Knowing the right moment to start up your dream business
How do you know the right moment to actually make the leap–to start your dream business?
One of our best friends is a woman–we’ll call her "Jan" for privacy–who works for a big corporation in a CRM capacity (customer relationship management). She sits in a cubicle with an entire department of other CRM people in their cubicles.
She’s smart, she’s informed, she’s a self-starter, she’s got great instincts, great taste and style, and she’s got a generousnous about her that’s really special. And Jan’s always "talking" about starting her dream business–a restaurant.
The idea has been haunting her for a decade. She used to manage a restaurant in Chicago and developed a real love for the business of hospitality. She often describes the niche she would fill with her restaurant concept. She’s confident she could get some people to back her financially. She even knows of a few locations that seem like great spots for the restaurant concept.
But like so many people, she’s got a "secure" job that pays the bills. She probably has a bright future there, too.
In your experience, how does "Jan" know when it’s the right time to leave the corporate world behind to start up her restaurant? If she can’t find "the writing on the wall" to tell, perhaps you can!
July 26th, 2005 at 4:56 pm
Yesterday! Even with a secure job there is no guarantee for any of us that we will have a tomorrow! 10 years carrying this dream and vision, you have previous experience, financial backing and locations. Say good bye to your "security" and take that "leap of faith." Make it work no matter what comes your way and send me a sample of your favorite dish and let me help you create some new names for these dishes! Sounds so exciting and rewarding the more I think about it!
Also please remember to get the best inside industry advice and surround yourself with encouraging people…The road won’t be easy….No risk, no gain.
Read the E-myth (M. Gerber) Be patient. Pray alot! Never give up on your dreams and visions!
God Bless You
Ritchie
July 27th, 2005 at 9:27 am
I agree with Ritchie. Be brave and take the plunge. You don’t want to look back and regret not trying. If you wait for the right time, it will never come. The decision is scary and will be fraught with hardship some of the times, but will ultimately be the best move for you both personally and professionally.
Go for it!
July 27th, 2005 at 1:32 pm
I think the first question you need to ask yourself is "am I ever going to actually go through with this and start my own business". If you have not actually made that decision yet, the question of "when" becomes moot. No one is ever in complete control of their future employment; however it is much riskier to start your own venture than to stay in a "secure" job surrounded by a corporate shield. If you are risk adverse, maybe a venture on your own isn’t the best move for you at all.
If however you have decided that you ARE opening your own business and are looking forward to the challenges and rewards of doing so, then I think there is no better time than now. Financing is abundant, interest rates are low (if you are borrowing) and the economy is getting stronger every day. The first thing I would do is make sure all of your ducks are in a row. Make sure your concept is solid, your business plan is written, you run the numbers and get financing in place as much as possible before you actually pull the trigger and make sure there are actual locations available that would suit your needs and are economically feasible. Once everything is in place as much as it can be before you actually quit, I would take a look at your personal life and make sure it is conducive to this decision. Are you married? How does your husband feel about the blood, sweat and tears you will have to put it? Are you planning on having children soon? Ask yourself these types of questions and make sure your business can co-exist with your life. If everything looks like a go at that point, give your notice and pull the trigger. It will be the scariest and more rewarding experience of your life - and I hope I have the privilege of eating at your fine establishment one day soon!
July 27th, 2005 at 4:26 pm
"Jan"
do it !!! I left January 31 of this year to open my own restuarant also. I have good days and bad. Its all part of it. I left a Fortune 100 Company with big blue letters to follow my true passion and love ( which you need a lot of to do this ) Better gut check … I also agree with the others , surround yourself with as many people contacts in the biz as you can. I did and it has paid off already. They will have no problem with answering your questions, providing a name/number to help you. But honestly you have to make trust your self and do it. YOu can’t work at your current job and try to do this also its just to hard and it takes 200% of what you got !!! Plus its not fair to the employer. And lastly make sure you have funding in place. Not as easy as it looks….trust me. You can e-mail me directly for more info glad to share. Best of luck !!!
Nicholas Hedberg
July 28th, 2005 at 2:40 pm
Go for it. I’ve been stuck in either cubicle farms or bad jobs for most of my career. Two and a half years ago (after being laid off for the second time, I started my own computer support biz, specializing in Macs. It’s been relatively successful. Right now, I’m working on incorporating my company and moving out on my own by Sept. I’m tired of making money for OTHER people, working 40+ hours per week, just to get the chance of getting a 2-3% raise every year. No thanks.
I took a similar plunge a few years ago when I wanted to become a journalist. As hard as it was financially, my wife said she was proud of me b/c so few people ever do something to pursue their own dreams. She cited her father as an example. Worked forever in healthcare, was miserable, and doesn’t have much to show for it and my in-laws struggle.
