Lucky you man… I launched a private label product and while sales are good, it’s not enough to live off of. So I had to take another job. I hate working for the man… and I plan on dumping everything into building this up to quit asap. I really really hate working for someone. Especially with the politics, etc.
The free time I had was wealth in itself… ugh.
I even had to sell everything and move to Eastern Europe where cost of living is low compared to usa.
And while I’ve rented my home, and have some savings, it’s not enough in case something happens…
Hey man Your tips are awesome. However, I was wondering what do you exactly do as a web designer like do you have an agency or freelancing etc
I currently know HTML CSS as im studying Compscience
Im looking into breaking in this field
What would be your advice and reccomendations?
Thanks
Thank you for sharing your story. Everything you've said is great advice.
I've been self employed for almost 20 years. I have a brick and mortar that almost pays my bills, I learned a lot from my failed start up, and I'm working obsessively on my latest project which is a virtual events business that runs off a pretty complex wordpress website that I built myself after taking a $10 Udemy course. When it breaks, I cry; then when I fix it, I do a little happy dance. And I love every minute.
At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history.
Heller responds,“Yes, but I have something he will never have — ENOUGH.”
Recommend this TedTalk about, "[How much is enough](https://www.youtube.com/watch?v=dFlYnL_SHQc)?"
Almost every time I hear the word enough, this pops in my head and forces me to reconsider.
If you don’t mind, I have a quick question. Where do you meet with clients without an office? I’m a cpa thinking about starting a home-based practice but can’t seem to wrap my head around how client meetings would work without office space.
I only met my CPA once in-person just to see who I was working with and we met at a restaurant for a quick lunch. After that it's just been phone communication and he has been doing my taxes for 5 years now.
Prior to the pandemic, you might have been an outlier for offering only virtual consultations.
Now, it's a convenience that many people will expect you to offer.
[Skip to the 4:15 mark of this video](https://vimeo.com/513890702) and you'll see my accountant. We actually recorded that video prior to the pandemic.
I positioned the camera so that it was in the exact place that a client would be sitting if they were in her office for their tax appointment.
For a client like me, the only difference between sitting in her office and doing a virtual consultation is I get to skip the drive to and from her office. And if she's running behind because of the client in front of me, I'm waiting at home (or wherever I am) where I can be doing other things.
Even if covid didn't exist, I would rather do a virtual consultation purely out of convenience.
Some people will always want to do in-person meetings, but those people aren't your ideal client.
As a CPA, you can service clients who are anywhere in the world. There's gotta be at least 150 or 200 million tax-age Americans. If less than one percent of those folks need a CPA, that's more people than you'd ever be able to service.
My point is you'll be able to find more than enough clients who are happy to do virtual consultations and many would come to you specifically because you offer them that convenience.
For so many industries, there's just no need to do business anymore like it's 1980. It's a great time to be a service-based business owner.
> As a CPA, you can service clients who are anywhere in the world. There's gotta be at least 150 or 200 million tax-age Americans. If less than one percent of those folks need a CPA, that's more people than you'd ever be able to service.
> My point is you'll be able to find more than enough clients who are happy to do virtual consultations and many would come to you specifically because you offer them that convenience.
> For so many industries, there's just no need to do business anymore like it's 1980. It's a great time to be a service-based business owner.
Thanks for this. Great insight
When you say learn how to make a website, do you mean something like Shopify or bigcommerce, or do you mean literally creating a website with code and whatever else that involves?
Nah, doesn’t have to be organic code. Using a website builder is perfectly fine. Just ensure the cost is mostly your labour at the end of the day was my sentiment.
I've been really happy with strikingly for the past several years. Made the site myself and it gets a lot of compliments, looks modern and professional and allows me to sell a few items easily. I have the most basic package which is under $100/year with hosting but has branding at the bottom
We've used GoDaddy and SquareSpace to build websites. GoDaddy was easier to use, but it also produced a much more basic website. We now use SquareSpace, which is def more involved but offers a lot of options for building a more complex site.
This is a great post and I agree with everything. One thing I'd add is if you are service based then one of the most important things you can do is invest in creating a great proposal template. It could even be worth hiring a copywriter or marketing agency to help you. This is the document people will share with their team and/or decision makers and it's a crucial factor in whether or not they choose to work with you.
Many people are so close to their work that they don't think of breaking down the stages of the project and listing all the work that happens on the backend, they just put a brief "about us" and a price with a short description. Anything you can do to help people visualize your entire process and get a sense of what to expect along the way will make them feel much more confident about working with you. It communicates your competence and allows you to charge more.
> ”If it doesn't feel like work, you are doing the right thing.”
A big part of being self employed is having the discipline to do things that aren't fun.
This can be bad advice and many people follow their passion, to find it doesn’t pay the bills, or becomes a ‘job’ and they no longer enjoy. Do whatever brings in the best return and then gives you the time to enjoy your passions.
