A word FROM the wise?

[scottmandue]

Originally Posted by fastfredracing

If you have a good thing going, make hay while the sun is shining. Pay your house off, keep your debt low. Set yourself up so that when you are older, and can no longer keep up the same pace, you can start to enjoy the fruits of your labor and pull back a little bit .
Make sure to enjoy some down time though.

^^^^This! I'm retiring at 62 years old because I spent +20 years job hoping. Many of my friends retired in there 50's (or less) because they stuck to a (good) job.

[ItzaMe]

Originally Posted by Seahawk

A few addition questions to add to the list:

Is the salary from the 9 to 5 essential?

Not essential, I basically got the job to have more funds to expand the business but we aren't in need of much funds right now since profit is helping us grow. Also my dad told me why would I leave home when I have a good job, so that's another reason I got the 8 to 5, to give him some peace knowing I'm not being a bum.

If you went full time with the business gig, would that put you in a financial bind?

No sir. I will put more time into the car stuff I used to do and have been thinking about getting into real estate.

Can you part-time the engineering job?

I will ask about this, but not likely.

How is the business structured? LLC, C/S Corp? Roles and responsibilities defined? If you are hiring people who does your employee manual, other HR related issues?

LLC. The roles and responsibilities are defined but shared. It's a very new business so still figuring a few things out.

Accounting structure...most small start-ups get on rocky shoals here. Line of credit? Are you protected?

We have an accountant/CPA

Lawyer? We use a CPA with a law degree - saves a lot of money.

I ask these questions because running a business is hard and you need to be hands on...nothing fails more than a business with a part-time owner. You have to drive the bus.

I understand, my buddy is full time, my brother is also besides two days out the week, and I'm part time while taking care of other aspects of the business. There isn't much to do once trucks arrive, items are inventoried and organized. That's when we need to think about growth and advertising.

If your brother and buddy are at the helm and you trust them, that is a different story. However, success and money change people. Trust but verify.

I understand but they are the most trust worthy I know. Time will tell.

Sounds like exciting stuff but get hyper organized if you have not already done so.

Thanks for the input and questions.

see above

[javadog]

If you’re not bringing in much money through the business right now, then you need to keep your day job. You may not like it, that’s sort of the nature of work for most people, but you need to get some years on your resume.

[ItzaMe]

Originally Posted by McLovin

I agree that 24 is a time to take risk, but for your situation would need more info.

How much does your engineering job make now, and what level of income could be expected for the future?

Could you work your engineering job for a few years, learn it, make contacts then start your own engineering company? Would that be lucrative?

How much do you like/hate engineering?

If you quit your job, how hard would it be to go back and get a similar job?

How much does the Amazon reselling biz make and what are the income prospects for the future? Taking in mind that you are only getting a third of the net profits.

I’d focus your decision on the business and not count on anything from making music, YouTube videos, etc.

-It's starting salary for a mechanical engineer roll in Lexington KY.

-I may open up an engineering type company later in the future but right now that's a lot to think about since there are so many different types/directions.

-If I quit, I can see myself getting another gig within 1-2 months.

-Any money coming in is going right back into ordering more trucks. Later on we will be buying from home depot and other suppliers.

-The music, Youtube is all things I enjoy and can see possible money being made. It's not something I would focus for money making.

[ItzaMe]

Originally Posted by Zeke

Looking back over the years I should have taken the tortoise route vs. the hare. A good career is just that. If the engineering job is not challenging enough to want limit hours spent on a side gig, then another job in engineering might.

You asked for advice so that's it from a 73 YO man.

Thanks, will keep in mind.

[ItzaMe]

Originally Posted by javadog

If you’re not bringing in much money through the business right now, then you need to keep your day job. You may not like it, that’s sort of the nature of work for most people, but you need to get some years on your resume.

True. I will roll the dice here shortly in the next few months.

[tabs]

Originally Posted by ItzaMe

Will try to keep this short and sweet.

I've been on this forum for some years and this group of people seems to have many years of experience in life generally.

I have made some big changes throughout my life in the last 6 months, mainly moving to a new state and taking on a new engineering role.

I'm 24 and the main reason I moved was because me, my brother, and my buddy started a business re-selling returned/overstock amazon goods by the truck load. Getting another engineering job was mainly to get me to quit my old one and make the move.

We chose our location since it made sense where some of the loads were coming from and we were familiar with the area already and had friends here also.

Business is slowly growing and have 400+ customers right now who signed up with out online auction.

I work full time 8-5PM and then get to our warehouse and work another 4+ hours daily doing inventory/organizing or cleaning up. I like holding my weight being a part owner.

These last few weeks it's felt impossible trying to keep up with my full time job and the business while still being able to have a social life.

What do you guys think? The business doesn't require cray hours to keep it running. We recently hired a couple more guys to do inventory so that will help also.

I have messed with making music, making YouTube videos, rebuilding cars/bikes and selling all my life. I think that if I off the full time job that I will be alright making funds roll in those other ways. Especially in today's day where people posting videos on YouTube are binging in crazy numbers.

I have some money saved also and have been thinking of investing in a few other ways but i have NO TIME when my job sucks 9+ hours out of me daily.

