Best business advice ever?

Level 3
Thank you
Community Helper
-Ciao' @Angel04-

---"Thank You"---

For having the courage to post a contribution to the OfferUp (created just for you) Nationwide Community Forum--- 😊
Looking forward to another contribution to the Community Forum...
Abundant success to you 👍
Level 1
if you dont mind me asking what type of online business do you run? theres a lot of ways of doing business online today and i have come across so many individuals offering to start an online business that actually turned out to be scams that look like pyramid type of things and not generate any value. Also maybe can you give some on how to run an actual online business with real results?
Level 1
i may not be able to give some advice on business since i dont have real experience yet but i have read some business peoples recommendations.
1. if you want to start a business dont quit your current job before it becomes successful.
2. do not invest all your money into the business. invest one third. so that if it fails you should be able to handle the loss. if you lose all your money theres nothing else left to hold to.

Good morning @Jacob-T,

Welcome aboard!

Your number 1 bullet is spot on. Depending on what your business is, you should never leave a good thing. Meaning, a steady paycheck, insurance, a 401K, if you're earning those things now.

When you start out, your venture should be doing so good that you can't keep up with the demand and you're at a point your ready to quit your regular job.

Don't forget, you may hate your current gig, but it is a steady check, you may have insurance, you may have a retirement plan in place.

A new business will take about 7 years before it becomes self sustaining with reoccurring income and a steady flow of a customer base.

During those years, you will struggle to get health insurance and it will take almost all of 7 years before you can contribute to a retirement plan.

Your second bullet is more troubling to me. 1/3? 1/3 of nothing is nothing.
Depending on what your business is, an arbitrary figure can be misleading and deceptive.

If your providing a service, then your investment will be your transportation to and from your customer's. If your manufacturing widgets, then you have the cost if raw materials, packaging, and shipping costs. If your selling widgets, then your costs will include inventory, storage, and shipping.

So assuming your already "doing" your business, you should find yourself in the situation I described above before quitting your current job.

Your need for capital should not exceed your budget to stay afloat. The biggest mistake in business is borrowing money to sustain and live on. If the business cannot produce enough profit to keep the doors open and pay you something , then you should consider trimming expenditures and maybe even closing doors. I cannot emphasize the fact that taking loans is a slippery slope that will lead to failure. Your creditor's interest rates are enough to kill your profits.

So start small, start out slow, and put every effort into seeing your business grow. If it is successful, it will grow to the point you'll know it is time to make it a full time gig.

By the way, place an ampersand in front of the name of a user's name if you want to address that person directly.

Much success in your new venture.

@TimsNewAndUsed

Level 3
My dad is a successful business owner and when I started my own company he told me “The only thing someone can tell you is “No” then you keep trying because “no” is just a word.” He also told me “ if your happy and you do it because it makes you happy then your already successful” Smiley Happy
Tags (1)
Level 3
I VERY MUCH AGREE WHAT TYPE OF BUSINESS MAY I ASK
Level 9

@TimsNewAndUsed,,,,,,,,,,,,,,,,,,,,,,, I thought the ,,,,,,,,,,& . sign was an ampersand,,,,(phone home),,,,,,,,,,,,,,,,and the @ was actualy an "at" sign

Community Helper
@FHJewelry Agreed, a similar theory I live by is that it doesn’t hurt to ask. I can’t count how often I ask for a discount when out shopping, and the employee welcomes me with %10 or more off (usually just a button on their POS system). I’ve gotten amazing deals across all buying platforms asking for a deal. I’ll even ask for a better grade on a test. I haven’t always gotten yessiree’s but I have been surprised with my secret super power of ASKING.
You are correct @0317, I stand corrected.
Thank you for catching my error. 😄