My bathroom had some major drain line issues so I took a break on blogging to pretty much completely redo my only bathroom. It still has a few odds and ends to finish up, I’ll write a post about it soon as I know many of you are DIY fanatics :D.
My History in Business
Like most people, I’ve always wanted to be a business owner. I wanted to do something I’m passionate about, something innovative. In college I stopped working odd jobs and started freelancing computer work for business and residential clients. It was a good income for a college student but I never charged a lot and work wasn’t consistent. Once I finished college it seemed even harder to freelance computer work, seemed everyone now knew someone that could fix computers and most people didn’t want to pay to fix their computer. No surprise that after I graduated college my freelance days ended for good and my Engineering career was born. I hated the 9 to 5 grind, I missed controlling my own schedule. I’m sure everyone remembers the transition period when they had some freedom to the time they were suddenly stuck inside a building for 8-10 hours a day, every day…. for 5 or more days a week. After about 6 months of my first engineering job a good friend of mine told me he was starting a business and needed help. I quit and promptly attempting to help my friend build a business we had big dreams for. The problem I see now is that we were a pure service company. We performed labor services for other businesses, like fixing shit and building custom web applications. The BIG problem with any company in the service industry is that they are CONSTANTLY looking for the next fix and you can only charge so much for labor. A pyramid scheme is needed if you want to make more income(pay employees $30/hr but charge $120/hr for their work). In my eyes, a bad business plan for small companies with only a few employees. It can work but you’re not likely to ever get “rich” doing it. Before long we didn’t find our next fix and ended up splitting shortly after. Ever since then I’ve still been trying to think of a business idea, something not tied directly to income for labor(like performing an automated service or selling a program product), It would be more on the passive income side of business. but alas, I’ve never came up with a good business plan.
The Obvious Truth: We’re All Business Owners
Yes, it may not be the business of your dreams, but if you have any job, you basically have a service contract(remember how I said service work sucks) with your employer with the end result being you have a job to help your company turn a profit through services you provide to the company. It’s a special contract that says, we promise to have work for you so you’re not constantly looking for your next pay check fix and we’ll give you benefits since we get like group discounts you can’t get by yourself. But you have to be there for them pretty much always, like a marriage with a very demanding and controlling spouse that pays all the bills. As a business owner who’s contracted to one particular company, it’s your job to turn a profit in your personal finances, just like any other business(except real businesses get tax brakes and advantages while employees get the shaft). The principle is the same, a business has to turn a profit or else it’s a failed business. Even though I’m still trying to think of that great business idea to start, I thought about how I’m on my way to stashing away $20k this year in retirement accounts and how my business’ profit is good, even if I wish I wasn’t in the service industry. Although a few people do, I realized most people don’t actually think of their job as a business they own, so hopefully this gives some of you a new perspective on your own little company your running. Just like any other company, work hard to get more money, make sure you have goals, manage your company so you know what’s going on and make sure to save for the lean years.
How’s your business running?