Starting my own business

Georacer

Joined Nov 25, 2009
5,182
I wish you the best, whatever it is you decide.

Make sure your college is ok with you attending so seldom and that the degree prerequisites can span over such a long period.
 

WBahn

Joined Mar 31, 2012
33,186
You definitely have to put your obligations to your family first. Which, by the way, means being in a position to take care of your family's medical needs by having adequate insurance. Really. It's one thing for someone that cannot find a job to have to rely on the taxpayers to cover their medical costs if something should happen. But to expect the same thing just because you chose to go to school instead of providing for your family's needs is not kosher.

Go at whatever pace you can manage. As part of your negotiation, put emphasis on no overtime or, at the very least, for a significant overtime rate. Tell your former boss something like: "Look, I'm willing to work full-time and cut my class load to a level that is consistent with that; however, I can't make this work unless I have a strong commitment from you that I will ONLY be working full-time. So how about this: I can only work overtime at your specific request and, if I do, I will be paid three times my normal rate? The point to keep in mind is that the intent of that isn't for me to make a huge amount of money if I have to work overtime, it is for you to be strongly incentivized to ensure that I don't work any overtime at all unless it is really, really critical."

While it will take you longer to get your degree, you should be able to cash-flow the lower pace and graduate without any student loan debt. There is a huge amount to be said for that.

Good luck!
 

tindel

Joined Sep 16, 2012
939
While it will take you longer to get your degree, you should be able to cash-flow the lower pace and graduate without any student loan debt. There is a huge amount to be said for that.
strantor - I'd follow WBahn's advise here - I've been out of school for 5 years and I still have $30k to pay (to be fair, only 10 is mine the other 20 is my wife's.)

The main reason I'm saying something here is to suggest a software program that has helped me and my family make it through some very tough financial times that may help you in your feast or famine work atmosphere - www.ynab.com
 

t06afre

Joined May 11, 2009
5,934
I fear with this setting that you will never finish your studies. I have seen it quite a lot before. To study require more of you than you think. The scenario I see is that your job, family, friends, and your study all require a part of you. To me it looks like the place you work is kind of shorthanded. So they will require a lot of overtime. In the beginning they will kind of respect your agreement regarding school schedule. But it will always be things that need to be done. And your boss will be much more concerned about getting the job done, than you getting your schoolwork done. It will be constant pressure to work extra. And in the end you will start give in, and work more and more. Money talks you know. This will again cause less time to do other things schoolworks included. I know a few people that tried your schedule. And they all failed. It worked for while. But the time to do schoolwork ended up with lower and lower priority. The result was they did not manage pass exams. And had to quit.
 

Thread Starter

strantor

Joined Oct 3, 2010
6,875
I fear with this setting that you will never finish your studies. I have seen it quite a lot before. To study require more of you than you think. The scenario I see is that your job, family, friends, and your study all require a part of you. To me it looks like the place you work is kind of shorthanded. So they will require a lot of overtime. In the beginning they will kind of respect your agreement regarding school schedule. But it will always be things that need to be done. And your boss will be much more concerned about getting the job done, than you getting your schoolwork done. It will be constant pressure to work extra. And in the end you will start give in, and work more and more. Money talks you know. This will again cause less time to do other things schoolworks included. I know a few people that tried your schedule. And they all failed. It worked for while. But the time to do schoolwork ended up with lower and lower priority. The result was they did not manage pass exams. And had to quit.
Your fears are not unfounded. I have witnessed the same thing you have witnessed, and I have considered that it may happen to me as well. It is a possibility, and you are right - they are shorthanded and likely to want me to work overtime. But I have made it absolutely clear - not necessarily as a documented condition of my employment, but as an informal agreement documented in email - that I am not to be called in my sleep time or brow beaten into taking overtime that my school schedule cannot support. I realize that is potentially wasted words if my supervisor is replaced with someone else. But I do not think that will happen, and I know the supervisor and I am confident he will keep his end of the deal. I think it comes down to me, and my level of determination; where there's a will, there's a way. If I let myself be derailed then it is only my fault. I hope I have the intestinal fortitude to not let that happen.
 

WBahn

Joined Mar 31, 2012
33,186
It's certainly tough. I got talked into leaving school and taking a full-time job at a point where I only had about two or three weeks work left to finish the writing on my thesis and defend it and I figured, "Hey, I can wrap this up over the summer, no problem." I was warned by my advisor and several others NOT to start work until I had the thesis submitted. I didn't listen. I finally defended the thesis three years later but then didn't get the revisions, which were minor, turned in for another six years. I was shocked and amazed that they were willing to let me finish after all that time, but very grateful.

My dissertation was heading down the same track and got dragged out significantly. But I am VERY glad that I cash-flowed it and that we are cash-flowing my wife's MBA/CPA. But it takes commitment, determination, and support from those around you.
 

