THP Entrepreneurs

[phenom4hire]

I want to take a stab at a slightly different topic than the norm on here so please bear with the backstory. I know there are several entrepreneurs on here and I would like some advice opinions about some decisions I could be making in the not so distant future. So I moved back to where I am currently living in the middle of 2013 for personal reasons/family illness. I did not move with the intention of staying or leaving after a certain amount of time because I did not know how the situation could/would be handled and in what time frame it would be handled. It is safe to say that I have a decent grasp on that aspect now and my services may no longer be needed by fall or later of this year.

Here is the rest of the situation. I am a construction foreman/jack of all trades for a gentlemen that runs a uncommonly successful small business for such a small town. In the short time I have worked for him, I have added invaluable knowledge to the extensive knowledge I already have. Ive not only learned new skills but also some ins and outs of small business strategy and such. In my past employment I was involved in similar situations in the companies that I worked for. At this point I feel I have the knowledge for starting and operating several types of businesses and I am considering this approach to start a new chapter in life. It will be my first time owning a business although I have managed and ran one several times for others.

Here is a short list of pros/cons that I have come up with pertaining to the idea of starting a business:

Pros:
Knowledge in various trades, accounting, some web design, mechanical aptitude, etc. So basically I have variety on my side.
I have zero debt to my name right now and decent credit.
I do well in networking with other businesses/people.
Freedom to use my time to make how much I want when I want.
I have a lot of tools/equipment already necessary for some of the businesses I am considering.

Cons:
I do not thank my current location can viably support the type of businesses that I am capable of starting due to oversaturation and lack of market.
I do not have a tremendous amount of savings allocated for an extended period of time say 6 months max in my case.
I know that most times starting a business in general is a time suck and extracurricular activities may suffer.
The possibility of moving again so soon.

What I am trying to figure out is what cities/areas offer the business environment needed to start up and sustain this type of business. Is it worth leaving a decent job with really good future potential benefits and earnings to strike out on my on for the first time? It seems to be harder to start a business than ever before, is the economy ready? Is bootstrapping a viable way to sustain this business while producing incremental growth or should I go into debt and go big in the beginning. My wife really wants to move somewhere different but is willing to support whatever decision I choose. I think the longer I wait the harder it gets to get into business for myself.

I am just looking to hear feedback from those who have/had these thoughts when starting out and how you made your decision. I am also looking for feedback on locations, cities where small business seems to be thriving and poised to continue thriving in the future. I would also be interested in hearing any success stories from those who own their own business and what it took to get you there.

For those interested the business will be an outdoor service, construction, maintenance, etc company. If you want to post about these type of companies in your area feel free as I am always interested in different areas and the differences from one area to another. If this post is to vague, cluttered, confusing sorry in advance. If you have a specific question or insight please post and Ill do my best to respond appropriately and accurately.

 

[tequila4kapp]

One thing that immediately comes to mind is to consider that although your current city is saturated you appear to have connections there whereas you will be starting from scratch in your next city. The best way to grow business may be word of mouth / referrals from current clients. It could be slower starting in the new city. Maybe consider a transition plan for whatever the new city is that allows you to leverage whatever contacts you may have there.

 

[Vegan702]

I would think for a construction type business you would want to setup in an area that is still growing and will be for the future while you will still be working. I am not in the construction business, but in the real estate business. I chose the area I am in as when I moved here 10yrs ago we were the fastest growing cities (Vegas/Henderson) in the country up until the housing crash. But even after the crash, business died down for a year or so, but has since picked up and see tremendous growth again. So much so that some of our best months were in the last couple years where more houses were sold then any other time. It has slowly tapered off some over the last 6 months, but not nearly to what it was end of 2007 into 2009. There are numerous things you should be looking at, licensing, taxes, cost of living, etc, etc, etc that will vary location to location. I think once you narrow it down to a couple locations, then you can start to really drill down to what it will cost you during your start up phase. Some costs will be probably be the same wherever you go. If it were me, I would get it down to a couple locations and take a job working for someone to get a true idea of the area before dumping your own money into something blind. I can say though, working for myself for the last 10 years has been the best decision I have ever made employment wise. I was like you, I was active duty 10yrs and when I got out I took a job working for the Federal Gov for a couple years before setting out on my own. I initially worked for someone in my current business for the first 2 years, before going out on my own. But ever since then, it has been awesome not having a boss, setting my own hours, and deciding who I will and will not work for or firing a client just because lol.

Someone once told me you have 2-3 major life decisions to make in regards to work and each one gets harder to make. I have made 1 in my life and not looking forward to having to make another, so I keep plugging away. Good luck.

 

[phenom4hire]

The one caveat to location is I can always go back to Houston where I also have connections/networking and that city was perfect for growing this type of business as I ran one there for almost 5 years before changing careers. Thanks for the feedback so far guys and please keep it coming.

 

[NoLine]

The one caveat to location is I can always go back to Houston where I also have connections/networking and that city was perfect for growing this type of business as I ran one there for almost 5 years before changing careers. Thanks for the feedback so far guys and please keep it coming.

The advice you received about growth is important. You want to not just fill a void in the market but there needs to be a market for your services. A growth community generally has a great energy and optimism that you can feed off of if you invest in your product, your talent, and neighborhood.