At what point
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I questioned it late December.... I was the slowest I've ever been. I stuck it out and now I'm slammed. I don't have kids or a wife, so I think it's easier for me than most guys.
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When the business starts interfering with safety and welfare of your family.When you look in your families eyes and realize that you are no longer the person you was.When you can put PRIDE on the shelf,and put families needs first.
There are a lot of reasons someone would.
There are a lot of reasons someone would.
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1,493 Posts
You have to look at it as what it is - A Business!
You have to expect losses early, and be prepared for down turns, but whether you are profitable in the long run should answer the question. If the current business is not performing then re-evaluate whether to change course into a different market, structure, etc.
If you are doing custom residential maybe look into apartments, commercial, or industrial. If you are only doing residential focus on commercial, new construction - repaints, etc. If you are doing all the above maybe targeting one will pay off better.
When in doubt, go back and start a new business plan.
You have to expect losses early, and be prepared for down turns, but whether you are profitable in the long run should answer the question. If the current business is not performing then re-evaluate whether to change course into a different market, structure, etc.
If you are doing custom residential maybe look into apartments, commercial, or industrial. If you are only doing residential focus on commercial, new construction - repaints, etc. If you are doing all the above maybe targeting one will pay off better.
When in doubt, go back and start a new business plan.
Any and all trades have their ups and downs. I guess when you catch wind that your company does substandard work, fighting for good employees, poor financial position, these are reasons. But, I have been in the game for 12 years now, and each time I come back fighting harder. I hate the business to be quite frank, but if you know you are good at it, that is who you are, and who you are supposed to be. Honestly, my family is he only reason I have stayed in it. I am hoping that later this year I will end it.
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So Tony, your feelings are such that a business is a revolving door? When one direction doesn't seem to work, switch directions? I like that
Chameleon, are you saying that you'll be ending your company?
"I hate the business to be quite frank, but if you know you are good at it, that is who you are, and who you are supposed to be"
no way man...you are not meant to hate your current position, you are made to love what you are doing. seriously, there is no need to stay in a rut...
that's sort of my point in this thread...to get minds stirring in a pro-active way
Chameleon, are you saying that you'll be ending your company?
"I hate the business to be quite frank, but if you know you are good at it, that is who you are, and who you are supposed to be"
no way man...you are not meant to hate your current position, you are made to love what you are doing. seriously, there is no need to stay in a rut...
that's sort of my point in this thread...to get minds stirring in a pro-active way
I'm not trying to be negetive Rich, but the job has become hard on the body and mind. Even with employees, the sheer volume which we do can wear you down. Custom Homes, well you know...the scheduling is real difficult, and everything has to be perfect. I am starting a business which is kid oriented, which has been a dream of mine for sometime now.
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so, you're starting a day care??? :blink:
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Rich,
It is as simple as this.. when your passion for the business dies. I don't mean when it falters. On any given day I may be willing to sell you my company for a song and a few sets of beads.
I'm talking about this scenario.
If you stay under the covers an extra 20 minutes every morning dreading the start of the day. If you drink as much Maalox as you do beer, if you have been in business 5 years and your wife/S.O still brings in the bulk of the household income, if you have to drop your pants on price at every estimate just to land the work.. It may be time to look at what you are doing and either change it or move on.
Rich, I think most guys leave the trades because they expected to come in and use their skillset, in the case here, painting, and everything else would fall into place. For too many guys the reality after three years is that nothing is further from the truth. You gotta work at a business. Its every waking hour 24/7. If you are not painting you better be marketing, selling, analyzing and refining. For 95% of the working world, that is too much of a burden. For me, the rewards are worth the effort but there have been plenty of moments where I asked myself if it was worth it. I think every business owner goes through that until they put the plan into effect that they are only as good as the people they surround themselves with. Its a definite soul search.
It is as simple as this.. when your passion for the business dies. I don't mean when it falters. On any given day I may be willing to sell you my company for a song and a few sets of beads.
I'm talking about this scenario.
If you stay under the covers an extra 20 minutes every morning dreading the start of the day. If you drink as much Maalox as you do beer, if you have been in business 5 years and your wife/S.O still brings in the bulk of the household income, if you have to drop your pants on price at every estimate just to land the work.. It may be time to look at what you are doing and either change it or move on.
