Running Own Business

[JamThenClottedCream]

DH & I are in the early stages of looking into setting up our own business and working for ourselves. I'm not a natural risk-taker and so this is slightly terrifying for me although I love the thought of us being our own bosses I'm so afraid of failure.

If you have started a business from scratch and reached the success you wanted, can you please try and calm my nerves and tell me your story? Not necessarily what the business is if you'd rather not but just the trials and tribulations you went through and whether it feels worth it?!

Thank you

Hopefully bump!

Hello

I've done something on a very small level - I wrote a self-help book for victims of child abuse, which after 2 years with an agent but no deal, I published myself. I also got a blog to support it and (am supposed to) post daily on twitter, which works when you work it ie, books get sold and money comes to me.

Now that's done, I have started my first novel. I gather that around 10 novels online = a part time salary. I've a long way to go obviously!

I have part-time work which I rely on and I have to live frugally.

BUT - I couldn't go on as I was doing. I was burnt out working for a charity in London, huge caseload, never ending cycle that was unrelenting. I also used to look at people who'd started their own thing and wish I had the freedom, the drive, the pride of having made something of my own to give the world.

In retrospect, I am proud of the book but sick of the subject - as a survivor, it harms me to constantly bang on about it and be in the forefront of all the shit news and events that just keep tumbling out.

Writing the novel is pure joy - I mean you just make it up!! I feel I am moving past my past in doing this, moving to a better place that is lighter.

I feel proud every time I sell a book thro meeting someone and it coming up in conversation. I feel proud every month when I think what I can buy with the proceeds.

Working part time / for myself however can be a mixed bag. Why get up in the morning? Why not just stay in bed and work from there? It's not been the springing out of bed with joy experience that I'd thought it would be...

And I am very far from making a living from it - but that's what the future is for.....

I wish you luck tho. Go for it. If you want to, see how far you can get.

Hi OP, I have started my own business from scratch and run it successfully until I sold it (due to DH relocation with work). I'm typically risk adverse too, but was in a position where I knew that in the worst case scenario I would be able to cover the over head with other income flows, if it was a total flop. I'm happy to say it wasn't and turned a profit quickly (much to the disgust of my accountant ).

My advice is (if possible) to have a pot of six months overhead to fall back on should you need it while you build your business. Make sure you check and follow all regulations your business may need. This was a stress for me, but once all the paperwork was complete I knew I had done everything I could have done to be completely above board. Know your market and write a business plan, even if you don't need outside funding, this will focus your current position in regards to competition, financial expectations etc and future business development.

Good luck - self employment can be stressful, but seeing the fruit of your labour is amazing and can be a real motivator, and you know that all the hard work will pay off in the long run!

My DH started a business September 2017 so we’re just over a year into it (I won’t say what, it’s niche and outing) Although he’s not 100% on business plan, he’s still there which is an acheivement in itself as a lot of small business will fail in the first year.

It’s great from the POV that he’s at home more (he was in the emergency services before), he’s around for the kids, there’s less childcare, we share things at home more equally, we see more of eachother and he’s happy in his work.

However,

It’s hard and very stressful. Having never done anything like this before, it’s a bit like flying by the seat of your pants praying to god everything works out because in the end of it doesn’t work out, you lose your whole life! There’s not a lot of practical support out there for new small business owners either. There’s a certain amount of 1 step forward, 2 steps back which is both frustrating and demoralising at times and the stress routinely has us awake at 3am. We have to constantly keep sight of why he’s doing this and be positive and although it’s hard, have faith it’ll be ok.

I’m not good at that, I’ve told him to go out and get a job several times

We run our own successful business
We’ve been going for about 20 years , had our ups and downs

It’s very very difficult

I would recommend one of you staying employed , and one running the business if at all possible

I’d love to retire now , but most of our money is tied up in the business , so we will need to sell , and it’s not a good time to be selling at the moment

We can carry on for another few years , luckily , and we are now taking more time for ourselves