i'm quitting my business !!!!!

[gtfpv]

: :
just having a rant guys . i'm sitting here after work having an ale . i am employed and in early 2008. i decided to get an ABN ( COMPANY) and work on the side. in my employment i am a shift worker, and was utilising my days off to increase my income , and explore what;s out there in my field . anyhow . to cut a very long story short, i think i burnt the candle at both ends . ( all year) . i found the tax advantages are not what we hear off people down at the pub. and the costs can add up. i started to hate what i was doing on my days off , and at the same time compelled to do it .
i came to the point where i thought . hey , i am a full time shift worker , what am i doing with my life working on my days off . ?? i have 2 kids and a wife . i have also neglected my self , and my friends , and relatives . my year has drifted by so fast i cannot remember much of it , and my employment circumstances changed ( meaning i am now required to nwork in a much more irregular pattern in my primary job.
the problem is , for some reason i feel so guilty about quitting , it's a little like an addiction. how good would it be to go fishing , or to the gym on my day off instead of working . i cannot snap out of this mode , but circumstances are compelling me to.
anyhow . if anyone has any advice or experiance for me . then please i'd like to read it .
cheers .
the 1st step is to cease trading , but what i am thinking is working a 2nd job for wages instead of an abn , which atleast wont compell me to keep working for the business itself , rather more a top uup of income .
but that still is not a withdrawel of working on days off . not sure if i can just quit cold turkey.

[05_ENFORCER]

Have another beer, wake up in the morning, complete with hangover and SLAP YOUR SELF MFO.
Have a word with a decent SMALL BUSINESS accountant/business manager and you will find out all the benefits there is to owning/running your business.
Shift work and especially mining work will leave SFU time for freinds and family.
Unfortunately this is the world we live in.
"It was never meant to be easy"
Ouhh, I feel a secondary flaming coming on


C

[rodderz]

I kind of know what you're feeling....the last 6-7 months this year I have been doing much the same but just my own business, the joy of running one. A routine of going to work, coming home falling asleep, doing quotes go to bed then do it all again. These xmas holidays have been a godsend I havent had a decent break since the start of this year and still have a couple of weeks left

You just need to wind back a bit and spend some time relaxing and spending it with your family, you only get one chance to have fun with them and unwind a bit

[Walt Kowalski]

Originally Posted by rodderz

You just need to wind back a bit and spend some time relaxing and spending it with your family, you only get one chance to have fun with them and unwind a bit

Good advice I say.

After too many years in business, I have finally (2006) gotten off the treadmill and its just so good to have whatever time family needs.

Otherwise you could find yourself without a family.

A friend who is a dentist faced the same problem but when his son said to him "You're not my father, You're just the sperm donor" he decided enough was enough. He sold the practice and now works there just 2 days a week.

The family love it and so does he.

P/S. I find Panadol and lots of water helps a hangover.

[V8falcons]

gtfpv

I am/was in a similar circumstance to you,I work shift work 3 days a week and have 4 days off and was getting bored a few years ago so I did the same thing started up my own business with the start up costs/work ute/another set of tools then all the administration time,we then built a house and had 2 kids and I needed time at home for the house and the kids, in the end I decided I could not commit to customers as well as work my primary job ,I have just got a job in the mines casually, I let them know my shift roster and all I need to do now is show up when I want.
Starting january 09 and looking forward to it.

[Macca23]

As said above, Enjoy your Xmas and new year with the family, before deciding what too do.

My wife runs her own business from home, But from home it can be managable. I myself have a standard 38hr Mon-Fri job. We are wanting to start another few business up from home, but we have our 1st bubs due yesterday 27th. So we have held off increasing the business's so we can spend time with the bubs, and hope to manage time better after wards and get more up and running.

Her business makes the money. My job pays the bills. Is it possible, if you can make your own business full time and give up the shift work? My wife did this when she worked for a employer and did her busniness after hours like yourself. The intal change was hard with $$$ but over the last 3 years its picked up and she earns more than I do on a regular basis.

