Pelican Parts Forums - A word FROM the wise?

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Quote:

Originally Posted by Rawknees'Turbo (Post 10415638)

That doesn't explain yer Popeye-arm, though, Deez! :eek:

You're slipping Raw! How did you pass on "working the 35 year old under the table" comment? :D

Quote:

Originally Posted by sugarwood (Post 10415460)

Itza,

You don't come off as an engineer. You seriously have an ME degree?

If your business is not making money, it's a crappy business. No offense.
Most people pursue stupid ideas since they have drank the KoolAid of "Be your own boss", without looking at the downside.
If your business sucks, you will enjoy a life of being constantly broke and stressed out.

Just because you're 24, you should not go do stupid things.
This is the time to build your career and net worth.
Not chasing bad ideas that don't make money.

You're a classic bottomfeeder.
You like buying cheap garbage just because it's cheap
(just like you posting about $3k rusted out carcasses that you have zero chance of ever fixing up)

Tell us more about this business that does not make money.
So, what, you're re-selling refunded and broken stuff no one wants? Who do you sell this overstock to?
Sounds like this business is just some extension of your bottomfeeding hoarding tendencies.
Re-selling cheap junk is a race to the bottom industry. You don't want to compete in a race to the bottom.

If I had to flip a coin, I say keep your day job.
Close up the business.
Enjoy the gym and car flipping in the evenings

That's harsh. And if reading into a post will get you that much insight, I'd say you are ignorant.

My wife bought a small desk from a lady that buys, as she described it, "Amazon pallets". This must be a thing like buying storage bins and reselling was a few years ago.

Quote:

Originally Posted by 1979-930 (Post 10416133)

You're slipping Raw! How did you pass on "working the 35 year old under the table" comment? :D

Many of the peeps in this here subforum are Puritan-like (aka - easily shocked and offended by the written word), so I was trying to take their delicate natures into consideration, Deez! :)

Quote:

Originally Posted by Zeke (Post 10416739)

That's harsh. And if reading into a post will get you that much insight, I'd say you are ignorant.

The correct advice is often harsh.

Quote:

Originally Posted by Rawknees'Turbo (Post 10416974)

Many of the peeps in this here subforum are Puritan-like (aka - easily shocked and offended by the written word), so I was trying to take their delicate natures into consideration, Deez! :)

Who dat??

We need a HOT subforum then....

Heathens Off Topic!

We'll make Runnie the moderator :)

Quote:

Originally Posted by KC911 (Post 10417092)

We need a HOT subforum then....

Heathens Off Topic!

We'll make Runnie the moderator :)

Moderator? We could make him King!

Quote:

Originally Posted by Captain Ahab Jr (Post 10415387)

Some very good advice,

Have you thought about taking on short term freelance engineering contract work not working a full week or working say a 3-6 month contract. If there is enough work around you should be able to switch on/off your day job income to suit your business

I'm a freelance design engineer and this is my approach but I choose the interesting jobs before chasing the last dime. Last summer was spent at home building, now I'm working 12 hr days which don't feel that long as I'm enjoying work. This plus 2hr commute, having a family, weekends man cave building, holidays abroad leaves me no spare time, just how I like to live,

Also maybe think about ditching some of your other distractions (not including your girlfriend) while you concentrate on building your business and day job as/when required. Spreading yourself too thinly will just mean you'll be doing everything badly.

You're only 24, got a whole life of time ahead of you so as others have said you have time on your side.

Have always heard of the freelance stuff but never looked into it.

Definitely interested, thanks for the advice.

Quote:

Originally Posted by sugarwood (Post 10415451)

I know several guys who, after getting married, they quit their job to work on their business ventures, and had the wife support the family.
They seems to be very happy, and feel that marriage was the best financial and lifestyle move they ever made.

Hmm.. not a bad idea!

Quote:

Originally Posted by sugarwood (Post 10415460)

Itza,

You don't come off as an engineer. You seriously have an ME degree?

Not the first time I've heard that. But yes, graduated spring '17.

If your business is not making money, it's a crappy business. No offense.
Most people pursue stupid ideas since they have drank the KoolAid of "Be your own boss", without looking at the downside.
If your business sucks, you will enjoy a life of being constantly broke and stressed out.