Rich, I think most guys leave the trades because they expected to come in and use their skillset, in the case here, painting, and everything else would fall into place. For too many guys the reality after three years is that nothing is further from the truth. You gotta work at a business. Its every waking hour 24/7. If you are not painting you better be marketing, selling, analyzing and refining. For 95% of the working world, that is too much of a burden. For me, the rewards are worth the effort but there have been plenty of moments where I asked myself if it was worth it. I think every business owner goes through that until they put the plan into effect that they are only as good as the people they surround themselves with. Its a definite soul search.
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:no:Haven't got to that point as of yet. Hoping never to question whether or not to stay in business. Love what i do and love being my own boss.
We have a thread about why 90 percent of new businesses fail within several years. Bottom Line: It isn't easy to run a successful business. Time and time again, the point has been made here: You can be the best painter out here and still fail in business.
I can be a terrible craftsman, but a great businessperson. While you are hiding under the blankets those extra 20 minutes, I am out making calls, arranging estimates, improving the economies of scale, researching, learning and contributing to society.
You go out of business and I remain and grow. What the good minds here are saying is relatively simple. Business is not painting. Painting is simply the service your business is selling.
You must be a jack of all things when you own and operate your own business. The trick is to know your business so thoroughly and well that your competition can't effectively compete against you.
Now--this is all well and good to say, but much more time consuming and difficult to achieve.
You are not just painters. You are business people. What Brian and Ken are saying, between the lines, at least in my opinion is: Become business people.
JTP
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1,390 Posts
I agree that the effort to be successful in business is more than most people want to exert.
Professional athletes spend incredible amounts of time training, practicing, watching films, etc. They must be very careful about what they eat and drink. They must get rest. In other words, their life is dedicated to their profession. Why should it be different for the owner of a business?
I won’t speak for Ken, but you don’t need to read between the lines. Become business people.
To the original question, my first thought was: when it doesn’t make sense financially.
After reading Ken’s post, I think passion is perhaps the key. Passion can drive you when the financial times are rough (though it won’t pay the bills). Continued financial problems will destroy the passion.
Life is too short to do something you don’t love doing.
Brian Phillips
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For me - I start wondering if I really want to be painting the rest of my life? I sometimes wonder if it's meaningful enough - will I get satisfaction from my life when I am 70 years old looking back? I haven't answered those questions yet - I think maybe at some point that unless I want to run a business in the Fenner sense - then I may get out. For me it's not so much the money - althought that's big - but perhaps following a dream like becoming a archaeologist working dinosaur dig sites in Colorado or Montana might make me get out of the biz.
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Example 1: You know I once told my son that you can make money at anything. While driving through a warehouse district we drove by a company that sold flush valves for toilets. Now I doubt very seriously that the owner was an aspiring toilet part manucturer from an early age. He was maybe a plumber instead but was also a business man that found something that worked. It was a perfect example that a business can be successful if you find a niche that works - no matter what it is.
If nobody is buying what you are selling then find another way to sell it or find something else to sell.
Example 2: I learned a lesson back in 1989-1990 while working with a small GC. He was pretty successful building custom homes but when the 91 recession hit the construction market long before it hit everyone else, he turned on a dime and went into the commercial market with design builds and office renovations. Later when the housing market tanked he was ahead of the curve. While at his house one day I commented on how much I liked his house and the first thing he said was that he would be willing to sell if I was interested - not because he needed the money, didn't like the house, or need to sell - but the house to him was merely a commodity, or part of the business.
In other words - emotion aside, you have a business. It is a commodity that you sell that will either produce a profit or a loss. If you were selling toilet parts then apply the same question - at what point do you call it quits?
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Amen to that Brian...and yet there are folks everyday that are grumpy and bitter about what they are doing and just won't change. It's like they can't put 2 and 2 together.
I like the way this thread is going- instead of just calling it quits, adjusting to make things work, whatever those 'things' may be could turn out to be that niche that just could work for the long haul. And if not, it's just one more thing you can add to the old resume
Why not, didn't you know painters clean up everyone elses Sh!t anyway !:jester:
Much more than that Rich....kind of a mini Disneyland here in Vegas...nothing here for kids to do, we need it. Back to the paint talk.:thumbsup:
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