and supports me...i dont spend as much time w/ the kids as i should...when im in a busy period i can tell the kids want to be around me less because im around them less....some days i dont see my kids....when its slow im around the house all day, but its in the winter when we just sit around....




Lets here the good and bad? maybe we can help each other solve the 'BAD' problems

[Steve B]

Good

Much more time with the kids and flexibility to help out at home. I was a workaholic before when I had a corp. job and I'm still one, it's just that I get to work a much more flexible schedule.

I've enjoyed working with just about every one of my 500 customers. I've never had any problems collecting money (which I was originally worried about). Several of my customers have turned into friends. I get to meet a lot of great dogs. Today a couple insisted I stop working and have lunch with them. I have another customer that gives me blank checks (literally, blank and signed) because she never wants me to worry about collecting money from her.

I had a medical issue dissapear overnight when I left the corporate world - It must have been caused by stress.

I have three great employees that allow me to take vacations and still make money while I'm away.

Bad

Same highs and lows that you experience, pretty much the same seasons. I'm not making as much money as I'd like - but, I'm still improving during this bad economy while others in my business are hurting much worse.

Medical insurance is outragous. No possiblity for a LTD plan as a small business owner (at least nothing that's realistically priced) - so lots of risk if I get sick or injured.

[huggytree]

Steve, I get my insurance through the plumbers union...i think i pay $1,300 a month and that gets me vision and dental....plus when i retire the union picks up 60percent of my premiums (if the union still exists)...maybe there's a group you can join for cheaper insurance?....there is a non-union group i could join if i had to...there has to be a insurance plan you can get reasonably...what do they want per month?

to make more money i constantly find new customers...im lucky that i can work for builders..there's a limited # of them and i know who they are...its easy for me to advertise to them....im still picking up new guys constantly...almost all my builder work is from builders ive had for less than 16 months...all the original ones i had went under or almost under...if i dont constantly find new ones id be under....for you its homeowners and other than referral ive never found a way to get more...i changed my phone book ads to read ;we do it right the first time'....that almost ended my phone book calls.....so i dont get price shoppers from the phone book anymore...

i never have trouble collecting from homeowners either...i get paid when the project is done (before i leave)...its nice not having to wait 30-45 days....id love to be 100 percent homeowner like you....i probably wouldnt because i like diversity though...all eggs in one basket thing...ive had homeowner work dry up completely for months at a time...while builder work is somewhat steady.

[Steve B]

My insurance is probably similar (family of 5), but the deductible is way high - so it's really just catastrophic insurance.

I grabbed a flyer the other day for you. I found a guy who makes a living putting flyers in the newspaper boxes for small businesses. He's been handing out the same flyer for a plumber for 15 years now! Apparently it's working for him. It might not be a good example for you, because this guy does repair work, but I thought you might want to see a copy.

[Steve B]

I have something to add to the Good category.

I'm showing my kids that they can make a living without relying on anyone else. I've also got their first jobs ready and waiting for them if they want it. Actually, my 7 year old got $100 in commission this year already. He brought 30 flyers to school and gave them to his friends. I got TWO jobs out of it. I normally have to hand out 5,000 flyers to get ONE job.

I've also created my retirement plan and income for the future. If it works out, I've got two businesses I can sell, or operate via others and keep an income coming in after I'm past normal retirement age.

[huggytree]

im not very original, i take things from everyone...id be extremely happy to get a hold of one of those fliers....im sure id get something from it.....i love to see how others advertise for the same trade.

my insurance deductible is $750 for the family and 20 percent co -pay up to like $10k...when i had my kids they each cost me about $2k out of pocket...my first kid was free on my wifes teacher insurance.....i think my deductibles are pretty average these days.....
can you raise your prices to get a full coverage insurance plan? or would you be too overpriced?....im spoiled with my business...the unions heavy control of the area has meant every plumber has that, so im price competitive.....im not a big union guy at all , but have to admit the plumbers union has given me a better lifestyle....thats one of the many reasons i stay union even though im a 1 man shop....

[huggytree]

great job using your kids as net workers....its who you know!....im considering sponsoring my kids t-ball teams to get to know more families locally....locally my company does poorly because the competition has been around for 75 years...they are less expensive too...but also lower quality....ive made sure my sons classmates know im a plumber...i did a presentation at his school once and gave out toilet candy!...a little doll house size toilet with candy powder in the bowl..then you had a plunger sucker that you dipped in the toilet powder...i added a business card on each of them and told them not to open until they got home...i got 1 call from it....only 8 kids in the class, so i consider that a great investment...when my kids get older ill have to offer them commission too.....

id be depressed if i handed out 5000 fliers for 1 job...alot of work for 1 job...wow...i mail out 300 fliers 3x a year..i spend 1-2 days hand writing out the envelopes...i hate it....but i cant stop.....ive tried fliers in mailboxes once...i got 1 job for 250 fliers....and they have used me a couple of times since....its just sooo much work

[huggytree]

Steve, has owning your own business brought you anything positive financially? do you live a better life than you would as a worker?

what was your expectation when you went into business? mine was to make double what i did as a worker

[Steve B]

I was a mid level manager - with great pay and benefits. I'm working to get back to that level.

I'd be filthy rich if I could get one job out of 250 flyers. You should see if you can find a guy that will do the handing out for you. The guy I found charges 3 cents a piece if it's a neighborhood that he can drive, or 5 cents a piece if he has to walk. That's a heck of a lot cheaper than a stamp!

PM me your e-mail and I'll scan this flyer and send it. It's very simple - but that may be why it works.

[huggytree]

just sent you that e-mail...not sure if it works or not...i never sent one before

how did you go about finding someone to hand out fliers? i could try craigs list...it would be hard to trust that the person wouldnt throw out 90 percent of them

i pay .50 cents per flier...i assume you do a much better rate than that?

i wouldnt mind doing fliers to my hometown every few months to drum up work...the wife says im crazy for not doing my own subdivision..ive considered that many times

when i started over and became a plumber i went from $20 per hour to $10...it was tough to accept that....so i know how you may feel....with multiple companies i would assume you'll be ahead one of these days.....the recession may go on for 10 years..who knows...maybe our lifetimes