The business is definitely making money. Some #'s came in these last few days and I'm not complaining. Our business is also a mini-copy of the guys we based it off of. They have been at it for about 3-4 years and have 20k+ customers, multiple warehouses, and are taking vacations with the wives every other week. That would be a decent goal to achieve.

Just because you're 24, you should not go do stupid things.
This is the time to build your career and net worth.
Not chasing bad ideas that don't make money.

I completely understand but sometimes life isn't about the money. My girlfriends classmate was out for 2 weeks and she was back yesterday and they found out her boyfriends heart stopped while playing basketball. Gone just like that. If I were to die tomorrow I'd be pretty salty since I've been grinding up to this point. I just think there might be better ways to still put in work while doing what I love and the money will come.

You're a classic bottomfeeder.
You like buying cheap garbage just because it's cheap
(just like you posting about $3k rusted out carcasses that you have zero chance of ever fixing up)

Definitely a PORSCHE bottom feeder. But I hope you understand the only reason I would waste tie on a $3k rust bucket would be in hopes of flipping it for $5k and using the $2k profit to actually be able to afford a nice $40k example later on when I'm ready. If I had baller money I would be doing similar but at a different level, buy low sell low high its just a normal thing of every business.

Tell us more about this business that does not make money.
So, what, you're re-selling refunded and broken stuff no one wants? Who do you sell this overstock to?
Sounds like this business is just some extension of your bottomfeeding hoarding tendencies.
Re-selling cheap junk is a race to the bottom industry. You don't want to compete in a race to the bottom.

I'm not much of a hoarder. Basically you summarized the business correctly but lots of it isn't cheap stuff. We get stuff that retails for big money come in also. But I understand what you are getting at.

If I had to flip a coin, I say keep your day job.
Close up the business.
Enjoy the gym and car flipping in the evenings

Business is easy enough to run, we aren't in dept, and its growing. It will stay open but the daily job is so generic.

Lightly roasting myself right now but I'm not the most book smart person ever and my personality is definitely not one of a usual engineer. Me even obtaining these engineering jobs and easily handling them makes it pretty clear that acquiring another one in the future if need be shouldn't be an issue.

Quote:

Originally Posted by sugarwood (Post 10415473)

Simple, they don't have 2 jobs.
Quit the side job.
Go run a marathon.

Salaried job means you have 5 hours a day to do whatever you want.
And weekends.

Lol run a marathon. I've actually wanted to for a while.

Salaried job means waking up in the dark and leaving back home in the dark when its the colder season. Means having to ask another human being for permission to take time off work to do normal life things.

List can go on.

This thread reminds me of the other 24 year old guy asking us if he should spend 100K on a Porsche. lol

Quote:

Originally Posted by cabmando (Post 10415554)

If you don't feel like you're giving your business the attention it deserves, go for it! I know from my own experience of doing multiple things that being distracted by other things I wasn't realizing the full potential of what I could do by focusing on one. Once I zeroed in on construction equipment and was able to give it my full attention, it took off. I was able to make secure more suppliers and was able to give my customers the attention needed to make the business grow.

Quote:

Originally Posted by KC911 (Post 10415898)

At 24 I was starting out too...lived a "techie's dream", worked for peanuts for a few years...

An older guy had a saying back when I wuz a youngin'....

"I'll work days or I'll work nights....but I won't work daze AND nights..."

Life's a journey...make your own path imo. Are you an engineer or about making $?

I did the corporate gig for 25 years and "retired"...next chapter....turn the page.

Best of luck...go kick butt and follow your gut instincts...you will make some mistakes....have FUN doing what ya do...if not...fix it...jmho.

Appreciate you.

Quote:

Originally Posted by KC911 (Post 10415901)

Two camps here....

I've never REALLY leveraged credit....

Being debt free is "freedom".... was for me!

I haven't owed a cent in a couple of decades....how are YOU gonna get off your merry-go-round? Some can't or don't want too....

I had a blast along the way too....balance.

Balance!!

Quote:

Originally Posted by DanielDudley (Post 10415907)

You have a business, but someone else is in control of the money. Anything on paper ? Do you know what ship is the hardest to sail? A partnership. Sooner or later, people's opinions on what is fair will differ. Usually you won't know that if you aren't on top of the books.

