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Gedanken · 22 July 2005, 12:08 AM

Just thought I'd toss this one to the learned crowd here.

Some of you might know that I'm qualified as an organisational psychologist, and that I've recently decided that in the long term, it's best that I go into business for myself.

What I've found since I made that decision is that I've stepped into an entirely new world. In particular, what my training prepared me for was to take an assignment and carry it out as efficiently as possible. However, that's incredibly simple compared to business because you don't have to define the assignment or find the business in the first place - all you have to do is carry it out when it's placed in front of you.

I have to admit that I'm really feeling like a fish out of water here. I've spent all these years developing myself into a damned good employee, but it's a whole new ballgame now when I'm the one having to work out the big picture. On top of that, both my parents were civil servants, so I grew up thinking that I had to go to work, put in the hours and collect my paycheque, period.

I'd like to ask all the guys who've gone into business for yourselves about your experiences. What did you have to learn along the way? How did you learn to work out the right thing to do? Is there some Zen secret to having the right mindset for business?

Rockrolex · 22 July 2005, 12:22 AM

Good luck, James. Starting your own practice can be very exciting. I can't speak to starting a sole practice, because we started with three lawyers and 2 secretaries. Cash flow is going to be the most important factor to watch for. You want to make sure that your income exceeds your expenses. Will it just be you or will you have employees and/or partners? Are you going to incorporate or be a sole proprietership or an LLC (or its equivalent). You should get yourself a good accountant to help you set up your books and to help you set up your billing practices. There are whole books written on the subject of starting your own business. Forget them. Just muddle through.

padi56 · 22 July 2005, 01:13 AM

Well James wish you the luck in the world in your new venture,When you have made your first million the drinks are on you remember.

Uncle-AJ · 22 July 2005, 02:39 AM

Good luck with the venture James. I'm a coward and have always worked for a company but I have had some business training. These days each department is treated as a business in itself. Try to draw up a business plan of what you will be expected to do and what charges you will make etc. When you have finalised your plan, it will probably need changing a couple of times, stick to it and see how things develop. Once again good luck.

Manatee · 22 July 2005, 03:03 AM

Hi James,

I've done software development work and other computer-related jobs on the side, but I've always had my "day job" to fall back on. Thus I never crossed the line to making a committment to survive on my own ability to generate clients.

I've read plenty about it, and talked with people about it, but ultimately I guess I'm chicken. (Darn, no smiley with a chicken in it!)

I wish you the best in whatever you decide to do.

Mink · 22 July 2005, 03:27 AM

Quote:

Originally Posted by Gedanken

Is there some Zen secret to having the right mindset for business?

Yes there is but, if I posted it here, it would no longer be a secret!

JJ Irani · 22 July 2005, 04:49 AM

Good luck on your new venture, James. Sorry, never done business in my life, except flippin' a few Rollies....but, other than that, can't be of much help.

All the best, anyway.

Cheers - JJ

therashman · 22 July 2005, 10:52 AM

Hey Gedanken

I have a couple of businesses myself. No matter how profitable your practice is...remember cash is king, you can be extremely profitable but broke coz you were not able to pay all ur bills on time...so basic management controls surrounding debtors and creditors are essential during a start up phase.

Welcome to the world of worry 24/7....remember switchin off after hours is a learned art form, but necessary for one's peace of mind over long term...granted this is extremely difficult when one has so much personal stakeholding in an enterprise....bottom line, after this you will never go back to employment and trade in total autonomy and control over ur fate...:-)

baseballduck · 22 July 2005, 11:41 AM

Good luck with your new buisiness James. Best of luck finding employees and clients. And don't forget to have some fun along the way.....I think you can do that at work. I don't know if you can. But if you can have at it.

Tyler

dman · 22 July 2005, 12:56 PM

Well James, this really does explain why you have been so busy mate. I hope the best for you in your new venture. It can be both an exciting and scary time, I am sure you'll do great!!

Gedanken · 22 July 2005, 06:49 PM

Hey, thanks, guys - right now I feel like a trapeze artist who's just had his safety net taken away.

dman · 22 July 2005, 10:17 PM

Well in that case James, don't look down mate!!

Rockrolex · 22 July 2005, 10:53 PM

Quote:

Originally Posted by Gedanken

Hey, thanks, guys - right now I feel like a trapeze artist who's just had his safety net taken away.

As it should be, James. That's what makes the whole thing so exciting and exhilirating. And as long as you look at the process as an opportunity and not a risk, you'll do fine. Best of luck with this wonderful endeavour.

Southern Jessie · 22 July 2005, 11:34 PM

I would certainly like to do something on the side but it takes a lot of planning and time/money invested to get past the first hurdles.

Best wishes though!

Uncle-AJ · 23 July 2005, 01:16 AM

Try doing it on the front, then the back before attempting to do it on the side Shane.

Rockrolex · 23 July 2005, 01:29 AM

Quote:

Originally Posted by Uncle-AJ

Try doing it on the front, then the back before attempting to do it on the side Shane.

ROTFLMAO!!

dman · 23 July 2005, 01:44 AM

Quote:

Originally Posted by Uncle-AJ

Try doing it on the front, then the back before attempting to do it on the side Shane.