I assume the money is too good for the shift work and might not be in a postion to do this. You sound like a hard worker so maybe you can channel it all into your own business and make somone else rich?

Not sure if that mubo will help you LOL.

[hawke]

GTFPV,

Remember, no one died by being too comfortable. If you are not having fun in business, either do it another way, or get out of it.

If you have structured your affairs with a main purpose of minimising tax, you probably will ultimatly become disappointed with the net result. Consider an alternative view. Focus on the top line- the income. Maximize that, and the rest will follow - the net will always be greater. If you focus on the tax expence, you will no doubt minimize that, but you will walk away with a lesser result.

My two cents worth.

[pitpal]

Iam a printer by trade, and have so for the last 21 odd years. I have been working 6 days a week (62 hours a week) for most of those years. I earned $100k+ built a beautiful massive house, GT, and many other toys us boys enjoy.

But let me tell you i wasnt enjoying life at all. I was too tired too see my family, we'd go out visiting friends and id be dozzing off by 11pm.My marriage broke down(she was a mole anyway) and i lost a sizable chunk of my earnings.

That was in 2005 and i am now a completely different person. I now only work 5 days a week(up to a month ago where i was made redundant) have my money invested in a mates business manafacturing protein powders and other various supplements for gyms here and abroad. Basically what im saying is my money is now working for me and im doing good. Enjoying my week ends and seeing those who matter to me.

You work for a livin mate, not live to work. I was stuck in that rutt of work,work,work, gotta earn more dough etc but luckily im now free. Moderation is the key to everything in life. Enjoy it now, as we spend a longer time being dead

[Stefan]

I think alot of people confuse running a business with being self employed. When you are self employed you are a integral in a your business and without you there is no business. The more you make the harder it gets and the more hours you do, yes you may make good money but it comes at a sacrifice usually your life family and friends.

Running a true business means you have people doing the work for you. Yes you have input and direct and drive the business but essentially the more you make does not mean you work more, it just means you employ more. You should then be able to move away from the business and still have it running. When you achieve that you have then created an asset that can be traded, bought and sold just like a car.

Something like Microsoft can survive without Bill Gates. It is an extreme example but kind of what I'm getting at.

[Bossxr8]

You can't take the extra money with you to the grave. No point killing yourself with too much work for little gains.

[SM1DY]

Originally Posted by Munroman

P/S. I find Panadol and lots of water helps a hangover.

And if your really in a bad way, have teaspoon of vegemite. It's so bloody foul, but you'll feelbetter.

Anyway, I can't see how people can survive without at least a couple days of a week off. Take some time to reflect and see if working 24/7 is really worth the extra money your getting.

[ebxr8240]

You also have to look at your dept and commitment to that..
Having dept is tax deductible etc BUT you still have to service it..
Then you can cut back on the hours you have to work with less stress!!
Times are going to get harder trust me, even in the mining industry..

[4Vman]

Originally Posted by Stefan

I think alot of people confuse running a business with being self employed. When you are self employed you are a integral in a your business and without you there is no business. The more you make the harder it gets and the more hours you do, yes you may make good money but it comes at a sacrifice usually your life family and friends.

Running a true business means you have people doing the work for you. Yes you have input and direct and drive the business but essentially the more you make does not mean you work more, it just means you employ more. You should then be able to move away from the business and still have it running. When you achieve that you have then created an asset that can be traded, bought and sold just like a car.

Something like Microsoft can survive without Bill Gates. It is an extreme example but kind of what I'm getting at.

Yep... The test and objective of any good business is for the owners ultimately to "obsolete" themselves.... a good business will have a sound management structure and processes that DONT require significant or continual operational input from the owners..
In essence the owners step back and just over-see and strategize the future.
The problem with allot of small businesses once they get passed the initial set-up and maturity phase is they rely too heavily on the owners to push themselves beyond what's reasonable just for the business to remain profitable...
If the owner "is" the business it is fraught with danger of burn-out....

[gtfpv]

thanks . all the replies have something in common. but have made me see a little of what i was thinking it is all related to time and burn out .
i guess i should say self employed rather than business. but yeah . time has become important to me .