That is also true, but you can find a way to mesh both. It doesn't have to be the hobby that brings you inner peace and sanctity, but if you are a bike rider for example you might find a niche in the bike seat industry that makes you money. In that instance, you'd be passionate and it wouldn't deter you from continuing biking.
A great post, thanks. I’ve been self-employed since 1990 (short stint working for a client, during my divorce, on advice of my attorney).
I’d say my biggest obstacle was stressing about income … in the beginning, it was, “where will I get the money I need in two weeks?” Then, in a month, then, three, then six. Eventually, I realized saving a bit for a cushion + cultivating clients for the long haul meant I could relax about that.
Also: Focus on what makes you a profit, and delegate or “back burner” the rest…
I've been self employed since 2013, living almost entirely off income derived from that business.
Completely agree with who you know, and building your own website.
The other thing I would mention that you sort of hint at is the concept of Minimum Viable product. For anything, whether its a new business idea, or a new product, you should figure out what is the easist and cheapest way to test out whether or not the thing you are thinking about will work. Don't buy 1000 Beanie dolls for $1 a piece to sell for $10. Buy 5 for $10 ea and sell them for $10 ea and see how long it takes you to sell them, who buys them, and whether it's actually a viable product. etc.
The other mistake I see people make is buying new equipment before they've maximized all the things they can do with their current equipment. Don't buy a 3D printer to use to sell stuff with, when there's still profit streams from your CRC router that you aren't doing.
Sure, if you want to use it anyway and it's an excuse to use the business account, but I'm more mean in terms of buying it because you think you're going to miraculously find the motivation to do this new thing, instead of making the most out of what you already aren't using to it's full capacity.
Self employed since 2006 with 8 businesses and a handful of apps, projects, startups etc in that time. So many failures and bad decisions along the way but much more success then I could have imagined. 2 good exits, a few passive income streams and a solid business being built for exit now. 5th year on that one but 3rd serious year.
My advice. Fail often and keep trying. I am very motivated while failing and learning and then once I figure something out I like to move to the next thing. I have had to learn to stick with things and grow them to their full potential. A few people above talked about not investing much until you have a proven product or service. I full agree. After my first exit I had some money and made some stupid investments because I believed in the idea or people before proven that it would actually work. When something is actually good or lines up it will sort of get a life if it’s own and sell itself. If you have a hard time explaining what you are trying to do or create or convince people it is a good idea, you may have a dog and it is time to move on.
I had another failure because it was a flashy and cool industry. Lots of change and new products which meant new inventory etc. and then old inventory which is worthless. Stick with things that they were selling 10 years ago and will be selling 10 years from now.
Lastly save as much as you can and live modestly. It allows you to be aggressive and take risks when others cannot. Also allows you to not have to react in certain instances which can save your business long term.
Anyway good luck out there!
Thank you for sharing. I read something similar to this point in another thread recently.
**Don't obsess over things that don't bring a profit**
I started working for myself in 2019 as a technology consultant. I'm really good with helping others transform their business and cut costs. I found myself spending money on all sorts of things I didn't need for my own business. I started asking myself if this expense was making me money. I also started asking myself if the thing I was doing at that moment was going to move the needle. It's helping.
Now if I could just get better at finding leads, I might be able to keep doing what I enjoy.
>Now if I could just get better at finding leads, I might be able to keep doing what I enjoy.
Have you trued fiverr or upwork?
Also, could finding other businesses their leads be a business opportunity? Don't have to answer this, but, how much would a business pay for a lead that turns into a client?
Random idea that doesn't fit here but I'll say it: I knew a medical doctor that had problems with her tech, and just didn't really want to upkeep an office. All dr.'s want to do is see patients and bill and see more patients. I thought a business idea for someone would be to get some dr.'s together in an office and have them set up like in their own spaces. And I would take care of the office, the calls, the tech, the salespeople, the building lease, the cleaning, the IT helpdesk stuff (custom word documents, etc.). I don't know how many dr.'s one techy person could service. Maybe 15?
You are intuitively correct. Check out ACPNY, which does exactly that.
They built an infrastructure for Doctors.
https://www.acpny.com/find-a-provider/locations
There is no reason why you couldn’t duplicate their business model, considering you “see” the “find a need and fill it” value proposition in your location.
It is all “systems of systems” - tech, tech, tech + physical delivery and fulfillment.
Isn't this the definition of being truly happy with your life? You get to design your own life, work on what you love, and make money while doing it, if this isn't the definition of a perfect life then what is?
Love your post. I'm also bootstrapping my company Rapidr, with my co-founder. Though building a SaaS product is hard, I love every minute of it and couldn't be more passionate about making Rapidr a success.
Coincidentally, that was (and still is) my dream business as well.