LMAO!!

Gedanken · 23 July 2005, 02:57 AM

Kind of like horse riding, huh, Adrian?

JJ Irani · 23 July 2005, 05:09 AM

Quote:

Originally Posted by Uncle-AJ

Try doing it on the front, then the back before attempting to do it on the side Shane.

LMAO! Adrian, you're a bloody riot!!

JJ Irani · 23 July 2005, 05:10 AM

Quote:

Originally Posted by Gedanken

Hey, thanks, guys - right now I feel like a trapeze artist who's just had his safety net taken away.

In that case, make sure you land on the fat lady in the circus!!

AJC · 23 July 2005, 08:15 PM

If you were not worried you would be a fool.Stepping out of your comfort zone is a big step.A very rewarding step that sometimes makes you think "why am I doing this" but when things happen you know it is for you.

Every hour of overtime or that extra yard you put in has many rewards and not just a hearty pat on the back and the expectation that you will do it again until it is part of your job description.

Watch your cash flow,don't over capitalize and remember to have a little fun along the way.

Cheers and good luck.

Gedanken · 23 July 2005, 09:29 PM

Hey, thanks for the reassurance, Aaron.

Yeah, right now I'm going to have to keep a close eye on cash flow. Hopefully things will get into full swing soon, and then I can breathe a bit easier.

22 July 2005, 12:08 AM	#1
Gedanken "TRF" Member Join Date: May 2005 Real Name: Sir Location: Melbourne Watch: F-series SD Posts: 8,589	Who's started his own business? Just thought I'd toss this one to the learned crowd here. Some of you might know that I'm qualified as an organisational psychologist, and that I've recently decided that in the long term, it's best that I go into business for myself. What I've found since I made that decision is that I've stepped into an entirely new world. In particular, what my training prepared me for was to take an assignment and carry it out as efficiently as possible. However, that's incredibly simple compared to business because you don't have to define the assignment or find the business in the first place - all you have to do is carry it out when it's placed in front of you. I have to admit that I'm really feeling like a fish out of water here. I've spent all these years developing myself into a damned good employee, but it's a whole new ballgame now when I'm the one having to work out the big picture. On top of that, both my parents were civil servants, so I grew up thinking that I had to go to work, put in the hours and collect my paycheque, period. I'd like to ask all the guys who've gone into business for yourselves about your experiences. What did you have to learn along the way? How did you learn to work out the right thing to do? Is there some Zen secret to having the right mindset for business? __________________ You buy a Casio to make sure you're on time; you wear a Rolex because you don't have to be on time.

22 July 2005, 12:22 AM	#2
Rockrolex TRF Moderator & 2025 Patron Join Date: May 2005 Real Name: God Location: Washington, D.C. Watch: What do you think? Posts: 38,100	Good luck, James. Starting your own practice can be very exciting. I can't speak to starting a sole practice, because we started with three lawyers and 2 secretaries. Cash flow is going to be the most important factor to watch for. You want to make sure that your income exceeds your expenses. Will it just be you or will you have employees and/or partners? Are you going to incorporate or be a sole proprietership or an LLC (or its equivalent). You should get yourself a good accountant to help you set up your books and to help you set up your billing practices. There are whole books written on the subject of starting your own business. Forget them. Just muddle through. __________________ Despite the high cost of living, it's still very popular. *Tosser Cabinet Member* Official Member: 'Perpetual 30' Vegas International GTG 2016 Official Member "WIS-CON" Las Vegas International GTG 2017 Official Member "WIS-CON" Las Vegas International GTG 2018 Official Member "WIS-CON" Las Vegas International GTG 2019

22 July 2005, 01:13 AM	#3
padi56 "TRF" Life Patron Join Date: Jun 2005 Real Name: Peter Location: Llanfairpwllgwyng Watch: ing you. Posts: 53,215	Well James wish you the luck in the world in your new venture,When you have made your first million the drinks are on you remember. __________________ ICom Pro3 All posts are my own opinion and my opinion only. "The clock of life is wound but once, and no man has the power to tell just when the hands will stop. Now is the only time you actually own the time, Place no faith in time, for the clock may soon be still for ever." Good Judgement comes from experience,experience comes from Bad Judgement,.Buy quality, cry once; buy cheap, cry again and again. www.mc0yad.club Second in command CEO and left handed watch winder

22 July 2005, 02:39 AM	#4
Uncle-AJ "TRF" Member Join Date: Dec 2004 Real Name: Adrian Location: Bolton, UK. Watch: Daytona 116520 Posts: 6,844	Good luck with the venture James. I'm a coward and have always worked for a company but I have had some business training. These days each department is treated as a business in itself. Try to draw up a business plan of what you will be expected to do and what charges you will make etc. When you have finalised your plan, it will probably need changing a couple of times, stick to it and see how things develop. Once again good luck. __________________ A man with a watch knows what time it is. A man with two watches is never sure.........Segal's Law Member #10

22 July 2005, 04:49 AM	#7
JJ Irani Fondly Remembered Join Date: May 2005 Real Name: JJ Location: Auckland, NZ Watch: ALL SOLD!! Posts: 74,317	Good luck on your new venture, James. Sorry, never done business in my life, except flippin' a few Rollies....but, other than that, can't be of much help. All the best, anyway. Cheers - JJ __________________ Words fail me in expressing my utmost thanks to ALL of you for this wonderful support during my hour of need!! I firmly believe that my time on planet earth is NOT yet up!! I shall fight this to the very end.......and WIN!!

