3 answers
Brisa
Student
Lynn, Massachusetts
1
Question
Asked
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What’s it like owning a business?
I like the idea of fashion and working with hair and nails. I’m just a laid back person and I like to work with things I’m passionate about. #fashion
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3 answers
Henry Vallejo
Assistant Vice President
2
Answers
River Vale, NJ
Updated
Henry’s Answer
It’s literally the best and hardest job you’ll ever have. Best, in that you’ll have control of the direction and overall success of the business, especially if it’s something your passionate about. Hardest in that everything starts and ends with you, so you will have your hand in all the cookie jars, and will need to worry about it all. The gray throng about today’s day and age is that anyone can start a business fairly easier and promote their products or services via the internet and respective socials. With all that said, start slow....but definitely start! Be yourself and infuse that into your business because there is only one you and that makes you special!
Zachary Robertson
Entrepreneur
4
Answers
Gaston, OR
Updated
Zachary’s Answer
Well, that depends upon you... whatever the business is like, I believe. In all honesty, the truth is this... many people want to be entrepreneurs and believe themselves capable of simply running a business, yes; however, many people invest time and money, both, only to fail.
Having an idea and a vision is a wonderful start, absolutely. I agree... in that the follow through is easier, still, when you live and love what you do, yes, so that the rest doesn’t seem so worrisome, tiresome or meaningless. Having pride in what you do is key, essential, while being a responsible business owner will likely incur sacrifice, also.
In addition, there are a great many things to consider, first. How are you at balancing a checkbook? How well do you handle your taxes and accounting? Ok, how are you at balancing multiple checkbooks and keeping these accounts separated at all times?
What are your liabilities? If you run a nail salon and use a new chemical agent in the process of affixing acrylic nails to someone and they get chemical burns and hire an attorney, well... do you have insurance in place, an umbrella policy, also, and have your own attorney in place, as well as a proper protections in place, like having yourself established as an LLC, S-type Corp, Trust, etc???
Next, potential? If you own a T-Shirt business, what are your costs and how variable are your margins? Beyond the accounting aspect, production costs, or costs to initially invest in source materials and supplies can be cost prohibitive to many, due to markups.
If your material costs vary throughout time, whether fabric, dye, etc... will you have to pass that cost on to your customers and if so... will you be able to offer the same product, if competitor prices are cheaper and can remain the same? Furthermore, how many shirts must you sell to offset your investments, your expenses, your continued production your personal pay, after taxes??
Be honest and be realistic in your abilities and expectations, both. Sure, if you need to sell twenty shirts a day, do you have the customer base, or will more be required to grow and develop this, whether time or money?
If you’re only selling five shirts per day, are you prepared to wait a year and continue working diligently, despite, before you’re able to sell fifty to one hundred per day, instead?
If making fifty and you receive an order from a big box store for twenty thousand, would you know how to partner, gear up and grow to get them out, or have a clever method of producing that much within a small scope of time, before losing that business, opportunity and chance?
If you can’t sell what you have, or make back what you’ve invested and find yourself unable to make the rent, do you know how to avoid accruing additional debt?
As previously stated, yes, marketing and advertising are entirely different skill sets, also, in addition to operations, accounting, legal liability protections and more. Knowing how to effectively advertise can save a fortune and increase revenue significantly, also. Marketing is very much the same, while paying attention to each, both, can drive your image, customer base, loyalty and the strength of your brand.
Some people may say, well... “I just want to do hair.” Ok, well, if you’re working alone and offer a service rather than a product, great, but you’ll likely need water, lights and product to help you do your thing, while being your own boss and rocking your stuff.
As someone that has contributed many hours of life, myself, working toward my college education by teaching other people self-defense... I understand. Moreover, my single mother had three jobs, one of which cutting and styling hair, so I assure you I mean no offense. Still- there is a matter of time.
For example, as an instructor, I may instruct an audience, yes, while a hair stylist is unfortunately limited to the amount of hair they can attend within a limited period of time.
While this is unfortunate, well... it’s also a matter of fact, whether physics or financial. These things must be considered, I believe, when looking at any business, use of time, or investment.
Being a doctor sounds great, when you get paid, but... what about the ones you wanted to save... the pain you wear upon your soul?
Sadly, no, I do not believe most people have the capacity, whether time, knowledge or skill sets to properly run a business successfully, nor to become surgeons, especially if hoping to do so solo, alone. This is not to discourage or discount the notion, no, just my opinion.
Still, I strongly encourage others to continue their education, contribute their efforts to the holistic understanding of macroscopic views, always, while utilizing laxer focus, when opportunity arises, to better attain their objectives and goals.
