Comment on Starting My Own Business…I’ve Been Here Before by Martin – Get FIRE’d asap.
I went through a similar experience FS. Years ago I worked for a large US multinational in a plum sales and marketing position earning more money than I had ever before and plenty of overseas travel. Then we had a change in boss and the enjoyment of my job rapidly evaporated. I negotiated a severance and started a business installing smart home technology which was starting to take off. Then the building industry collapsed with the GFC and suddenly nearly all of the work I had lined up disappeared as customers cut back on their building costs. In the end it wasn’t sustainable and I just shut up shop and walked away. It takes a lot of courage to give up a well paying job especially when you have family to support. But if you have done your homework and believe in yourself, running youright own business can be very satisfying as you know. The biggest lesson I learnt was don’t overcommit yourself financially and always have a backup plan. Good luck for your new venture when it eventuates.
Recent Comments by Martin – Get FIRE\’d asap
Buying a Retail Business Is Not a Good Lifestyle Fit
Personally, I wouldn’t entertain the idea of owning a retail business for all of the reasons you’ve outlined here. Low profit margins, potential staff issues to deal with, either being tied to the business full time or hiring a manager, which can bring its own problems, just makes an opportunity like this seem too hard. By the sounds of it, unless the current owners can present a far more attractive proposition, it may be some time before they get to enjoy retirement. “Run Forrest, run”, I say.
Technical Problems Put Slacker Health Out of Commission
I hate it when things go wrong like this especially when it turns out to be a complicated fix. I’m surprised that your host hasn’t been more helpful getting it fixed. I made some back-end changes to my site a few weeks ago and it went offline as a result but a call to my host and they talked me through what to do to get it online again.
I take a weekly automatic backup of my site that sends the files to Dropbox. I haven’t had to do a restore yet, touch wood, but I’m hoping it won’t be too difficult if I do. There’s plenty of free and paid backup plugins for WordPress out there. I use Updraft plus and the free version seems to do the job perfectly.
Would You Spend $200,000 To Play Golf?
I think that it’s important to realise be happy living your own reality rather than someone else’s. We all know people who try to live above their means by wanting to live a life that they think is better than their own. Sure, $200k golf club membership is a huge and stupid amount to pay for such a thing but if your earned millions of $$ a year, it’s pretty cheap. In the same way that a dinner out each week may be achievable for middle income earners but appears to be a luxury to someone struggling to make ends meet. Once an individual becomes comfortable understanding that, good karma can resume.
Is Technology Taking Over Our Lives?
I truly believe that mankind isn’t really moving forward with most technology. We’re just making incremental improvements to technology we already have and much of it really doesn’t add a lot of value to us as a species. When you consider the huge leaps and bounds made in inventing new things from the beginning of the 20th century up to about the 1980’s, we really haven’t progressed much further since then. So ask yourself, would the human effort spent developing VR goggles be better spend inventing something completely new that will benefit mankind for decades to come? Or is it all about making small improvements to existing technology so that these items become cheaper and more accessible to the masses? I really don’t think that electric cars, VR goggles and new, improved selfie sticks are the true measure of man’s technological progress as a species. What do you thing FS?
Why Choose a Franchise Over a Startup?
I’ve heard that in most cases buying a franchise is just buying a job without the benefits of an being an employee. Unless you’re buying into a well recognised brand with all of the support and systems that it offers, I reckon starting your own business from scratch is the way to go. Even better is when you start it up while still working in paid employment. Sure, you’ll make some mistakes along the way and it’s a steep learning curve but you’re not handing over a load of cash to someone else and you have 100% say over how your business operates.
There’s plenty of franchises out there that don’t offer their members good value for what they’re paying. Be very sure you know what you’re getting in terms of systems, support, marketing etc before signing up.