How Did You Make up Your Mind to Start Your Own Business?

BuddhaBoy on 09/03/2023 - 21:57

Hi All,

I am done with my job and keen on doing something of my own but I am stuck. I have tons of ideas but I just don’t know how to take that first step. I am ofcourse afraid to leave a high paying job (senior leadership and extremely stressful). I am at a point in life where I would love to dedicate myself and work hard towards something that I can call my own. Even if its a small business. I have considered getting a franchise but after a lot of readings - felt it would be just like another job.

I am an immigrant and my first gig was kitchen hand at a small resturant. Have come a long way and I appreciate every opportunity this country has given.

Keen to hear from people that were in my position (I hope I am not the only one!) who took this leap and started a business. How did you make up your mind? Did you talk to anyone? Did anyone guide you? How did you set up the business from a scratch? Any places that you go to where like minded people talk? Did you have a mentor?

Looking forward hearing some thoughts/advice/feedback. Thanks!

Education & Work

Comments

  • Bafranz on 09/03/2023 - 21:59
    +3

    Have a quick read of this thread from today if you haven't yet for a little insight, might glean something from it

    https://www.ozbargain.com.au/node/761375

  • Stopback on 09/03/2023 - 22:25
    +1

    Be a consultant my mans

  • mitt on 09/03/2023 - 22:45
    +5

    If you try & start a business that you are not already deeply familiar with you likely wont do well.

    Lots of former upper managers in whatever start a small cafe/service business & end up going tits up because customers dont like being your training dummies. If you have no unique skills in the business you are starting you have no competitive advantage.

    Choose something you have skills in. Start it as a side gig.

  • coffeeinmyveins on 09/03/2023 - 23:27
    +6

    I have considered getting a franchise but after a lot of readings - felt it would be just like another job.

    How is owning a franchise "just like another job" but owning your own business outright such as a cafe not? You do realise that owning a small business like a cafe is going to put infinitely MORE stress on you than your job in senior leadership? You think you work long hours now? haha

  • p1 ama on 09/03/2023 - 23:59
    +3

    I am at a point in life where I would love to dedicate myself and work hard towards something that I can call my own. Even if its a small business.

    Why? You're saying (on the one hand) that you are finding your job "extremely stressful" just running a business that (presumably) someone else owns. Now you want to run a business that you own? That doesn't make sense to me.

    Even if you're a CEO, the worst thing that can happen to you is the board kicking you out. When you own your own business, you can lose every cent you have, go bankrupt and lose everything.

    If you don't like your job now, you can always apply for a new job. If you're good (which by your post, you seem to be), you can get a new job in a matter of weeks. If you are starting to hate your business, you're not getting out easily. If your financials aren't flash, you'll have a hard time even selling it for fair value.

    I have considered getting a franchise but after a lot of readings - felt it would be just like another job.

    Having worked with franchises before, don't get a franchise. The franchisor is just using you as a means of raising quick capital and outsourcing the risk to you. The moment you're too profitable, they're incentivised to drive you out and convert your franchise to corporate owned.

    Keen to hear from people that were in my position (I hope I am not the only one!) who took this leap and started a business. How did you make up your mind? Did you talk to anyone? Did anyone guide you? How did you set up the business from a scratch? Any places that you go to where like minded people talk? Did you have a mentor?

    Have you thought about joining a start-up or boutique firm?

    If you join a start-up, you can often get equity options which give you a similar "buy-in" as running your own business, but you can also specialise in a specific role as opposed to being everything everywhere.

    Boutiques are also a good option as well - I'm not sure what field you're in, but if you join a boutique with < 50 FTE, you can often feel like you're in a small business environment where everyone knows each other, there's good camaraderie between the team, everyone is super bought into the vision of the firm…etc.

  • cloudy on 10/03/2023 - 06:24
    +2

    Having worked with franchises before, … The moment you're too profitable, they're incentivised to drive you out and convert your franchise to corporate owned

    Which franchises have you worked for? Or refer to…

    I get the sense your experience is narrow and anecdotal

  • TheMindsetTraveller on 10/03/2023 - 06:52
    +9

    I spent 20 years on auto-pilot, staying in a job that I was good at and paid OK. I was being comfortable and loved being comfortable. One day I just started reflecting on the meaning of life. What is my purpose? Why do I even exist? Did god or whoever created us want us to be born, get a job, work and then just die? It seemed very pointless, and I did not want to be the millions who regret things - or, more accurately, waste my time. I had a great last 20 years, did many things and experienced lots that many dream and wish that they will hope to do one day. But a job means Just Over Broke - financially, emotionally, and spiritually.

    I got out of my comfort zone this year, left everything behind, and went to work in hospitality, paying by the hour $25 or whatever I get and enjoying every second of it. Should Covid-23/24/25 come along, should the world fall apart, if world war 3 happens, so be it. I put 100% faith in myself that I will do what it takes to progress and do better, and importantly enjoy the experiences and challenges that come along.

    You either bet on yourself and take some risks in life, or you stick in your comfort lane and just let time go by as you wilt away life.

    Good luck my friend, it is either One Day or Day One. Your perspective will determine your outcome.

    • coffeeinmyveins on 10/03/2023 - 08:29

      I agree with your overall sentiment that you are in control of your destiny and how you look at things

      Did god or whoever created us want us to be born, get a job, work and then just die?

      Once you realise that you are not special, you were not created for any higher purpose, you are free to do whatever you want. No-one "deserves" anything, people die when they're five from incurable cancers, people live until they're 90 with no achievements.

      • Muzeeb on 10/03/2023 - 10:59
        +3

        people live until they're 90 with no achievements

        @Jimothy Wongingtons will not be that person.

