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Thread: Is Your Business Your Main Source Of Income?

  1. #21
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    Quote Originally Posted by vangogh View Post
    Time is an issue. Since my business is currently based on services my money is directly tied to how much time I can work. I've spent much of this year working towards things that scale better and don't have that same 1:1 relationship for me with time and money.
    I am currently planning a new business.

    I know it could be immediately profitable if I do direct work with customers. I'm not going that way however. I am very deliberately going to NOT be a direct customer revenue generator. Other people are going to do that for me - I'll have to hire and train them but long term the income generation will be FAR higher.

    I don't want to fall into the trap of having no time to run the business because I am so busy doing actual customer work.

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    I am in a similar boat Bill, I know i could make a profit from my business, but i really want to be sure that what i do is going to give me better results them working for someone else and not cause me endless headaches.
    Joel Brown
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    I don't want to give up working with my clients, since I do enjoy working with them and on their sites. I genuinely enjoy designing and coding websites and developing applications. But I do want to work on projects outside of client work that scales better and can bring revenue not specifically tied to my time.
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  4. #24
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    Quote Originally Posted by vangogh View Post
    I don't want to give up working with my clients,
    11 years in the trenches dude I am done!

  5. #25

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    Which is- really- the point I was making. Why do the same thing you were doing for the same money you were making? No net change in your life, other than trading the yammerheads you were working for, for the yammerheads you are working...... waitaminnit............

    Scalable is another buzzword for E-myth, 4Hour Workweek, etc. You want to stop trading time for dollars- which is what most of us self-employed types are still doing (me included- not throwing mud here...). This is why we are "small" business, and not large, I would submit. For various and sundry reasons, we don't want to get "big"- so we want it scalable, so we can get sorta big- but still be da boss.

    IMO, of course.....

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    I think scalable is more than just a buzzword. At leas the way I see it it's more. An example might help clarify.

    I can design someone a custom theme for their blog and charge a decent amount. I put in X hours and make Y dollars. And that's it. More money might come from making changes to the theme later or maintaining it. Ideally the process leads to a new client who continues to have me work on other sites or recommends me, etc. Still the revenue is all tied directly to how many hours I'm working.

    On the other hand I could put some time into developing a blog theme for sale. It would require more time to develop a theme for sale than to custom design one since it would need to be more flexible for a variety of uses. I'll put more time into developing that one theme and won't be able to charge as much as I could for a custom theme. However that theme could sell many times over and ultimately bring back a much greater return that isn't tied to my time 1:1.

    Obviously time goes into to both, but the scale is very different. The theme for sale potentially can bring in a far greater return per time, than a custom design can.
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  7. #27
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    Quote Originally Posted by vangogh View Post
    I don't want to give up working with my clients, since I do enjoy working with them and on their sites. I genuinely enjoy designing and coding websites and developing applications.

    Yea, but don't you just HATE it when they try and get involved or (God forbid), help?
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    Funny Dan. Thinking of someone we know?
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    Baseline small or big business is all a matter of perception and comparison.

    I do not think that anyone would argue that Exxon Mobil is not a Big business. However as you go down the ladder where do they stop being big and start being small. Really it is all a matter of comparison.

    But maybe one guy own's 3 or 4 coffee shops has 30 or so staff in them turns over $4million per year, with $500K profit. Small or big business? Another guy owns a computer consulting firm, employees 3 techncians and sturns over $4million per year, with $500K profit. Small or Big business? I have a feeling that many people without knowing revenue and profit figures would say the guy with the coffee shops has the big business and the other guy has the small business, but really it is all a matter of perception.

    And really at the end of the day both business are probably micro businesses compared to anything on the fortune 500 list.
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    so glad i found you all again...i have some new plots to run by you!!
    but to the question....yes , its the only income for my dh and i....but not online.
    .but our internet parts are crucial....
    .....if iwe had had to make a good wage in the first years our business never would have made it...... like van gogh, the money was never the main thing and isnt now.......but i like it a lot!!!
    at the start we didnt have another income, altho we did have an overlapping business for a few years, i always think not haveing a safety net /other income gave us a huge advantage....we couldnt mess around we had to make it work....and pay attention.
    _______________
    ann
    Green Oak Antiques--Located in Rochester Indiana. Privately Owned Antique Shop. Online Sales
    magpie cottage
    Last edited by greenoak; 10-10-2008 at 06:57 PM.
    ann at greenoak www.greenoakantiques.com

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