The excitement of opening a small business

[hoosierdoc]

So I've been whining about ObamaCare for years now and what it's going to do to the delivery of healthcare. My family is 100% dependent on the income generated from an industry that is being destroyed. So... the logical thing is to begin to diversify my income stream.

To that end my brother, father, and I have started a small business selling widgets. I have sold "remaindered" computer books in college and made good money on Ebay and at computer shows with little time commitment. I've always had the widget-selling desire and enjoy the heck out of all the things involved.

I'm shocked at how high ebay fees are now, and also at how easy the state of Indiana was to deal with regarding the paperwork. I had all the forms done in about an hour for the state. I went online to get our EIN and that was nearly instant. I filled out our retail merchant certificate form on Sunday night before the Veteran's Day memorial and they emailed it to me Tuesday morning at 9:30a.

How many INGOers are self-employed or have a small business on the side? At this point it's a hobby but like all startups, we have dreams of gold. We're not sure what route we'll take regarding advertising so I'm not really getting into the details of the venture here. I just wanted to share my excitement and give others as change to recount their travels through the world of small business.

 

[A_Brit_In_Indy]

Whatever you decide to do/sell I'm sure many,many on here will do their best to see you succeed, I wish you the very best of luck.

 

[mcolford]

My family owns a skating rink. Bought it when I was in the 6th grade. We had always went roller skating on weekends, and that is the rink where my mom and dad went, so when they were presented the opportunity, they took it. The recession was very hard on them, and its finally getting better. Fortunately dad has a ft job for the family insurance, and has no FT employees at the rink, so OBUMMER CARE wont hit him as bad.


Good luck with your venture! Keep us updated!

 

[downzero]

I have a side business, but I generally don't advertise it very much because I'm afraid of getting overwhelmed and it competing for my actual day job responsibilities! Maybe one day...

 

[JetGirl]

How many INGOers are self-employed or have a small business on the side?

Not a "business" per se, but initially I did some safety tutoring with people who couldn't get together with a certified instructor. Word spread and even though I don't have certification, people have been calling on me. It's very enjoyable to me and I could probably see myself doing it on a more regular basis, but that's an area which (although booming now) will probably dwindle fast soon.

 

[IncendiaryGunner]

I run two of my own, and work part time for one my family started years ago.

With them all starting to ramp up as of late, I may even be quitting my day job soon...

I would recommend opening a small business to anyone that is a self starter! It can take a ton of commitment, and the payoffs do not usually come right away - but the possibilities for success are much greater than a 9-5 job.

 

[GodFearinGunTotin]

I don't. But for different reasons than yours Doc, I'm considering doing something different than I'm doing now. So, I'm also interested in what others are doing.

 

[Indy_Guy_77]

My folks have/own/run two small businesses...

I was offered to manage the one I worked at in college - with the owner's eventual hope that I'd "buy it on contract" and own it. Run away! Run away!

Will people in your cell phone contacts list get discounts on the widgets? HAHAHAHA

-J-

 

[Naptown]

I run a small scrap metal business on the weekends. I specialize in Miller Lite and Bud Lite 16oz cans.

 

[GodFearinGunTotin]

I run a small scrap metal business on the weekends. I specialize in Miller Lite and Bud Lite 16oz cans.

I've dabbled in that from time to time...but I've yet to turn a profit. You?

 

[Hajisc]

I have a fabrication shop. Good luck in your venture but be prepared for all your friends thinking you're RICH because you own your own business and that you can work whenever you want....................Yea right on that point. You can work whatever 12 hour shift a day you want for usually less than what your employees earn.
Stick with it and I hope you succeed,It's a good feeling after all.
The best advice I received was don't fall behind in taxes, it will come back to bite you.

 

[rockhopper46038]

I've owned a few small businesses over the years. They are more fun for me when they are small. Once they get to 10 or so people I start to stress too much about what would happen to my employees if things go south. My current venture is bigger than that, but I'm not as directly involved as I have been in the past, so its not stressing me so much.

Multiple streams of income is the right strategy though.

 

[travisbelt]

In addition to my full time job, I'm a part of three side businesses. My mom runs a Country Decor shop as a side job and I help her with the business end of that. I also have a Tech Solutions side business and a Ebay E-Commerce business.

I know what you mean about the Ebay fees. They're getting ridiculous, and honestly, discouraging me from expanding on that venture. I buy and sell different hobby cards. All the way from sports cards to TCG cards. I've been fairly successful thus far (15-30% Net Profit), but it does take a decent amount of time and if you factor in Time Value of Money, my profit is slightly less because I end up holding onto them longer than I want.

I'm a BI Administrator full time, so it makes it easy to work on PC's and other issues (mainly network, data, or reporting) on the side.

I have a Corporate Financial Management Degree and worked along side a CFO up until a couple years ago, so I have the knowledge to run a business, and I've always wanted to do so. The issue is risk, and right now I'm not willing to give up a Salary and benefits to start a full-time business.

For right now, my side businesses suffice my desire to run my own business. Maybe one day it will mature into more.

 

[Westside]

owning a small business means you get to pick the 80 hours a week you work. Congrats on taking the plunge.

 

[gunrunner0]

I had to form an LLC to do some consulting work last summer, it was more of a formality then an actual business, but I agree. It is amazingly simple to get your LLC registered in Indiana. About $100 and and an hour or so of your time and your set. However, prepare yourself for a deluge of business credit card, insurance, loan, and supply offers from various companies who the state is apparently gracious enough to supply with your name and address.

Anyhow, good luck with your startup.I honestly believe that small businesses are the backbone of this country and play a big part in what makes it great.

 

[AllenM]

I am also diversifying a little myself and starting a side business. Only for this one i don't anticipate hiring employees.
I love my collision repair business and my employees but it has grown to a point that I seldom able to have hands on the actual work which is why I started the business in the first place is because I enjoyed the work. So this other one will be just me.

 

[CTS]

I'm 100% employed as a contractor right now, doing IT work for local small businesses between LaPorte and Indy. I worked for several companies over the first decade of my adulthood and every last one of them closed up, leaving my life a wreck in their wake. Coming to the conclusion that I was cursed, I started doing this and went back to college. I'm not making quite as much but I sure am a lot happier, and it's easier to help out with some volunteer work I enjoy. As of right now, I'm quite seriously considering never returning to a traditional workplace if I can help it.

 

[The Bubba Effect]

I have a house that I rent out to college students. Some years it is a nightmare, other years it is a dream.