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For those that own your own business

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Last activity 2016-03-06 7:13 PM
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chuckie31
Reg. Aug 2009
Posted 2016-03-04 7:19 PM
Subject: RE: For those that own your own business



Elite Veteran


Posts: 984
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Location: Southwest Minnesota
My husband is a contractor and we have a construction business.  What I really would like to do most winters is run a bar on any beach on any island in the Caribbean...  I really don't have much of an appreciation for Minnesota winters.   
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paysonw
Reg. Aug 2008
Posted 2016-03-05 6:55 AM
Subject: RE: For those that own your own business



Expert


Posts: 1257
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Location: Colorado plains standing on a goat head!
 We have a drug testing business/third party administrator and have been very blessed with it! We work with drug screen collectors all over the country. That could be a possibility for you. It was probably better when oil and gas were booming and now that coal is getting hammered the railroads are down. If there are industries in your area that are doing well and test it could be an option. It is easy to learn and pretty low cost of entry unless you buy a mobile unit. We have never purchased one and make a a fair amount with on-site collections. That can be mobile and/or brick and mortar. It is not a very glamorous industry but after being around livestock, people stuff is not a big deal!Then you have the conflicts mentioned above; you are so busy you can't compete or get home to ride to keep the ponies in shape or the money needs to go back into the business. It is generally the last thing you think of at night and the first thing you think of in the morning! We do have good flexibility for shoeing or vet appointments or doctors. We purchased the business from my wife's bosses over 10 years ago and have grown it substantially so maybe we can sell it and go play full time someday!
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UTAHCANCHASER
Reg. Jul 2004
Posted 2016-03-06 1:30 PM
Subject: RE: For those that own your own business



Party Girl


Posts: 12293
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Location: Buffalo, Wyoming
paysonw - 2016-03-05 5:55 AM  We have a drug testing business/third party administrator and have been very blessed with it! We work with drug screen collectors all over the country. That could be a possibility for you. It was probably better when oil and gas were booming and now that coal is getting hammered the railroads are down. If there are industries in your area that are doing well and test it could be an option. It is easy to learn and pretty low cost of entry unless you buy a mobile unit. We have never purchased one and make a a fair amount with on-site collections. That can be mobile and/or brick and mortar. It is not a very glamorous industry but after being around livestock, people stuff is not a big deal!Then you have the conflicts mentioned above; you are so busy you can't compete or get home to ride to keep the ponies in shape or the money needs to go back into the business. It is generally the last thing you think of at night and the first thing you think of in the morning! We do have good flexibility for shoeing or vet appointments or doctors. We purchased the business from my wife's bosses over 10 years ago and have grown it substantially so maybe we can sell it and go play full time someday!

Could you PM or email me more information on this?  It sounds pretty interesting.
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NFM
Reg. Apr 2009
Posted 2016-03-06 3:05 PM
Subject: RE: For those that own your own business




2525
One thing to keep in mind when owning your own business is try to build a business that operates without you. I'm trying to keep this in mind myself, but some days I don't know if I'm getting there. At the end, you have something to sell or can retire with some form of continuous income.

We have an attorney friend who got cancer and didn't make any money for over 2 years. He is the business.

My f-in-law has a successful insurance brokerage, but none of his kids enjoy insurance. He doesn't want to quit working till he dies, but unless one of kids gets their insurance license, if something happens to him, his business will just dissolve so no asset to sell. He could bring on an associate to sell to, but it would be a nightmare working with/for him!

Just something to think about long term.
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wendinbha1
Reg. Apr 2008
Posted 2016-03-06 7:13 PM
Subject: RE: For those that own your own business



Veteran


Posts: 253
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Location: Back Creek Valley!!!
Let me know when your hiring for that bartender job on the islands!!!!!!


Edited by wendinbha1 2016-03-06 7:14 PM
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