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Success? Posted by DE [Email] (#2598) [Profile/Gallery] (more from DE) on Sat, 13 Sep 2008 04:14:49 In Reply to: OT:long term business advice, IdiotSam, Fri, 12 Sep 2008 20:35:17 Members do not see ads below this line. - Help Keep This Site Online - Signup |
I guess it depends on what you consider success. I have a small law practice (myself and 2 assistants), which I've had for 16 years after a bunch of years with a firm. I consider it a success because I can support myself adequately while doing work I love. That's how I would look at your projection: If you think you can make comparable compensation (figuring in benefits, etc.) while having more fun and getting more satisfaction than in working for someone else, I'd call it good. But that's just how I look at things.
As to your projection itself, while I obviously know nothing of your specifics, I'd be surprised if you can predict either the upside or the downside very well after one year. After one year of my practice, I had no clue where it would end up. Even 5 years ago, I couldn't have predicted where it would be today very well. Things always change (and sometimes for the better).
I think most small businesses fail, and I hear it said that it's often 2 years or so before you make $. The latter was true in my case. So if after one year you feel that you can predict profitability, I'd take that as a good sign. But there is always risk. I can put up with it because I enjoy the work. If I didn't, I'd feel differently. Good luck.
posted by 74.75.12...
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