    • Stopback on 10/03/2023 - 08:55

      Why hospitality?

      • TheMindsetTraveller on 11/03/2023 - 10:13
        +1

        I want to educate and inspire people to live to enjoy life. We don't know when our last day might be so we should embrace each day, go out there and be curious, explore something new, and experience activities, and events, that we might not normally go to. There is so much out there in the amazing world, and even if we tried to explore as much as we can, it will be like only scratching the surface. Whether it is art, history, culture, heritage, restaurants, tours and much more - curiosity and doing are where the magic happens. Don't wait till you get to some certain age before you want to complete a bucket list, that's just sad in my opinion. The bucket list starts now no matter what age. Don't be too busy making a living, rather than living a life. It is either Day One or One Day (and that one day might be too late).

  • freefall101 on 10/03/2023 - 09:18
    +1

    I have tons of ideas but I just don’t know how to take that first step.

    Just remember, ideas aren’t really worth anything. Everyone has ideas, the hard part is building a successful business out of one. Good chance that if you have a great idea someone with more resources will just steal it anyway.

    You need either capital, connections or be willing to commit an ungodly amount of hours to what you want to do. All three is best.

  • GG57 on 10/03/2023 - 09:40

    My suggestion is to look at what businesses are for sale. There are types of businesses that you would never think of, and there could be some that will really trigger your interest sufficient that you make the commitment. Almost all will come with a lifestyle change, and some may require you to relocate, but that is part of your assessment to consider.
    You obviously need to do your due diligence, get an accountant to check the financials, etc., but you should be buying something that is already up and running. You may be able to tweak the business as well, if you feel the need.

  • Porker on 10/03/2023 - 10:32
    +1

    As they say, 9 out of 10 businesses fail.

    Typically success in most fields is who you know and finding a mentor that is happy to pass knowledge to you or that you can learn from.

    Find a field or business that you'd like to expand on, learn it or from someone in it, then decide if it's for you. If you do proper research, I'm sure you'll find a vast amount of people that would have failed at business too and they too would have something that you could learn from.

    As they say, grass is always greener on the other side

  • eatcroissants on 10/03/2023 - 10:52
    +1

    I think you can start doing consulting or freelancing on the side and in the meantime figure out what you are passionate about. In a business, it is really important to be passionate about what you do because at times it will be stressful but it will be more rewarding too.

  • Jimothy Wongingtons on 10/03/2023 - 11:17
    +1

    Whatever you think of doing ensure to do the proper market research, understand the target audience, triple check your figures for costs etc.

  • djsweet on 10/03/2023 - 11:20
    +3

    Someone successful once offered to mentor me starting my own business. He told me about how he started his business, expanded and finally sold. Through the story, I learned how he uprooted his life one state to another, didn't see his kids grow up, destroyed his marriage (now divorced), and made a lot of money. Not the kind of success I'm after.

    Anyway, if you think it's going to be less stressful than your day job.. yeah I don't think so.

  • foxmulder on 10/03/2023 - 11:24

    This may inspires you :)

    • Muzeeb on 10/03/2023 - 12:24

      That's 12 minutes I'll never get back.

  • EightImmortals on 10/03/2023 - 12:13
    +1

    Find out what you LOVE to do, and do that. No, not 'that', the other thing.

  • Bonsaichop on 10/03/2023 - 14:58
    +1

    Start it while you're working for someone else, let it germinate. Don't expect to be successful overnight, or in 5 years.

    My partner and I run our own small business, ran it concurrently while working for others for 4 years until I did it full time, she quit her full time job a few years afterwards and now runs it full time.

    It's hard, it's more work than working for someone else and it never stops you live and breathe it as every hour you're not working on it is time wasted.

    If you're looking for an easy way out, you want to be one of these posers who wants to call themselves a 'CEO' for nothing other than the optics of it or get rich quick scheme it's not for you. This is for hardened people who can take rejection, can persevere and march on.

    Our business has now been running for almost 15 years, rather successful with only the two of us and no intentions to expand it. Most people can't understand what we do and that's fine, we don't even have business cards there's more work than we could ever need to support us for the rest of our lives.

  • Tradey on 10/03/2023 - 17:05
    1. Do what everyone else is not doing.
    2. For me success is measured on happiness, not dollars.

    Two books that changed my life way back in the 80's when I was 20ish, still relevant today.

    https://www.amazon.com.au/What-Love-Money-Will-Follow/dp/044…

    https://www.amazon.com.au/Could-Anything-Only-Knew-What-eboo…

  • Drakesy on 10/03/2023 - 18:14

    NGL it's harder than it looks, yes before in covid it might've been easier with e-commerce taking off. However we're about to hit a recession and it's going to get a lot harder for the next couple of years.

    I'd consider shifting jobs before dropping everything and starting again.
    I have a friend who started their own very successful startup before covid and was on cruise control for retirement.
    He's now been set back some 5 years financially due to the slow down than if he had just worked a 9-5 job as it's not as lucrative as he thought.

  • lostgoat on 11/03/2023 - 17:05

    https://mcdonalds.com.au/franchise-opportunities

    If you can pass the strict requirements . You only need 1.5 mil and be open to be sent anywhere and you could become a Rich Cookie

  • GourmetFoodie on 11/03/2023 - 19:34
    +1

    Don’t do it.
    If you think being a wage slave with guaranteed annual leave, sick leave etc is stressful, I can tell you how that running your own business is 10x more stressful. The people that do it successfully are what I call Shark Personalities. You can only be born a Shark. A Dolphin or Turtle cannot become a Shark just because they wish they had sharp teeth and could eat people! Know your limits. Enjoy your senior executive position - or go find a new one - the labor market is still hot.

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