22 July 2005, 03:03 AM	#5
Manatee Banned Join Date: May 2005 Location: Washington DC Are Posts: 677	Hi James, I've done software development work and other computer-related jobs on the side, but I've always had my "day job" to fall back on. Thus I never crossed the line to making a committment to survive on my own ability to generate clients. I've read plenty about it, and talked with people about it, but ultimately I guess I'm chicken. (Darn, no smiley with a chicken in it!) I wish you the best in whatever you decide to do.

22 July 2005, 10:52 AM	#8
therashman Member Join Date: Jul 2005 Location: Sydney, Oz Posts: 23	Hey Gedanken I have a couple of businesses myself. No matter how profitable your practice is...remember cash is king, you can be extremely profitable but broke coz you were not able to pay all ur bills on time...so basic management controls surrounding debtors and creditors are essential during a start up phase. Welcome to the world of worry 24/7....remember switchin off after hours is a learned art form, but necessary for one's peace of mind over long term...granted this is extremely difficult when one has so much personal stakeholding in an enterprise....bottom line, after this you will never go back to employment and trade in total autonomy and control over ur fate...:-)

22 July 2005, 11:41 AM	#9
baseballduck "TRF" Member Join Date: Jul 2005 Real Name: Tyler Location: Pinehurst NC Watch: Explorer 214270 Posts: 1,018	Good luck with your new buisiness James. Best of luck finding employees and clients. And don't forget to have some fun along the way.....I think you can do that at work. I don't know if you can. But if you can have at it. Tyler

22 July 2005, 12:56 PM	#10
dman Lifetime TRF Patron Join Date: May 2005 Real Name: Daren Location: Austin Watch: the road Posts: 13,585	Well James, this really does explain why you have been so busy mate. I hope the best for you in your new venture. It can be both an exciting and scary time, I am sure you'll do great!! __________________ You either get it or you don't, if you have to ask, YOU DON'T!! I really hope that midget cop doesn't find me in Kokomo.

22 July 2005, 06:49 PM	#11
Gedanken "TRF" Member Join Date: May 2005 Real Name: Sir Location: Melbourne Watch: F-series SD Posts: 8,589	Hey, thanks, guys - right now I feel like a trapeze artist who's just had his safety net taken away. __________________ You buy a Casio to make sure you're on time; you wear a Rolex because you don't have to be on time.

22 July 2005, 10:17 PM	#12
dman Lifetime TRF Patron Join Date: May 2005 Real Name: Daren Location: Austin Watch: the road Posts: 13,585	Well in that case James, don't look down mate!! __________________ You either get it or you don't, if you have to ask, YOU DON'T!! I really hope that midget cop doesn't find me in Kokomo.

22 July 2005, 11:34 PM	#14
Southern Jessie Member Join Date: Jun 2005 Posts: 278	Best of luck, James I would certainly like to do something on the side but it takes a lot of planning and time/money invested to get past the first hurdles. Best wishes though!

23 July 2005, 01:16 AM	#15
Uncle-AJ "TRF" Member Join Date: Dec 2004 Real Name: Adrian Location: Bolton, UK. Watch: Daytona 116520 Posts: 6,844	Try doing it on the front, then the back before attempting to do it on the side Shane. __________________ A man with a watch knows what time it is. A man with two watches is never sure.........Segal's Law Member #10

23 July 2005, 02:57 AM	#18
Gedanken "TRF" Member Join Date: May 2005 Real Name: Sir Location: Melbourne Watch: F-series SD Posts: 8,589	Kind of like horse riding, huh, Adrian? __________________ You buy a Casio to make sure you're on time; you wear a Rolex because you don't have to be on time.

23 July 2005, 08:15 PM	#21
AJC Member Join Date: Jul 2005 Location: Australia Posts: 1,878	If you were not worried you would be a fool.Stepping out of your comfort zone is a big step.A very rewarding step that sometimes makes you think "why am I doing this" but when things happen you know it is for you. Every hour of overtime or that extra yard you put in has many rewards and not just a hearty pat on the back and the expectation that you will do it again until it is part of your job description. Watch your cash flow,don't over capitalize and remember to have a little fun along the way. Cheers and good luck.

23 July 2005, 09:29 PM	#22
Gedanken "TRF" Member Join Date: May 2005 Real Name: Sir Location: Melbourne Watch: F-series SD Posts: 8,589	Hey, thanks for the reassurance, Aaron. Yeah, right now I'm going to have to keep a close eye on cash flow. Hopefully things will get into full swing soon, and then I can breathe a bit easier. __________________ You buy a Casio to make sure you're on time; you wear a Rolex because you don't have to be on time.

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