would you give up your business to work for someone else again?
 

ok, i've been in business for less than a year and things are going ok, but the salary is lacking. i'm on pace to pay myself $24k/yr this year which is far less than i was hoping for, especially since i'm working 7 days a week often. i've had to dip into my rrsp's a couple times already. the benefit of working for yourself obviously is the flexibility. with two kids that is pretty big.

i may have an opportunity to take a job that pays $150k/yr but then i'm working for someone else again and it would probably be shift work. the pros are that $ would never be a prolbem, but there would be no flexibility with hours.

there are many other pros and cons to each as well as many other factors to consider, but i'm just looking for opinions on what others would do in my situation.

either way, flanges would still be offered, as that part of my business takes little time to do.

Re: would you give up your business to work for someone else again?
 

Aaron, there is something to be said for working for yourself. There is also something to be said about your family living comfortably and seeing them often. Working for someone else is also not as big of a headache at the end of the day ( most of the time.) I say take the job.

Re: would you give up your business to work for someone else again?
 

I'd say it's worth it if you'll me making 6 times what you are now.

Re: would you give up your business to work for someone else again?
 

Are you serious? @ 150k a year....thats nothing to decide really.

The job will give you and your family the best, of course you will work but this way you can save and retire fairly quickly anyways.
BTW: what job is this that will pay you 150k? that seems extremely high

Re: would you give up your business to work for someone else again?
 

I'd take the money.

It sounds like you probably have a sweet gig right now, but I am sure your family would appreciate the extra cash and time with them.

Just my $0.02

Re: would you give up your business to work for someone else again?
 

i'd rather not say, until i get an offer anyway. it is a little on the high side... base salary would be around $100k, but i could make $150k working about 50-55 hours a week.

it wouldn't be that much extra time though since the job would be shifts.

Re: would you give up your business to work for someone else again?
 

I take it that it would be rotating shifts.

IDK man. Is it something you would enjoy doing more than what you do now?

Are you pretty happy with your setup right now?

Is business fairly steady, and does it show signs of permanently increasing?

Re: would you give up your business to work for someone else again?
 

how old are your kids? You have to think about being with them as they grow up vs. having the $$$ to have them grow up in the lifestyle you want them to. Do you think your business will take off more? Do you think you'll get enough time with them if you switch jobs? I have no kids...id already be at the other job signing papers.

My dad works for himself...i grew up in his shop and spent nearly every day with him and Im sure i wouldve turned out differently otherwise.

Re: would you give up your business to work for someone else again?
 

The question is, what does the wife think. If you 2 are happy with the way things are now and your business is doing good and the future looks good for it, I mean you've only been in business for a year, most people starting a business usually flop by now, stay where your at.

This may sound stupid to some, but money isn't everything

Re: would you give up your business to work for someone else again?
 

WEll being a first year business man myself reality the first year if you even make a profit you have done well, you are. Now reality do you see your business reaching 60k+ a year and being able to hold that income. If not I say go back and work for the guy 6 figures is something almost never does a small business owner get close to making. For myself its not much of an issue I dont have any employee's all my vehicles are paid off. My shop/apartment rent are below 700 a month. I dont have any debt nor childeren. If the offer is serious take the 100k and slang flanges and do side work.

Re: would you give up your business to work for someone else again?
 

this is the big issue here. i didn't mention it earlier. the wife wants me to stick with my own thing for fear of souring the relationship with my business partner who happens to be her dad. we've talked it over and he is obviously disappointed, but thinks i should try for the job and see what comes of it... if a decision needs to be made IF i get a job offer, we'll deal with it then. i'm just starting the interview process with this other company. personally, i'm not happy having to scrounge for $ and living week to week with the possibility of future debt looming over our heads. i want to do what is best for MY family and my kids. (4 and 18 months). i don't see me having the chance to save any money for retirement or my kids' education working for myself. the wife is also concerned i'd not be happy working for someone else, but i've told her for that money i'd be plenty happy and just fiddling around with my car on the side and the flange stuff.

Re: would you give up your business to work for someone else again?
 

The decision is easy.

-Take the job with a minimum contract of 2 years.

-Hire someone to be you at your business, and pay them enough to keep the business alive. Even if you lose money at your company paying this guy, your business is still in tact if the ---- hits the fan, and with the extra income of your new job, it ain't gonna be a thang anyway.

The whole idea of having your own company is to not work for the company anyhow. Self employed people work for thier own company, business owners don't.

Re: would you give up your business to work for someone else again?
 

