Your Questions About Successful Trading Business

Joseph asks…

Starting a business (in debt) ?!…Help please!?

Starting my own business (in debt)?! Help.?
Lets get the facts out here.
1) I have no jobs with no prospects after moving back to the US be with my mother who is legally blind. The job hunt (as you can expect) is proving no results.
2) I am a makeup artist by trade with a great resume, but no college degree.
3) I’d love to start my own business and do freelance makeup and know that I’d be very successful. The downside is I would need money for supplies/the full kit and I am currently roughly $8000 in debt. (Like I said…overseas move.)

Is there any way this could work for me? Am I reaching too high? If I need a small business loan…can I live on that money as well while my business is starting up?

All help will be greatly appreciated! Thank you SO much.

John answers:

There’s no very nice way to say this, but you’re screwed. In normal times (and we’re certainly not there now) to start a business you need to put down a good portion of your own money to be able to get a loan to start a business. And not only do you not have any of your own money, but you’re starting $8,000 in debt. And this is what you need in normal times. As times are so much worse right now, you need to be even more financially secure. I guess that move overseas was not such a good move. I’d suggest trying to land a job in a beauty shop somewhere, pay down your debt, build up a clientele and break out on your own when you have no debt, have some savings and the economy is better. Good luck!

Donald asks…

What’s the most successful careerpath for an Electrician?

I am currently attending an apprenticeship in the Electrical trade. I expect to have my apprentice certification in 6-8 months. However, i need to know which electrician path is capable of bringing in the most money. (I am commencing business in the future)

I am thinking about a profession as a commercial Linemen. I will be traveling across the state in search of high wage positions. I have nothing holding me back, i will go across seas if i need to. North Dakoa Oilfield services are in my Particular thought (Perhaps i can make money while the boom lasts). I was actually thinking about a position as a Wireline Operator, but i am usure if Electrical is the proper trade for that?

If somone with experience will, please, tell me the most successful path i can take with my Electrical certification. I will be very greatful and you will without fail recieve full points.

Greatly appreciated,

John answers:

Sorry u b misinformed.
North Dakota oil fields need folks
with experience.
Best bet is stay where u at and work
your way up the license.
Going to N.D. Is not for the uninformed.
Ever have frostbite?

Chris asks…

Question for small business owners?

My partner has his own business and works on his own but he is not managing his free time well. He is on an on-call basis and tries to fit clients around one another whilst racing across the city. He is doing really well and has no major competitors, but this means that he is in high demand and a breakdown is always an emergency. He is working too hard and trying to please everyone. He leaves home at 7.30pm and works till 6.00pm every day, plus sometimes weekends. He is paid up to 4 months ahead now and needs some down time. Most trades start early and finish by 4.00pm. I would like him to adopt these hours to enjoy the fact that he is successful and that the work will always be there for now. An associate adopts these hours to have time with his family, so I know he can do it. He doesn’t want to have an apprentice and the clients can use a large specialist firm for repairs if they need to, but prefer to use him as he is cheaper. Any suggestions?

John answers:

I’ve seen it happen before. He’s probably a bit paranoid that if he slacks off for a minute that somebody else will come along and take his work away. It’s a control issue. He would rather race across town each day than tell his customer that he will be there the next day instead. He needs to set boundaries on his time and stick to them. He needs to learn how to say the word “NO” (that’s my favorite word!). Maybe with your help he can learn how to do that.

William asks…

What is meant by “assign” in this sentence?

——————–
After the candidates start their enterprises they are given handholding support for sometime in order to ensure smooth running of their business. All efforts are made to *assign* these candidates under the mentorship of successful entrepreneurs in the trade of their choice.

John answers:

My best guess would be to “place” them with the best mentor.

Lizzie asks…

University that Important?

I am now at the stage of finishing my final school exams and off to uni, but see no point of going and giving my parents a new set of loans to worry about.

I am going to uni to study business administration. I have been studying a similar course in school called IB Higer Level Business and Management. After learning it for four years, it seems pointless to me to go to uni and deepen my knowledge on the topics that i can already briefly understand.

My dad owns a successful small business that I will be coming back after uni and managing. With no jobs in my future. It makes even less sense for me to go to uni. The only reason my parents want me to go is if I might something new that will help out in the family business (precious stone trade).

Could someone help me understand why I should go. Would it be worthwhile in terms of cost effectiveness (not “time of your life” stuff like that. Cannot think about that in this economy.). Has anyone taken business admin before and tell me how it has helped them.

I am really trying to convince myself to go as I know it will be a fun learning experience but I need you help figuring out why.

Thanks in advance,
Kavi

John answers:

At university, you go into far more topics, and in more depth, than you did as part of your IB program. I have many students who are currently working full time, and they tell me that they use what they learn in my class on their job immediately – it has immediate impact.

I think that your going to uni would be beneficial to your family business.

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