It's killing my creativity and imagination.

What do you guys think? Have you ever taken a leap and what do you suggest?

Any words of wisdom?

You are a hustler. You are always thinking and have the guts to give it a try...you have the potential to make it big.

A job working for somebody elses hustle is just that a job..you do what they want for a buck. Sometimes that serves a purpose..figure out what is best for you..staying in that job for awhile gives you a track record..in case you need it..

Think about it..mull it over for awhile and revisit to see if it still makes sense. In other words think before you jump. Think of the angles. The pros and cons. Weigh it out. Talk about it to see if you missed something.

Then there is what you might call biding your time..for the window of opportunity to open. There is a proper moment to move when everything is just right. It is called patience. Alexander waited for the moment to strike..he conquered nearly the whole world before he was 32.

It is a Darwinian world of sink or swim..nobody teaches the process of navigating your way through life...those who get the process survive and those that don't fail.

[Seahawk]

Originally Posted by ItzaMe

see above

Good stuff...great to read your responses.

A few more Q's:

- Investors? Willing to entertain investors? That changes a bunch of "stuff". The Securities and Exchange folks need looking after.

- Exit strategy. Another trite but true saying in econ/business is that you form a company to sell it. Prepare an exit strategy and organize the company around what potential buyers will be looking for as they do their due diligence. I have a check list should you need it.

- Five Year Plan. There are some really good spreadsheets available that help you chart your path, EBITDA, etc. If you haven't done one, you guys should.

- In your ample spare time () take an accounting class - basic stuff.

As you can tell, I love this area of business. Sincerely, best of luck. Very exciting. My daughter, 25, is starting along the same arc in a different field.

[tabs]

Originally Posted by Seahawk

Good stuff...great to read your responses.

A few more Q's:

- Investors? Willing to entertain investors? That changes a bunch of "stuff". The Securities and Exchange folks need looking after.

- Exit strategy. Another trite but true saying in econ/business is that you form a company to sell it. Prepare an exit strategy and organize the company around what potential buyers will be looking for as they do their due diligence. I have a check list should you need it.

- Five Year Plan. There are some really good spreadsheets available that help you chart your path, EBIDA, etc. If you haven't done one, you guys should.

- In your ample spare time () take an accounting class - basic stuff.

As you can tell, I love this area of business. Sincerely, best of luck. Very exciting. My daughter, 25, is starting along the same arc in a different field.

Is an arc a trajectory...

The arc of history..the trajectory of history..interchangable

[ItzaMe]

Originally Posted by tabs

You are a hustler. You are always thinking and have the guts to give it a try...you have the potential to make it big.

A job working for somebody elses hustle is just that a job..you do what they want for a buck. Sometimes that serves a purpose..figure out what is best for you..staying in that job for awhile gives you a track record..in case you need it..

Think about it..mull it over for awhile and revisit to see if it still makes sense. In other words think before you jump. Think of the angles. The pros and cons. Weigh it out. Talk about it to see if you missed something.

Then there is what you might call biding your time..for the window of opportunity to open. There is a proper moment to move when everything is just right. It is called patience. Alexander waited for the moment to strike..he conquered nearly the whole world before he was 32.

It is a Darwinian world of sink or swim..nobody teaches the process of navigating your way through life...those who get the process survive and those that don't fail.

Very true.. its in my blood.

I guess you can say, I've saw too much to stick with the corporate America lifestyle.

I have had many internships and resume looks decent enough for now. I think I'll be ok.

Definitely understand I must be patient. I just feel like me sitting around and making money for someone else is keeping me in a box.

Thanks for your input.

[ItzaMe]

Originally Posted by Seahawk

Good stuff...great to read your responses.

A few more Q's:

- Investors? Willing to entertain investors? That changes a bunch of "stuff". The Securities and Exchange folks need looking after.

I had another business idea that I was looking for investors for via craigslist post(pretty funny but I had a good amount of people interested and might move forward which is crazy to me). But haven't thought about investors in our current business which is a good idea (one of the partners of the company we are basically mirroring has an 'investor' type partner in the business). We never saw a need to have investor since we have the funds needed to keep the ball rolling hmm..

- Exit strategy. Another trite but true saying in econ/business is that you form a company to sell it. Prepare an exit strategy and organize the company around what potential buyers will be looking for as they do their due diligence. I have a check list should you need it.

We have thought about this also. If someone was wanting to purchase us outright. I am definitely interested in this check list. Let me know best way to contact you if you would care to share.

- Five Year Plan. There are some really good spreadsheets available that help you chart your path, EBITDA, etc. If you haven't done one, you guys should.

Five year plans are scary since who knows how long I have left on this earth but definitely understand they are a must have. Will look into the spreadsheets, maybe you have one personally that you have used?

- In your ample spare time () take an accounting class - basic stuff.

You reads my mind on this one. When I was finishing up school I was thinking about minoring in business or accounting since I had completed all the math and more difficult courses already. Need to think about taking some courses even tho I hated school.

As you can tell, I love this area of business. Sincerely, best of luck. Very exciting. My daughter, 25, is starting along the same arc in a different field.

