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[ThatStupidLion]

I've toyed with the idea of creating my own company for awhile now and am interested in hearing from the entrepeneurs on gaf about their experiences.

Success, Failures, Missteps, Unforeseen events, etc.

I'm currently reading The E-Myth and my educational background / career is not grounded in business or finance...

 

[jufonuk]

work life balance.

 

[AJUMP23]

I bought a second house. I rent it out.

 

[ThatStupidLion]

I bought a second house. I rent it out.

this is something i'd very much like to do and is the smart financial thing to do - unfortuantely, at these rates and prices my wife and I would only be able to buy a similarly sized house in the same area and my wife is not willing to sacrifice location/space to upgrade elsewhere. I wouldn't mind it for short term tbh, but with 3 kids and a dog were quickly feeling cramped in what we have already so unsure how many years we could eek out in a similar sq ft

 

[Rentahamster]

Treat your current employees with care and it less likely they will eat their brood who are my next generation of employees

 

[Ownage]

I had a consulting group for 15 years. Despite a potential high net income and FICA in the Excellent or VG category, if you are an entrepreneur, lending institutions are going to treat you as high risk and turn you down for minor loans that otherwise you would get in spades in the blink of an eye if you were employed by a large company like Amazon, Microsoft, or even a good civil service job. If your partner doesn't have a full-time job with an employer and you are a full-time entrepreneur, getting a mortgage will be very difficult from traditional lending institutions. Private lenders will be a strong option for you if you're looking for a mortgage and you are an entrepreneur.

I highly suggest people take a full-time job with an employer and earn six figures with benefits, then have a side hustle that brings in potentially high added income. Never ever ever tell your work colleagues that you have a side hustle because they will hate you and throw you under the bus. That is not how you make friends. Remain humble in your full-time job. Dual or multiple income sources is not something you should talk about but it's absolutely something you should pursue. Building relationships with the banks means that you focus on your full-time job with the employer and let banks see that moreso than any risky other behavior.

 

[West Texas CEO]

Legalzoom.com is a fast, easy way to start up a business.

 

[Ownage]

Legalzoom.com is a fast, easy way to start up a business.

Use your side hustle as a tax shelter. Gross becomes net. Let the side hustle pay for your electricity, internet access, car payments, insurance, computers and tech, etc.

 

[StreetsofBeige]

I've never done my own business. Always been an office employee at big companies.

But I totally respect anyone trying their own thing whether they succeed or fail. In my industry I see and read how the big guys fuck over the small businesses all the time. It's not even about pricing because that's agreed to and the easiest thing to understand on paper.

It's the little shit that adds up which can kill a small business supplying the giants..... not paying, delaying paying, not ordering what they said they would etc... For larger companies like I work at where we can always absorb the blows (we all know it and expect it with contingency plans), the mom and pop suppliers who dont have the experience and finances can get grilled to the bone and lose entirely.