Start Up?

[Chrys77]

Good Evening all!

I've gone about posting a thread on regards to my relocating back to Los Angeles, CA. Currently in Sacramento. Anyhow. After having worked in the sign industry for the past 7 years, which I happen to love, I beginning to think perhaps it's high time I go into business of my own?

Here's the skinny.
I have very little debt, live paycheck to paycheck, live in my cozy little apartment and still making payments on my car. Reason for the glimpse is simply wanting to know if eventually or even now if I have what it'll take to open up my little shop. My role in previous and current shops have been the sole designer and operator of printers so not sure if I would prefer to run the business aspect of it all, or do not only what I'm good at but what I love and that's sign design.

Any feedback and or suggestions would be great.

 

[cdiesel]

I have lots of people who work for me that are awesome at their jobs. They tell me all the time that they're very glad they don't have to deal with all the stuff I do.

 

[Fitch]

There are two primary components to owning and running a sign shop.

1) Artistic ability
2) Business accumen

Neither is more important than the other. If you can't do both - learn, and then CONSIDER if you want to do it yourself.

Plenty of people go broke being artistic but have no business skills.

Plenty of people go broke having great business skills but no artistic ability.

They go hand in hand.

Good luck.

G

 

[Chrys77]

I have considered what all my employers at one time have to deal with. Overhead, rent, equipment, payroll - YIKES!!

Always assumed that I'd either go back to college and earn a business degree or simply partner up w/someone more business savvy than I. So many routes to take w/endless possibilities.

Still...what to do what to do.

 

[4R Graphics]

Be very careful about business partners. I have one and it works for us but we do disagree from time to time. If you want to have total control of how the business will do anything from materials used to shop rate and everything in between you dont want a partner better to learn the business side.

 

[Locals Find!]

With your background why don't you become a contract artist for a number of sign shops? You can run your own small business while working for others as an independent contractor.

I am sure there are many sign shops out their that are small and could use an extra graphic artist part time or full time without wanting to take on the headache and hassle of an employee.

Just my opinion.

 

[iSign]

read "The E-Myth"

(right now!!! ...I mean it! ...you won't regret it!!!)

 

[signswi]

Be very careful about business partners. I have one and it works for us but we do disagree from time to time. If you want to have total control of how the business will do anything from materials used to shop rate and everything in between you dont want a partner better to learn the business side.

On the flip side the failure rates for businesses without partners is sky high. A good partnership is a like a marriage, should be no bullshit, total honesty, and the partners should all have complimenting talents. No one can know everything or do everything well, partners call you out on your shortcomings and fill in the gaps in your skills.

 

[signswi]

Also to answer the OP you aren't in a position to start your own business if you're living paycheck to paycheck. You should have at least six months salary banked, two years is even better (which is the low-end on the number of years before the average owner starts pulling salary from a start-up). Your credit score should be in the high-700s as well, if it's not work on getting that up while you work on your emergency savings.

On the flip side of that, one way to build up is to freelance or moonlight during your non-dayjob hours. Build up clients, learn business management, financing, taxes, etc.

 

[HulkSmash]

If your starting up a business - be prepared to make 0 dollars in salary for at least 3 years.
Everything you make you will have to invest back into the business if you want to compete.

 

[2972renfro]

As soon as you said "i live paycheck to paycheck", the rest was a blur. If you are starting your own business, this is definitely something that needs to change beforehand. Will you be charging everything in order to buy equipment? What happens when the business takes a while to bring in enough income? How are you going to pay your new debts? You won't be making money day one and think of all of the startup costs.

You are in need of a business plan and you have not given us much info

 

[4R Graphics]

Before I had a partner I sytarted the business by myself. I lived paycheck to paycheck have a mortgage 2 kids a wife who stays at home and home schools the kids I had and have a high 700 credit score and a car payment. What I will tell you is you can still do this but it will take alot of your time and you will need another job. I had a fulltime job working nights and would run the sign business in the day and get a few hours sleep in the late afternoon and a lot of sleep on the weekends. I saved until I had the funds for the plotter and some basic materials as well as the licenses and some marketing tools (business cards, flyers, website, etc) I outsourced everything that was not cut vinyl (even wraps) there are some really good merchant members here that can do all the print stuff for you. I will say this it can be done if you have the drive but it is alot of work little sleep no money for awhile to get it going but if you dont fail then it is worth the effort.

Jesse,
You are very right about a marriage I am the one that knows the software and design stuff and can install my partner is an install more office managment type person (organized) something i am not so it works.

 

[Craig Sjoquist]

Get real ... you said you live paycheck to paycheck, stay working on present job.

In your spare time look and do work you sell till you build up a client list.

 

[binki]

take heed if you are opening a sign shop in los angeles.

http://www.argonautnewspaper.com/articles/2011/04/21/news_-_features/top_stories/3.txt
http://www.avvo.com/news/officials-in-los-angeles-file-lawsuit-against-billboard-company-1396.html
http://www.dailycamera.com/business-columnists/ci_17900736
http://thedesignadvocate.blogspot.com/2009/03/city-of-los-angeles-revised-sign.html
http://banbillboardblight.org/?page_id=5248
http://laist.com/2009/03/12/proposed_city_sign_ordinance_emphas.php

 

[ionsigns]

There are two primary components to owning and running a sign shop.

1) Artistic ability
2) Business accumen

Neither is more important than the other. If you can't do both - learn, and then CONSIDER if you want to do it yourself.

Plenty of people go broke being artistic but have no business skills.

Plenty of people go broke having great business skills but no artistic ability.

They go hand in hand.G

Amen. Sick and tired of untrained and unskilled artistically bereft dorks owning sign shops just because the have enough capital or credit to buy a PC, software and a cutter or printer.

 

[James Burke]

read "The E-Myth"

(right now!!! ...I mean it! ...you won't regret it!!!)

Huge, big ditto here, and keep reading until you understand it. I bought it on CD so I could listen to it as I work...and save time.

I come from an industrial background and have been forcing myself to learn the business end of things. It's been a real eye opener.

Presently, I am going through this course: http://fasttrac.org/entrepreneurs/programs/FastTrac-GrowthVenture.aspx

The course addresses these ten vital areas of business:

1) Sizing up your business
2) Exploring growth opportunities
3) Making strategic decisions
4) Using financial tools
5) Strengthening the product / service
6) Seizing the market
7) Leading the organization
8) Managing operations for growth
9) Charting financial performance
10) Making it happen

I really appreciate the systematic approach and easy to follow format. But...planning is the name of the game, and that requires extremely large doses of discipline.

If you're looking only to make $, then get a job working for somebody else, you'll be happier.

They also offer this course for newbies:
http://fasttrac.org/entrepreneurs/programs/FastTrac NewVenture.aspx

JB

 

[James Burke]

Good Evening all!

I beginning to think perhaps it's high time I go into business of my own?

KNOW for sure, don't just think

Reason for the glimpse is simply wanting to know if eventually or even now if I have what it'll take to open up my little shop.

Knowledge is expensive, and ignorance costs even more. Seek out several business owners and get some wise counsel before doing something foolish.

...so not sure if I would prefer to run the business aspect of it all, or do not only what I'm good at but what I love and that's sign design.

Strike a deal with a company and see if they'll allow you help run their operation. That will give you a very inexpensive tase of what it's really like.

JB