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Thread: Recommendations for New Business Owners

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    Joel, that's a really good point. I hadn't thought of that, but you're right, if I were home all the time I would use more power so my costs would go up for that. I wonder if it would all even out though. You're home more, but you probably drive less so you use less gas, maybe the spending would just shift from one column to another.

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    I used to commute 75 miles a day (round trip) plus going to the grocery store and etc... Since I've been working from home our electricity bill has gone up but not as much as gas was costing me. We heat with wood so me being home all day has decreased our gas bill because the furnace ran even less than normal. Also the wear and tear on my vehicle has really decreased so I agree that Joel makes some good points - but you have to look at what you are doing currently too... If you are only driving 5 miles to work it might end up "costing" you more to stay home. This is especially true if you have to start buying your own health insurance. We get health insurance from my husbands job so that hasn't been an issue. I know a lot of other self-employed people though and health insurance is a big expense for them...

    must remind myself, I'm not on plurk... I can make paragraphs...
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    Quote Originally Posted by KristineS View Post
    I still kick around the idea of going out on my own every once in a while.
    For those of you who have started your own business, what advice or recommendations would you give to someone just starting out? What would you tell him or her to do and what would you advise they avoid?
    In a nutshell - use your own money and don't borrow from the bank or other financial institution to start your business.

    Going from employed to business owner, you will already be exchanging one boss for several (your customers.) Don't add what will be the most demanding of all bosses - the bank. Use the bank as a servant, as an employee, never as a boss.

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    Health insurance is a big issue for me, and I think one of the primary obstacles to going out on my own. I know it would be expensive, especially since I have pre existing conditions. So that's something I'd have to investigate very closely.

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    Frederick, you make a good point. I would never borrow to start things off. I'm guessing what will happen is that I'll freelance for a bit, part time, and see how it goes. I can bank that money and save it for whatever I decide to do next.

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    Depending on your business and your own personal attitude, appearing to be not working from home when you are, in fact, working from home, is starting your business on a falsehood. Don't do it!

    If you are going to be ashamed of working from home, then rent an office or small retail space. Personally, I have no problem with people I deal with working from home - it's the old country doctor idea. But I do have a problem with them trying to make me feel they are a large corporation when their office is their spare bedroom! If I cannot trust them to tell me the truth in something so meanigless, how much can I trust them when it matters?!

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    As quick as you can, get past this concern for nickels and dimes -- it will cost more in electricity to run a computer at home -- I'll save gas by not having to commute 20 mles to work every day -- spend more on heating/cooling -- spend less on lunches.......

    Focus instead on making money in your new business - so much money that you will soon be laughing at your penny-wise-pound-foolish concerns.

    It's all a matter of attitude. If you plan on starting a nice little business - as most people do - that is what you will have, a nice little business. But if you think about starting a big business, you will plan accordingly and build yourself a *big* business.

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    Patience was one of the biggest challenges I faced when starting Office Support 911. Two years later, I am extremely glad that I remained committed to my dream, but it wasn't easy in the beginning. In fact, it became downright scary at times.

    What I have learned so far is:

    • Word-of-mouth recommendations are worth far more than their weight in gold.

    • Quality work for quality people will likely result in quality referrals.

    • Excellence will never go out of style--strive for this always. Your clients will appreciate you and may reward you in ways that you never dreamed possible.
    Karen Braschuk
    Virtual Assistance: Office Support 911
    Transcription: Simply Transcripts

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    Quote Originally Posted by KarenB View Post
    ...Excellence will never go out of style--strive for this always. Your clients will appreciate you and may reward you in ways that you never dreamed possible.
    Loved that, Karen! But in addition to doing it for clients and for the rewards, do it for yourself.

    Doing excellent work for no other purpose than because you are an excellent person is very gratifying.

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    Quote Originally Posted by KarenB View Post
    Patience was one of the biggest challenges I faced when starting Office Support 911. Two years later, I am extremely glad that I remained committed to my dream, but it wasn't easy in the beginning. In fact, it became downright scary at times.

    What I have learned so far is:

    • Word-of-mouth recommendations are worth far more than their weight in gold.

    • Quality work for quality people will likely result in quality referrals.

    • Excellence will never go out of style--strive for this always. Your clients will appreciate you and may reward you in ways that you never dreamed possible.
    Patience has never been one of my virtues Karen, so you have a good point there.

    I think everything you've said is right on target.

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