The American dream. "1 million dollars"

[Mr Big]

me? i think yer as fulla crap as the xmas turkey; but hey; that's just me.

 [/B]

What kind of turkey have you been eating? I'd never eat one that is full of crap, but that's just me.

[Fury]

Congrats MrBig.  In 2004 me and four others quit our jobs (where I had worked for 16 years) and started a company.  We got sued by our former employer, I blew through my entire 401k and then some, my income was zero for 14 months, and we ran out of money before we could make a sale.  

On the other hand, I was my own boss, we came up with a workable product in just four months (just couldn't get a foot in the door to sell it), and it was the best experience I've ever had.  I'm glad I did it and would do it again (if I had the money).  Taking the risk is worth it.

[rpm]

Nuke, just keep pumping money back into the inventory and equiptment for at least 5 years. At that point you should be in a position to sit back and start taking your profit home. I started a liquor store in 95 with $20K. In 2000 I sold the place for $200K. The whole time I only drew a $300 a week salary (there were a few weeks of no salary that first year) and put every other cent back into the business. I think it turned out OK.

[Debonair]

Originally posted by Mr Big
What kind of turkey have you been eating? I'd never eat one that is full of crap, but that's just me.

that reminds me of a great new euphamism for toilet that i came up with recently:
"mechanical fecophiliac".
kinda long on sylables, i know, but i think its got some 'zing'

[Shaky]

Originally posted by rpm
Nuke, just keep pumping money back into the inventory and equiptment for at least 5 years. At that point you should be in a position to sit back and start taking your profit home. I started a liquor store in 95 with $20K. In 2000 I sold the place for $200K. The whole time I only drew a $300 a week salary (there were a few weeks of no salary that first year) and put every other cent back into the business. I think it turned out OK.

OK, so even if you average the sale back in, that comes to 51,600 a year.

[rpm]

Originally posted by Shaky
OK, so even if you average the sale back in, that comes to 51,600 a year.

Yep, it was a raise from the $35K a year construction job I had and I was my own boss. Oh, you gotta average in about $500 a month in free booze, too.

[Curval]

Originally posted by Mr Big
is that good? It's not that the company is sucking up money to maintain, it's that we are expanding.

Yup, it's good.  I didn't mean the thumbs up thingy to be sarcastic.  It is very rare for any business to turn a profit in its first year.  By throwing the money back into the business you ensure your working capital is adequate and you don't run into cash flow difficulties.

Who is keeping your books?  I've seen many businesses collapse because bookeeping and accounting was ignored.  You need to get someone to "cost" each job and keep accurate records.  Make sure you know EXACTLY what each job is contributing to your bottom line.  Having good books will also help if you need audited financial statements.  The audit will be less "painful" and less expensive.  

Do you have a shareholders agreement in place?  (I assume you incorporated a company to do this businesss).  I strongly suggest you have one.

[Mr Big]

Originally posted by SOB
Proof positive that this is one of the greatest countries in the world.  Even a sweetheart bag selling fake grass in the desert can make it big with a good bit of hard work.

So, why can't a sweetheart bag working hard and  living in an apartment in Oregon make it big?



Thanks for the link MT.

[Arlo]

Originally posted by eagl
Welcome to the ranks of the greedy capitalist elite!

Seriously, half the US hates you, because you dared to dream and are winning.

For myself, congratulations on a good year and a good first quarter!

Why are you acting like money and an insecurity complex have to go hand in hand? If that's the case you can keep your filthy money. I hate you.