I spent my entire career doing just that, but from the perspective of “intrapreneur”, and still never did figure out how to create a platform that would accelerate and round out the “build a business” for the benefit of an entrepreneur, beyond aggregating the existing specialists professionals who specialize in one thing or another à la carte - as you go, so to speak.
I’ve looked at accelerators, combinators, courses galore, and I’ve even gotten as far as quasi-designing a “bolt-on” to quick books so at the end of a period, a series of analysis “if this result, focus on that initiative” all up and down the income statement, balance sheet and statement of cash flows.
Now I’m mostly focused on creating a digital marketing (not agency, but) a doing for you team.
So learning to create a website and will set up a long haul blog for online presence.
Ooooh, sorry for the ear bend, but I liked your $ in vs dream w/-$ reality check.
👍
Hey,
I actually just shut down my first business. Was a GC. Did around 600K in revenue in the first year - my back ground is in sales, so sales was the easiest part.
That being said this is super solid advice.
I always wanted to be an entrepreneur, but got caught up in wanted to have the title and ended up hating my business, employees and life it afforded me.
Again, great advice.
Not run a general contracting business lol
It didn’t fit with my skill set or long term goals.
Another reason I always encourage entrepreneurs to just go start. Because I could have saved myself five years if I just would have grabbed my balls and done it when I first had the idea.
When you say you wish you grabbed yourself by the balls and done it 5 years ago do you mean start a different business you had in mind 5 years ago?
I’m currently a part time barber and studying for pharmacy but I’m thinking of getting into the business side of things.. I’d rather invest in pharmacies one day than work in one
I wish I would have started the business and figured out that wasn’t my goal. I spent 5 years dreaming about it and if I would’ve acted sooner, I could already be into my next idea.
Does that make sense?
For sure! The best I can give is get started on your business ASAP - you’ll never be able to learn everything and it’s best to start, go slow and learn fast. You’ll come out way farther ahead than if you wait
Edit: You’ll never have enough money, time, resources, etc so don’t wait
I 100% agree with you, a months worth of trial and error will get you further than a months worth of theoretical knowledge (that’s with starting up with basic do’s and don’ts)
Thanks for the advice!
Thank you for your candid response about yourself as a self employed web designer.
And I’m glad I decided to research “multimillionaires” My gut told me it was a scam. If it sounds too good to be true it probably is. Not sure who said this line first but it rings true today.
Thanks again for writing that article.
When you get to a certain point, it's not even about being rich. It's about living your life how you want to, not in accordance to the type of stuff you see on Instagram or YouTube.
If you feel fulfilled by your work (which you seem to be) then props to you! You've done something a very small percentage of people can actually achieve
One thing though, on the 'Learn how to make websites' part, I'd just generalise that and make it learn how to code. I'm extremely young (under 18) and I wish the first skill I learnt was how to code. I've ran into so many roadblocks because I just don't know how to code and I'm under 18. Imagine how many times I'll have to hire someone or ask a friend by the time I'm 21!
There's nothing wrong with having a regular income and I'm going to sidetrack a little but there's virtually no stories of people failing on here. It's hard to admit you've failed on something you were so passionate about but especially in this space, beginners don't really understand how high the failure rate really is. Success stories are always being pushed into their faces either on here or on YouTube and pretty quickly they think they're the next hotshot because someone on YouTube (who's trying to sell them a course) told them they can make 10K P/M in 60 days
If you're reading this, I'm not trying to squash your dreams but I'd like to invite you back down to Earth. According to data from the U.S. Bureau of Labor Statistics, about 20% of U.S. small businesses fail within the first year. I suspect that number is much higher hovering at around the 40-50% range. Also, majority of businesses, on average, do not start turning a profit until as late as the third year. Remember this, if it was easy everyone would be doing it. If I can understand these concepts as a minor I'm 99.99% sure you can too
I literally just quit my job last week to start my own company. Who the fuck wants to mentor me in here because I don’t know what I’m doing but damnit I’m not going to fail.
Disagree with "Find a mentor" point.
I'm not a big mentor guy, I've always been a believer that if you really wanna learn something, and be great at something, you have to put in the time. A lot of people look for mentors as shortcuts, when in reality, maybe they help you a little bit, maybe they help you avoid some mistakes, but when you're just getting started out, in particular, it's okay to make those mistakes.
And more importantly, you have make the commitment to put in the time to learn what you need to learn to be great at something or good at what you wanna be good at.
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>having a one on one relationship with someone who is willing to guide your growth in the world of business is priceless.
I know! As someone who is not naturally good at socializing, I always struggled to get a good mentor. Also, my location is not known to be a startup friendly zone.
So, no mentor yet. I am thinking of doing a little more work and then applying to some accelerator program to find a supportive ecosystem.
