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Old Feb 3, 2013, 04:05 PM   #1
Kendo
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To those who successfully own their own business...

I currently work in finance for a respectable company and make a decent salary. By decent I don't mean the salary that is portrayed in a movie like Wall Street but enough to live comfortably. I enjoy my work but lately I've been feeling that the 40 to 50 hours a week that I spend in the office is going nowhere.

I read a story about an individual who worked in banking and decided to open his own business with the money he saved. Ironically he was working more hours at his personal business, but it didn't feel like "work" because he was essentially investing in his own "empire."

The thing that caught my attention was the fact that he was inspired to open a shop selling lobster rolls. I feel like if you have a passion for something, along comes the drive, and then comes the success. But what if you don't have a passion but simply want to own your own business? Is it possible? How did you small business owners get started with your own business? Was it something like, "You know what, I love doing ______ and I don't see any ______ shops in the area. I'm gonna open the first one."
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Old Feb 3, 2013, 05:17 PM   #2
chown33
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Quote:
Originally Posted by Kendo View Post
But what if you don't have a passion but simply want to own your own business? Is it possible?
Yes it's possible. But you need to ask yourself "Why?", and be able to come up with a sensible answer.

I've been self-employed for years, but it hardly feels like an "empire", not even a tiny one. I do it because I enjoy the work I do, and I like working this way. Except in the lean times, and then it truly sucks. Being emperor is like that.


If you just want to own a business, maybe you can buy one. Or maybe you can buy a franchise. Or become an investor with other investors in an existing local business or franchise. A lot depends on what kind of money you have to invest, what role you want to play, what timeframe you're looking at, what kind of business loans you can get, etc.

Really, there's so many ways to do this, right and wrong, that unless you have a clear answer for "Why?", you're better off not doing it. Passion may be a prerequisite for success, but passion alone is not sufficient.
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Old Feb 6, 2013, 09:40 PM   #3
LumbermanSVO
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Owning your own business isn't for everyone.

It is something I have been working towards and in the process I have been interviewing the business owners I know, seeking advice and checking to see if I'm on the right path.

One told me, "The best part of owning your own business is that you get to work whatever 18 hours of the day you want!" This was from a plumber who only appears to work 6-8 hours a day if you are one of his customers. But having seen him go through the day-to-day operations, that statement isn't too far from the truth.

Another person owns a couple Subway franchises and it took him over 3 years of being there EVERY day, from open to close, before he finally felt comfortable enough with his staff and operation to take a 3 day vacation.

If you think you'll get to work less because you own the joint then you are kidding yourself. If working that much doesn't scare you one bit, then go for it, I am!
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Old Feb 6, 2013, 10:51 PM   #4
snberk103
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Quote:
Originally Posted by Kendo View Post
I currently work in finance for a respectable company and make a decent salary. ... I enjoy my work but lately I've been feeling that the 40 to 50 hours a week that I spend in the office is going nowhere.

I read a story about an individual who worked in banking and decided to open his own business with the money he saved. Ironically he was working more hours at his personal business, but it didn't feel like "work" because he was essentially investing in his own "empire."
...
What's the point of working more hours (than your current salary) if you aren't 'passionate' about it? There is no guarantee that you will be successful, so if you are starting your own business just to make more money, well there is a huge risk. Which why you will find so many 'passionate' people who are self-employed.... 'cause ain't for the money. The money may come, but that is not how we measure success. Or you may end up dirt poor for a long time. That is the risk.

BTW - I live in a community with a high proportion of people who gave up their 'jobs' to pursue their passion. They may or may not be successful, but it makes for happier people.

One way to explore your passion is to either volunteer with a non-profit to share a skill, or start taking classes.

Good Luck.
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