Rbeckett

Joined Sep 3, 2010
208
Strantor,
Starting a business is a serious undertaking. You should consider the type of business you wish to operate and check the local, county, state and fed requirements first. Second, do you anticipate making or gathering any hazmat material, such as changing ooil or charging AC systems. You will need a license and permit for that too. A goos solid business plan outlining exactly what you will and will not do and how you expect to be compensated. You also should conside how you are going to protect your assets in case there is an issue with or because of your business or a liability you incur. Some will find an S Corp, or Sole propriator, LLC, Limited, PLD. Straight corporation the best for their particular venture. Do you have a plan how you are going to pay for the new vehicles, cards, telephone lines, incorporation and banking fees? I would strongly recomend that you consider these items carefully first. Then consult a CPA or enrolled accountant, and a lawyer. After you have done your due diligence and determined that you have a good or service that fills a niche and has demand that will pay more than it costs to do. The you should present you written business plan that has been reviewed by your lawyer to a bank for funding. You should have a minimum of 6 months worth of cash available to pay all costs fees, payrolls, advertising,Telephone, etc so that you can concentrate on building your business as a strong and viable venture. Your Plan should contain an expected return on ivestment, break even points, contingencies and strategy to place your venture at the head of it's potential market segment. Lots to do, and if undertaken lightly it will make huge problems in the future trying to undo some of the things that you may have failed to address, like personal liability for debt incurred on behalf of your business. You share or stake in your company. Investors want a part of your business, usually they want a very signifigant portion of it too. So I personally would enroll at the local community college and take an accounting course, and a basic book keeping course while formulating your business plan and gathering the data you will need such as demographics, target consumer group, disposable income for your good or service (Need for you to do it for them) and that type of stuff. Expect this to take about a year to formulate, plan, and to implement the actions required to actually make it physically happen. This answer is not to dissuade you from attempting to do it. Many many many persons before you have done it before. Some successfully and other not so well. There are literally 100's of levels of success and they are all dependant on what you think is the level of success you need to be comfortable and continue to offer you good or service. Just look carefully and make sure your actions will not negatively impact you and your family as much as possible and you will do well. Probably much better than other poorly planned and underfunded shoe string start up businesses. I have a degree in Bus Admin and Mgmt from the UF and I can promise you if you follow my suggestions and look carefully you will definately be in a much better position to be a great success in the future. If you have more questions or need help getting started contact me off list and I will be glad to help you out and provide you some sound business guidance for starting and funding your venture if you would like my advice.

Wheelchair Bob
 

#12

Joined Nov 30, 2010
18,224
I can tell you this: I worked 17 hours a day for 3 years to get a 2 year degree. No wife, no children, just me, a bicycle,and a $90 a month apartment. Still, I burnt out.

Every Friday night I would spend with a band, and every time I knew I was choosing which course would be a "B" instead of an "A" because of that one night off. I also knew that without one night a week among people I would eventually climb the clock tower with a rifle.

Maybe smarter people than me can read a chapter in a calculus book and, "get it". I had to work the problems. I had to do the homework or I wouldn't learn the material. That takes time! I just don't see how anybody could do a "full time" enrollment with a wife and children.

You're welcome to try. For all I know, a wife could be helpful...but I never had one like that. Good luck, and don't ever climb the clock tower, not even to look at the scenery. The voices start in places like that...

LOL!! Just kidding. I've never climbed a clock tower. It was just fun to write that little scene.
 

Thread Starter

strantor

Joined Oct 3, 2010
6,875
I did full time one semester, 16 credit hours, and worked part time. One semester was enough for me to realize that one more semester would be the end of me. So I gave up on the full time school dream. My experience is that having a wife did not help. Families require time, period. It would be challenging even if I were single, but I think I could do it.
 

#12

Joined Nov 30, 2010
18,224
Thanks for confirming that I'm not just a wuss. It really does take all the time you have to keep your grades high enough to stay on the Honor Roll.
 

Brownout

Joined Jan 10, 2012
2,390
16 credit hours is alot to take while working part time. You can take 12 credits and still keep full time student status. That's what I did. Takes a little longer, but better to take a reasonable load than over schedule yourself.

Sometimes, I had to drop back to 9 CH and make up the time in Summer School.
 

WBahn

Joined Mar 31, 2012
33,186
I did full time one semester, 16 credit hours, and worked part time. One semester was enough for me to realize that one more semester would be the end of me. So I gave up on the full time school dream. My experience is that having a wife did not help. Families require time, period. It would be challenging even if I were single, but I think I could do it.
Families definitely do take time, but they can also burden-share. I try to take on some of the burden for my wife while she is getting her MBA, although right now I am having to effectively live away from home and so that has the opposite effect on her. We are looking for a way for her and our daughter to move up here so that I can help out some more.

Going back to school after you are "grown up" and out on your own has lots of its own challenges, but at least a few of its own rewards. You are generally over all of the need to have the "college experience" and have a much better perspective on what the purpose of getting a degree is -- especially when you are paying for it out of your own pocket! But there is a LOT to be said for doing it while you are young and haven't let yourself be saddled with a lot of obligations to others or are servicing a lot of debt -- and not to mention when you are still young enough to pull all-nighters on a regular basis.
 

Thread Starter

strantor

Joined Oct 3, 2010
6,875
16 credit hours is alot to take while working part time. You can take 12 credits and still keep full time student status. That's what I did. Takes a little longer, but better to take a reasonable load than over schedule yourself.