[Stav]

Fact is that if youve poured thousands of hours into a business you cannot leave the steering to others. You are the captain..you are the boss. You have to drive it to wealth and bigger things. This takes extraordinary effort in the background to make it work. You have to keep an eye on everything regardless of management structure. The red tape on its own can make life hell. I do work for quite a few companies where people are given company cars holidays and good wages. They dont have to worry about gst,tax and get paid for holidays.

Our time is important because we need our balance in life and we owe it to ourselves to enjoy every day. If something is taking away from us the things that are truly important then you are right to change. Your health and sanity is nothing compared to the business.
I personally think you need 2 weeks off all work to find yourself again. You have nothing to feel guilty about.You are an example of a husband/father who gave it his all..a man who went to get ahead with honour for his family. Be proud you've done your best. It is not worth it.Start enjoying your life again...it was killing your life .you have a second chance..cheers.
Stav

[GK]

My parents worked worked 6 days a week for my childhood, adolescence and even some of my adulthood.

It was really horrible not being brought up by them. It still saddens me that they spent the very, very best of their energies to make money.

I understand it was to give myself and my two siblings the start in life they never had, but they were so driven, that they had no energy to invest in my life.

I was really angry about it for such a long time. Sure I had everything that I needed, and much of what I wanted, except the day to day love and input from my parents.

Don't make the same mistake as they did.

I reckon chat with your family and ask for their perspective on things. If any of them even hint at making a comment like "but we need the money" then I reckon you've got to scale back, as they may have already gotten used to having the things that your hard work provides.

The thing your family needs most though, is wonderful quality time together. You are the rock, the pillar, the strength of your family. No one else could or should do that job.

Sorry if you feel I'm lecturing, but as my role as a school Chaplain, I see so many kids who are hurt because their parent(s) are so hard at work that they have no time for them. This should not be.

All the very best with your deliberations.

GK

[gtfpv]

WOW . STAV and GK . Your posts have just brought tears to my eyes .

i want to say more . but i'm speechless . thanks .

[Stav]

Your welcome mate..and your welcome back to living Isnt it just the best It could be worse...we could have needed the viagra lol

[GK]

You are most welcome.

GK

[pitpal]

That is a fantastic post GK. Never a truer word said.

[gtfpv]

what a breath of fresh air . i'm back. . no regrets and happiness level has gone 2 notches up.
i look back at 2008 and shake my head . dont get me wrong , it was an experiance and a part of my life i shall cherish for the things that i seen that gave me a new outlook on life. but hey . 1 man, one job, 1 life . the support from this forum is priceless sometimes .
thankyou guys for helping me make the transition much easier .

[IDT]

Gtfpv,

I was in exactly the same position, except i would do FIFO and work on my time off. My old man helped me. He simply said treat it like you are retiring from one of your career's. Plan things to do around the reason you are retiring. i.e. if its for the kids then plan things to do with them, even if its taking them to and picking them up from school.

Reckons he was lost when he retired and nearly went back to work because of sheer boredom. Then he woke up to himself and remembered why he moved close to a beach.

The only goal he hasn't achieved is to learn to surf. Considering he is 74 and lives just north of Cairns its no real wonder : :

[gtfpv]

Originally Posted by WAForce8

Gtfpv,

I was in exactly the same position, except i would do FIFO and work on my time off. My old man helped me. He simply said treat it like you are retiring from one of your career's. Plan things to do around the reason you are retiring. i.e. if its for the kids then plan things to do with them, even if its taking them to and picking them up from school.

Reckons he was lost when he retired and nearly went back to work because of sheer boredom. Then he woke up to himself and remembered why he moved close to a beach.