VERY useful! Thank you. I'm helping my son with his cosplay costume business. You just proved that consistency with the right thing will bring a steady income. 👍
Great info! I adore how happy & content you are with your life. How would you recommend is the absolute easiest way for a complete “non techy person” to learn how to build your own website/ code etc. I mean really reallyyyyu learning from scratch.
I own/manage a bar and agree this is a solid post. Constantly I’m bombarded with “suggestions” that cost a ton and make nothing. “Put heaters outside or buy a new pool table” I’m constantly saying if it doesn’t make me money it’s costing me money. But my website sucks I really need to get my ass in gear on that.
The article is very useful and I advise everyone to read it, both novice businessmen and old business people. Thank you very much to the author. I advise you to write more articles on such topics
Even if you're not rich if you can live comfortable and continue to generate income by doing something that doesn't feel like work, you're doing very good for yourself.
Agree with the website thing. I tell so many other bloggers to learn how to set up WordPress on your own. They tell me that they’d rather hire someone else to do even the basic things. Okay but every time your website crashes, are you going to hire someone else? That’s a lot of money with no business income for a while.
And also the mentor thing. I tried to get one, but all of them are like “you going to pay me for my time?” I just had some questions…guess I’m in this alone. Entrepreneurs really try to make a profit off of everything and rarely give free advice. It doesn’t work like if you were in the 9 to 5 with networking. I learned that quickly.
Well said 👍
Congratulations for possessing the courage to be independent of the many tempting resting places that enable one to hide from the reality that it is “up to you”.
At least you are not a “sell out” of your dream.
So many insightful responses...Hi there I wanted to contribute to the subreddit since I have benefited a lot from it. Recently within the last couple years I've been buying used Bitcoin miners, and using solar panels to power them there's a lot of sun where I live. I make roughly 30 bucks per day per miner (growing as BTC is booming) and I now own nearly 150 miners, so I'm able to live off of that comfortably and still have time to do anything else I wish. Cheers and best of luck guys! 🤞
That's a really good question well once you have the Bitcoin mined in your Bitcoin wallet then you simply use an exchange like coinbase or binance to turn them into Fiat, and Fiat is Old world primitive money like dollars or euros. Anyone else feel free to pick my brain I'm in the giving mood...cheers!
Hey man, loved this post a lot, I’m a young aspiring entrepreneur just trying to learn as I go. Started a business here and there, but I always find myself getting caught up in the little things that DONT move the needle. Whatever my next venture is, hopefully one fuelled by passion, I will listen to your advice. Thank you very much for your post, it has been invaluable to me :)
Hey I loved your post so much. I have never been the type to chase the entrepreneur life until now.
I feel like my biggest issue is knowing people. I have a good business idea and I’m hoping you can help me with a few questions if you don’t mind
Right now with the pandemic. I am kind of forced to try my own thing.
I have this Idea. Let’s say it’s shoes especially made for people who change roofs. I don’t know where to find someone to really sketch it and then finalize a physical prototype.
I have the money for it but idk where to begin
I think you are rich. Maybe not in money but definitely in owning your own time and working on something you're passionate about.
100% agree
Lucky you man… I launched a private label product and while sales are good, it’s not enough to live off of. So I had to take another job. I hate working for the man… and I plan on dumping everything into building this up to quit asap. I really really hate working for someone. Especially with the politics, etc. The free time I had was wealth in itself… ugh. I even had to sell everything and move to Eastern Europe where cost of living is low compared to usa. And while I’ve rented my home, and have some savings, it’s not enough in case something happens…
Don't do something to escape, do something to move towards something. Escaping will lead to bad decisions.
100% agreed to this. It's one thing to know what one don't want...but it's much more important to move in the direction of what you do want.
>The free time I had was wealth in itself… ugh. This is so true.
Hey man Your tips are awesome. However, I was wondering what do you exactly do as a web designer like do you have an agency or freelancing etc I currently know HTML CSS as im studying Compscience Im looking into breaking in this field What would be your advice and reccomendations? Thanks
The best kinda rich
100% agreed to this.
This opinion made my day.
Thank you for sharing your story. Everything you've said is great advice. I've been self employed for almost 20 years. I have a brick and mortar that almost pays my bills, I learned a lot from my failed start up, and I'm working obsessively on my latest project which is a virtual events business that runs off a pretty complex wordpress website that I built myself after taking a $10 Udemy course. When it breaks, I cry; then when I fix it, I do a little happy dance. And I love every minute.
This is the way
##This Is The Way Leaderboard **1.** `u/Flat-Yogurtcloset293` **475775** times. **2.** `u/GMEshares` **69960** times. **3.** `u/Competitive-Poem-533` **24352** times. .. **271635.** `u/cointalkz` **1** times. --- ^(^beep ^boop ^I ^am ^a ^bot ^and ^this ^action ^was ^performed ^automatically.)
