2nd anniversary of my business

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  • UtwigMU
    Super MURCer
    • Jul 2002
    • 5651
    #1

    2nd anniversary of my business

    In January my IT consulting business, founded in the greatest recession and highest unemployment of all times celebrated 2nd anniversary.

    Revenue has increased by 25% year over year and CEO's compensation has seen increase of that order as well.

    It's not the way I want and it's still rough but I think I'm over the cliff now.

    Last year in April I checked out first years published financial reports of about 20 people who were in government course for start-ups with me. We were all given a subsidy which you pay back in taxes within first 16 months. Only half survived first year and another one closed during 2nd year. I'll see how many are still standing when financials are published in April.
    Last edited by UtwigMU; 9 February 2013, 19:38.
    Tags: None
    • Jammrock
      The Berserker
      • Aug 1999
      • 8661
      #2
      Congrats, Utwig!
      “Inside every sane person there’s a madman struggling to get out”
      –The Light Fantastic, Terry Pratchett

        Comment

        • Dr Mordrid
          Moderator
          • Apr 2001
          • 26592
          #3
          Good news! Congrats!!

          Yeah, those first 2-3 years are the toughest but it's worth it in the end.
          Dr. Mordrid
          ----------------------------
          An elephant is a mouse built to government specifications.

          I carry a gun because I can't throw a rock 1,250 fps

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            • cjolley
              Super MURCer
              • Aug 1999
              • 7672
              #4
              Congratulations!
              Chuck
               秋音的爸爸

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                • VJ
                  Moderator
                  • Mar 2001
                  • 9733
                  #5
                  Congratulations!
                  pixar
                  Dream as if you'll live forever. Live as if you'll die tomorrow. (James Dean)

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                    • Umfriend
                      Crabby Smurf
                      • Mar 2001
                      • 7308
                      #6
                      Well done. Looking to hire/expand?
                      Join MURCs Distributed Computing effort for Rosetta@Home and help fight Alzheimers, Cancer, Mad Cow disease and rising oil prices.
                      [...]the pervading principle and abiding test of good breeding is the requirement of a substantial and patent waste of time. - Veblen

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                        • dZeus
                          Moderator
                          • Aug 2000
                          • 4622
                          #7
                          congrats utwig!

                            Comment

                            • UtwigMU
                              Super MURCer
                              • Jul 2002
                              • 5651
                              #8
                              Originally posted by Umfriend View Post
                              Well done. Looking to hire/expand?
                              I do but I need more capital and more support contracts. Basically I need to expand business myself to the extent it can support employee.

                              I started the business with debt and a Thinkpad basically and no income prospects. Even if I was given state subsidy (which I paid a few times in taxes back by now) I still hat to survive first three months without it.

                              I can work even if I can't pay myself on time since I believe my business will be expand in the future. This doesn't work for employees as I have myself found out. If I felt I wasn't compensated enough in jobs where I worked, I was unmotivated.

                                Comment

                                • Fat Tone
                                  Super MURCer
                                  • Aug 1999
                                  • 7579
                                  #9
                                  Congrats on getting this far.

                                  Employees can be a chicken/egg thing. You need the employees to deliver the work but you also need time to find the work. It gets easier as you get bigger. You often find everyone in a small team doing everything (sales and delivery) but once you reach a critical mass you can start to specialise and have dedicate sales staff and dedicated delivery staff. Initially there will be some overlap but this reduces in time. You also find you can start to be more specific about what you offer rather than taking everything that comes along. This allows you to focus on your strengths, hopefully work with higher margins.

                                  Best of luck,

                                  Tony.
                                  FT.

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