Canks
Member
This is correct, but you do need to think of how the former company will think and react if you will be working in the same space. You do not want them smearing your name to future customers.
Starting a business
- Thread starter Cleandezert
- Start date
This is correct, but you do need to think of how the former company will think and react if you will be working in the same space. You do not want them smearing your name to future customers.
Starting a business has quite a few steps. I first obtained a Federal Tax ID / EIN so I could file taxes to NOT pay the man because I work the system and write off everything so I don't make any money on the books, which is good UNTIL you want to buy a home or something that they need 2 years of back taxes to qualify you for the loan. I was doing my business as a side hustle for 6 or 7 years after hours when I worked for Poly Performance. I wanted to branch out and go full time BUT i was scared to lose that steady paycheck that covered all my expenses. I slacked off at work enough that the company figured I wasn't working for them enough and it forced me into the deep end and I had to make it work.
No matter how confident you feel you are with the business and deep down you know you'd be successful at it, making that jump and fully committing into doing it is always hard. Myself was kinda forced into it, which is the push I needed to commit to making it happen.
Also I learned from day 1 with my business is have separate credit cards and bank accounts that are ONLY used for business income and expenses. Using your personal credit cards and accounts makes tax time and accounting much much much harder. I also use Quickbooks Online which is awesome since it links my bank and credit card accounts to my system so as I charge things I can record them into different expense category's and income to different invoices.
SO for you I'm going to assume you need to have a couple good employee's to make everything run correctly, for the first few jobs you will need to be willing to reinvest all your money into the business and pay enough to keep your employee's happy, that keep the company going. It is going to be hard to look and see that your employee's will be making more money than you BUT that is just temporary until you get enough clients, which will come from word of mouth. Once you get enough good loyal employee's that will do everything to keep the company going, like you do now, you can relax and not do soo much of the hard work just be a good manager and delegator of tasks and jobs to keep moving forward and growing the business.
No matter how confident you feel you are with the business and deep down you know you'd be successful at it, making that jump and fully committing into doing it is always hard. Myself was kinda forced into it, which is the push I needed to commit to making it happen.
Also I learned from day 1 with my business is have separate credit cards and bank accounts that are ONLY used for business income and expenses. Using your personal credit cards and accounts makes tax time and accounting much much much harder. I also use Quickbooks Online which is awesome since it links my bank and credit card accounts to my system so as I charge things I can record them into different expense category's and income to different invoices.
SO for you I'm going to assume you need to have a couple good employee's to make everything run correctly, for the first few jobs you will need to be willing to reinvest all your money into the business and pay enough to keep your employee's happy, that keep the company going. It is going to be hard to look and see that your employee's will be making more money than you BUT that is just temporary until you get enough clients, which will come from word of mouth. Once you get enough good loyal employee's that will do everything to keep the company going, like you do now, you can relax and not do soo much of the hard work just be a good manager and delegator of tasks and jobs to keep moving forward and growing the business.
theycallmeWALLY
Administrator
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Not to Plug us or anything... But Mikey gave us a little run down on what it took for him to get started on his small business (@the_fablab_ ).
I'd say a key point that he discussed was to just dive him. He kind of got pushed off the deep end... but it all worked out in the end.
I'd say a key point that he discussed was to just dive him. He kind of got pushed off the deep end... but it all worked out in the end.
Yeah when I moved to Phoenix I gave Mikey a few options for his work and he chose to stay in Simi so I talked to landlord and he took over my shop space. I sold him my lifts and wiring since I didn't need that much stuff for my new shop in Phoenix. Again he had to be thrown in just like I did to make it work. Tough situation but it's worth the shot since worse case you can just go get a job with someone else worse case.
theycallmeWALLY
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Yeah dude.
I wasn't trying to say anything negative. Just trying to point out that getting thrown in is sometimes the best approach.
