I know this thread is a month old, but I thought I would chime in here.
I did the self-employment route, and I am 29 and will retire in 2 months.
Just a few things I have learned.
Get a accountant, that A. Does not cheat Uncle Sam, but B. knows how to legally run every item you can through a corporation.
The biggest difference with having your own corporation, is we pay taxes AFTER all our expenses (not all but most, and there are mass amounts you can write off).
So is Joe Bob works for someone and makes 10k a year, he pays taxes on 10k.
if self employed Joe Bob makes 10k, he may only wind up paying taxes on 1k.
When your business takes off, DO NOT fall into the trap of fool's gold. it will slow down. If it takes you for example 800 a month to live before you make big cash, make it a point to spend 800 to live when you make massive cash.
Sacrifice, Sacrifice, Sacrifice. Screw keeping up with the Jones, they are sheep.
I was never a big fan of IRA's and Roth's myself, just for the fact that I never planned on working till the age of 65+. My goal was 30. We have 2 IRA's and hate them, in fact we just said to hell with it and have them in CD's that pay interest into another account without tax penalty. If you work for someone and plan on ER at 65 then I can see the benefits.
Never invested a extra penny in my store besides coupons every now and then (although I never had aspiration to grow it and get massive etc etc) My goal all along was, make as much as I can, save every penny I can.
This takes alot of discipline, but I am not a believer in saving 30% or whatever of your income. Save 90% if you can, live as cheap as you can, keep your expenses low, as my grandpa would say "live at the foot of the cross". If you make 3000 one month, and your expenses are 500, save 2300. Does it suck? Yep it gets rough sometimes, and sometimes stressful, but my wife and I will never work again in our lives unless we choose to.
DO NOT tell people what a smashing hit your place is. If you do, you will have 5 places like yours pop up all around you. You will have less solicitors and people wanting hand outs too. When I had solicitors, I told them how disabled I was and how tight things were, and asked them for cash! That stops them real fast lol.
If and when you marry, marry a spouse that will be a compliment and asset to you, if you are trying to retire young, and she wants to live the high-life now, you are going to have big problems. Marry someone that will make a good mate, and be great for your kids, in fact I tell young men to ask themselves "If you could never have sex with this woman, would you still marry her?" Your spouse is by far the Biggest investment you will ever make. They are your rock and your support.
The time/effort you put into your business = what you get out of it. Many fail because people think they can play golf all day. Expect to be a slave to your place.
If things get slow and tight, DO NOT sit around and whine about it, get off your ass, and do something about it! Create your own reality. I loved the Big bear market, it put my weak competitors out, and I really learned to run my place then, and make even more money.
Depending on where you live, or what you do, alot of advertising can be as helpfull as pissing in the wind. For me (food), I just run around and give people free food to get them addicted. TV/Radio are a waste of money for the return.
I am a utter ******* to rude customers, I will not put up with them, they will stress your employee's out and drive you nuts, and you will loose good people. Your place will have less stress over all, and you can concentrate on your good customers. You wouldn't believe how much customers love me throwing someone out of my store, because they put up with that crap everyday too. In fact I have a picture with me holding a shotgun, that says "the owner is always right!". It does shock some new customers but makes for great conversation starters, and people that have dealt with the public roll laughing at it. Having the reputation of dealing harsh with jerk-offs and scam artist will keep alot of trouble out of your hair. My customers love knowing that I will not tolerate jerk-offs that hurt their atmosphere.
Customers will rob you blind, and employee's will rob you blind also.
"the customer is always right", is the biggest bunch of horse **** I have ever heard in my life. The customer is a un-informed idiot, that would steal food out of your kid's mouth. Everytime I have EVER had a customer tell me that, they were trying to rob me blind or rip me off. I really think this is a huge reason 75% of small B's go under, they base their store on idiots and not common sense. I can see how back in the day you could run a place with that motto, back in the 50's, but not today.
Of course I am not saying treat your customers bad, treat them like gold. Or better yet treat them like Stock. If they are costing you money, get rid of them. I have had super rude customers that I have cursed for 30 minutes at them, and then they were perfect angels, and never gave me crap again. if they go to your competitors...GREAT, let them drive those people nuts so their employees quit.
Be your own person, I refuse to participate in halloween in my place, and I tell customers that it teaches kids to get a free hand-out and that it is a pagan holiday. Some people think I am weird, but they respect me for it. I stand for my principles and for what I believe in.
Get advice from people who have done what you want to do, and have done really well off it. Your average Joe will want you to fail, and wants you on his level. You would be suprised how many older people will tutor you, and share their wisdom, when you humble yourself before them, most are excited to share advice and wisdom and blown away that you ask.
Well I am tired of typing hehe, I may think of more later.