Pro VS. Con Become Small Business Owner?

SOLVED

Ditto @cyclomatic couldn't have said it better!

I have been building my business for 6 yrs now. I started as a brick and mortar, then soon realized that foot traffic alone would not keep my doors open! I have been working hard, and struggling, to stay afloat by diversifying my sales with Etsy/Ebay/FB marketplace and now OfferUp. I do not get a whole lot of sales off of OfferUp, but when I do it brings a new body into the shop. More often than not they buy more than what they came for and I have a new returning customer. I use OfferUp for the items I can't/won't put on other sites, i.e. project pieces of furniture or non vintage items. And I so TOTALLY agree with what @cyclomatic said in the beginning about treating your business like a hobby, WILL NOT WORK! I LOVE my job and what I do. I love meeting people and educating them about my items and their history. To me, CUSTOMER SERVICE is the key. Quality interaction and knowledge of what I am selling (it instills buyer confidence). I am "old School" I remember when someone cleaned your windshield and pumped your gas WITH A SMILE. And I still think that THAT is important! 

Ni Hao ,

Thank you for the personal invitation to this forum.
My family has been here in the Phoenix area for about 130 years. I started my first business at age 7 mowing grass. When I was 15, I worked for my Uncle and dad in the restaurant business. That business ended a year later and my family ended up in the wholesale and retail of sporting goods business. I didn't like either one so I decided to go to college to become a computer scientist. When I graduated, I couldn't find the right job in the computer field, so my college classmate and I decided to write my parents an inventory control program.

After that project was over, my classmate went into the flight system's software and I ended up becoming a Value Added Reseller of computers, peripherals, supplies and services.

I eventually honed those skills down to Operating Systems, VPN Gateway Security, Networking, Voice over IP, Digital Surveillance, Video Conferencing, and Telephony. I still dabbled in 3 and 4 generation Database Software at that time.

After a bad divorce and a bad economy (2008), I ended up losing my business of 35 years and I ended up doing all kinds of jobs. I stumbled upon OfferUp and other Digital Markets because I found them to be an efficient way to liquidate my inventory and tools.

I completely believe in small business and the free market.

Without smaller businesses, we could not
Sorry about that. My fingers got ahead of my thoughts.

Without small business, we could not best serve our customers and neighbors on a personal level. Big business may provide cheaper services and less expensive goods, but small business provides cohesion and trust amongst those we deal with. Small business is the glue that instills trust and integrity amongst our fellow citizens.

The one thing I came to realize was that the service I provided was more important than the quality products I was installing or maintaining.

I encourage any and all of you to try to own and run a business. This experience will enlighten you to words like appreciation, patience, quality, respect, understanding, charity, profit, to name a few.

Often I've been asked what does it take to go into business. In AZ, $15 To the state and $10 to the city will get you the legal licenses to open shop. But, if you ask me what it takes to stay in business, then we'll be up past dawn talking about honesty, integrity, and follow through as a beginning to a successful business.
Level 9
Chao! @TimsNewAndUsed, You've a long list history of your family in small business operating over one hundred years ago. It awesome way know your backgrounds and felt acquaintances with OC members. Many of us ran across each other post thread yet didn't have times to really get to know person(s) behind computer screen. Thank you for sharing your thought and family history.👍🏻
Community Helper

@TimsNewAndUsed & @Decades_Antqs

You guys went MIA on us....glad your back!

 

Now, I didn't post all that to be boastful but just to illustrate anyone can be their own boss or have a legit side business. Now, understanding if you have the temperament or stomach for is something else. You have to know yourself and where your strengths and weaknesses lie. Nobody knows everything so you'll need solid, trustworthy support in some areas. 

Here's one example: taxes. That word scares many of us. My wife is a brilliant tax preparer. I don't just say so because she's my wife. Six months into our relationship, it became apparent things were getting serious. We sat down, looked at my past 3 yrs of personal taxes. She amended those 3 yrs and got back nearly $12k!!! She's not a CPA but I feel she's as good and better than many CPA's. The avg person isn't up on IRS changes year to year....so much money and businesses go down the drain over tax problems. 

Whatever venture you take up of sole proprietor-DBA, C corp, S corp or whatever....be sure you have a very good tax person to be sure your getting everything you deserve and you don't run into pitfalls that can ruin your venture. 

 

PLEASE: I strongly recommend to stay away from those big box tax stores Liberty/H&R/Jaskson Hewitt. They run a cookie pattern program and lack the real knowledge of yearly changes and full benefits to their clients, hidden/confusing fees, overcharge and pray on low-income communities. Hopefully, I don't offend anyone working there.

Level 9
@cyclomatic, You have bring up a valid point in PRO taxes advantage, for many small businesses owner they can claim loss for three consecutively loss and four year in they must had positive cash flow in order to meet ceteria of small business loss. Business Owner (BO) who continues earning negative will find themselves face business closure and had paid owe Uncle Sam wallet. Also the PRO side is SBO can delay up to three year to paid back taxes they own Uncle Sam if this posible? My question is what is the minium amounts SBO make to be claim as positive cash flow and three year taxes rule works here? please felt free to jump in @cyclomatic @TimsNewAndUsed & @Decades_Antqs @Shupat or calling out to anyone to join this dicussion. If they don't have positive cash flow, here come the VS. CON- they will face went-out-business. Everyrhing you have works for will end. If smartsSBO gain experience in this fields will eventually start new or similar business is this true?
Level 9
Level 9
Thank you your kind words @KSARASARA
Level 9
. My mom was franchisee and dad worked for a company before retired. I guess it all depends on personality of a person.
Willing to sacrifice long hours, headaches , dealing with employees and ton of regulations? Then you can become small business owner. Instead me taking over my family franchisee business, I decided to work for big corporation with 6 fig income and awesome benefits. Being employee have thousands of problems and issues, but nothing compare to millions of problems and issues of being small business owner.