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  #11  
Old 09-02-2013, 09:54 AM
GOATMAN GEORGE GOATMAN GEORGE is offline
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Join Date: Jun 2013
Location: North Carolina
Posts: 88
I agree on having 18 months living expense budget. This way your are never making desperate decisions or make bad bids just to get work.

I moved back home to start on my own this way my only expense was food , gas ,etc. A great stepping stone
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  #12  
Old 09-02-2013, 10:07 AM
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inzane inzane is online now
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Join Date: Jan 2012
Location: Dallas, GA
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if you have to ask, your probably not ready. lol. I had a wife that was able to pay the bills, and enough money in the bank account to get through a few years if we had any issues.. I quit the day after christmas for some reason, had a few accounts already but not many, this was the first year, and its been the best thing.. but alot of planning went into it.

Last edited by inzane; 09-02-2013 at 10:11 AM.
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  #13  
Old 09-02-2013, 11:22 AM
UNIQUElawncare UNIQUElawncare is offline
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Join Date: Aug 2013
Location: Columbia, Kentucky
Posts: 33
Oh I know I'm not ready LOL but I do agree with the 18 mos. living expenses. I have owned a medium sized cabinet company in the past until the 2007-2008 economic down fall we had then I couldn't pay my payroll and bank loans to keep the doors open. So Im going into this with my eyes wide open after feeling the sting of defeat! I had a very expensive learning experience and after licking my wounds for several years i'm finally ready to venture out again. but with extreme caution.... My wife cant pay all of our bills herself but she can cover the main stuff should she have too, but I'm not gonna push that.
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  #14  
Old 09-02-2013, 11:37 AM
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inzane inzane is online now
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Join Date: Jan 2012
Location: Dallas, GA
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it was a big risk i know, the savings helped. I knew that if it didn't work i could go back to what i was doing before pretty quick. I got our bills down super low, no debt besides the house payment.. (but the wife shows up with a new car towards the end... grr.) but not a huge payment thank god.. And, I had been out of work on short term disability for almost a year, so we were so used to scraping by, it made the transition much easier. I picked up more work this year than i actually needed to help pay the bills, which is good.. I will break even this year with enough saved to get through the winter, i expect next year i will make some profit if everything goes right. Still got a long ways to go though.. still got a few backup jobs i can go get if it all falls apart. I thought i'd be stressed all the time trying to make this work, but its been alright.


Quote:
Originally Posted by UNIQUElawncare View Post
Oh I know I'm not ready LOL but I do agree with the 18 mos. living expenses. I have owned a medium sized cabinet company in the past until the 2007-2008 economic down fall we had then I couldn't pay my payroll and bank loans to keep the doors open. So Im going into this with my eyes wide open after feeling the sting of defeat! I had a very expensive learning experience and after licking my wounds for several years i'm finally ready to venture out again. but with extreme caution.... My wife cant pay all of our bills herself but she can cover the main stuff should she have too, but I'm not gonna push that.
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  #15  
Old 09-02-2013, 12:32 PM
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Jallal Jallal is offline
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Join Date: Nov 2012
Location: SoCal
Posts: 149
Personally, I walked from my last job before I even started my company & am closing in on eliminating the present gap between what we're grossing now & my $85k/yr salary. Not the easiest route to take but there was a lot of baggage there & I had to get out.

So I'm of the opinion that you can make it happen whenever you choose.
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