Posted 4 years ago on June 10, 2012, 6:30 a.m. EST by delayedgrat
This content is user submitted and not an official statement
1 year ago i started a business with a partner. We borrowed $750000 at 10%. Right now we have 8 employees who make on average $13/hr. We have gone thru 5 other employees who were worthless, and only took a job inorder to get fired and collect unemployment.
We finally took our first paycheck, we split a $10000 profit. We both work 36 hrs week so for the last year, we put in 3500 hrs with no paycheck. We have done this few times before, and we know the arc of this will be eventually we will be splitting $1 million or $500k each. The business wil have about 20 workers at peak capacity. We will sell this business to someone for about $2 million and start a new one in a different town.
Not everyone is cut out to run a small company. Its hard work. We sell these things to people who think itsceasy money but they are in no way ready for the day to day hedaches that inevitably occur.