Opening a Business
 

I am at the point where I am considering opening my own business. I have just enough clients to do it, my question, to those who own thier own business.

What was the final impetus that made you take the plunge?

Did you feel better once you made the decision to work for yourself?


Just curious, I think mine happened today.

I work for Company X, we are contracted to Company Y to perform work. We have not had a contract, just an agreement. It has been this way for at least 20 years. Company X is the reason I moved to Louisiana, and I love it here, I know have 2 kids with this coonass from Houma and I don't want to leave.

So Company Y offers me a job since Company X, my current employer is trying to move me to Wisconsin. I turn down the offer to move to Wisconsin and accept the job with Company Y. Company X sends me a letter today stating they will be taking me to court because of the Non Compete Agreement I signed 15 years ago when I started with Company X.

So I think I will take the plunge...

XYZ! Court! Good luck!

Would you be opening a business in the same field?

No, I am done with the Grocery Business.

Forget them man Louisiana don't work like that...the same thing went on with a buddy I used to work with and he hired a lawyer which can be expensive but fought it and won...ended wasting about a year fighting but got 2 years of salary and all contracts banished for the company

Self employment isn't for the faint of heart! I'm learning this at a breakneck pace! If you've got a good bit of start-up capitol, it may not be so bad. I didn't have that much when we moved up to the "big show" and it really busted my butt! It still is, really! Constantly, it's like I'm trying to play catch up!

Now, there are days, weeks and months that I walk in here and LOVE this place and what I've done. Other times, I wish that I had never subjected myself to this! One of the things that I miss the most of pre-selfemployment is a full night's sleep! LOL I haven't had one of those since we moved up!

I dont get those now.

Hopedale,
that is what I heard also from my neighbor. He works for the AG in Louisiana, however I don't feel like going to court.

When people ask me what I like about owning my own business I tell them "Besides the long hours, the hard work the feast and famine cycles and the cut throat competion, I love it!"...

Well, hope this helps. My dad was a test case in front of the Louisiana Supreme Court in the 70's. His employer at the time was trying to transfer him for the 7 time in 6 years. He had told them he was tired of moving and was not going to make another transfer since he had small kids and was trying to get them established in one area. He was a supervising manager for Orkin, and they had him cleaning up other people's pile of dunn all over. Well, they came to him with another one, so he kicked them to the curve and started his own exterminating business. As soon as he got his license, they filed suit, and won. The current district attorney of St. Landry Parish was my dad's lawyer and it went all the way to the supreme court. It was ruled that La. is a "right to work state" and no one can keep an individual from earning a living. - I think the case still pops up on Google - "Orkin vs. Foti".

I know in the oilfield, I run across people in this situation all the time. I have yet to see someone get sued for it, but I have also seen people not want to take the chance and wait for the time to expire before jumping in to the fryer. Also, I would get a tablet and make two columns - "Pro's" on one side, "Con's" on the other. Take into consideration insurance, vacation time, hours worked, stress, and so on! Look at each column and you will have to decide with your wife if it is the right move for you and your FAMILY!!! I owned my own business (small) years ago, and the day I got the offer to be purchased for twice what I started it with we went to draw up the papers! It worked out for me, but I would start another one in a New York minute if I had to! - Good luck w/ your decision!

;):work: Dead on!

I have been self employed for almost 8 years now and LOVE IT!!! I would dread ever having to go back to answering to someone else! It takes lots of discispline and is not for everyone(obviously). You just have to go in with both feet,all or nothing!!
My time came when I was working as a superintendent for a large construction company in New Orleans and I commuted every day to the Northshore.There came a point where they couldnt keep any American workers so they started hiring mexicans.I couldnt communicate with them so they hired a translater who knew nothing about the work.A few weeks went by and some how I found out that they were paying this translater more than I was getting and I just had enough!Mostly was tired of the same old crap every single day and the commute but that just put the icing on the cake!!Never looked back and never regretted it!

and yea...you can forget full nights sleep and time to yourself

Just open a bar

My suggestion is go and meet with a business banker and go over your plan.
If He/She feels the plan is good and will support you, you are at least half way there.
In today's climate, with risk being so high, a banker's support is crucial.

Then you have to do the Pro's and Con's as suggested.
My father and Ex-father in law are both successful business owners. In the years I wanted to do my own thing, they both encouraged me to stay in corporate America and load the 401K.

Youth has something to do with it as well. No I feel there is too much to risk with kids headed to college and all.

I ran a small landscape and lawn service for 8yrs and loved it. Being your own boss is great because you get to decide how you are going to run your stuff and who you want to work for you but another downside for some business's is although you are your own boss you have a boss with every client you have and after 8yrs and over 40 other boss's I now work for a company and cut just a few yards and enjoy my days off.

Thanks for the info, I looked up your dad's case. It is sort of similar to my problem. I am not moving, it is done. My wife is not going to allow us to move anymore. We have bounced around this country and even overseas for a while. So my wife and I will file our paper work with the state and start our business.

My father in law says I should become a goat farmer his reasoning is, and I quote,"with all the dang arabs and mexicans moving here there will be a lot of people looking for goat meat."

" So my wife and I will file our paper work with the state and start our business. "

......so what is the bussiness:smokin:

Have a good friend who after allmost 20 years and 2 marriges just shut down his buisiness and went to work for someone else.
In all this time he has never been able to take a vacation ,never had more that sat an sun off in a row ,couldn't call in sick , missed the ballgames an programs for his kids at school.
not telling you not to do it just letting you know alot of the stuff you will face besides the financial part.

I have been self employed since I was 18-19 I love it. But I also work my arse off, I see alot of guys not do the foot work necessary to stay busy or keep business on the books and they hate it bcuz of the feast/famine deal.. I suggest putting together a plan including capital needed, location , needed sales to stay afloat, desired profits ect.... Go to a SCORE meeting and bounce it off them . Be prepared for long hours and get ready to dip into the savings account. If you are offering a good or service that many other people do make sure u set yourself apart brand yourself give them a reason to remember you a give u a shot! Best of luck :)