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Trust me, I don't mean the million and billion line as a dig at Hacker News, I think as a business owner, the insight and advice in this community is incredible
by spaginal 9y ago
Trust me, I don't mean the million and billion line as a dig at Hacker News, I think as a business owner, the insight and advice in this community is incredible, even for small business owners that it may not necessarily relate too all the time. I've lurked in this community for years reading articles and absorbing advice and only recently started commenting.
I work for myself with short term help hired in as needed when orders require, typically seasonal. I build customized conceal carry gun holsters for the CCW market nationally and sell internationally as well.
It's a very small business, but I worked to become a niche expert in my part of the field with my product, and I largely do everything on my own, website and marketing work, product development, research, customer support, follow up and feedback, customized manufacturing software using barcoding and kitting parts, customized shipping software, CAD, etc. My hobby is software and machine tools, it's how I relax and have fun, and it's helped my business keep overhead low and productivity up while being able to tweak things as I notice areas needing improvement.
Admittedly it's not the most efficient way of doing things compared to how I could do it with a huge team of people and lots of outside investment and expert help, but it keeps my operating overhead very minimal(!), my stress level low(!!), time available for family high(!!!), and I learned a long time ago as a small business owner that a dollar not spent is a dollar you get to keep for yourself to do things you enjoy, or choose to invest.
Your hourly rate as a business owner isn't just the total revenue coming in, you have to constantly think of expenses going out at all times. Earning $6,000 to keep $200 can be very stressful for a small business owner with an inconsistent market and the normal fluctuations that happen. Some very large businesses work on this model and scale it into the billions to really make it work, but I can't do that. I want to earn several hundred per day and keep several hundred per day (after fixed costs, taxes, etc.) I need to feed my family, keep the lights on, and save for the rainy day fund, so it's my priority.
It boiled down for me that I had a few specific requirements for myself and my business, which helped to shape my business that others in the market have not done, and as a result I know other companies eat my lunch when it comes to segments of the market, but I'm aware of these things and it was a conscious choice. I could have been as successful as some of these companies, but I personally know and talk to many of my colleagues in this position in the market and they've sacrificed more than I was comfortable with, both with health and family, most are divorced it seems.
Ultimately, the business has to work for your personal goals. If you want the billion exit, you will obviously engineer your life and the business in that direction in regards to investing and procedures, but I didn't want that game, I'm trying to make a living and not let work consume me. It's a really hard balance.