Anyway, your ultimate happiness will rely on you following a dream. You may not succeed the first time, but you will in the long run.
July 29th, 2005 at 4:38 am
New here…
My husband & I are only knee deep into taking the plunge towards our dream of opening a polish cuisine. We have the location that has finally settled in our ‘gut’. We have had many opportunities, but this is it. Scared? Yes. Steelworker of 30 years and a nurse of 15 years; raised 3 daughters and..we survived even more than that. Time to leap into a future that will leave a legacy. No more "should have; could have". More people back us than we ever expected. Sometimes others see your potential before you do. Do what you love….the money will come. Once the wheels of imagination start churning; there is no going back!
S Kwidd
July 29th, 2005 at 3:52 pm
Hello everyone, it is…"Jan".
At first, I was not too excited about having my dream published to such a large audience; however, once I started reading the comments from Startup Nation’s community, I was overwhelmed by the support and advice extended to me. Every single one of you is not only passionate about what you do, you are extremely helpful and inspiring. The way Startup Nation empowers people and creates a forum for knowledge is awesome. There is an incredible vibe to this site as it brings entrepreneurs together.
Thanks to everyone for commenting … it is time for me to do some soul searching and really look at my ‘life plan’. Thanks again and the best of luck to everyone out there on starting their dream business! I look forward to more comments and updates!
July 30th, 2005 at 9:08 pm
How do you decide whether to go C-Corp, S-corp, or LLC for a small company expected to do $500,000 or more per year and that company wants to go the right way in order to pay lower total taxes?
Thank you.
August 1st, 2005 at 4:18 pm
first of all, thanks to the StartupNation community for helping "Jan" with encouragement and advice. it’s thrilling to know that you each can step aside from your hurry and take a little time to help a fellow entrepreneur(-in-waiting).
please continue to offer comments as we’re sure "Jan" would love it. she’s loving the support!
as for the last comment from Larry, obviously your question about the right structure for your business is an important one. it’s not relevant to this blog entry, Larry, so i’d like to refer you to an article we have at StartupNation.com entitled,
[link=http://www.startupnation.com/pages/articles/AT_ALittleStructure.asp' target='_blank']"A Little Structure Goes a Long Way"[/link].
You can also find a great discussion on this subject in our book, [i]StartupNation[/i], which is available at bookstores everywhere.
September 14th, 2005 at 11:28 am
I am in the beginning process of starting an e-business. I’m currently a Sr. Programmer/Analyst making $110K a year. I have had the vision of my business for over 3 years. I’ve done all kinds of research and have the necessary distributors to compete. Ideally I would love to keep my job and run the e-business. Realistically, I don’t think it will go. There is marketing involved and a continue research for products and contacts. I’ve asked myself will the business be profitable? Well??? How does 10K-15K a month sound? Again, it’s a ballpark figure and I make almost as much working 8-5. But it’s corporate USA. I’m a ss# on payroll. I will start my business one day very soon and make the best of it. My only advise to all is put some savings aside for the unfortunate but be positive that you will never have to look that way. God Bless all those who have followed their dreams!!! You only live once.
September 28th, 2005 at 3:41 pm
I must say the decision is tough!! I remember telling my parents that I wanted to make an exit from the Fortune 500 company where I spent 4 years, in pursuit of adventure travel. I would have to say that if you’re in a workplace for 5 years or more, you’re probably a lifer.
My father said, if you’re going to tell people about world travel, you had better back it up! So, what did I do? I told as many people as possible, so that it forced me into decision, to make the final plans.
I traveled abroad for 4 months and loved it so much that I started a tourism company http://www.boomtrek.com for backpackers and adventure travelers to search, make requests, write blogs, travel guides and classifieds.
September 28th, 2005 at 4:55 pm
james,
can we bring you and your interesting company onto our live radio show?
you and so many others of you have really poured on the love for "Jan" and i’m sure it’s been a really big help for her.
MANY MANY MANY thanks.
-sloan bros
September 28th, 2005 at 9:51 pm
As I became unemployed from a large telecommunications company when the bottom fell out of that marketplace in 2001/2002, a partner and I started and built a web design and development business. What a thrill! I’d always wanted to "take the plunge," but it took a sudden, unplanned, and unpleasant fork in the road of life to make me do it.
I sold that business early in 2005, making a tidy little profit. The business ocntinues today and I’m proud of how well it was built. My partner chose to continue with the new company, but I chose to rebuild my cash (and get some reasonably priced health care benefits again! Something about having MS and a daughter with Type 1 diabetes makes one want health insurance) by going back to work for "the man."