Don't quit your day job until your night job pays so much you can't walk away from it.

Well said & I completely agree with you on this.

I have a time frame in mind and will be dissecting the details before then.

All the $ is on paper. But that is about it.

Quote:

Originally Posted by ItzaMe (Post 10417188)

Salaried job means waking up in the dark and leaving back home in the dark when its the colder season.

Welcome to the real world. That's life, get used to it.

When you've paid your dues and are rolling in dough, you can change that reality. Until then, you do what you have to do. If you want to get ahead faster than just punching a clock, expect to put in a lot more hours and suffer in your work/life balance.

Apart from the fact that you can't stand your day job and feel like your work/life balance is off, I haven't heard much from you.

I haven't heard how cutting the day job will create additional bottom line income.

I haven't heard an analysis of your business that suggests it needs more of your labor and that's the only option to fill it.

I haven't heard any real numbers, which makes it impossible to judge what's going on.

Etc.

Quote:

Originally Posted by DanielDudley (Post 10415907)

This is solid advice. Well said Daniel.:)

Quote:

Originally Posted by fastfredracing (Post 10416110)

Take this advice and set up an operating agreement with your partnership. Outline exit strategies, who controls the money, etc.
Don't do what I did. Trust me in that friendships are not strong enough to weather business partnerships.
I love my partner like a brother, and we have still managed to stay good friends, but I would never partner with him, or anybody again on anything. We have different ideas of how to operate .
When it comes time to make big changes/decisions, the waters start getting mucky .

Thanks for the advice. Our business is a little over 5 months in and its about time to iron out the details.

Quote:

Originally Posted by Zeke (Post 10416739)

That's harsh. And if reading into a post will get you that much insight, I'd say you are ignorant.

It's all good, I've been roasted plenty on this forum already. I can hang.

Quote:

Originally Posted by sugarwood (Post 10417087)

The correct advice is often harsh.

True. Even though the 'correct' advice will often vary from person to person.

Quote:

Originally Posted by 911 Rod (Post 10417190)

This thread reminds me of the other 24 year old guy asking us if he should spend 100K on a Porsche. lol

Lol what the... maybe he was wealthy (?)

Quote:

Originally Posted by javadog (Post 10417202)

Ahh.. yea I won't ever get used to it. Not how I'm wired. I get what you mean about me having to put the time in which is why I've been working ever since I can remember even during school etc.

Honestly talking to you guys definitely made me realize several things. Especially about the business. Maybe it lacking the organization I'm used to with going through schooling and my engineering jobs that it's stressing me out. I will spare you all the details.

Cutting the day job won't increase my bottom line income but I will be able to survive, while doing my normal hustle that could bring me basically the same $ as my salary job while putting in much less time.

I can hire someone for $10/hr that would take care of some of the stuff I've been wasting time on at the business and focus more on the #'s. There is no huge need for me to be there full time, but when I leave work and there is stuff waiting for me to get done, it gets annoying. I signed myself up for it though, so can't complain. I just need is structured.

As Fred and others have advised, get the legalities of the business in order now. Decide how you are structuring(partnership, LLC, S Corp, etc) and get it done. Get the business filing with your sec of state, get your operating agreement, speak to your accountant to make certain you have all of the bases covered. The operating agreement you will be working under is key to protect everyone and all contingencies. Make certain you and your partner(s) understand it isn't personal, it is business, because everything may be going great until it isn't.
Make certain you are willing to commit--running your own business isn't easy--there isn't anyone to pass the buck to, and you must be accessible. It can be stressful because it is your responsibility to make sure everything is right. When you are working for someone else, you can leave some of that stress and responsibility at the office when you leave--when it is your business, you carry that with you 24/7.

Quote:

Originally Posted by cabmando (Post 10417094)

Moderator? We could make him King!

Does that job require orange colored spray tan?!?!

Quote:

Originally Posted by sugarwood (Post 10417087)

The correct advice is often harsh.

Maybe I should have been more clear. That is not the correct advice, IMO. I know "bottom feeders" that are doing well. They, nor I, consider it bottom feeding.