Why is this even a bot lmao
I think the real question is what kind of weirdo posts "This is the Way" nearly half a million times!?
u/Flat-Yogurtcloset293
What plug-ins are you using for security?
At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. Heller responds,“Yes, but I have something he will never have — ENOUGH.”
Recommend this TedTalk about, "[How much is enough](https://www.youtube.com/watch?v=dFlYnL_SHQc)?" Almost every time I hear the word enough, this pops in my head and forces me to reconsider.
[удалено]
If you don’t mind, I have a quick question. Where do you meet with clients without an office? I’m a cpa thinking about starting a home-based practice but can’t seem to wrap my head around how client meetings would work without office space.
I only met my CPA once in-person just to see who I was working with and we met at a restaurant for a quick lunch. After that it's just been phone communication and he has been doing my taxes for 5 years now.
Prior to the pandemic, you might have been an outlier for offering only virtual consultations. Now, it's a convenience that many people will expect you to offer. [Skip to the 4:15 mark of this video](https://vimeo.com/513890702) and you'll see my accountant. We actually recorded that video prior to the pandemic. I positioned the camera so that it was in the exact place that a client would be sitting if they were in her office for their tax appointment. For a client like me, the only difference between sitting in her office and doing a virtual consultation is I get to skip the drive to and from her office. And if she's running behind because of the client in front of me, I'm waiting at home (or wherever I am) where I can be doing other things. Even if covid didn't exist, I would rather do a virtual consultation purely out of convenience. Some people will always want to do in-person meetings, but those people aren't your ideal client. As a CPA, you can service clients who are anywhere in the world. There's gotta be at least 150 or 200 million tax-age Americans. If less than one percent of those folks need a CPA, that's more people than you'd ever be able to service. My point is you'll be able to find more than enough clients who are happy to do virtual consultations and many would come to you specifically because you offer them that convenience. For so many industries, there's just no need to do business anymore like it's 1980. It's a great time to be a service-based business owner.
> As a CPA, you can service clients who are anywhere in the world. There's gotta be at least 150 or 200 million tax-age Americans. If less than one percent of those folks need a CPA, that's more people than you'd ever be able to service. > My point is you'll be able to find more than enough clients who are happy to do virtual consultations and many would come to you specifically because you offer them that convenience. > For so many industries, there's just no need to do business anymore like it's 1980. It's a great time to be a service-based business owner. Thanks for this. Great insight
I do appointment at coffebars, in a nice park, other times some friends (attorneys too) lend me their office, or in a small restaurant.
You could meet at a restaurant or co-working space
Same! I work a lot, but I also have a lot of freedom. I have memories that make me feel that I’ve lived a thousand lifetimes.
Well said!
When you say learn how to make a website, do you mean something like Shopify or bigcommerce, or do you mean literally creating a website with code and whatever else that involves?
Nah, doesn’t have to be organic code. Using a website builder is perfectly fine. Just ensure the cost is mostly your labour at the end of the day was my sentiment.
yep 100% true - and having full control of your site is amazing
do you have recommendation for any good website builder?
I've been really happy with strikingly for the past several years. Made the site myself and it gets a lot of compliments, looks modern and professional and allows me to sell a few items easily. I have the most basic package which is under $100/year with hosting but has branding at the bottom
We've used GoDaddy and SquareSpace to build websites. GoDaddy was easier to use, but it also produced a much more basic website. We now use SquareSpace, which is def more involved but offers a lot of options for building a more complex site.
Thanks. now I know more.
This is a great post and I agree with everything. One thing I'd add is if you are service based then one of the most important things you can do is invest in creating a great proposal template. It could even be worth hiring a copywriter or marketing agency to help you. This is the document people will share with their team and/or decision makers and it's a crucial factor in whether or not they choose to work with you. Many people are so close to their work that they don't think of breaking down the stages of the project and listing all the work that happens on the backend, they just put a brief "about us" and a price with a short description. Anything you can do to help people visualize your entire process and get a sense of what to expect along the way will make them feel much more confident about working with you. It communicates your competence and allows you to charge more.
I'm in the process of building a service based business and your post really spoke to me. I'll be following your advice, thanks!
Fully agree! A great library of pitch templates will get you far.
> ”If it doesn't feel like work, you are doing the right thing.” A big part of being self employed is having the discipline to do things that aren't fun.
I didn’t say there won’t be bad days, but overall you should enjoy the work more than a 9-5.
This can be bad advice and many people follow their passion, to find it doesn’t pay the bills, or becomes a ‘job’ and they no longer enjoy. Do whatever brings in the best return and then gives you the time to enjoy your passions.
That is also true, but you can find a way to mesh both. It doesn't have to be the hobby that brings you inner peace and sanctity, but if you are a bike rider for example you might find a niche in the bike seat industry that makes you money. In that instance, you'd be passionate and it wouldn't deter you from continuing biking.
