Home Forums New here? Share your story Not being negative but is small business finished?

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  • #999226
    johannpsaila
    Member
    • Total posts: 39

    Hi All,

    I sold my last finance business three years ago and have been back in the corporate world. Earning 140K plus doing uni part time and on my spare time i train, learn, keep fit and spend time with family… oh and i invest a lot of my income.

    A few mates of mine have reached out who are in small business… and it seems that most are not even making an average wage.

    Also on a big note a few other mates who have profitable business are trying to sell but no luck so far.

    It seems that small business is getting tougher and tougher.

    What are your thoughts?

    #1218446
    Jason Ramage
    Participant
    • Total posts: 3,162
    johannpsaila, post: 263517, member: 38367 wrote:
    Hi All,

    I sold my last finance business three years ago and have been back in the corporate world. Earning 140K plus doing uni part time and on my spare time i train, learn, keep fit and spend time with family… oh and i invest a lot of my income.

    A few mates of mine have reached out who are in small business… and it seems that most are not even making an average wage.

    Also on a big note a few other mates who have profitable business are trying to sell but no luck so far.

    It seems that small business is getting tougher and tougher.

    What are your thoughts?

    Thoughts, well firstly Congratulations as you seem to have found a happy medium for yourself… With the equation of time, money, study and fitness…

    However, and contrary to popular belief, not all small business owners strive to be millionaires or go into business with the foresight of mega dollars or even much dollars.. There are a few preclusions from this, although many soloists do it out of passion + opportunity + others..

    Whilst you appear to tick many of the boxes, some owners may only want to tick the extra time with family box – or the ability to work from home box – or the second income from partner box – or… as you can see, the list could be long with many variables..

    Personally, working the grind for a large business is beyond my scope now days… Done the corporate, extensively, and am happy to pace myself these days (gosh i am sounding older and older – not sure wiser) and work for myself as opposed to others.. Whilst i too, tick many boxes if not all, regardless of the measurement i would not return to corporate…. Well, there could be a few high exec jobs that if i was scouted for i could do, but that would be short sighted as i would do it for the money only, which also now goes against my goals of less pressure on myself (another metric of mine) and would only be for the short term challenge and the coin in the purse..

    Onto another part of your message, the successful mates you have trying to sell a business.. There are too many variables to this.. such as, are they asking too much? is it a popular industry? is it competitive? Can it be replicated? is it dependent on the sellers skill set? Are they selling off season? Is it a franchise? Many ‘small’ business owners dont want to buy another business IMO. Years ago it was easier to sell a business, again IMO, as the gap between starting a business vs buying a ready to go business was immense – as opposed to today, it is relatively easy to set up your own shop overnight with the use of technology and so forth.. Also i feel that mindset has changed immensely, be it a sense of entitlement or people oversimplifying things, and that many younger people just feel the ability to do ‘things’ themselves through platforms like fiverr, freelancer, redbubble, airtasker, uber/eats, and many other crowd platforms or even creating their own ecommerce sites overnight that they may steer away from buying a business and incurring good will costs…

    Is it educational, situational or other? dont really know… All i know is that across a few forums i am on, you regularly see eager and naive people posting about ‘where do i find suppliers for XXX’, or ‘what website should i use for dropshipping’ and the list goes on.. Very little thought goes into it, other than sourcing ideas from google and forums and the lack of understanding behind an older business operator stands out… But, does this mean they will not succeed, not really… Just means bricks and mortar or established businesses are harder to sell sometimes when competition is alive or easily replicated..

    To sell a business, is like selling anything.. Once equilibrium is met, a sale will generally occur…

    All that being said, you are obviously an educated and intelligent person and already know most of this… Although it was thought provoking….

    All the best.

    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: hello@lucasarthur.net.au   P: 61 3 8324 0344    M: 61 412 244 888
    #1218447
    RunicConvenience
    Member
    • Total posts: 186

    earning more money does not give me any satisfaction. being able to work more. always makes me relaxed

    #1218448
    bb1
    Participant
    • Total posts: 4,485

    Thats the problem with todays society, you think that because you earn a lot of money you are better off then others who may be earning less. True if you look from a purely $’s point of view, but thats very short sighted.

    I did the opposite and went from the highly paid job (similar range to you), to a substantially lower income. But the quality of life went from all work no play, to being in a far happier position. Sure it led to the ending of my marriage which 2 professionals said it would, as she was $ orientated, but I now have a far happier life, spend more time with the family, can do things that make me happy, schedule my work around the family and my requirements, rather then them having to fit in with my work schedule.

    And at the end of the day, on the monetary side I still do the same things as before, with far less income, go figure.

    #1218449
    Dave Gillen – FS Concierge
    Keymaster
    • Total posts: 2,554

    What a great discussion to start [USER=38367]@johannpsaila[/USER].

    More people want to be small business owners than ever I think. You’re right about the income – I’d say most small business owners take an extended paycut (longer than expected and often permanent) when they make the jump.

    But there are other features that are off the charts compared to corporate jobs (control, freedom, flexibility), so for many the overall package does stack up.

