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CU Medallion [73569]
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So say you had a chance to start your own business
Sep 19, 2018, 9:24 AM
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But it would involve taking a 30% paycut, at the beginning. But has the potential to grow bigger than you currently meke. But that low income time period could make it painful.
Wud you or wouldnt you?
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Oculus Spirit [81073]
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If it was sustainable and I wouldnt have to do it again in
Sep 19, 2018, 9:25 AM
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a year, I'd do it in a minute.
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All-In [27403]
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work your #### ### off
Sep 19, 2018, 9:25 AM
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so you can meke all you want.
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CU Medallion [73569]
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2 things.Its almost fail proof but also has a ceiling
Sep 19, 2018, 9:30 AM
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at probably at twice as much as i make now. So I wouldnt become super rich but pretty well off, it I make it work well.
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CU Medallion [50635]
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time frame of at the beginning
Sep 19, 2018, 9:26 AM
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and 30% of how much kinda matters
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CU Medallion [73569]
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I'm guessing a yr?***
Sep 19, 2018, 9:28 AM
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All-TigerNet [12851]
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30% paycut from $11/hour or 30% paycut from $200k/year
Sep 19, 2018, 9:29 AM
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can you live off of the 70% in the short run to profit in the long run?
Will you be doing what YOU WANT?
Will you be able to make your own future?
Is it sustainable?
Is it scaleable?
Cons
Do you need additional employees? Because I hate people.
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Oculus Spirit [81073]
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aside from working, employees are the worst part of it.
Sep 19, 2018, 9:33 AM
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its babysitting grownups.
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CU Medallion [73569]
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definitely employees. about 15 to start and
Sep 19, 2018, 9:35 AM
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with potential to 40-60
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All-TigerNet [12851]
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your first employee should be a good finance/accounting guy
Sep 19, 2018, 9:38 AM
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Many, Many small businesses fail because they dont pay THE MAN. Using "unpaid tax dollars" as working capital will get you quick. Its amazing how many companies go under because of payroll, sales, unemployment, Federal taxes etc.
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Oculus Spirit [75721]
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Hall of Famer [21259]
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Re: definitely employees. about 15 to start and
Sep 19, 2018, 10:22 PM
[ in reply to definitely employees. about 15 to start and ] |
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Just be careful with cash flow. With what I do, I get paid net 60... meaning I get paid 60 days after I bill. I bill at the end of the month. So I have to carry someone for 3 months before getting paid for them.
You said 11 employs at 11 dollars per hour... you would need 77000 dollars to pay them before you would start making money on them if it was set up like I have.
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CU Medallion [73569]
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middle technology mgt type money
Sep 19, 2018, 9:34 AM
[ in reply to 30% paycut from $11/hour or 30% paycut from $200k/year ] |
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Will involve weekends, but has potential down the road to free up time.
defintitely sustainable but will be a partnership with a big company. Its automatic sales from first day.
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All-TigerNet [12851]
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if they are willing to set u up then they are willing
Sep 19, 2018, 9:41 AM
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to set someone else up to compete against you.
IF i did it, my first order of business would be to diversify enough that I am not dependent on that one customer.
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CU Medallion [50635]
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All-In [34596]
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Can Crass be yer firss employee? Crass really tired of
Sep 19, 2018, 9:35 AM
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werking fer hisself.
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CU Medallion [73569]
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i suspect you'd want more than $11/hr ;-)***
Sep 19, 2018, 9:36 AM
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All-In [34596]
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" 'Firss rule of owning a business, dont assume
Sep 19, 2018, 9:38 AM
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anything.' -Lee Iococca" -CaptCrash
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Oculus Spirit [75721]
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Make sure you can take a 40 to 50% hit based on stuff going
Sep 19, 2018, 9:37 AM
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terribly wrong.
Don't change your lifestyle too much once things start going well.
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CU Medallion [73569]
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yep, I'm pretty frugal anyway.***
Sep 19, 2018, 9:50 AM
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All-In [31904]
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Saw start with 15 employees and ramp...
Sep 19, 2018, 9:51 AM
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up to 40-50.
Have you fully managed people before and anywhere near that many?
I was lucky to slowly ramp up the number of people managed because it dang sure isn't easy. I'm in the process of transitioning into a GM/CEO role and even though I've been working as the #2 in our company since we built the plant 10 yrs ago, I've been astounded by the amount of time that personnel issues take up. It's a manufacturing plant, so that is a bit different than managing all staff-type jobs, but man...we have about 30 staff and 90 hourly workers and it's daily drama.
The rest of your question has a lot of personal/professional variables. Ability to withstand a 30% pay cut for 1-2 yrs really depends on your financial situation and your ability to trim your lifestyle back.
Is there any way to start this and not leave your current position? Or maybe pick up a part-time position while you start this?
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CU Medallion [73569]
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ya, its pretty much a complete job change
Sep 19, 2018, 9:56 AM
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Once the employess got bigger, I'd hire a manger.
I may contact you later for some info
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All-In [31904]
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If you're the owner...you're the manager....
Sep 19, 2018, 11:22 AM
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would you own the operation?
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All-In [47750]
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I did. Will be 5 years in November.
Sep 19, 2018, 9:52 AM
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Still not making what I was but the freedom is magnificent.
It's easy to set up an LLC in VA. Add a website and start networking.
Profit.
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CU Medallion [73569]
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ya, but you work from home and have no employees
Sep 19, 2018, 9:57 AM
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AT least I think you do. cant beat that
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All-In [47750]
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You are correct on all counts.***
Sep 19, 2018, 10:01 AM
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Oculus Spirit [83625]
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I'm really not sure it's that much of a pay cut...
Sep 19, 2018, 10:00 AM
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going from college professor to DNC informant.
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Oculus Spirit [93673]
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Look at jew, showing up with an attitude after...
Sep 19, 2018, 10:22 AM
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deserting your friends.
I'm glad your trolling again, Franc.
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Oculus Spirit [93673]
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I'll say this.
Sep 19, 2018, 10:20 AM
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Yes. 30% is chicken feed compared to the joy and satisfaction that comes with building and running your own business. You face customers with issues and all you have to do is figure out what they want and how to give it to them.
Giving customers what they want is easy if they want it badly enough to pay for it. If they don't you may serve them for the sake of keeping your employees working. That too comes with a measure of satisfaction and the additions of self worth. That's when a company becomes productive. The corporate breakdown happens when management is distanced from the product or service. You have the opportunity to avoid that. You will see.
I would made sure the company will thrive and remind you, you work for the company first. If you do that the company will work for you someday. If there is an economic issue, cash flow or wages which make you uncomfortable you will end up with risk. Evaluate that risk well before you take the leap. Make sure your better half is well aware of the situation and that she is all in.
Tapdatasz regularly whether you want to or not.
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All-In [46825]
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Nobody wants your cotdamn essential oils***
Sep 19, 2018, 10:28 AM
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Oculus Spirit [79429]
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^^^Doesn't care about the health of his children^^^***
Sep 19, 2018, 10:37 AM
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Replies: 30
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