successful Boglehead business owner, could please you share?

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HenrysPlan2
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successful Boglehead business owner, could please you share?

Post by HenrysPlan2 » Thu Jan 18, 2018 8:17 pm

I am always curious how people started their business as I can't think of a business to start for the pass 10 years, and I would like to be a business owner one day.

1) what kind of business are you in, please be more specific if you could?
2) How did you get in this business and how long have you been in business?
3) how much you are earning roughly from the business and how much time you spent in the business each day?
4) what's your net worth from the business and from investing?

retiredbber
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Re: successful Boglehead business owner, could please you share?

Post by retiredbber » Thu Jan 18, 2018 8:27 pm

1. Online diet coaching (mainly for fitness enthusiasts and competitors)
2. Was a competitive bodybuilder. Been doing it full-time for 10 years now.
3. Last 5 years have all be at least 500k per year. 2015 was 680k and last year was 646k (gross). It doesn't take much time but I'm "on call" all the time. Maybe 4 hours of actual work per day (7 days per week)
4. 3.1 mil

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LadyGeek
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Re: successful Boglehead business owner, could please you share?

Post by LadyGeek » Thu Jan 18, 2018 8:43 pm

This thread is now in the Personal Finance (Not Investing) forum (business). I also fixed the spelling in the thread title "Bogelhead" to "Boglehead".

retiredbber, Welcome!
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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Sandtrap
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Re: successful Boglehead business owner, could please you share?

Post by Sandtrap » Thu Jan 18, 2018 10:46 pm

HenrysPlan2 wrote:
Thu Jan 18, 2018 8:17 pm
I am always curious how people started their business as I can't think of a business to start for the pass 10 years, and I would like to be a business owner one day.

1) what kind of business are you in, please be more specific if you could?
2) How did you get in this business and how long have you been in business?
3) how much you are earning roughly from the business and how much time you spent in the business each day?
4) what's your net worth from the business and from investing?
What are you passionate about? What areas do you have a deep knowledge and experience base?
Many successful business owners "fell into it" as a result of their interests and efforts to develop something in their lives.

A close friend owns a multi million dollar picture frame supply business/factory. He and his wife started it out of their garage because they were passionate photographers and couldn't find the right frame materials.

Another close friend of mine owned a zillion dollar supplement/vitamin business and factory. He and his wife were passionate about natural healing and health and could not find what they wanted. They sold their company and are worth 9 figures.

Another very close friend was passionate about the building industry and wealth accumulation through R/E development. He quit his bank job and started as a carpenter then contractor then landlord, and so forth.

Another business acquaintance loved welding. Went to welding school. Started a small muffler shop. Ended up with a chain of muffler shops.

All of these 4 examples ended up with very substantial wealth. But that was not the goal at the beginning. Go with what you love and are passionate about because much of the time it won't feel like a successful financial endeavor because of the work and commitment and lack of comfort zone and safety. For that, it is better to be an employee.

If you would like to be a business owner one day, start now.

As an aside, this is an investment finance forum. There are other forums worth visiting that may have more business owners and entrepreneurs. Bigger Pockets, MMM, etc. There are others here than perhaps can give some links to entrepreneurial business forums.

Good luck. :D
j :D

HenrysPlan2
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Re: successful Boglehead business owner, could please you share?

Post by HenrysPlan2 » Fri Jan 19, 2018 3:05 pm

That’s correct. I am 40 years old now, not sure if I could ever able to start a successful business

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Sandtrap
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Re: successful Boglehead business owner, could please you share?

Post by Sandtrap » Fri Jan 19, 2018 4:29 pm

HenrysPlan2 wrote:
Fri Jan 19, 2018 3:05 pm
That’s correct. I am 40 years old now, not sure if I could ever able to start a successful business
Ray Croc started McDonalds at the age of 52.
Charles Flint started IBM at age 60.
Bernie Marcus started Home Depot at age 50
Col. Sanders started Kentucky Fried Chicken at age 62

You can do it.
j :D

harvestbook
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Re: successful Boglehead business owner, could please you share?

Post by harvestbook » Fri Jan 19, 2018 4:39 pm

I was a reporter and one of my beats was a weekly article on a local business owner. Without exception, as mentioned in the thread, all of the success stories were people who initially started doing something they loved and were passionate about. And they just kept doing what they were passionate about, and sooner or later it turned into a business even without them really necessarily planning on it.

I am sure there are people who "see a market opening" in something they don't know much about and end up making it work, but it sure seems like more fun if it's something you already enjoy.

I am also a business owner and I did the same thing--writing and related fields. Been full-time self-employed since 2010. Keep doing what you love and you can't really lose. And guess what? You're probably already doing the thing that could turn into a business, if you look around. Good luck.
I'm not smart enough to know, and I can't afford to guess.

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