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The Entrepreneur / Business Owner's / Self Employed Lounge - GlobalMan - 03-14-2017

The Fastlane Forum can be hit or miss for sure. But occasionally there is some really valuable information to be had.

Here is a link I bookmarked long ago, 50 page thread on import/export (mainly with China) and OP is still responding to questions after two years even though he's selling an ebook on the topic. That thread has directly helped me with a few things I was struggling with, so much great stuff.

https://www.thefastlaneforum.com/communi...ist.55062/

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The Entrepreneur / Business Owner's / Self Employed Lounge - AneroidOcean - 03-23-2017

Quote: (01-31-2017 04:24 AM)roberto Wrote:  

Quote: (01-31-2017 01:40 AM)AneroidOcean Wrote:  

I'm not sure if this is the proper place to vent, but I'm insanely stressed due to a huge problem (not really of my making or responsibility to pay for) that is essentially mine to sort out on a new business venture.

I am feeling massively overwhelmed and super stressed out. I hope there's light at the end of this tunnel. It seems pretty far away at this moment and this is exponentially more difficult/out of my experience level than anything I've dealt with prior. Fuck!

Time for a hot shower and sleep.

Best place as any mate.

"not really of my making or responsibility to pay for"- I'm gonna go ahead and presume that it actually is, or else it wouldn't be bugging you. Perhaps this is your timely reminder to waterproof your terms and conditions, and install procedures so that this doesn't happen again.

Chin up mate. You pay to learn, especially at the University of Life. I'm having an expensive lesson today as it happens- underestimated the time a job would take, so now I'm just hoping we can complete it at cost.

Quote: (01-31-2017 09:27 PM)Off The Reservation Wrote:  

Care to share non identifying details?

Thanks for the supportive responses, guys. Also had some forum members talk to me off forum about this some and they had good feedback for me that I appreciated. I know some of this is really vague, but I prefer it that way:

I'm not out of the woods yet and it's not all completed/finished, but I've hired a good friend/guy I trust to have his guys patch over 2 of 3 problems and I'm hoping to have the 3rd problem sorted out by the beginning of the week.

Main client needs it done by the end of next week so I could potentially be done early and worst case by the end of the week. Scheduled the cleanup crew to come by before the client sees it.

I was stressed before as it was 1 huge problem and then got stressed again these past 1-2 weeks as the timeline got shortened up by the client, but it looks like I'll make it.

On a more positive note, I got off my ass and properly registered this business and opened a bank account for it and am now waiting for 2 big checks to clear from 2 new clients that should result in me breaking even or maybe even being in the black in my first couple months of operation. Time investment has been significant, but if I can get through some more clients/jobs I will have a nice little side business.

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The Entrepreneur / Business Owner's / Self Employed Lounge - SamuelBRoberts - 03-24-2017

A word of advice that may be useless for most self-employed people, but is something that I've been thinking about a lot lately.

Try to have a good chunk of savings in the bank. How much is "a good chunk", I don't know. 20k. 40k. 50k? More?

That money is YOURS. It's not for investing. It's not for putting in any business. It's for sitting there in case you need it for your own living expenses.

Because as your career advances and you start to make contacts, you're going to make connections, and those connections are going to come to you with offers. And some of those offers will be risky, and some might not pay off. And risks get much less risky if you have enough cash in the bank, that you KNOW isn't going anywhere, that you can just shrug off the loss and not give a shit.

Something to think about.

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The Entrepreneur / Business Owner's / Self Employed Lounge - CleanSlate - 03-24-2017

Quote: (03-24-2017 12:49 AM)SamuelBRoberts Wrote:  

Try to have a good chunk of savings in the bank. How much is "a good chunk", I don't know. 20k. 40k. 50k? More?

That money is YOURS. It's not for investing. It's not for putting in any business. It's for sitting there in case you need it for your own living expenses.

Agreed. How much savings is up to you and your living expenses, and I'd say at least 1-2 years of living expenses is good to have. Also, keep in mind when you start a business, there will be people who will jockey for your money or tell you how to spend it.

Get this ebook!

Buy a set of udemy courses!

Get on this blah-blah marketing webinar for only $600!

Spend $10,000 on a marketing campaign!

Hurry, invest $20,000 on a new dropshipping opportunity before the market saturates!

