Start A Business
10-21-2008, 07:07 AM
#1
Self Employed.
Thread Starter
Joined APC: May 2005
Position: Corporate Pilot
Posts: 7,119
Start A Business
I always use to think about starting a business but use to say to myself "what if I fail and end up unemployed"?
It seems to me everyone takes that risk if they are an employee or not. We all make an investment in a company through our time or the cost it takes to get the job or to keep it. If things do not go well everyone ends up on the street. When things do go well however as business owners the sky is the limit on raking in the profits however the employee is limited to what is marketable for their profession.
Starting a flying career demands a huge investment in time, money and hardship. Those are the same elements that are needed to start a business. In life we all take huge risks with our professions. As an employee we all hope that management knows what they are doing and has our best interest in mind. However as a business owner you have the power to control your own destiny.
Sometimes the answer is not to get another job at all but to start a business.
Skyhigh
It seems to me everyone takes that risk if they are an employee or not. We all make an investment in a company through our time or the cost it takes to get the job or to keep it. If things do not go well everyone ends up on the street. When things do go well however as business owners the sky is the limit on raking in the profits however the employee is limited to what is marketable for their profession.
Starting a flying career demands a huge investment in time, money and hardship. Those are the same elements that are needed to start a business. In life we all take huge risks with our professions. As an employee we all hope that management knows what they are doing and has our best interest in mind. However as a business owner you have the power to control your own destiny.
Sometimes the answer is not to get another job at all but to start a business.
Skyhigh
10-21-2008, 07:52 AM
#2
Gets Weekends Off
Joined APC: Jul 2007
Position: 744 CA
Posts: 4,772
Originally Posted by SkyHigh
I always use to think about starting a business but use to say to myself "what if I fail and end up unemployed"?
It seems to me everyone takes that risk if they are an employee or not. We all make an investment in a company through our time or the cost it takes to get the job or to keep it. If things do not go well everyone ends up on the street. When things do go well however as business owners the sky is the limit on raking in the profits however the employee is limited to what is marketable for their profession.
Starting a flying career demands a huge investment in time, money and hardship. Those are the same elements that are needed to start a business. In life we all take huge risks with our professions. As an employee we all hope that management knows what they are doing and has our best interest in mind. However as a business owner you have the power to control your own destiny.
Sometimes the answer is not to get another job at all but to start a business.
Skyhigh
It seems to me everyone takes that risk if they are an employee or not. We all make an investment in a company through our time or the cost it takes to get the job or to keep it. If things do not go well everyone ends up on the street. When things do go well however as business owners the sky is the limit on raking in the profits however the employee is limited to what is marketable for their profession.
Starting a flying career demands a huge investment in time, money and hardship. Those are the same elements that are needed to start a business. In life we all take huge risks with our professions. As an employee we all hope that management knows what they are doing and has our best interest in mind. However as a business owner you have the power to control your own destiny.
Sometimes the answer is not to get another job at all but to start a business.
Skyhigh
1) you do not always control your destiny when you own a business
2) There are NO days off when you own your own business, even when you are off ... you arent in many cases.
3) Depending on the size of your business, vacations of more than a few days can be a thing of the past (again many things considered)
4) Running a successful business will require much more than just "performing what ever it is you do".... dealing with property issues, tax issues, accounts payable, accounts receivable, managing inventory, payroll, state taxes, payroll taxes, insurance, etc..........
5) As in aviation...most business have competition... there is always somebody who believes they can do what you do, cheaper, faster....and at a better value...
With those things said..... owning your own business can be very rewarding and profitable.....but statistics show that the VAST majority of small business's fail within 5 years for any number of reasons.
Good luck.
10-21-2008, 08:02 AM
#3
Gets Weekends Off
Joined APC: Nov 2005
Position: UPS 757/767 Capt ONT
Posts: 4,357
What's Behind High Small-Biz Failure Rates?
"The NFIB (National Federation of Independent Business' Education Foundation) estimates that over the lifetime of a business, 39% are profitable, 30% break even, and 30% lose money"
Be careful if you think the grass is greener. At least with a job, you are pretty much 100% guaranteed you'll get paid. As opposed to 39%...
"The NFIB (National Federation of Independent Business' Education Foundation) estimates that over the lifetime of a business, 39% are profitable, 30% break even, and 30% lose money"
Be careful if you think the grass is greener. At least with a job, you are pretty much 100% guaranteed you'll get paid. As opposed to 39%...
10-21-2008, 09:09 AM
#4
Self Employed.
Thread Starter
Joined APC: May 2005
Position: Corporate Pilot
Posts: 7,119
Furlough
Originally Posted by de727ups
What's Behind High Small-Biz Failure Rates?
"The NFIB (National Federation of Independent Business' Education Foundation) estimates that over the lifetime of a business, 39% are profitable, 30% break even, and 30% lose money"
Be careful if you think the grass is greener. At least with a job, you are pretty much 100% guaranteed you'll get paid. As opposed to 39%...