Once I was bitten by the e-bug, though, the future is clear! I’m in the process of research and b-plan writing for a new business to launch soon.
My advice to you, "Jan," is find a way and then, as Alexander the Great did, burn the boats and go after your destiny. Do what makes you happy!
October 16th, 2005 at 11:37 pm
I am currently employed with the military and my husband is retired military. He just recently went back to work for HR firm and I am approaching my 8th year in the military-we have three small children.
Our life plan is to be self-employed and to run our own business however we are very concerned with ‘how to begin’ and the current security we have with our current positions. I am afraid of the uncertainity of not being successful especially with our children’s future in our hands.
I am completing my BS and will be finishing my MBA in 2007-what do you suggest we do-dive into enterpreneurship or do we remain employed with our employers?
We are at the beginning phase of being our own boss-we know where we want to be and have the vision on how to get there-the middle is just hazy.
If there is anyone that reads this comment and wants to provide advice or guidance on how they became successful please email me.
October 18th, 2005 at 8:28 pm
Jan, you have to listen to your gut - really listen. I recently quit my job to pursue my dream of owning a jazz lounge and restaurant. I have a solid business plan, a strong management team and all I have left is the financing. It has been a nightmare to find funding for a restaurant but I’d rather be out pounding the pavement than wonder about it in the office. I loved my job, it was creative but I wanted more and ws tired of making other people rich. I wanted to be the master of my destiny - finding out what God had in store for me. I am sure it isn’t a job to pay the bills! I want to be involved in helping my community and after experiencing the hardship of obtaing financing, I would like to start a fund for restaurants, or any other small business, without the high interest rates and red tape. Best of luck to you and everyone else.
If anyone knows of any private lenders in Houston, let me know…
December 6th, 2005 at 8:17 pm
I am being outsourced after a 16-year tenure. What is the first things I should consider when thinking about going into a pet groooming business with my best friend, twin sister?
December 7th, 2005 at 4:51 pm
Joyce,
1) make sure it’s something you really enjoy.
2) make sure you and your twin sister have defined who’s responsible for what.
3) make sure you have a business plan that provides direction and context for all the work you’ll do.
frankly, you should pay a visit to our [link=http://www.startupnation.com/pages/start/10Steps.asp' target='_blank']10 Steps to Open for Business[/link] online tool and walk through the steps provided.
this is a VERY exciting moment and a perfectly reasonable business.
START IT UP!
rich
January 12th, 2006 at 5:47 pm
I am a nurse. What’s the most disturbing thing to me about caring for my patients? Not the cancers, not the bedsores, not the death and dying…What bothers me the most is when a dying person verbalizes his regrets about what he "shoulda done" or "coulda done" in life. Life should be lived so that there are no regrets in the end…no missed opportunities. Like Nike used to say…Just do it. Monica
April 3rd, 2006 at 8:47 pm
Joyce,
I share the same plight as yourself. I’ve been conceptualizing on few ideas that I’m so convinced about bringing them to market. The signal is, "If you feel Restless" going to work everyday - That’s the trigger - You don’t enjoy your daily work because, in your heart you know "There’s something of the higher order, something that you’re more passionate about" needs to be done.
I strongly suggest "Listening" to the e-myth revisited by David Gerber..This is such a wonderful e-book that touches all small biz. enterpreneurs.
Though I currently make over $150K, I still feel restless going to my work as I know that I need to be doing something that I’m passionate about, soon.
Do believe in yourself, do your homework, take careful steps and be brave. All the best.
"Not there yet to take the plunge, but seriously moving in that directon"
Best,
Shravan
http://www.caringpoint.com - In operation, but more needs to be done..
April 4th, 2006 at 12:30 pm
My moment of clarity was a purely physical and emotional phenomenon…I’d been noodeling around with the concept of my business for 6 months, one day on my way to my "real job", I had what I like to dramatically refer to as a meltdown. That very evening, after I came home from work, I put all of my start-up materials together in a file, went back to work the next day and showed the plans to my boss…I was out the door within a week, now 2 years later…my small biz is mine and doing fine!
April 5th, 2006 at 5:59 pm
…and now an example of having TOTALLY missed the boat.
A few years ago I had an idea for a doggie day care center in my area…it was going to be called "The Barker Lounge", complete with "Dogs Playing Poker" type decor, wood paneling…if you can picture a lounge from the 1960’s…this was going to be it…training, open air boarding and a whole host of other ammenities.
Lo and behold, someone not only came up with the same EXACT idea not far from me, but the same name, same theme and got the name copyrighted.
I waited too long…and now I’m kicking myself.
Lesson? When you get that startup feeling, you’ve got to go for it…