(NFR) starting a business

Discussion in 'Fly Fishing Forum' started by pwoens, Feb 18, 2004.

  1. Mike Colagrossi

    Mike Colagrossi Whammo!

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    Thank You everyone!!

    I think the biggest thing that all small business owners tell me is that you should have 2 years of living expenses saved up before starting your business. That way you are focused on growing your business and getting it off the ground vs. sucking profits initially to fund your living needs.

    One of my favorite quotes is ," it is not a get rich quick scheme, it is a get rich slow scheme ;-) ". I think taking your time and not rushing into anything is the best advice.

    Take care, and are you going to join us on the OP next week from the 26th -29th??

    Mike

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  2. wrench

    wrench Member

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    With all due respect to Mc (above), the biggest mistake I see is people starting businesses and NOT charging enough to make a living, and slowly (or quickly) using up their savings till they are busted. Personally, I work a bit harder and make a better profit when I am a bit hungry and broke. If you go into some venture thinking you are not going to make a living off of it for two years, in my mind you are off to a terrible start!
     
  3. Mike Colagrossi

    Mike Colagrossi Whammo!

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    Just saying, I think it makes ethical sense to have that saved up especially since he will have to budget for continued health insurance, living expenses, and food and clothes for his family.

    I personally agree with you regarding motivation but from a common sense side of things "not charging enough" striclty depends on your product mix/service and or what market you are in.

    Mike
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  4. Old Man

    Old Man Just an Old Man

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    He never gave me a lunch, Just day old donuts and stale beef jerky.:bawling

    Jim
     

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