Put 10% of your savings in bitcoin or ETH or whateveraltcoinoftheday before it explodes!

Some will even try to guilt trip you... like "if you're not willing to invest in your business by paying me $xxxx, then you're not serious about it and will never succeed."

Here's what I say:

Fuck all that noise. Ignore them. Have a plan on how to spend your money, and stick to it within reason. Budget your expenses and leave a little room for the unexpected. Know what you need in advance, and what value you expect to gain from paying for other services that will help your business.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Off The Reservation - 03-24-2017

Quote: (03-24-2017 12:49 AM)SamuelBRoberts Wrote:  

A word of advice that may be useless for most self-employed people, but is something that I've been thinking about a lot lately.

Try to have a good chunk of savings in the bank. How much is "a good chunk", I don't know. 20k. 40k. 50k? More?

That money is YOURS. It's not for investing. It's not for putting in any business. It's for sitting there in case you need it for your own living expenses.

Because as your career advances and you start to make contacts, you're going to make connections, and those connections are going to come to you with offers. And some of those offers will be risky, and some might not pay off. And risks get much less risky if you have enough cash in the bank, that you KNOW isn't going anywhere, that you can just shrug off the loss and not give a shit.

Something to think about.

I understand and respect what you are trying to say but disagree fundamentally and wholeheartedly through experience.

So called savings should be available as needed cash plus a buffer. But the idea you propose of this savings that is not invested is contradictory to the nature of money. All money must work for you and make money.

Rather than focusing on savings you should focus on income. If you have enough saved you should invest in something that produces income.

Only income can see you through tough times. Savings is unproductive income waiting to be used up. What are you going to do if you need money and only have savings? Use it. When it is gone it is gone and difficult to replace. Whereas if you have created say $1800 a month in automated income you can learn to get by on that when the storm passes.

While it may seem cliché, everyone must read Rich Dad Poor Dad. In my case I had to read it 4 times and then read the later book Cash Flow Quadrant to get it.

Good luck changing your premises.

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The Entrepreneur / Business Owner's / Self Employed Lounge - PapayaTapper - 03-24-2017

Quote: (03-24-2017 10:00 AM)Off The Reservation Wrote:  

Quote: (03-24-2017 12:49 AM)SamuelBRoberts Wrote:  

A word of advice that may be useless for most self-employed people, but is something that I've been thinking about a lot lately.

Try to have a good chunk of savings in the bank. How much is "a good chunk", I don't know. 20k. 40k. 50k? More?

That money is YOURS. It's not for investing. It's not for putting in any business. It's for sitting there in case you need it for your own living expenses.

Because as your career advances and you start to make contacts, you're going to make connections, and those connections are going to come to you with offers. And some of those offers will be risky, and some might not pay off. And risks get much less risky if you have enough cash in the bank, that you KNOW isn't going anywhere, that you can just shrug off the loss and not give a shit.

Something to think about.

I understand and respect what you are trying to say but disagree fundamentally and wholeheartedly through experience.

So called savings should be available as needed cash plus a buffer. But the idea you propose of this savings that is not invested is contradictory to the nature of money. All money must work for you and make money.

Rather than focusing on savings you should focus on income. If you have enough saved you should invest in something that produces income.

Only income can see you through tough times. Savings is unproductive income waiting to be used up. What are you going to do if you need money and only have savings? Use it. When it is gone it is gone and difficult to replace. Whereas if you have created say $1800 a month in automated income you can learn to get by on that when the storm passes.

While it may seem cliché, everyone must read Rich Dad Poor Dad. In my case I had to read it 4 times and then read the later book Cash Flow Quadrant to get it.

Good luck changing your premises.

Ive stated it before

Quote: (02-16-2017 12:47 PM)PapayaTapper Wrote:  

Changing one's perception of the intrinsic value of wealth/money from "commodity to be spent" to "tool to be leveraged" is a requisite paradigm shift if your going to achieve true financial success

Wealth creation and financial independence is a chess game. The better you are at tactically incorporating every piece on your board into your strategy the better off you are. Being down to your savings is like being down to your King and with very few moves

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The Entrepreneur / Business Owner's / Self Employed Lounge - CleanSlate - 03-24-2017

^^ I don't think Samuel is saying you should burn through your savings without finding a way to make an income. In no way was he suggesting that you don't try to find a way to earn an income while you live off of your savings -- at least that's not how I read his post.