^ that sounds like a a good idea

Re: would you give up your business to work for someone else again?
 

Where do you think your business is heading? New businesses generally take a little while before your profits are where they need to be. If theres a way of balancing your personal business and work without losing your mind, I would opt for that. I personally hate working for anyone else. I have had some great jobs as well. Nothing like working for yourself. Especially when your not feeling up to being at work at 9.

Re: would you give up your business to work for someone else again?
 

I need a job :P

Re: would you give up your business to work for someone else again?
 

i would not even consider waking up in the morning for 24k a yr

the choice is obvious

Re: would you give up your business to work for someone else again?
 

The 5 year rule stands true. hence why so many flop it just takes to long to get the casg flow.

Re: would you give up your business to work for someone else again?
 

at 100k a year, you could pay some part-timer to run your shop, or whater. hire an employee.

Re: would you give up your business to work for someone else again?
 

Could you balance both, but just slow down the Weir Technology side a bit?

Re: would you give up your business to work for someone else again?
 

i would go for it. the extra hours at work would greatly improve your home life and give you some kind of retirement security later on. a couple extra hours a week away from the family does suck if you very family oriented but its for the better of the family. the idea to pay someone to run your business is pretty good.

Re: would you give up your business to work for someone else again?
 

I voted one of your options, then read this. I'm going to go ahead and say you should totally disregard everyone else's advice in this thread as it's lacking perspective and experience.

I'd also shoot Chris Harris/xenocron a PM about this, or link him to this thread. He's got a sound head on his shoulders and knows what the ---- is up, just like Steve does. Between the both of them they will have you making money while spending 50-55 hours a week with your 18 year old mistress while wifey thinks you are at work.

Re: would you give up your business to work for someone else again?
 

money is nice with 150k u can live a good life in ontario my parents together make around 100 k and i cant complain our lifestyle is OK

ps. :P if u need anyone to work for u give me a PM i really need a part time job i am good around cars and shops minimum sounds good to me as long as there is alot of hours;)

Re: would you give up your business to work for someone else again?
 

Tell yoru father law to hire someone and help him when you can.Take the big money and manage it well and retire in a few years.

Re: would you give up your business to work for someone else again?
 

Well as I own a small business and I am in the same boat I hear you loud and clear. My biggest thing is that I am a lousy employee, and hate being an employee, but as an employee I can make 3 times what I am making now, but then I am stuck 9-5, 5 days a week doing something I HATE, but it happens to be one of my few marketable skills. With that being said I am still selling my current business as the local economy is getting worse everyday, and I am already into this for $300K, so I want to get out before I'm stuck holding the bag.

In the end if I can't put together another business and have to go back to being an employee, I assume that I will be fired from my first couple jobs in the transition, But to answer the question: If I was making 24K/Year and had the opportunity to make 100K+ a year, but working for someone else, as long as I enjoyed or at least didn't hate the work, I would go.

Re: would you give up your business to work for someone else again?
 

When I have days like I had today (I literally had to shut the phone off for the shear amount of stupidity that was calling in) where I would like the steady 9-5, the steady paycheck, benefits and the lack of ultimate responsibility...etc.

But somehow I ALWAYS, come back and tell myself that working for the man is not possible.

$150k is a lot to think about...I wonder if I will be able to do what I do now when I have kids.

I like Stevemodes advice (sounds good) but I see flaws...no one ever runs your business like you do, and trying to hold a steady job and worrying about the business at the same time could end up being more work and not any more significant income (if any). No one hiring is going to sign you for a 2 year contract doing shift work either...sorry.

Re: would you give up your business to work for someone else again?
 

This is true, and I have the same problems with employees of my painting company. In the end, it comes down to cracking the fucken whip when it comes to what you want done, and taking emphasis off of how important it is. It is important, but at the end of the day there's only so many things that can go wrong painting a house, or in this case making/shipping flanges. Whip cracking allows this lax attitude. Look, I haven't talked to, dealt with, or shipped anything for Stealthmode in the last 6 months, and that person I hired to learn everything oil lines is a woman. My wife. (she's slave labor on the dollar too) >:D

People will only get away with what you allow them to get away with. Find a competant person, and lay it down at any small sign of a problem.

Re: would you give up your business to work for someone else again?
 

Bada Bing.

Instead of hiring some one to work for your company, hire someone to run it for you. Is there the option of selling it? since your busy seven days a week theres deffinetly incoming work.

Re: would you give up your business to work for someone else again?
 