Team building, that’s going to be important, too, no matter where you find yourself and no matter what you elect to do. This, yes, I can promise you. Anyway, that is my brief answer, while I’ve time, but... remember something, ok. Yes, if you really want something, nothing should stop you!!!
https://www.instagram.com/tv/CMfoe4Fh6e8/?igshid=dm32fgps8nph
Dreams can happens, yes, but there is a lot of hard work, necessary sacrifice , entailed in that choice... I promise you.
Cheers & Be Well-
ZSR
Having an idea and a vision is a wonderful start, absolutely. I agree... in that the follow through is easier, still, when you live and love what you do, yes, so that the rest doesn’t seem so worrisome, tiresome or meaningless. Having pride in what you do is key, essential, while being a responsible business owner will likely incur sacrifice, also.
In addition, there are a great many things to consider, first. How are you at balancing a checkbook? How well do you handle your taxes and accounting? Ok, how are you at balancing multiple checkbooks and keeping these accounts separated at all times?
What are your liabilities? If you run a nail salon and use a new chemical agent in the process of affixing acrylic nails to someone and they get chemical burns and hire an attorney, well... do you have insurance in place, an umbrella policy, also, and have your own attorney in place, as well as a proper protections in place, like having yourself established as an LLC, S-type Corp, Trust, etc???
Next, potential? If you own a T-Shirt business, what are your costs and how variable are your margins? Beyond the accounting aspect, production costs, or costs to initially invest in source materials and supplies can be cost prohibitive to many, due to markups.
If your material costs vary throughout time, whether fabric, dye, etc... will you have to pass that cost on to your customers and if so... will you be able to offer the same product, if competitor prices are cheaper and can remain the same? Furthermore, how many shirts must you sell to offset your investments, your expenses, your continued production your personal pay, after taxes??
Be honest and be realistic in your abilities and expectations, both. Sure, if you need to sell twenty shirts a day, do you have the customer base, or will more be required to grow and develop this, whether time or money?
If you’re only selling five shirts per day, are you prepared to wait a year and continue working diligently, despite, before you’re able to sell fifty to one hundred per day, instead?
If making fifty and you receive an order from a big box store for twenty thousand, would you know how to partner, gear up and grow to get them out, or have a clever method of producing that much within a small scope of time, before losing that business, opportunity and chance?
If you can’t sell what you have, or make back what you’ve invested and find yourself unable to make the rent, do you know how to avoid accruing additional debt?
As previously stated, yes, marketing and advertising are entirely different skill sets, also, in addition to operations, accounting, legal liability protections and more. Knowing how to effectively advertise can save a fortune and increase revenue significantly, also. Marketing is very much the same, while paying attention to each, both, can drive your image, customer base, loyalty and the strength of your brand.
Some people may say, well... “I just want to do hair.” Ok, well, if you’re working alone and offer a service rather than a product, great, but you’ll likely need water, lights and product to help you do your thing, while being your own boss and rocking your stuff.
As someone that has contributed many hours of life, myself, working toward my college education by teaching other people self-defense... I understand. Moreover, my single mother had three jobs, one of which cutting and styling hair, so I assure you I mean no offense. Still- there is a matter of time.
For example, as an instructor, I may instruct an audience, yes, while a hair stylist is unfortunately limited to the amount of hair they can attend within a limited period of time.
While this is unfortunate, well... it’s also a matter of fact, whether physics or financial. These things must be considered, I believe, when looking at any business, use of time, or investment.
Being a doctor sounds great, when you get paid, but... what about the ones you wanted to save... the pain you wear upon your soul?
Sadly, no, I do not believe most people have the capacity, whether time, knowledge or skill sets to properly run a business successfully, nor to become surgeons, especially if hoping to do so solo, alone. This is not to discourage or discount the notion, no, just my opinion.
Still, I strongly encourage others to continue their education, contribute their efforts to the holistic understanding of macroscopic views, always, while utilizing laxer focus, when opportunity arises, to better attain their objectives and goals.
Team building, that’s going to be important, too, no matter where you find yourself and no matter what you elect to do. This, yes, I can promise you. Anyway, that is my brief answer, while I’ve time, but... remember something, ok. Yes, if you really want something, nothing should stop you!!!
https://www.instagram.com/tv/CMfoe4Fh6e8/?igshid=dm32fgps8nph
Dreams can happens, yes, but there is a lot of hard work, necessary sacrifice , entailed in that choice... I promise you.
Cheers & Be Well-
ZSR
Sierra Sims
Fashion Design
8
Answers
Philadelphia, Pennsylvania
Updated
Sierra’s Answer
When you own your own business, in some cases you will find yourself working more hours than you would for a 9-5. If you decide to start your own business, make sure it is something that you love and are passionate about. That way it won't feel like work! I too am a laid back person and own a fashion business. What I love about it most is having creative freedom and being able to express myself through art. I would say the most challenging part is the behind the scenes business aspect. I am continually educating myself in different areas such as marketing and finance to make sure my business is following protocol.