I took him to mean that you should be smart with how you use your savings. Trying to invest your savings just for the sake of "investing" is usually not the best way to go about it, and ends poorly more often than it works out. It's way too easy to make bad investments compared with making sound investments.

Rather, have a plan and allocate your money accordingly -- 1) keep savings in savings, 2) invest an amount you're willing to lose, and 3) work to earn an income.

Yes, I've read Rich Dad Poor Dad. Several times. Pretty badly written. Some useful concepts, particularly for the mindset, but it's pretty simplistic and lightweight.

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The Entrepreneur / Business Owner's / Self Employed Lounge - worldwidetraveler - 03-24-2017

Quote: (03-24-2017 10:00 AM)Off The Reservation Wrote:  

I understand and respect what you are trying to say but disagree fundamentally and wholeheartedly through experience.

So called savings should be available as needed cash plus a buffer. But the idea you propose of this savings that is not invested is contradictory to the nature of money. All money must work for you and make money.

Rather than focusing on savings you should focus on income. If you have enough saved you should invest in something that produces income.

Only income can see you through tough times. Savings is unproductive income waiting to be used up. What are you going to do if you need money and only have savings? Use it. When it is gone it is gone and difficult to replace. Whereas if you have created say $1800 a month in automated income you can learn to get by on that when the storm passes.

While it may seem cliché, everyone must read Rich Dad Poor Dad. In my case I had to read it 4 times and then read the later book Cash Flow Quadrant to get it.

Good luck changing your premises.

I don't think that is what he meant. Cashflow is king and you need enough to weather any storms. Starting your own business will lead you through many storms where cashflow will come and go.

Hell, depending on your business model, you may not make any profit for years.

Most of us are not going to do an IPO and burn through investor cash.

Besides, how much cashlow are you really going to generate with 30k - 50k?

All investments should be into your business when you are starting out. Many if not most people won't see success because they end up quitting before it happens. Partly because they run out of money.

By all means take some of that cashflow and invest in stocks, real estate or whatever once you get your business to the point where it is consistent. With that said, you are still better off reinvesting significant portions back into your business if the opportunity is there.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Ringo - 04-04-2017

Cool video by the 24-year old owner of Gymshark, a very popular gym clothing brand, talking about how the company came to be.






Guy has been on the online game since he was a teenager, created apps, and started Gymshark as a dropshipping business selling supplements, while still delivering pizzas part time. Respect.

By the way, this is his girl:

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The Entrepreneur / Business Owner's / Self Employed Lounge - rexxbravo - 04-04-2017

Hey newbie here I love the thread I have a small stripper business here in NC. It is slow but it is coming along have some big parties line up for some of my girls.

The main challenge is keeping talent in this business but if running a business was easy everybody would be doing it.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 04-07-2017

Quote: (04-04-2017 05:22 PM)rexxbravo Wrote:  

Hey newbie here I love the thread I have a small stripper business here in NC. It is slow but it is coming along have some big parties line up for some of my girls.

The main challenge is keeping talent in this business but if running a business was easy everybody would be doing it.

Do you give your employees W2s?

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The Entrepreneur / Business Owner's / Self Employed Lounge - Thomas the Rhymer - 04-13-2017

Something no one ever told me until recently: The first thing you must do when starting a business is to open up a bank account for it.

Doesn't have to be anything fancy. Just open up an account in your name somewhere. You can always upgrade an account to something fancy in the long run.

It helps to separate personal money from business money right from the start.

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The Entrepreneur / Business Owner's / Self Employed Lounge - kirdiesel - 04-13-2017

Thats the first thing you are supposed to do. Or else it is hard as fuck to keep track of what money is going and coming from where. Huge headache.

On another note:

I can't deal with Paypal holding my money anymore. I want completely remove PayPal as an option for payment on my listing but am scared of how customers will react.

Has anyone with a large sales volume on eBay removed Paypal and found it still ok? I am sick and tired of their bullshit. I have ZERO problems on my account and 2 returns out of like 50 sales and they are still fucking with my money.

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The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 04-13-2017

I've just had one of the best mornings I've had in a very long time. A mutual advisor introduced me to a guy of about my age and background, who has also started a tech business, and who is operating in the exact same sector as me targeting the same customers, but whose product is in no way competitive with my own.