I have a few questions:

1) What is the maximum potential from this $150k/yr job?
2) What is the maximum potential from your own business?

The first year is the hardest with owning your own business. Go with your gut feeling, if you're having doubts and you need the money, go with the job. If you feel like you can stick it out and you can flip a bigger profit, you'll be much happier with your own business.

Re: would you give up your business to work for someone else again?
 

amen

Re: would you give up your business to work for someone else again?
 

I say take the job, but before you quit your buisness I am trying to order some flanges ;D

Re: would you give up your business to work for someone else again?
 

thanks for the input guys. i do appreciate it. i haven't got this other job yet. i am going to definitely try for it though. the hiring process can take as long as a year, but i feel if there is going to be an offer made it will be within the next 5-6 months. it would be full time permanent... no contract.

the plan right now is to go ahead with the new job (this is the only opportunity i would consider giving up my business for) and when my father-in-law starts to come help part time in the new year if i do get the other job, he can run it part time on his own and wind it down to when the lease on the shop runs out (a year later). if the business really takes off before this job offer comes though, then i'll just stick with the business. i just don't realistically see the business making enough to pay myself more than $60k tops.

i can't go with the "hire someone to run it for you" option, because i'd have to hire myself... like chris said... no one could do all the machining/fab work that i can do and pay them $15/hr to do it, plus have the skill necassary to run the business on their own... at that point i might as well sell it, and there isn't much to sell right now as i only have about 5 regular customers.

as for potential on my business, that is mostly limited by my capital to invest... which, right now is $0. i don't see potential for much more than $150k gross/yr... with a couple salaries out of that it doesn't leave much.

potential for the job is just limited by time in the job and hours i would want to put in. like any other job, the longer you are in it, the more opportunites for advancement come along.

Re: would you give up your business to work for someone else again?
 

So many good points have been made adn the only one that makes sense to me is the one where it benefits your family. They, much like you, will benefit from the nice chunk 150k brings. Howevere it will ultimately be your decision as to what you want to do. Good luck Sir and i wish you the best.

If it were me, i would take the job.

My.02

Re: would you give up your business to work for someone else again?
 

Do some math. Figure out how much you think your buisness will grow. Then figure out your payments on your various equipment. Then come up with a number you will be making in 5-10 years. Then take that number and divide it by 2. Then figure out how much you think your business will be worth at the same time. Take that and divide figure its actually worth about 66% of that. Then figure you will make 150k a year during that whole time. So add that all up. Which number is higher? Go with whatever will leave you with more money in said time period.

Re: would you give up your business to work for someone else again?
 

Then pay them $20/hr, and find the right guy. At some point in life you won't be able to work anymore. Adjust early and figure your way out of working, and go play with the kids. There's no such thing as a big gain, without a big risk. Your only risk right now is losing a business that hasn't seemed to even fly yet.

Write out on a piece of paper 1000 times, "It's just silly metal puzzle pieces, relax ya hoser" and send it to your big American daddy. :6

Re: would you give up your business to work for someone else again?
 

I repeat, Aaron, ignore most everyone else in this thread.

Re: would you give up your business to work for someone else again?
 

One machinist who I know hit it big was RPM service you own one of his throttle bodies. He was a normal run of the mill dude running a local shop my buddy/mentor dhr brought the idea to him back in like 99 for a billet unit. They built literally out of a chunk of billet didnt form it to look like a throttle body just to see if they could make it work and there it was. It worked and he eventually and still to this day just builds billet throttle bodies from every car including Dodge stuff which I helped in the design.



Moral of the story he became a success in business because one guy had a great idea for him. They worked together and still make a great product and continue to sell the product at a strong pace even 8 years later



The next big thing could be around the corner or it couldnt. Thats the joys of business.

Re: would you give up your business to work for someone else again?
 

i have an idea like that, just need to get the machinery to produce it and then test it to see how it works.

Re: would you give up your business to work for someone else again?
 

I just recently turned down an offer for 100k EUR/year (about $150k) for a 9-5 job. Decided it wasn't worth relocating...

Re: would you give up your business to work for someone else again?
 

And in most cases you don't even need to be the originator. You just have to have the clout (or access) to hit the lawyer and patent scene hard. Much like the case of a scruffy bodykit broker who decided these new wing doors were worth it. Took a gamble, and now owns verticle doors inc, with millions of dollars. I still remind him of the days of fighting with his wife and sleeping on the floor of my 500 sq ft apartment though. lol. Only in America.