I'm still kicking this around a bit. I wanted to see if anyone has additional insight gained over the past several months....

Anticipate evolution of the original concept.

Make sure you've got a good accountant, one who will comment on how things are going, rather than just prepare a tax return. I just got bit with a huge tax bill because of something that should have been a big red flag. Not that I'm trying to shirk responsibility, but I'm still only 3 years into this, and the accountant should've noticed it and made sure it got fixed.

I am a medical professional in private practice. Initially, I was employed by another guy, netting 6 figures, and it turns out he was skimming a lot, but it worked out well for a few years, advantage of immediately making money. I found out he was ripping me off, I already knew he was a scumbag, and fortuitously got a call from a mentor about a practice in Cali. Worked for the other guy for 7 years, been here for 4.

I am about 40, the current wife and I have no kids. I had the opportunity to purchase the practice of a retiring doc in my home town and took it. Have another year of $3500 a month payments to pay off the practice, so things are pretty tight right now. Making ends meet, but barely.

The wife does not work, and California is very expensive, and very anti-small business, which I fail to understand. I have 3 employees, provide healthcare for them and don't take a lot of time off.

I work about 60-70 hours a week and really like what I do. People are always glad to see me, the guy who had the practice is a really nice guy who either attracted nice patients, or fired all the jerks. I also like being my own boss, someone comes in and is rude, or a pain and I send them the time to find another doctor letter.

Overall, the freedom of being my own boss outweighs the security and ability to not take work home you get as an employee of a big clinic for me. I have the things I need, and a lot of the things I want. The practice has been growing, perhaps because I treat people well and with respect. Acting like a gentleman has advatages beyond the arena of dating.

Ha ha. Way to tie two threads together.

Where you live?
Seattle Area

- What your/your business does?

Office that does Real Estate Finance AKA - Mortgage Co.


- How long you have been doing it?
Independently off and on since 1996

- Do you have a family and/or kids?
Nope :)

- How old are you?

About to hit 36

- How much do you work?

Counting team building and whatnot, about 70HRS a week

- Do you like it (seriously!)?

When it pays ;)

- What was the defining moment that made you strike out on your own?

Most, if not all my professional life I've been commissioned sales - no base salary.

As a Loan Officer - I was working out of the house representing an office (paying monthly desk fees) then the office closed. I simply took the staff (amazingly, they followed my leadership - quite flattering) and I reopened in a new location with two other partners. Same thing as before except I'm wearing the crown. From working out of a home to organizing an office and taking the risks - and reaping the rewards. Starting a firm is always been something I've considered and was capable of doing, but I never felt the need or urge to do it - Why? Why the liability?. Why mess up a good thing? Then the opportunity set in, and I found two other partners that I actually trusted so we took the plunge. Might as well do it to test my other life skills and to increase my personal income - all with additional risks of course.

My game plan is to build it to the point where it gets noticed and then bought by a major lender, then go away and so something else (5+ years from now)


- Are you accumulating wealth or just sustaining life?

I've invested a lot into this office in the last few months, so it's an investment of sorts. I guess it's accumulating wealth.

Officially, without it I would still be so.


- Do you have a comfortable lifestyle (buy whatever you want? within reason? unlimted?)

Let's look at it this way - as long as it didn't get featured in Robb Report I can probably swing it. I guess within reason.


- How much you make? (If you choose to answer, it can be any form: sales, net, X times what an exmployee would make doing the same job, etc.)

Lower 6 figures.

All of my direct income still comes off of my personal efforts. Income off the business typically gets reinvested and put into marketing. I have been in the finance business for years and have a lot of contacts for business, that's what keeps me afloat.

There's 8 employees doing the same thing I'm doing except they are on a percentage of the business they write. They're with me to learn the biz. Not expecting everyone to stay forever, but eventually grow and develop the skills to work independently or hopefully, start their own. Just want to make my money, be happy and be left alone. That's all.

rjp

Have you considered going into sales at all? To be successful at it, you really have to consider yourself as a business owner. I've been able to make a very good living and it's allowed me to have/do the following things:

Have ample time for family and friends
Have enough discretionary cash to fund my many hobbies (not just P-cars)
Have enough capital to start a couple of small businesses on the side
Fund a very comfortable retirement
Travel to Europe 3X in 5 years
Pay off my house WAY sooner that I had ever dreamed
Make lasting friendships throughout my entire sales route

I absolutely love my job. The only time I really worry is right now, when I receive my quotas. Then, I read a few success books, bust my butt and go about blowing out my quota. I really think sales is the best of all careers! Of course, it all depends on what you sell.

I may be a bit of a hybrid on this subject, but it may help you think through options.

Even though I have been a Naval Officer most of my adult life, I have always looked for business opportunities outside the Navy. I owned a white water rafting company (small) with three other guys in California while I was in college in the late 70's. The money was very good even though we were small.

I sold my interest in the company and bought some rental property in CA once I got through flight school and had a steady gig for at least 5 years.

While in my first squadron, collaborated with a friend on marketing a toy idea: sold the idea (with a percentage of the gross) and made very good money for the two years the toy sold well.

Left San Diego for Maryland. Sold house and rental and rented in Maryland for two years. Decided to put down roots...invested in a farm here in Maryland. Also bought rental property (the west to east move was financially a good thing). Farm income approxiamately 10K a year but the tax benefits are extraordinary.

Looking for a way to make the farm more profitable, section off a portion of the farm for a horse property to establish a boarding operation. Fairly large investment, but we do a lot of the work ourselves. Establish LLC to cover potential lawsuits from the horse operation and include farm property and equipment. The horse operation nets about 2k a month.

Join an establish LLC that invests in real estate in this area...we look for specific real estate that fits the LLC's "model". We leverage my equipment for cleaing lots, homes, etc.

My point to diatribe is that you can work your regular job while you get smart in potential businesses. I have always looked for opportunities, pay attention and act when I think the time is right.

Best of luck...







- Where you live?
- What your/your business does?
- How long you have been doing it?
- Do you have a family and/or kids?
- How old are you?
- How much do you work?
- Do you like it (seriously!)?
- What was the defining moment that made you strike out on your own?
- Are you accumulating wealth or just sustaining life?
- Do you have a comfortable lifestyle (buy whatever you want? within reason? unlimted?)
- How much you make? (If you choose to answer, it can be any form: sales, net, X times what an exmployee would make doing the same job, etc.)