The only goal he hasn't achieved is to learn to surf. Considering he is 74 and lives just north of Cairns its no real wonder : :

so so true. i really really missed picking the kids up from school. looking forward to doing it again . i justcame home from work today , and said guess what kids . i have tomorrow and the next day off . you can see they are happy. and we'll probably get a few rounds of mini golf in tomorrow.

i'm glad you got out of it too mate . we only get a small proportion of our life to ourselves , and it takes some of us so long to realise , that our time off is the only part of our life that is ours . :

[Daymoe]

Originally Posted by WAForce8

Gtfpv,

I was in exactly the same position, except i would do FIFO and work on my time off. My old man helped me. He simply said treat it like you are retiring from one of your career's. Plan things to do around the reason you are retiring. i.e. if its for the kids then plan things to do with them, even if its taking them to and picking them up from school.

Reckons he was lost when he retired and nearly went back to work because of sheer boredom. Then he woke up to himself and remembered why he moved close to a beach.

The only goal he hasn't achieved is to learn to surf. Considering he is 74 and lives just north of Cairns its no real wonder : :

Some people really go weird when they retire when they don't have anything planned for them to do.

[Mr Hardware]

GK speaks the often unspoken truth. I was very lucky to have a stay-at-home mum as my dad always had a good job. My wife however had two full-time working parents, and her best memories are when one was out of work. I'm a permanent public servant and i'm gonna make damn sure my kids are going to enjoy the best luxury of childhood - a stay at home mum. I don't care if i always have a daggy car or an old TV - my future children's upbringing is far more important.

Back on topic: GG anyone who does well in small business, but often it consumes your every thought and every waking our, a ball and chain around your ankle. I like to go to work, complete a standard working day, and know exactly what's gonna be in my bank account this fortnight, next fortnight and for every fortnight from now until i retire or die, or get tired of my job which is unlikely, seeing as in our team of 20, in the past 8 years there's been staff turnover of less than 1 per year.

Don't live to work, work to live.

[Burnout]

Thread of the Year - Any Year!

[buggerlugs]

Yep, I've been self employed for the last 15 years and it's only in the last 18 months that I've realized I've been burning the candle at both ends for to long. Had to go on tablets for anxiety and stress and I've never had to take more than a panadol in my life so I knew something was wrong. Business had been crazy for the last 5 or 6 years and you have money but no family time. I gave up weekend work 12 months ago and actually increased my sales and profit. Just worked hard during the week and looked forward to the weekends with the family.

[gtfpv]

Originally Posted by Walt Kowalski

Good advice I say.

After too many years in business, I have finally (2006) gotten off the treadmill and its just so good to have whatever time family needs.

Otherwise you could find yourself without a family.

A friend who is a dentist faced the same problem but when his son said to him "You're not my father, You're just the sperm donor" he decided enough was enough. He sold the practice and now works there just 2 days a week.

The family love it and so does he.

P/S. I find Panadol and lots of water helps a hangover.

just an update ont this . i gave the business away , and settled to one job only. i now enjoy myself on my time off , mind you i have plenty to keep myself occupied at home . this post i'm replying to has become prophetic in nature , as i gave the businees up, two of my close friends kept thiers going, one has lost his family, he's wife left and took the kids , the other is going through the process. both of them have said the number 1 factor was not being at home at all and working non stop , causing a complete family meltdown .
i'm glad i got out of the kitchen while the heat was hot . if anyone is going through this workaholic stress at the moment , please take note of this thread .

[Macca23]

At the end of the day more money isnt as important as your loved ones! Good to hear you made the call. Im just about to go back to full time work so the wife can slow her business and spend some time as a family too. Ive had the last 6 months off so its her turn now to look after the baby!

Enjoy your new found time!

[GK]

Originally Posted by gtfpv

just an update ont this . i gave the business away , and settled to one job only. i now enjoy myself on my time off , mind you i have plenty to keep myself occupied at home . this post i'm replying to has become prophetic in nature , as i gave the businees up, two of my close friends kept thiers going, one has lost his family, he's wife left and took the kids , the other is going through the process. both of them have said the number 1 factor was not being at home at all and working non stop , causing a complete family meltdown .
i'm glad i got out of the kitchen while the heat was hot . if anyone is going through this workaholic stress at the moment , please take note of this thread .

Wow, thank God you got out when you did!

Sorry to hear about your friends. Sadly this is too often the case.

GK