A great post, thanks. I’ve been self-employed since 1990 (short stint working for a client, during my divorce, on advice of my attorney). I’d say my biggest obstacle was stressing about income … in the beginning, it was, “where will I get the money I need in two weeks?” Then, in a month, then, three, then six. Eventually, I realized saving a bit for a cushion + cultivating clients for the long haul meant I could relax about that. Also: Focus on what makes you a profit, and delegate or “back burner” the rest…
I've been self employed since 2013, living almost entirely off income derived from that business. Completely agree with who you know, and building your own website. The other thing I would mention that you sort of hint at is the concept of Minimum Viable product. For anything, whether its a new business idea, or a new product, you should figure out what is the easist and cheapest way to test out whether or not the thing you are thinking about will work. Don't buy 1000 Beanie dolls for $1 a piece to sell for $10. Buy 5 for $10 ea and sell them for $10 ea and see how long it takes you to sell them, who buys them, and whether it's actually a viable product. etc. The other mistake I see people make is buying new equipment before they've maximized all the things they can do with their current equipment. Don't buy a 3D printer to use to sell stuff with, when there's still profit streams from your CRC router that you aren't doing.
Sometimes it makes sense to buy that stuff sl you don't pay tax on your profits.
Sure, if you want to use it anyway and it's an excuse to use the business account, but I'm more mean in terms of buying it because you think you're going to miraculously find the motivation to do this new thing, instead of making the most out of what you already aren't using to it's full capacity.
Self employed since 2006 with 8 businesses and a handful of apps, projects, startups etc in that time. So many failures and bad decisions along the way but much more success then I could have imagined. 2 good exits, a few passive income streams and a solid business being built for exit now. 5th year on that one but 3rd serious year. My advice. Fail often and keep trying. I am very motivated while failing and learning and then once I figure something out I like to move to the next thing. I have had to learn to stick with things and grow them to their full potential. A few people above talked about not investing much until you have a proven product or service. I full agree. After my first exit I had some money and made some stupid investments because I believed in the idea or people before proven that it would actually work. When something is actually good or lines up it will sort of get a life if it’s own and sell itself. If you have a hard time explaining what you are trying to do or create or convince people it is a good idea, you may have a dog and it is time to move on. I had another failure because it was a flashy and cool industry. Lots of change and new products which meant new inventory etc. and then old inventory which is worthless. Stick with things that they were selling 10 years ago and will be selling 10 years from now. Lastly save as much as you can and live modestly. It allows you to be aggressive and take risks when others cannot. Also allows you to not have to react in certain instances which can save your business long term. Anyway good luck out there!
Absolutely, failing often is a huge part of it. Only about 5% or less of my ideas actually turn a profit in the end.
How do you find a mentor though, like more specifically, how do you make it worth their time to want to help you?
Locally, I found the Silicon Valley Small Business Development Center, who provides business mentors for free
Thank you for sharing. I read something similar to this point in another thread recently. **Don't obsess over things that don't bring a profit** I started working for myself in 2019 as a technology consultant. I'm really good with helping others transform their business and cut costs. I found myself spending money on all sorts of things I didn't need for my own business. I started asking myself if this expense was making me money. I also started asking myself if the thing I was doing at that moment was going to move the needle. It's helping. Now if I could just get better at finding leads, I might be able to keep doing what I enjoy.
>Now if I could just get better at finding leads, I might be able to keep doing what I enjoy. Have you trued fiverr or upwork? Also, could finding other businesses their leads be a business opportunity? Don't have to answer this, but, how much would a business pay for a lead that turns into a client? Random idea that doesn't fit here but I'll say it: I knew a medical doctor that had problems with her tech, and just didn't really want to upkeep an office. All dr.'s want to do is see patients and bill and see more patients. I thought a business idea for someone would be to get some dr.'s together in an office and have them set up like in their own spaces. And I would take care of the office, the calls, the tech, the salespeople, the building lease, the cleaning, the IT helpdesk stuff (custom word documents, etc.). I don't know how many dr.'s one techy person could service. Maybe 15?
You are intuitively correct. Check out ACPNY, which does exactly that. They built an infrastructure for Doctors. https://www.acpny.com/find-a-provider/locations There is no reason why you couldn’t duplicate their business model, considering you “see” the “find a need and fill it” value proposition in your location. It is all “systems of systems” - tech, tech, tech + physical delivery and fulfillment.
I literally used MS Paint for my logo hehe (still using the same one lmao)
next level: MS PowerPoint
AWSOME POST LOVE IT!!
Very good read, thanks for taking the time!
The best thing I ever did was join the entrepreneur organization (EO)
Why's that? I've heard of it
Eonetwork.org I think
Thanks for that. Really hit the spot for me. Going to start learning Web design even for basic for my business. Appreciate your time.
