Small business owners

[darreny]

Hi all, I'm in the joinery game making doors and gates. Just about to sign a 3year lease on a workshop and currently going thru the questions probably everyone goes they in my situation of "will it work" and "what if I don't sell anything" and all the stressful things with starting a small business.

What I want to know is all your stories of how you managed the risk and the sleepless nights you've had, all the good and bad things youve found and any advice you have

 

[Spangles]

My family had their own business, it went okay overall, but not amazing. Ended up selling it all as we took it as far as we could.

You have to look at it, as if you didn't go for it, you would be wondering if it would have worked for the rest of your life. You do not want to go through life with a huge 'What If' over your head.

Don't expect to make millions straight away, but stick at it, work hard & you will have enough to support your lifestyle, then that is a great achievement.

From there, you can plan for the future, but take it in baby steps, set a lot of small objectives to meet, so it feels like your accomplishing things often, as a lack of accomplishments & progress can get you down.

Best of luck with it though! Wish you all the success in the world

 

[LOAM]

I don't think you get over the sleepless nights, I still have them now into our 3rd year. You worry when there's no work then worry about getting work done when its busy. That aside though I still smile at every £ I make and you don't ever need motivation.

 

[Russinating]

We've just moved into a new office that's 3 times the rent of the last place. Big risk but needed to be done to grow. Also just about to have our first employee - she starts her trial week on Monday - so it's all very exciting and nerve racking at the same time!

Been working for myself/with my business partner for the past 5 years for reference.

 

[Dr House]

I setup my own business during my second year of university (while on a 6/7 year course).

I setup when the economy and the country I was in was booming and within a couple of years I was making some real money. I then got involved in other business and all was going well until the economy crashed which killed off all my business interests. I got rid of my cars, watches, flat....

I finished university and tried to work in a normal job however I quickly found it was not for me, I should have never gone to medical school but its too late to turn back time now. I missed the freedom that being self employed gave me, the crap money and the fact that I had no life did not help.

So I started again from scratch about 2 and half years ago, we (a friend an I) started developing a M2M/Telematics product which we are now taking to market. Its not a new product or concept but there is a huge market and we think it will do well.

Running my own business fits my lifestyle very well, I work all the time from the moment I wake up to when I go to sleep, at dinner, when I am out with friends, 7 days a week. I often wake up in the middle of the night to get onto TC's because my partner is based in the US and our staff are based in India however I love doing this. I meet lots of different people, everyday is different and I travel a lot.

I am lucky in that I saved a little during the good times and my wife makes enough for us to live on which has allowed me to take some risks and also allowed me to go through a long period of time not making much so I dont have the sleepless nights that many business people do.

However I have seen the other side of the coin, a very close friend setup a retail business 6 or 7 years ago, he had a good well paying job but left to start his own business. He has not made a penny and lost over half a million pounds which has caused him and his family no end of stress.

 

[wingman]

I work all the time from the moment I wake up to when I go to sleep, at dinner, when I am out with friends, 7 days a week. I often wake up in the middle of the night to get onto TC's because my partner is based in the US and our staff are based in India however I love doing this. I meet lots of different people, everyday is different and I travel a lot.

If you love doing it, it's not work