Business Owners - What made you start up on your own?

[Jewelly_Boy]

Evening guys,

Hope this is the right section, not a talk of money as such but is related.

I am interested in the people who stopped working for others in your field of "expertise" and decided to go a lone. I am not interested in figures/what you actually do(Well, I am interested but it's not actually relevant here) but more the thought process of why you wanted to leave a company and go for the riskier option, when you have a family etc?

I have been self-employed for the past 3 years and have my own company for the past 12 months, where I subcontract out some work now and again but have done nothing really to actually push my own company in terms of really expanding until now.

2 other companies that specialise in another field but still very much relevant, are joining myself(they approached me), putting together a lot of money(my own money, not investors/bank) and really giving it our all. Everything is in place and I am happy with everything, business plan wise but basically, I'm being a bit of a sissy and thinking "What if I fail and end up being homeless".

I'd like to hear your success stories but more importantly, your failures and why. We all know Bill Gates and Richard Branson all had failures before Microsoft and Virgin so really interested in your own personal journey.

What made you think, Why can't I do this on my own? What ties did you have at the time? And what was the turning point for deciding to go a lone? I'm more intrigued as you can tell by the mental aspect rather than the numbers part.


Thanks.

[TheHound]

Simple really, I was fed up of being used! I was in a situation where I was being extremely overworked and significantly underpaid.

Accordingly, I took the decision at 24 that I didn't want to work for someone else anymore, I wanted to do it for myself. I was/am certainly not afraid of hard work but if I am am putting in 70/80 hours a week, I want it to be for my benefit not someone elses.

I actually ended up changing my industry completely but like a lot of things skills are transferable.

I'm still working very hard but at least I am actually beneifiting from it now.

[russ_a]

Overworked, underpaid and heavily taxed

[Timmy40]

Family trade, my family have been doing what I do for at least 5 generations, it feels right to continue it, and I hope my kids will carry on in the same buisness. The returns are miserly but it's a lifestyle as much as a job. When I worked in an office/for other people it just didn't feel right.

[Old Merc]

Lost two jobs through no fault of my own,but with lots of ifs and buts.
Thought if you work for yourself and it all goes wrong there is only one person to blame,your self.
Best decision I ever made.

[HenryJM]

I started because I didn't want other to tell me what to do. I went into business with someone I knew, we owned (and own) everything 50/50 and it works very well. We have different skills but our rule is that we only do something if we agree about it. Works very well.

[Pit Pony]

A distinct lack of motivation to make other people rich from my efforts, especially when those people are massive pension funds and banks, who have bought shares in the massive multinational which refuses to pay me enough to live in a decent house, because I'm just cannon fodder, a number on a massive HR spreadsheet, where someone can and will and did eventually click a mouse and make 10% redundant despite the division I was working in being on sales target and above profit target.

Plus a hatred of being "Managed" by fkwits.

[WEHGuy]

I'm unemployable. ;-)

I started my first self employed job at about 14 and have tried various different companies since. Some worked, some didn't. It was only 2 years ago when I started my latest company, I changed from being comfortable to wealthy. Now I want to get to the next level, F.Y.R. ;-) I believe, all you need in business is technique, adaptability and no fear of failing. I say that as a young single guy though, it would probably be alot harder to take risks if, I had a family.

[Jewelly_Boy]

I forgot about this until now!

Thanks for all the replies guys.

It's going a head now and is really taking off, advert in Tatler should move things a long quite quickly but will let you all know which issue, all comments welcome, I like constructive criticism.

I am really lucky, I have some really sound business minds behind me, purely from family and friends who are very successful in their own field.

Off to China for a week on the 12th. Fingers crossed.

[GTIR]

I started my own business 8 years ago.
Whilst the freedom and satisfaction is high it's a 24/7 job and you never really stop. I often craved a 9-5 job!

Now sold the business and just chilling so I guess it all worked out ok.

[CRA1G]

I started my own business when I was 20,and the family were apprehensive........








I will be 55 this year,still the same bussiness,freehold premises,mainly run by staff and debt free.....


I think a business is a little like a marriage there's good times and a few bad times which you have to work at and it's 24/7 you can't lock the door at 5.30 and forget about it and when something does goes wrong you can't turn to your boss for help.... You are the boss...


But certainly no regrets I've enjoyed (nearly) every minute of it....

[MitchT]

I don't own my own business but I have a few ideas, all of which I'm currently exploring with a view to getting one of them off the ground this year. Motivating factors are:

• Don't like being 'managed'.
• Fed up of building someone else's dream instead of my own.
• Sick of corporate culture in which asslicking rather than hard work gets you promoted.
• Too much of your own progression depends on others 'noticing' you and being tenacious in getting you fair recognition.
• Dire pay. I accept that starting your own business doesn't make you rich overnight, but I'd rather earn peanuts doing what I love, for me, than doing something I've grown weary of, for someone else, and know that any long-term upside will benefit me rather than a 'suit' in an office who already has more than enough while I wonder if I dare turn the heating on.

I could go on, but my lunch break is up and my line manager is giving me funny looks!

[bleepy]

I have to thank my old employer for working me too hard and not paying me enough or I probably wouldn't have set up on my own 10 years ago. I'm still working just as hard but earning twice as much!

Of course, the buck stops here so I have to work when ill, take calls when on holiday and sometimes end up working 10 hour days for 2 solid weeks.

All worth it though....

[WinkleHoff]

Clock watching employers.

Lack of freedom.

Being underpaid.

Having to go "the extra mile" for absolutely no reward.

Tax efficiency.

Company nonsense (team building events, internal politics, nepotism, egos, power trips, incompetence, jealousy etc etc).