Those of you who have your own business or are finically independent how did you get there?

306westernfront · 2018-12-15T20:38:57+00:00

Read

The E myth

Micheal E. Gerber.

From personal experience people I deal with on a day to day basis who talk about wanting financial independence threw owning a small business believe that it is a very expensive, one time cost endeavour.

Example:

I'm trying to open a barbershop and i need 50k to even get started because thats the cost of building the shop, buying tools, hiring staff ect. How will I get 50k to open this shop when I work at a low paying job, am uneducated, young, no ecperince, ect:

Unless you have prior business experience and are able to make the decisions it takes to maintain a grand opening like this you will probably fail.

Start small with as minimal initial investment as possible.

I started cutting hair on a stool in my parents back yard with 2 clippers and a pair of shears when I was 21 (young), after working at the golf course all morning. (Not quitting, but balancing both and saving money) Got better at the task, learned to take appointments ect: (experience). Saved enough money to rent out a garage in my small town and have now worked that into a real barbershop in a bigger center.

The point is if you cant turn a profit and expand on a lemonade stand the you probably would have failed at a booster juice.

Work hard. Save, reinvest income.

AshyLarry27 · 2018-12-15T20:38:01+00:00

Most people are rich and do well primarily because they SAVE and don't spend money on DUMB THINGS. They are financially responsible. For example, one thing that bothers me to no end is that there are people in poverty that will go and have like 3 or 4 kids. WHY?! A kid on average COSTS 13k a year in the US on the first year, and only goes up from there. You could be saving some of that money and setting your financial situation straight, wait to have kids. Don't bring them into your fucked up financial situation.

Go over your bank account, and look at stupid shit you spend money on. Do you need to buy coffee and breakfast from Dunkin Donuts every morning, or can you be responsible, save money on buying food you can put together at home in the morning? Things like that.

https://www.cnbc.com/2017/12/04/kevin-oleary-wont-pay-2-point-50-for-coffee-instead-he-invests-it.html

Also, especially if you have no debts, put a certain amount of money from each paycheck aside. Don't touch it. It is all about making smart financial decisions.

Reddit does have a finance forum which you would do better to get a more expansive bit of information on all this. You also have well known people involved in financial advice like Peter Schiff and Dave Ramsey (really good w/ attacking debt).

Doctordinglefuck · 2018-12-16T00:34:50+00:00

I read think and grow rich by napoleon hill. Halfway through reading it something changed in me.. i was like a dog whose ears perked up, hearing something off in the distance and listening carefully.

Shortly after doing what the book commanded, i became immensely wealthy for my age. I was 18 with $25,000 in cash, no debt, living on my own. Then, the devil got ahold of me and i lost it all.

DatingCoach111 · 2018-12-15T23:12:05+00:00

I read Jeff Walker’s book, “Launch”. You build an email subscriber list by giving out free content on social media platforms, then you pitch a sale. More complicated than that, but it worked. Made $700 my first launch, then $3,200 on my second, $6,400 on my third, and I’ve had several more since then. My latest launch yielded $42,000 in sales in 6 days. Took me two years to get to this point, but I’d also been studying business on my own a year prior to starting.

I started off so broke that I almost had to live out of my car because I refused to work for anyone else. Now I’m actually doing something meaningful and making money from it. Jeff Walker’s book is more valuable than gold.

I run a dating coach business.

samraat65 · 2018-12-15T23:42:40+00:00

I got a job- asked owner to cut me a percentage of first location- got 10% opened a second location, got 20% opened third, got 30% I worked 60-70 hours a week for 9 years. I’m now working 20-40 hours a week, making 160k. 36 years old

atticusfinch1973 · 2018-12-15T20:53:40+00:00

I'm not financially independent but have owned my own business for many years and I'm on my way towards it:

Keep your overhead low - ideally start from home or with minimal investment. Also, have a buffer of income set up ahead of time. Many people start out doing their "side hustle" while still working full time in their off hours, which is much smarter than what many people would tell you which is go all in right away.

Find things with decent profit margins for time invested. If you have a skill you can leverage like a trade or something other people will pay you to do for them, then work at that and becoming really good at it.

The other side a lot of people neglect is customer service and retention. Repeat business and referrals are gold in many industries. Don't be afraid to give something away to attract new customers or keep current ones happy.

legospartan · 2018-12-17T04:43:16+00:00

Many times I get downvoted for this but, here goes. Buy rental property. Duplexes, apartments, houses, etc. Keep at least 3 to four rented at all times. Learn the tax code for this. Keep buying, selling, collecting, maintaining. If you follow this simple plan. It's a road to wealth. It's hard work. But it's worth every penny. Most importantly, any idiot with some drive and ambition can do it. I know. I'm a dumbass, retired mid 40s. Sold most everything. Just live off the interest now. Good luck!

beefthathasredmiddle · 2018-12-16T00:09:28+00:00

Well figure out what exactly you are doing, and do it well. If you can’t do it well, find something else to do. It’s easy to get promoted when you do your job well, you don’t even have to ask for raises.

As far as setting goals go, try to figure out what you would like to do. Then, think about the competencies need to have that job. Then, work on developing those competencies.

Ex. If you want to be a police officer, communication is important, so get a job as a sales rep. Then try your best at that job.

People think those who get opportunities are lucky, but in reality, someone is giving that person that opportunity, and it’s because they have demonstrated competence.

MeanCaregiver · 2018-12-16T02:33:43+00:00

work man im in my late teens and ive saved and invested my money also put in the time shit dont just appear out of nowhere you gotta stay devoted to your plan no 20-40 hrs a week bullshit you gotta go 60+ hours a week man and dont be comparing yourself to others because most of them are are either jealous or insecure about you.

dubsandrings · 2018-12-16T04:22:58+00:00

Work hard, take as much negativite criticism as you can get. Positive input isn't really the helpful, outsiders can see what you can't see sometimes.

Always greet, listen to, and make customers feel like they matter. Make it sound like you are on top of the situation even if you really aren't.

Have passion about your business, but more importantly make your customers see that you eat, sleep, and live to do what you do.

Dont worry about losing a couple dollars over some shit you know you are right about. Eat it and learn, move on to the next opportunity with another customer.

Even if you want to tell a customer to go get fucked, smile and tell them to have a nice day. You will be glad when they come back and spend more money. This has happened to me more times than I can count.

13 years into my business, some days I love it, some days I hate it. But I own 3 houses, have $12k in my sock drawer that I'm just keeping around for the fuck of it and smile every time I check my bank account.

PlzBuffBeamu · 2018-12-16T07:03:43+00:00

I’ll probs get downvoted but you can google this question. Everyone says the same shit legit.

Work hard! Positive mindset! Cut off your loser friends! Learn from mistakes!

It’s all the same and it’s all true. The problem is no one works hard enough, no one is even close to relentless enough. And if they do work hard enough it’s usually something else

For me the moment I cut off my friends who were going nowhere my life really took off. All we did was enable each other’s bullshit and convince each other we “worked hard” when we didn’t.

[deleted] · 2018-12-15T18:47:14+00:00

Earn more, spend less. It's not complicated.

Title	Those of you who have your own business or are finically independent how did you get there?
Author	legospartan
Upvotes	13
Comments	26
Date	December 15, 2018 5:45 PM UTC (7 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/a6h4jq/those_of_you_who_have_your_own_business_or_are/
Archive Link	https://theredarchive.com/r/askTRP/those-of-you-who-have-your-own-business-or-are.70755 https://theredarchive.com/post/70755

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