He's just been down to meet with me, and we've got on like a house on fire. Kindred spirits, at a similar point in life, with all the same struggles. Much more than a quasi-business partner, I feel that I've most probably just started out on a very significant friendship. We are planning to work closely together, on a regular basis, and as I say, I imagine a very special friendship will blossom. It's a real thrill, and at a point where life is already going well and looking sunny, this is the most wonderful, thrilling prospect, and I am very excited about it.

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The Entrepreneur / Business Owner's / Self Employed Lounge - ColSpanker - 04-13-2017

Every month I'm ready to shut down my company. This month I survived because of a last minute order from a key customer. It's hard to survive in manufacturing, even when your product is quite simple. Now I'm having issues with a production machine and it might need a service call from the place that built it. It appears this order will allow me to pay most of my vendors, but I need more to pay an outstanding bill. I know I've whined about this before, but I had to vent someplace.

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The Entrepreneur / Business Owner's / Self Employed Lounge - roberto - 04-14-2017

Quote: (04-13-2017 09:00 AM)ColSpanker Wrote:  

Every month I'm ready to shut down my company. This month I survived because of a last minute order from a key customer. It's hard to survive in manufacturing, even when your product is quite simple. Now I'm having issues with a production machine and it might need a service call from the place that built it. It appears this order will allow me to pay most of my vendors, but I need more to pay an outstanding bill. I know I've whined about this before, but I had to vent someplace.

Are you in CNC machining? I hear that's real tough at the moment.

I'm getting busy as spring rolls around, just bought a third truck to help out.

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The Entrepreneur / Business Owner's / Self Employed Lounge - ColSpanker - 04-15-2017

Quote: (04-14-2017 04:32 AM)roberto Wrote:  

Quote: (04-13-2017 09:00 AM)ColSpanker Wrote:  

Every month I'm ready to shut down my company. This month I survived because of a last minute order from a key customer. It's hard to survive in manufacturing, even when your product is quite simple. Now I'm having issues with a production machine and it might need a service call from the place that built it. It appears this order will allow me to pay most of my vendors, but I need more to pay an outstanding bill. I know I've whined about this before, but I had to vent someplace.

Are you in CNC machining? I hear that's real tough at the moment.

I'm getting busy as spring rolls around, just bought a third truck to help out.

No, I'm in a whole different field. Although I used a machine shop to make the packaging machine. It cost me $5k, but a full-service one used cost $15K. It does the job, although if I had to run it flat-out I would need to upgrade.
Just finished packing an order which pays this month's vendor bills. As to next month....
BTW, glad to hear you're doing good.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Kona - 04-15-2017

Quote: (04-13-2017 09:00 AM)ColSpanker Wrote:  

Every month I'm ready to shut down my company. This month I survived because of a last minute order from a key customer. It's hard to survive in manufacturing, even when your product is quite simple. Now I'm having issues with a production machine and it might need a service call from the place that built it. It appears this order will allow me to pay most of my vendors, but I need more to pay an outstanding bill. I know I've whined about this before, but I had to vent someplace.

You keep your head up. And be yourself.

Can you get a look an on the machinery?

Aloha!

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The Entrepreneur / Business Owner's / Self Employed Lounge - ColSpanker - 04-15-2017

Quote: (04-15-2017 04:28 PM)Kona Wrote:  

Quote: (04-13-2017 09:00 AM)ColSpanker Wrote:  

Every month I'm ready to shut down my company. This month I survived because of a last minute order from a key customer. It's hard to survive in manufacturing, even when your product is quite simple. Now I'm having issues with a production machine and it might need a service call from the place that built it. It appears this order will allow me to pay most of my vendors, but I need more to pay an outstanding bill. I know I've whined about this before, but I had to vent someplace.

You keep your head up. And be yourself.

Can you get a look an on the machinery?

Aloha!

Took pictures of it and will send those to the place that built it. I've got my fingers crossed that it's an easy fix.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Vaun - 04-15-2017

Business owners, entrepreneurs, solo artists, I have a question for you.

I have had two successful businesses in my life. A construction company, and a consultancy. The construction company was in my 20's, put me through college, afforded me a nice lifestyle. The consultancy earned over six figures at its peak.

