Any small business owners that can give advice?

Question

I’m nervous to invest money into starting a small business (art & photography). I lost my job recently so I have plenty of time to try for it now. Should I keep trying to find new work or take a chance?

Answer

Do both. Keep looking for work while trying to setup your own business, because you're not guaranteed either will work out

Answer

My business was started 6 years ago. It cost about $10,000 to start up with equipment, software, insurance, licensing and taxes/payroll. I took about 3 months with no pay and after that I gradually increased my pay. I was already in the same field for about 12 years prior, so I had a leg up on knowing where to go to bring in business and already had a solid background. 
Every time there is a new government regulation that affects the financial and real estate market, my sales will decrease or increase depending on what it is. The tighter the regulations, the more unpaid time I have to put into my business. 
If you are willing to roll with the punches when things get tight, you’ll be okay. I recommend having savings, always. Save plenty to pay taxes with and don’t assume you’ll make more money later in the year and be able to “borrow” from your tax savings account. Don’t take out loans to get started. Have a side hustle if at all possible, something that isn’t a huge time suck and possibly something that will run itself passively. Devote your time to your business in a disciplined way. Be ready to have lots of ups and downs and prepare for them.

Answer

When it comes to small business, you need to find some thing that is needed all year long. Like if you go into a tax preparation service, it’s only for tax season, you need to figure out and do multiple things to get you through the year. If you’re a realtor, houses are only booming When interest rates are low, when there is a need, nobody is looking at houses when it’s snowing outside. In the winter. You have to find a business that’s needed all year long. Something that’s a necessity, not just during wedding season or proms etc. you need to find some thing that is needed all year long. And do multiple things at the same time. I’ve been self-employed since I was 16, we do everything under the sun. Immigration, mortgages, real estate, taxes, Translation services, family court, criminal, car accidents, we do everything education, that way there’s always something keeping us going when something else isn’t. You have to remember that art or photography is only needed for a season, or special occasions, unless you going to maybe graphic design and you work for a company, that’s a different story because they always need some thing in that area. When it comes to art, there’s always something different and something different comes out like classical art versus 3D animation, my brother went to college for classic art, and when he finished the 3-D animation started and $175,000 of student loans, he never put it to any use. It was completely outdated same thing with computers, people who learned Lennox and units and older software years and years ago, no longer is obsolete, so you have to constantly be retraining and learning new software. Anything on Etsy and things like that, it’s only needed for the holidays or for birthdays, it’s not something that’s needed all year long. I think that’s why you’re going to come into an issue, you need to find something that is constantly needed. Where we are, there is a huge Latino community, and being that we speak Spanish, we do everything under the sun for them whether it’s reading their mail, whether it’s cleaning up their messes that they created from traffic or anything else, domestic abuse, is always a necessity, helping them to buy a car helping them to buy a house, getting their kids educated, it Hass to be something that’s needed and all year long. Our job is problem-solving and consulting in reality. But we’ve been doing this since the 90s so it’s all word-of-mouth we’ve never had to advertise, you have to find something that’s needed and a necessity, being the only person that does this so you don’t have a competition, like opening a 99 Cents store next to a dollar store, they’re gonna go to the 99 Cents store just because it’s a penny cheaper. Marketing, advertising, your target market in your area, location of your business, there are so many things that you have to take into account when you open a business. Not to mention capital, overhead, keeping your overhead low by working from home especially when you begin, for small business loan or government grants, you have to remember that the worst business to go in is food, restaurants close all the time, nobody anticipated Covid happening, nobody anticipated a lot of stuff, inflation, the stock market, unemployment, etc. and God for bid we break out into World War III or something like that everything‘s going to go through the roof. Maybe finding some thing that can get you further than just some thing small. Something that you could expand, or in the corporate sector or worldwide do you know what I’m saying that something little for my house I’m making tiny little projects. I think you need to think bigger.

Answer

That depends on your finances. My husband lost his job and started a small business, we had to seriously cut expenses but my full time job waa enough for basic bills. So if you can get by, go for it. It took him about 2 years to really get it going. Also you know yourself and how disciplined you are. Being a business owner usually you work well over 50-60+ hrs a week, if you have the discipline to really drum up business, stay organized, do your taxes and bookkeeping etc or would you rather go to work with a consistent paycheck and call it a day. If you have the drive and discipline, there can be a huge opportunity in having your own business. Good luck!

Any small business owners that can give advice?

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