    But as you say, it’s not always the promised land.
    Dave

    Dave Gillen - Client Acquisition | Brisbane | (07) 3180 0288
    #1218450
    johannpsaila
    Member
    • Total posts: 39

    Hi Dave,

    Thank you for the reply and i think that is another way to look it at… you are right most of my friends business can be easily started from stracth but this is my point, unless you are starting something really unique that has value the reward does not outweigh the risk.

    #1218451
    johannpsaila
    Member
    • Total posts: 39
    RunicConvenience, post: 263522, member: 112020 wrote:
    earning more money does not give me any satisfaction. being able to work more. always makes me relaxed
    Me too always working away on something
    #1218452
    johannpsaila
    Member
    • Total posts: 39
    bb1, post: 263523, member: 53375 wrote:
    Thats the problem with todays society, you think that because you earn a lot of money you are better off then others who may be earning less. True if you look from a purely $’s point of view, but thats very short sighted.

    I did the opposite and went from the highly paid job (similar range to you), to a substantially lower income. But the quality of life went from all work no play, to being in a far happier position. Sure it led to the ending of my marriage which 2 professionals said it would, as she was $ orientated, but I now have a far happier life, spend more time with the family, can do things that make me happy, schedule my work around the family and my requirements, rather then them having to fit in with my work schedule.

    And at the end of the day, on the monetary side I still do the same things as before, with far less income, go figure.

    Hi, please do not think, I’m a character who because i earn XYZ feels that there better. I could not give a crap what other earns as long as they are decent people and have similar interest i don’t care… Money to me helps me helps others… But my point is i only work 40 hours a week. I have adopted to look for employment where i can use my skills effectively.

    #1218453
    johannpsaila
    Member
    • Total posts: 39
    Dave – FS Concierge, post: 263538, member: 49676 wrote:
    What a great discussion to start [USER=38367]@johannpsaila[/USER].

    More people want to be small business owners than ever I think. You’re right about the income – I’d say most small business owners take an extended paycut (longer than expected and often permanent) when they make the jump.

    But there are other features that are off the charts compared to corporate jobs (control, freedom, flexibility), so for many the overall package does stack up.

    But as you say, it’s not always the promised land.
    Dave

    Hi Dave,
    Thanks for the notes on the post… I think the reason i came here was not to brag but to show support. I think in life there are always trade offs 100% and both ways of living provide pros and cons… just interesting.

    #1218454
    Johny
    Member
    • Total posts: 840

    It seems that small business is getting tougher and tougher.

    Small business has always been tough.

    It is made tougher by the never ending procession of coaches/advisors/consultants etc who “guide” us into thinking we should “do what we love”, “be our own boss” et al, and that we are all entrepreneurs deep down.

    Do what you love?

    Let me see:-

    Sales
    Marketing
    Staff/HR matters
    Accounting
    Customer service
    Internet/website stuff
    and the list goes on and on and on and……..

    You can’t outsource it all, and no one likes or is good at all that stuff, and yet, unlike being employed, the buck stops with the owner in ever case.

    unless you are starting something really unique that has value the reward does not outweigh the risk.

    I wouldn’t agree with that. I believe the largest level of employment is in small business. The backbone of most communities (small in particular) is in small business. The vast majority of these businesses aren’t doing anything new, innovative or unique.

    The difference is in how well it is done. And that to me is more the issue.

    There may be more people out there looking to get into their own business/buy a job, but ultimately many if not most fail because they haven’t grasped what is really involved – ie. doing a lot of stuff you don’t love.

    Each to their own I guess, but I’d have trouble going back to being employed.

    #1218455
    johannpsaila
    Member
    • Total posts: 39

    Great replies from every one.. even though I work for a medium sized enterprise I think there should be more support for small business.

    #1218456
    Jason Ramage
    Participant
    • Total posts: 3,162
    johannpsaila, post: 263551, member: 38367 wrote:
    Great replies from every one.. even though I work for a medium sized enterprise I think there should be more support for small business.

    Maybe there is a small business there in what you say :)

    Jason Ramage | Lucas Arthur Pty Ltd | E: hello@lucasarthur.net.au   P: 61 3 8324 0344    M: 61 412 244 888
    #1218457
    bb1
    Participant
    • Total posts: 4,485
    johannpsaila, post: 263551, member: 38367 wrote:
    I think there should be more support for small business.

    Why? Who should give the support?

    If people are going to start a small business they should do the research, and only start if it is viable.

    Some small business’s only survive because of government support, they should be rubbed out, why should my tax money go to supporting someone else who is incapable of running a business.

    #1218458
    RunicConvenience
    Member
    • Total posts: 186

    Hmm, when you say support what do you mean, should the government be artificially holding up dead businesses to “Help”? I mean overall there is tons of information on the government sites what more would you need support to get started

    #1218459
    johannpsaila
    Member
    • Total posts: 39
    LucasArthur, post: 263552, member: 34537 wrote:
    Maybe there is a small business there in what you say :)

    Lol used to be a small business owner my self ;)

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