Is going into business worth it?

When I decided to retire, the employee I thought intended to take over, decided "Nope". He went for a steady job at the local college with small side work as he wants to.

It left me without a backup plan, so I just closed the doors. I couldn't fault him for that decision because it is a tough job being an owner/operator. I just wish he had communicated sooner than he did.
 
ptonsparky said:
When I decided to retire, the employee I thought intended to take over, decided "Nope". He went for a steady job at the local college with small side work as he wants to.

It left me without a backup plan, so I just closed the doors. I couldn't fault him for that decision because it is a tough job being an owner/operator. I just wish he had communicated sooner than he did.
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Oof!
 
Pinnie said:
Very cheeky old man. How did he think that would go over well lol.
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Poor communication. Kind of like, lets get it done we can work out the details later. Evidently the old guy's future plans did actually not align with my friend's.
 
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I personally love and hate QuickBooks online. I wish I wasn’t so lazy that my wife and I would learn QuickBooks desktop the old school one hell a lot more control, but being able to have your Bank account linked automatically is nice till you get hacked
 
Pinnie said:
Who struggles/struggled with automating their business?
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We had a bunch of stuff 20 years ago but it was a patchwork and not everything played well together, so lots of stuff still required human entry of data, and many times files had to be moved manually. That lead to lots of errors. But then again when everything was done manually I saw a couple of Oopsies that had me scrambling to correct the billing at the last minute. Or the AIA Document, or whatever kind of invoice and/or documentation the customer required according to the contract terms.
 
Joethemechanic said:
We had a bunch of stuff 20 years ago but it was a patchwork and not everything played well together, so lots of stuff still required human entry of data, and many times files had to be moved manually. That lead to lots of errors. But then again when everything was done manually I saw a couple of Oopsies that had me scrambling to correct the billing at the last minute. Or the AIA Document, or whatever kind of invoice and/or documentation the customer required according to the contract terms.
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Yeah that checks out. The only automation you could have was people. Still is the case you need to train people to do things so you don’t have to but what it is they need to do has changed due to technology.
 
AC\DC said:
Bank account linked automatically is nice till you get hacked
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We're being hacked right now. You know during the Weimar Hyperinflation they had a paper shortage that kind of put a slight glitch in the money printing plan. Now we're about at a stage where the money is all digital. They won't have those kinds of physical world glitches this time
 
ptonsparky said:
the employee I thought intended to take over, decided "Nope". He went for a steady job at the local college with small side work as he wants to.
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Because he knew employee side work makes shop assets & clients fair game, even if returned in the morning.

Most States make licensing exceptions for side workers, corporate ventures, and professional engineers acting as developer's general contractor.

My State's B&P 7027.2 has always allowed side workers to advertise within limits, which confuse enforcement efforts when limits are followed.

Side work thru word-of-mouth is a natural progression for employees in the Trades, which insulates them from overhead costs, debt risk, payrolls of their own employees, or poor market/ing.

Before apprenticeships are completed, friend/family remodels & owner-builder permits, will have informed journeymen/licensing career decisions.
 
Pinnie said:
Yeah that checks out. The only automation you could have was people. Still is the case you need to train people to do things so you don’t have to but what it is they need to do has changed due to technology.
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Hi Pinnie. I don't if this helps you. Two of us started in our own business in invariable speed drives, mainly for the industrial sector. But much of this were were specials which meant that there was a better margin for us. It also meant that we, and mostly me, travelled extensively for these special projects.
 
Besoeker3 said:
Hi Pinnie. I don't if this helps you. Two of us started in our own business in invariable speed drives, mainly for the industrial sector. But much of this were were specials which meant that there was a better margin for us. It also meant that we, and mostly me, travelled extensively for these special projects.
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Riches are in the niches. Thank you for sharing!
 
How much of a nest egg do you guys think is reasonable to save for before jumping ship? Would 10k be enough or should I shoot for 20k? I have 10k emergency fund and then I’m saving for a separate business starting fund that would be at least 10k as well.
 
Besoeker3 said:
But much of this were were specials
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Yeah automated office and specialty work are really hard to merge. You could probably automate real easy if you had a lot of repeat work like rebulbing and cleaning of industrial/institutional/municipal lighting under a maintenance contract.

But if you get into any of that kind of work, remember nowadays safety is watching everything hard. be real careful about buying any equipment especially anything like buckets, scissor lifts anything that is for elevating a human being. Safety standards change a lot, and something that looks great, and operates like the day it was new might not meet the standards needed to work in those kind of places
 
Joethemechanic said:
Yeah automated office and specialty work are really hard to merge. You could probably automate real easy if you had a lot of repeat work like rebulbing and cleaning of industrial/institutional/municipal lighting under a maintenance contract.

But if you get into any of that kind of work, remember nowadays safety is watching everything hard. be real careful about buying any equipment especially anything like buckets, scissor lifts anything that is for elevating a human being. Safety standards change a lot, and something that looks great, and operates like the day it was new might not meet the standards needed to work in those kind of places
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I am well aware of the safety requirements up to 132 kV.
 
Pinnie said:
How much of a nest egg do you guys think is reasonable to save for before jumping ship? Would 10k be enough or should I shoot for 20k? I have 10k emergency fund and then I’m saving for a separate business starting fund that would be at least 10k as well.
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My thoughts...a years worth of cash in the bank for you. Another of expected expenses for the business.

FWIW, I started with on an old flat nosed Chevy van, hand tools, and five years as an electrician. Nothing else. No plan. No business sense. No money.

Do it a differently.
 
ptonsparky said:
My thoughts...a years worth of cash in the bank for you. Another of expected expenses for the business.
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yeah I’m going to err on the side of caution for sure.
ptonsparky said:
FWIW, I started with on an old flat nosed Chevy van, hand tools, and five years as an electrician. Nothing else. No plan. No business sense. No money.
Do it differently.
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That’s comforting actually haha
 
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