Open For Business

Both my husband and I come from families who were self-employed. We knew the good and the bad of owning a business. I am an RN and worked in home health for many years. Long ago I realized I had one obscure talent - I seem to be able to read complex written material and translate it into something understandable by the average person. Healthcare is a highly regulated industry. All healthcare entities must comply with constantly changing reguations from federal, state, and local government plus OSHA, HIPAA, ICD-9 coding, payor source requirements, and on and on and on. All these regs seem to be written in as complex language as possible. I decided to put that obscure talent to work for myself. I opened a consulting business. I assist agencies in obtaining and maintaining compliance with all the relevant regs. I develop and sell manuals which explain how to comply in plain language. I typically do a mock survey of the agency when I first sign them, then I charge them a monthly fee to keep them in compliance. The first year was a bit slow. I am in the second year now and have had to hire several people to help me as business is growing at a fairly fast rate. It's a lot of work but I have no regrets. It's also very challenging and rewarding.

menefee, I am so happy for you. What a unique business. I love that it is challenging, and rewarding. I am happy to see that it is not only in its second year but that you had to hire employees. I say good for you!

Always wanted to be a decorator. When I turned 39 I went back to school part time for interior design. Grueling curriculum. Figured I would be well into my 60's by the time I got my degree at the rate I was going. Took a few related courses & opened my own business 3 years ago. I absolutely love what I do & have met the nicest clients. Through business associates I have met some great people, some who have become dear friends.

My hours are flexible & I can run it from home. This comes in handy as a single parent raising 2 kids. There are times when I'm really busy & times when I'm really slow. And that's ok. It tends to be a seasonal business.

Wonderful opportunities have come my way. I have a weekly column that runs in the local daily paper. And have been interviewed on a local radio station twice so far. Next month I will be featured with my very first client in a magazine with the before & after photos. I'm very excited!

It's the best thing I have ever done. I just love it!

Spuff, how perfect! I am so glad you stepped out in faith and didn't sit around waiting to be degreed. How risky when child raising is involved, but how perfectly it turned out. Is your column on interior design for home? Would love to see an example column. What a delightful side career writing about what you love doing.

I have started and sold three businesses. None of the sales made it possible for me to retire, but each moved me closer to that goal. They were, in order, a booking agency for local/regional bands, a driving range and a parking lot cleaning service.

The parking lot cleaning service was the quickest cash generator.

The driving range was the best long-term investment, just be sure you can cover the expenses (including property taxes) until the right buyer comes along.

The booking agency did OK, but it was a huge pain in the neck. I did it in the late 1970s, need I say more? Stay away from it unless you have exhaustive knowledge of, and great contacts in, the regional music/venue scene. I mean it.

Shifting the subject a bit, here's some of what I have learned about starting full-time businesses. Part-time businesses are another matter.

No bank is going to lend money to your start-up. My dad's banker taught me that during my booking agency days. Think about it: why would a bank assume your risk?

Even a good idea takes time to make money: save up three years of personal living expense on top of business expenses before you even *think* of opening a new business. If you think that's too conservative, you are a speculator, not a businessperson. Speculators can make money too, but the swing can kill them.

You don't have to be a CPA, but you *must* know the numbers. Go to school, call SCORE, create an advisory board, whatever. One more time: know the numbers!

Quit your day job. Remember, this is a full-time business.

Good Luck !

yes editor, the column is about decorating and trying to sell your home in this market. Readers can send in questions &/or photos for me to answer or I will just pick a topic. This month is falling back in love with your home (Valentine's day). Next month I want to go green (St. Patty's day) for the home.

I'll PM you the link to the paper.

I have been very lucky & feel truly blessed.

Excellent advice, Dallas, on top of interesting businesses you ran.

We are so rural. We see these little empty storefronts open and close that quickly each trip into town. I don't know what someone is thinking if they are not factoring in location, location, location and demand.

I would not have liked the booking agency. I watch too much Judge Judy cases I guess.

The driving range sounds like it might have been quite popular.

But the parking lot cleaning service sounds like a business that could be depended on with regular clientèle.

So what are you doing now? Thanks for contributing. I am not thinking of a business, but thought it would be interesting to hear of others who have taken the plunge.