Starting My Own Business Was The Best Thing I have Ever Done
It was this time four years ago that I started my own business. That was the best decision I was forced into making. Are you thinking, “forced.” Well the truth is that I didn’t come to this conclusion on my own.
The owner of the company I worked for (as a VP of Operations) decided I was too honest or something, and decided that it was time to eliminate my job. At the time it was devastating. My wife was worried, although she didn’t show it. But come to find out about 4 months later she was really concerned.
But at that point, without knowing it my life was changing. I was making the transition from being an employee to an employer.
Fast forward 4 years.
The road for the past four years has not always been easy. While building my business I had a hard time budgeting the money I was earning. My highs were high and my lows were LOW. Often I would come up short with the money that was needed. But other times I would hit a home run.
I received excellent advice from my accountant at the time…
Although this advice was obvious, I had not followed for some time. However, I soon learned that doing so made life much easier.
The advice was simple, save for a rainy day.
Yes, it’s simple advice and something you would think an educated person would follow. But when your racking $50,000 a month net, you don’t think it will run out. You think that you’ve made it and that’s how life is going to be from then on out.
I digress. I began to live smarter and started to save, plan and invest.
Life got SUBSTANTIALLY better.
But the message I want to make sure you hear is that starting your own business is the single best thing you can do for yourself. Whether it is small while you maintain a full time job or something you jump into right away (you better make sure you have excellent cash flow and cash on hand to help you get through the first year. Factoring is a smart way to help in this process.
If I was going to do it on my terms, I would have started out part-time and built it while I worked a full time job. This is so much less stressful, especially if cash is tight.
I now own three businesses and I am a partner in another one. Three of them are “S” Corps and the other one, Blue Sky Brothers, LLC, is a limited liability corp. Setting up a formal business entity is the single smartest thing I did. I 100% recommend you do this even if your part-time. There are many services on the internet that will do this for you for a great price.
The two services I used (and they are both equally good) are The Company Corporation and My Corporation. Both are excellent services.
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