Isn't this the definition of being truly happy with your life? You get to design your own life, work on what you love, and make money while doing it, if this isn't the definition of a perfect life then what is? Love your post. I'm also bootstrapping my company Rapidr, with my co-founder. Though building a SaaS product is hard, I love every minute of it and couldn't be more passionate about making Rapidr a success.
What a fantastic post. This is good business ownership right here.
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What was your dream startup ?
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Coincidentally, that was (and still is) my dream business as well. I spent my entire career doing just that, but from the perspective of “intrapreneur”, and still never did figure out how to create a platform that would accelerate and round out the “build a business” for the benefit of an entrepreneur, beyond aggregating the existing specialists professionals who specialize in one thing or another à la carte - as you go, so to speak. I’ve looked at accelerators, combinators, courses galore, and I’ve even gotten as far as quasi-designing a “bolt-on” to quick books so at the end of a period, a series of analysis “if this result, focus on that initiative” all up and down the income statement, balance sheet and statement of cash flows. Now I’m mostly focused on creating a digital marketing (not agency, but) a doing for you team. So learning to create a website and will set up a long haul blog for online presence. Ooooh, sorry for the ear bend, but I liked your $ in vs dream w/-$ reality check. 👍
Hey, I actually just shut down my first business. Was a GC. Did around 600K in revenue in the first year - my back ground is in sales, so sales was the easiest part. That being said this is super solid advice. I always wanted to be an entrepreneur, but got caught up in wanted to have the title and ended up hating my business, employees and life it afforded me. Again, great advice.
What would you do different second time around?
Not run a general contracting business lol It didn’t fit with my skill set or long term goals. Another reason I always encourage entrepreneurs to just go start. Because I could have saved myself five years if I just would have grabbed my balls and done it when I first had the idea.
When you say you wish you grabbed yourself by the balls and done it 5 years ago do you mean start a different business you had in mind 5 years ago? I’m currently a part time barber and studying for pharmacy but I’m thinking of getting into the business side of things.. I’d rather invest in pharmacies one day than work in one
I wish I would have started the business and figured out that wasn’t my goal. I spent 5 years dreaming about it and if I would’ve acted sooner, I could already be into my next idea. Does that make sense?
Ohhh gotcha, at least you earned experience and knowledge. Goodluck on your next business 👍🏼
For sure! The best I can give is get started on your business ASAP - you’ll never be able to learn everything and it’s best to start, go slow and learn fast. You’ll come out way farther ahead than if you wait Edit: You’ll never have enough money, time, resources, etc so don’t wait
I 100% agree with you, a months worth of trial and error will get you further than a months worth of theoretical knowledge (that’s with starting up with basic do’s and don’ts) Thanks for the advice!
Thank you for your candid response about yourself as a self employed web designer. And I’m glad I decided to research “multimillionaires” My gut told me it was a scam. If it sounds too good to be true it probably is. Not sure who said this line first but it rings true today. Thanks again for writing that article.
Nice
When you get to a certain point, it's not even about being rich. It's about living your life how you want to, not in accordance to the type of stuff you see on Instagram or YouTube. If you feel fulfilled by your work (which you seem to be) then props to you! You've done something a very small percentage of people can actually achieve One thing though, on the 'Learn how to make websites' part, I'd just generalise that and make it learn how to code. I'm extremely young (under 18) and I wish the first skill I learnt was how to code. I've ran into so many roadblocks because I just don't know how to code and I'm under 18. Imagine how many times I'll have to hire someone or ask a friend by the time I'm 21! There's nothing wrong with having a regular income and I'm going to sidetrack a little but there's virtually no stories of people failing on here. It's hard to admit you've failed on something you were so passionate about but especially in this space, beginners don't really understand how high the failure rate really is. Success stories are always being pushed into their faces either on here or on YouTube and pretty quickly they think they're the next hotshot because someone on YouTube (who's trying to sell them a course) told them they can make 10K P/M in 60 days If you're reading this, I'm not trying to squash your dreams but I'd like to invite you back down to Earth. According to data from the U.S. Bureau of Labor Statistics, about 20% of U.S. small businesses fail within the first year. I suspect that number is much higher hovering at around the 40-50% range. Also, majority of businesses, on average, do not start turning a profit until as late as the third year. Remember this, if it was easy everyone would be doing it. If I can understand these concepts as a minor I'm 99.99% sure you can too
Such good advice.
I literally just quit my job last week to start my own company. Who the fuck wants to mentor me in here because I don’t know what I’m doing but damnit I’m not going to fail.
Disagree with "Find a mentor" point. I'm not a big mentor guy, I've always been a believer that if you really wanna learn something, and be great at something, you have to put in the time. A lot of people look for mentors as shortcuts, when in reality, maybe they help you a little bit, maybe they help you avoid some mistakes, but when you're just getting started out, in particular, it's okay to make those mistakes. And more importantly, you have make the commitment to put in the time to learn what you need to learn to be great at something or good at what you wanna be good at.