I am now dissatisfied with my job. I want to become self employed again. I know I can do it, but it would have to be something new. I have had several ideas, but I have been burnt out for the last six months. I dont need ideas, just motivation. Any suggestions?

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The Entrepreneur / Business Owner's / Self Employed Lounge - Thomas the Rhymer - 04-16-2017

Quote: (04-15-2017 09:31 PM)Vaun Wrote:  

I am now dissatisfied with my job. I want to become self employed again. I know I can do it, but it would have to be something new. I have had several ideas, but I have been burnt out for the last six months. I dont need ideas, just motivation. Any suggestions?

You want motivation to start a business or to deal with the burnout?

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The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 04-16-2017

Quote: (04-15-2017 09:31 PM)Vaun Wrote:  

Business owners, entrepreneurs, solo artists, I have a question for you.

I have had two successful businesses in my life. A construction company, and a consultancy. The construction company was in my 20's, put me through college, afforded me a nice lifestyle. The consultancy earned over six figures at its peak.

I am now dissatisfied with my job. I want to become self employed again. I know I can do it, but it would have to be something new. I have had several ideas, but I have been burnt out for the last six months. I dont need ideas, just motivation. Any suggestions?

I don't think anyone can give you that motivation. Money and success are the motivation, and if you've had some success in your previous ventures, then you know how long and hard you will have to work to get them, and how uncertain they are as rewards. It's a perfectly rational decision for anyone who's ever run their own business without game-changing success to want subsequently just to hold down a well paid job.

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The Entrepreneur / Business Owner's / Self Employed Lounge - worldwidetraveler - 04-16-2017

Quote: (04-15-2017 09:31 PM)Vaun Wrote:  

Business owners, entrepreneurs, solo artists, I have a question for you.

I have had two successful businesses in my life. A construction company, and a consultancy. The construction company was in my 20's, put me through college, afforded me a nice lifestyle. The consultancy earned over six figures at its peak.

I am now dissatisfied with my job. I want to become self employed again. I know I can do it, but it would have to be something new. I have had several ideas, but I have been burnt out for the last six months. I dont need ideas, just motivation. Any suggestions?

This is exactly why many people say to follow your passion. Following a passion isn't needed for making money, it is for staying motivated to get to the money part.

Passion can come into this in many ways. It doesn't necessarily need to be in the subject matter or market. It could be the process of creating itself.

Example, I don't necessarily have a passion for the market I sell in. It can be a pain in the ass at times. I do have a passion for creativity. I always did and building cool stuff that other people use fills that passion for me.

The reason I cater to this particular market is because it is big and people spend a lot of money. I'm talking spending money on many different products which means I can sell a ton of stuff to the same customer which is a big deal when you factor in the customer aquisition costs.

In other words, I love the process of creating products that people use. The market itself is just a means to an end.

Money is a strong motivator but I find it a short term one.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Vaun - 04-16-2017

Quote: (04-16-2017 01:16 AM)Thomas the Rhymer Wrote:  

Quote: (04-15-2017 09:31 PM)Vaun Wrote:  

I am now dissatisfied with my job. I want to become self employed again. I know I can do it, but it would have to be something new. I have had several ideas, but I have been burnt out for the last six months. I dont need ideas, just motivation. Any suggestions?

You want motivation to start a business or to deal with the burnout?

Mostly to start another business, while in burnout. I am emerging out of the burnout, it started last summer. The low point was Dec-Jan. Now I am coming out of it. But with starting my new businesses, its like I have writers block. I have done a lot of preliminary work(market research, IP/Trademark, marketing research), but haven't launched any of them yet. I get started, get distracted with something else(life, women, my full time gig), then they fall off my plate. I would call it entrepreneurial writers block.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Valentine - 04-17-2017

Create a list of all the reasons why you want this and review it daily. Make it a mantra to yourself.

For example the migrant invasion in one such motivation for me. It'll be difficult to avoid mass cultural enrichment unless I can support my family regardless of the country I'm located in.

Another is in order to pay for future health and life extension technology. Won't be nearly rich or well connected enough to have this unless some serious dough is made.

These are all external motivational goals but it's important to have enjoy the process as well. Take pride in becoming exceptionally skilled in your field, creating systems and a money making machine that others couldn't and the enjoyment of solving hard problems on a regular basis.

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