"The NFIB (National Federation of Independent Business' Education Foundation) estimates that over the lifetime of a business, 39% are profitable, 30% break even, and 30% lose money"
Be careful if you think the grass is greener. At least with a job, you are pretty much 100% guaranteed you'll get paid. As opposed to 39%...
It is common knowledge to expect to be furloughed or laid off 3 to 4 times over a career in aviation. One guy I read on APC had been furloughed 9 times before reaching retirement. If you were to compare that to business failures they are about the same except that in aviation all you gain is a job. If a business takes off you stand to do very well.
Additionally, a business has the ability to write off expenses and minimize tax implications. It is easier to build wealth as a business owner. As an employee your income is exposed, tracked and heavily taxed.
And lastly whenever a business fails you leave with more experience and knowledge than you had before. Eventfully the lumps can be added up to an eventual success. Executives who are fresh from a destroyed company have a higher street value once liad off due to their unique experience. When laid off as a pilot you get in line again and have to start completely over. Your value lies in the seniority number.
Skyhigh
Last edited by SkyHigh; 10-21-2008 at 09:14 AM.
10-21-2008, 04:07 PM
#6
Gets Weekends Off
Joined APC: Jun 2008
Posts: 384
It is common knowledge to expect to be furloughed or laid off 3 to 4 times over a career in aviation.
12-09-2008, 01:56 AM
#8
On Reserve
Joined APC: Sep 2008
Posts: 10
I agree with SkyHigh
Starting and owning your own business is an emmense challenge. From personal experience, everything SkyHigh has said is true. You are never free from work, without you there is no business. On the other end of the spectrum, owning a business (once successful) is a great thing!
I have been fortunate enough to pursue a business that is related to aviation, yet recession proof. Sounds unbelievable, I know. I may not have the opportunity to fly a big fancy airliner, but being the "captain" of an airplane I own while making a living is much more attractive to me. Just my opinion.
Whatever your dream may be, chase it. Get the advice of those around you, but in the end its up to you to take that first step.
Best of luck to all pursuing the dream of becoming a business owner!
I have been fortunate enough to pursue a business that is related to aviation, yet recession proof. Sounds unbelievable, I know. I may not have the opportunity to fly a big fancy airliner, but being the "captain" of an airplane I own while making a living is much more attractive to me. Just my opinion.
Whatever your dream may be, chase it. Get the advice of those around you, but in the end its up to you to take that first step.
Best of luck to all pursuing the dream of becoming a business owner!
12-09-2008, 07:05 AM
#9
Gets Weekends Off
Joined APC: Nov 2008
Position: Livin' the dream
Posts: 626
Interesting thread, thanks for starting it Sky. I might as well share my dream business idea, maybe I can find some others interested in doing it too
.
In the past, every time I've looked at Trade a Plane, I've wondered what it would be like to own my own DC-3. Have not checked lately, but it seemed you could get ahold of one for way less than the value my sentiment would place on them. I know it's because of aging aircraft issues- spar inspections, cost of Avgas that she slurps up, spare parts availability, and the list goes on but it would definately be a blast I think.
Had this idea that maybe an outfit could set up some sort of leisurely, no time demands, all daytime VFR, cross country tour operation. Something enthusiasts would read about on the internet, check schedules, suggest interesting places to fly over and to, and just sort of bum around the country type deal. Probably not a wintertime deal unless you stayed kind of southerly.
Envisioned it as pretty informal, with the plane avoiding busy airfields, and people showing up with backpacks, tents, and sleeping bags instead of suitcases. Maybe a pay by mile kind of deal?
Anyway, just an idea, I know there's lots of regs I have not even heard of to make it pretty difficult, but it sure would be fun.
.In the past, every time I've looked at Trade a Plane, I've wondered what it would be like to own my own DC-3. Have not checked lately, but it seemed you could get ahold of one for way less than the value my sentiment would place on them. I know it's because of aging aircraft issues- spar inspections, cost of Avgas that she slurps up, spare parts availability, and the list goes on but it would definately be a blast I think.
Had this idea that maybe an outfit could set up some sort of leisurely, no time demands, all daytime VFR, cross country tour operation. Something enthusiasts would read about on the internet, check schedules, suggest interesting places to fly over and to, and just sort of bum around the country type deal. Probably not a wintertime deal unless you stayed kind of southerly.
Envisioned it as pretty informal, with the plane avoiding busy airfields, and people showing up with backpacks, tents, and sleeping bags instead of suitcases. Maybe a pay by mile kind of deal?
Anyway, just an idea, I know there's lots of regs I have not even heard of to make it pretty difficult, but it sure would be fun.
12-09-2008, 04:40 PM
#10
On Reserve
Joined APC: Jan 2008
Posts: 17
Once I move back to the States and start training, I'll give myself about 5 years to see if I can start to make inroads towards a decent career in flying. If not, I will probably move back here to Korea and open up an English language institute. Is teaching my dream job? No, but I do enjoy the job and it has allowed me to travel all over Asia and Europe and save a big chunk of money that will pay for my training in cash. If flying doesn't work out, I would really be happy to live here for the long haul.
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