Sometimes, I had to drop back to 9 CH and make up the time in Summer School.
I took a fast-paced 3CH 1 month summer school class, and I think the load was about the limit I can support while working full time - that means, I'm off limits to the family or anything but school and work. So that's my plan; I will "take it easy" during the regular semester, taking only 2 classes (possibly 3 low work load classes) during the regular semester, and during summers I will "take up the slack," devoting myself to work and school. I can knock out 2 classes each summer by taking the 1 month fast paced courses back-to-back. So I will be completing 6 -8 courses per year, whereas I would be completing 8-12 if I were going full time and taking summers off. So I think I can get my degree in maybe just one or two years longer than normal, but I'm saying 7yrs because I know that some summers I probably won't have it in me to complete 2 back to back courses, and I also might get burnt out and take a whole semester or two off. I set 7 as the limit because I hear, as has been said here, that some classes expire after that time. I still need to confirm that is the case with my school, but I cannot confirm yet because the degree plan I am on does not exist yet.
 

tindel

Joined Sep 16, 2012
939
Strantor,

You can do it. I didn't have a kid when I did it, but I did have a wife, a house and a part time job. Yes, it sucks at times. I don't remember ever relaxing during the Thanksgiving break - I always had a project I had to complete before final exams during that time.

Some things I did to make it through:

  • I took no more than 12 hours at a time, or no more than 3 classes, whichever came first.
  • I worked part time 25-30 hours a week.
  • I took classes on T-Th or M-W... This way I was able to dedicate entire days to each task.
  • I dedicated half the day Saturday and Sunday to spend the time with family or doing something I enjoyed.
  • I joined study groups and organizations (IEEE, MAES, etc) - this was a big deal for me. I think you learn better when you talk through problems with people because they either offer different viewpoints, or they can point out your errors quickly. As a bonus, sometimes these sorts of connections will give you access to old exams or something that you wouldn't have had access to otherwise.
  • I didn't take summer courses.
I would suggest not taking the 'triangle of terror' at UH... Numerical, Electrical Magnetics 1, and Circuits 1. Tough courses. All Freshman and Sophmore classes funnel into these three classes, and you have to pass them before you get into Junior and Senior level classes. It seems that I had to get permission to take the triangle.


Don't sweat grades too much, as long as you pass classes. I'd personally rather hire a new grad with good time management skills and a high 2, low 3 than a 4.0 student that is book smart. Others will have different opinions, but if I ever get to hire a new grad, that's who I'll be looking for.



You're a well rounded guy with a lot of drive and passion - you'll do fine. Feel free to ask me any questions.


- Tinman
Pearland HS grad '99
UH grad '07
 

#12

Joined Nov 30, 2010
18,224
I consider the M-W-F or the Tu-Th method very important. Some semesters will be Tu-Th and some will be M-W-F. Having to break up all 5 days a week to attend one course this day and 2 courses the next day is a PIB. Then again, you probably already know this, having taken a few courses already.
 

Thread Starter

strantor

Joined Oct 3, 2010
6,875
I would suggest not taking the 'triangle of terror' at UH... Numerical, Electrical Magnetics 1, and Circuits 1. Tough courses. All Freshman and Sophmore classes funnel into these three classes, and you have to pass them before you get into Junior and Senior level classes. It seems that I had to get permission to take the triangle.
My original plan was to go to UH, but UH wouldn't take me, especially into the engineering program, because I barely passed HS, and that was 9 years ago. Plus I had a lot of math classes to take before Calculus, which is entry level math for the engineering school. So plan B was to go to HCC for a semester, get 15 credits with a good GPA, and then transfer to UH. Well, while in HCC I was recommended by one of my professors to talk to the Assistant Dean about a new program they were planning. They are renovating a whole floor of their Alief campus (right down the road from where I work) and are going to lease it out to UT Tyler. UT is going to open a small engineering school there, and everything will be set for seamless transition from HCC's associate's program to UT's Bachelor's program, plus I will be able to pay HCC prices and get a UT degree.
In addition to this HCC/UT partnership, HCC is offering a new AS degree plan called ASES (Associate of Science in Engineering Sciences). It trims some of the fat off the regular associates degree and replaces that fat with some of the muscle from the bachelor's engineering degree.
Looking at UT's course lineup, it seems they have at least 2 side of the 'triangle of terror in the first semester. So I'll watch out for it; thanks for the heads up!
 

tindel

Joined Sep 16, 2012
939
Yep, there it is... Matrix Methods, Electromagnetic Fields, and Circuits 1 - really tough classes (at UH, anyway), and prereqs for everything else. These classes were the ones that I had difficulty in mostly because of the time commitment. I got Cs in all three... they hurt my GPA bad - and I almost changed majors because of it.

Do you know if this program is ABET accredited? I looked at the website and couldn't tell for sure. MHO - make sure whatever program you go into that they are ABET accredited.

(Edit to say): I took all my prereq's at SanJac to save some green too. I didn't worry about getting a AS - they don't matter once you're full of BS!
 
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