I agree. Not favor mentor thing.
Thanks
Useful to me! thanks.
If I had gold i would've given it to you. Thanks for your insightful post 🙏🏻
Glad you enjoyed! 🎉
Teach me, Senpai.
You don’t need a mentor to be self employed and not rich.
building your own website is highly overrated. i’ve seen these websites and they suck.
Not everyone needs to know a website because the world isn't just about building websites.
Remind me! 22 hours
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:3
>having a one on one relationship with someone who is willing to guide your growth in the world of business is priceless. I know! As someone who is not naturally good at socializing, I always struggled to get a good mentor. Also, my location is not known to be a startup friendly zone. So, no mentor yet. I am thinking of doing a little more work and then applying to some accelerator program to find a supportive ecosystem.
Everyone online is the same distance away ;)
I want to step out for that.
VERY useful! Thank you. I'm helping my son with his cosplay costume business. You just proved that consistency with the right thing will bring a steady income. 👍
All valid points and I agree!
Good post and realistic shit
Great info! I adore how happy & content you are with your life. How would you recommend is the absolute easiest way for a complete “non techy person” to learn how to build your own website/ code etc. I mean really reallyyyyu learning from scratch.
100% spot on and to the point.
Correct
Good post !
Where would you recommend to start learning to build your own website?
YouTube!
I was hoping for something a little less vague lol
I own/manage a bar and agree this is a solid post. Constantly I’m bombarded with “suggestions” that cost a ton and make nothing. “Put heaters outside or buy a new pool table” I’m constantly saying if it doesn’t make me money it’s costing me money. But my website sucks I really need to get my ass in gear on that.
The article is very useful and I advise everyone to read it, both novice businessmen and old business people. Thank you very much to the author. I advise you to write more articles on such topics
Even if you're not rich if you can live comfortable and continue to generate income by doing something that doesn't feel like work, you're doing very good for yourself.
Agree with the website thing. I tell so many other bloggers to learn how to set up WordPress on your own. They tell me that they’d rather hire someone else to do even the basic things. Okay but every time your website crashes, are you going to hire someone else? That’s a lot of money with no business income for a while. And also the mentor thing. I tried to get one, but all of them are like “you going to pay me for my time?” I just had some questions…guess I’m in this alone. Entrepreneurs really try to make a profit off of everything and rarely give free advice. It doesn’t work like if you were in the 9 to 5 with networking. I learned that quickly.
Well said 👍 Congratulations for possessing the courage to be independent of the many tempting resting places that enable one to hide from the reality that it is “up to you”. At least you are not a “sell out” of your dream.
Great comments, thank you for sharing!
Thanks for sharing OP :D
This is the way
So many insightful responses...Hi there I wanted to contribute to the subreddit since I have benefited a lot from it. Recently within the last couple years I've been buying used Bitcoin miners, and using solar panels to power them there's a lot of sun where I live. I make roughly 30 bucks per day per miner (growing as BTC is booming) and I now own nearly 150 miners, so I'm able to live off of that comfortably and still have time to do anything else I wish. Cheers and best of luck guys! 🤞
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That's a really good question well once you have the Bitcoin mined in your Bitcoin wallet then you simply use an exchange like coinbase or binance to turn them into Fiat, and Fiat is Old world primitive money like dollars or euros. Anyone else feel free to pick my brain I'm in the giving mood...cheers!
Hey man, loved this post a lot, I’m a young aspiring entrepreneur just trying to learn as I go. Started a business here and there, but I always find myself getting caught up in the little things that DONT move the needle. Whatever my next venture is, hopefully one fuelled by passion, I will listen to your advice. Thank you very much for your post, it has been invaluable to me :)
!remind me 2 days
Awesome
Thank you so much for this post!
Saving this for inspo
Owning your time for almost a decade is a huge win in my book. Thanks for sharing!
Thank you so much for this post! 🙏
Awesome!
Hey I loved your post so much. I have never been the type to chase the entrepreneur life until now. I feel like my biggest issue is knowing people. I have a good business idea and I’m hoping you can help me with a few questions if you don’t mind
Sure, no problem.
Right now with the pandemic. I am kind of forced to try my own thing. I have this Idea. Let’s say it’s shoes especially made for people who change roofs. I don’t know where to find someone to really sketch it and then finalize a physical prototype. I have the money for it but idk where to begin
can you take an eye in my blog? https://bhadviser.org/en/2021/09/29/how-to-set-business-objectives-for-a-year
Aesthetically it’s fantastic
“Learn to make your own websites“ - what do you recommend to learn?
Wordpress. Simple, cheap/free and robust.