Appreciate all the help. Your daughter is lucky to have such guidance.

[ItzaMe]

SIDE NOTE:

How do you busy people have time to work out, kick back a little in life?

I play volleyball and am in a basketball league once a week and its crazy to understand where people find time to do anything once they have a salary job.

[javadog]

Just wait until you get married, buy a house and have to take care of it, have a few kids and have to raise them, etc.

[Zeke]

Originally Posted by ItzaMe

SIDE NOTE:

How do you busy people have time to work out, kick back a little in life?

I play volleyball and am in a basketball league once a week and its crazy to understand where people find time to do anything once they have a salary job.

Well, I used to play volleyball at a considerable level and to do that and more life is more seamless. IOW, hourly flow from one to another. This does not afford lengthy commute time which is a total waste of good time. If you're active in the evenings then you aren't prone to while away at a TV tray. When you get home for some personal time, it is brief and rewarding or something is still wrong. You sleep well or something is still wrong.

I've lost all of that but I had it. It was good.

[NYNick]

We aren't bringing in much money. All profit goes towards building the business so I understand. The people who originally opened one up have gown to 20+ customers in about 3-4 years and we work with them and always ask questions when we run into issues.




Red flag. If you don't know where your money is going in this small business it's a huge mistake. Huge. Money (and the handling thereof) does very strange things to friends, relatives and partners. Trust no one and get a knowledgeable handle on what and where the money comes from and goes. I would never let anyone handle the money from my small business. Never. Besides, you need to know on a daily and weekly basis exactly where the business stands.

Part time small businesses are handicapped right from the start. Nobody is fully committed. Either quit and do it full time, or sell out and do your own thing. The best way to learn is to jump in and do it. Good luck, young one.

[cabmandone]

Originally Posted by nb6179505

Would like to know more. In the same boat sort of, 30 years old, about to have a kid, own a home. But always looking to take a risk if it pays off....

What sort of business?

Sent from my Pixel 2 using Tapatalk

What I started out with back in 1999 was HVAC. Did Real Estate, Manufactured Homes all while dabbling in used construction equipment. After 2008 I started doing the used construction equipment full time and haven't looked back. MUCH happier doing just the construction equipment. 2008 actually simplified my life.

[911 Rod]

How are you going to survive financially if you quit your day job?
I lived off of my line of credit for 4 years when I started my business.
I say keep doing what you are doing until the picture is clear. And yes it's a shame you needed partners for your start up.

[Seahawk]

Originally Posted by cabmando

What I started out with back in 1999 was HVAC. Did Real Estate, Manufactured Homes all while dabbling in used construction equipment. After 2008 I started doing the used construction equipment full time and haven't looked back. MUCH happier doing just the construction equipment. 2008 actually simplified my life.

Do you still do it, sell used construction equipment?

If so, please PM.

Sorry for the hijack but thanks for the tertiary hook-up ItzaMe!

[fastfredracing]

Some good advice given above about jumping off the cliff into the abyss. It would be nice to know that your new gig can sustain your life and keep your bills paid .
Being self employed, and working 12-14 hours a day, and being broke is a drag. Prepare for it Put some rainy day money in the bank ( or under your mattress ) to get you through the lean times.

[95avblm3]

Originally Posted by tabs

You are a hustler. You are always thinking and have the guts to give it a try...you have the potential to make it big.

A job working for somebody elses hustle is just that a job..you do what they want for a buck. Sometimes that serves a purpose..figure out what is best for you..staying in that job for awhile gives you a track record..in case you need it..

Think about it..mull it over for awhile and revisit to see if it still makes sense. In other words think before you jump. Think of the angles. The pros and cons. Weigh it out. Talk about it to see if you missed something.

Then there is what you might call biding your time..for the window of opportunity to open. There is a proper moment to move when everything is just right. It is called patience. Alexander waited for the moment to strike..he conquered nearly the whole world before he was 32.

It is a Darwinian world of sink or swim..nobody teaches the process of navigating your way through life...those who get the process survive and those that don't fail.

Tabs is right on with these comments... and I think it boils down to patience... patience waiting for the right time to move, patience to spend the time building your resume (whether as an entrepreneur or engineer), patience building your business and your nest egg.

I feel like I didn’t learn this lesson until I was 30. To be clear, I don’t really have an entrepreneurial spirit per se but it took me until 30 to realize I needed to focus on becoming good at what I do and not worried about not having free time or being pigeon holed in a particular role. Once I started to learn that, doors started to open as I developed skill and found myself getting more word of mouth opportunities doing projects that are fulfilling. I too am a mechanical engineer and at 40, I am working toward being able to rely solely on freelance engineering work part time so that I can pursue other passions whether or not they are revenue generating.

So my advice is to not close doors. If your 9-5 is a good resume builder and not soul-sucking, keep at it while you continue to build your business. Don’t be afraid to work long hours now because I guarantee that in the long run, it will set you up for success in multiple avenues.

...and while YMMV, the knowledge you gain and people you meet and develop relationships with will make your life more fulfilling as you get older. I really don’t feel like I hit my stride until my 30s.

Good luck!