Startups

[G-95]

Hello everyone, does anyone know how to connect with business owners and join their community?
I'm planning to have a change and start my own business. I just don't see that I can retire early if I stayed being employed.
Where should I start for this new venture?

 

[pb4uski]

..... I just don't see that I can retire early if I stayed being employed. .....

You need to spend more time exploring this forum. Once you do, you'll know that retiring early is as much a function of spending and living below your means as it is income. This forum is a mix of both entrepreneurs/business owners and others who spent their careers as employees.

 

[G-95]

You need to spend more time exploring this forum. Once you do, you'll know that retiring early is as much a function of spending and living below your means as it is income. This forum is a mix of both entrepreneurs/business owners and others who spent their careers as employees.

Thanks for your advice. Are you a business owner? I would love to hear your experience, if you don't mind. Thanks again.

 

[MichaelB]

Hello everyone, does anyone know how to connect with business owners and join their community?
I'm planning to have a change and start my own business. I just don't see that I can retire early if I stayed being employed.
Where should I start for this new venture?

Hi G-95. The best way to connect with business owners and network is through your local business chambers. Our forum is not focused on getting into business, we are more interested in getting out of work to retire. Good luck

 

[pb4uski]

Thanks for your advice. Are you a business owner? I would love to hear your experience, if you don't mind. Thanks again.

No, actually I was an employee my whole career - though I thought and acted as if I was an owner - which is part of why I was a valued employee and rewarded commensurately.

 

[Ed_The_Gypsy]

I recommend contacting your local SCORE [Service Corps for Retired Executives] office. Make an appointment and talk with them. They have more time and real-life experience than the SBA.

Real business owners don't have time to talk with you. Unless you go to Chamber (or Junior C of C) of Commerce meetings, where they want to meet you to sell you something.

Tread softly. You can lose your shirt starting a small business for the first time. Especially if you do not know the business you are getting into.

If you do it carefully, you can start a small business without significant start-up costs and take advantage of group health insurance rates, so you win without much exposure. You can still have trouble with the IRS and/or lose your shirt.

Don't bet the farm.

 

[Ed_The_Gypsy]

What are my qualifications for giving advice on this subject?

I have been a contractor for a long time. I am a one-man-band, self-promoter, entrepreneur. I could have had my own company but I have chosen to work through agencies. I find my own jobs, so they don't get a big cut but I have a lot less paperwork. I do not like to work too hard.

I have investigated franchises and other businesses that I could start and nothing ever measured up. I can make too much working in my industry, and there is no upper age limit for contractors.

When I hang up the slide rule, I can go on the road as an instructor in various technologies of my acquaintance that happen to be in demand right now (but maybe not after I retire).

In any case, I plan to start a small testing lab in cahoots with an old bud who is an expert in his field. We are building it a bit at a time for low cost. With luck, I will make enough to pay for my gas driving to and from the shop. If absolutely necessary, I can employ DS to be the tech. All for fun. If I seriously needed to have a paying business to survive, I might do something else.

If I really have to, I can find or make a job of some kind. Working for one's-self is REALLY hard work. If I wanted to work that hard, I would have done it long ago and be rich and long gone by now.

 

[eridanus]

I've been a part of several tech startups and even co-founded one. They seem like different beasts than traditional startups or franchises, however.

 

[G-95]

What are my qualifications for giving advice on this subject?

I have been a contractor for a long time. I am a one-man-band, self-promoter, entrepreneur. I could have had my own company but I have chosen to work through agencies. I find my own jobs, so they don't get a big cut but I have a lot less paperwork. I do not like to work too hard.

I have investigated franchises and other businesses that I could start and nothing ever measured up. I can make too much working in my industry, and there is no upper age limit for contractors.

When I hang up the slide rule, I can go on the road as an instructor in various technologies of my acquaintance that happen to be in demand right now (but maybe not after I retire).

In any case, I plan to start a small testing lab in cahoots with an old bud who is an expert in his field. We are building it a bit at a time for low cost. With luck, I will make enough to pay for my gas driving to and from the shop. If absolutely necessary, I can employ DS to be the tech. All for fun. If I seriously needed to have a paying business to survive, I might do something else.

If I really have to, I can find or make a job of some kind. Working for one's-self is REALLY hard work. If I wanted to work that hard, I would have done it long ago and be rich and long gone by now.

Ed, thank you for sharing your experiences and your advices. I agree with you that working for one's self is hard work, do you have to hire your own attorney and CPA? I was thinking that becoming a successful entrepreneur needs to be surrounded by reliable professionals. It's almost impossible to have a reliable professionals who are willing to help with ideas because i experienced working with a few CPAs but they didn't provide positive answer and most of the time they didn't explain "why I can't do things" or "how can I do things" questions. Is it true that money talks in this kind of professional services? How can I work with reliable professionals within our budget as startups? Where to find them? Is there any specific community?

 

[G-95]

I've been a part of several tech startups and even co-founded one. They seem like different beasts than traditional startups or franchises, however.

Eridanus, would you mind if i ask a couple questions? how different between those? Don't they need the same basic entrepreneur skill? Thank you for sharing

 

[obgyn65]

Have you seen this Find A Local SBA Office | SBA.gov

Hello everyone, does anyone know how to connect with business owners and join their community?
I'm planning to have a change and start my own business. I just don't see that I can retire early if I stayed being employed.
Where should I start for this new venture?

 

[Ed_The_Gypsy]

G-95, as an independent contractor, I am a consultant...a rent-a-pencil. I have no need for an attorney yet, and my friend recommended his CPA to me.

When we start up, I will consult with SBA and SCORE first. Our state also has resources for small business start-ups in the way of training and education. I discovered this earlier when I was looking into starting a small business. SCORE was particularly helpful. They are very hard-nosed, but they are a terrific resource. Listen to them. You may not need an attorney to start with, but they can tell you if you do. They may be able to direct you to the outside help you need.

I have an advantage in that I know something about the business I want to start. If you are trying to start something new to you, you really need to consult with SCORE early.

 

[G-95]

G-95, as an independent contractor, I am a consultant...a rent-a-pencil. I have no need for an attorney yet, and my friend recommended his CPA to me.

When we start up, I will consult with SBA and SCORE first. Our state also has resources for small business start-ups in the way of training and education. I discovered this earlier when I was looking into starting a small business. SCORE was particularly helpful. They are very hard-nosed, but they are a terrific resource. Listen to them. You may not need an attorney to start with, but they can tell you if you do. They may be able to direct you to the outside help you need.

I have an advantage in that I know something about the business I want to start. If you are trying to start something new to you, you really need to consult with SCORE early.

Ed, thank you very much for your info! I will schedule an appointment with SCORE soon. I'm planning to start something new, I'd like to challenge myself to do this in my life. Thank you again for sharing your experiences.

 

[ShortInSeattle]

I started my business in 2006 and had good luck with SCORE and my local chamber of commerce. Meet other startup folks through your chamber and start a peer or "mastermind" group. Mine is still going strong, although we're down to half our original number.

SIS