At what point to do you consider a business successful?

I'm in the same boat, got layed off six years ago and went completely solo, truck pushing 135,000, old Topcon 303D and equipment needing repair or replacement. Would love a GPS unit someday, and hopefully my equipment keeps running until work picks up...been so close to living under a bridge, wife would not like that too much...

"no business related debt"! Right there is where I would call a business successful. Times are tough. If you aren't borrowing, then call it good. Times will get better. If you're doing better than peanut butter and jelly for most meals consider yourself lucky.

Eat Beans!

Grow a garden.

Change your lifestyle.

Act your wage..........

I have been near broke three times. I know a former party chief
who uses a Sokkia SET-3 and still keeps going.

The raw numbers don't mean much. I advise comparing your self-employment compensation against what you'd realistically obtain as an employee. Include all the associated perks (e.g., autonomy on the self-employment side, income predictability on the employee side). There's no point in declaring your business a failure if it means going to work for someone else and ending up with a reduced quality of life.

In the current economy, you would be considered to be successful, with better to come.

I'm in my 60's and have seen more business cycles than I can remember. But what I do remember is that surveyors are the first out in a recession and the first back to work when it is over.

You are in a better position than you think and a year or so from now you will be scratching your head and wondering what you were worrying about.

I have been in business for 13 years and I only feel successful at the end of each year when I look at the books and see if we have made any money . Then a short feeling of joy . I then start worrying about the next month and year . With that said I have always purchased the equipment needed to be productive . I did purchased a robot last year in the worst year we have had , but I do not regret it as I have been more productive and my last robot was 12 years old. I am always the optimist about the company. I have seen an uptick the last 3 months and have worked everyday . I hope this is the start for the recovery . Heck I even got a call to stake a custom house today . Have not seen that in 2.5 years .

I really didn't mean to sound like I'm complaining. I'm grateful for the work I have and "getting by" in this economy feels like an accomplishment. And, FWIW, my second year was 10% better than my first, but still not to a point that I can afford to save for future purchases, or purchase health insurance, or have a secure feeling if something major were to break. I was just wondering at what point do other solo operators (or small business owners) feel like you're past "getting by" and running a sucessful business. I don't know, maybe I'll never feel that way since in business there is always something more to strive for.

Good question. Is it when you have enough money in the bank to buy anything you want? Doubt that will ever happen. Is it when your receivables are 4 times your monthly billings? Is it when you feel confident enough to go out and borrow money to buy that new truck or robot? Or…do you consider your business successful when you feel like, for the first time in your life, you have independence and can do what you want when you want without some a-hole telling you how and when to do it.

To take the long view, a business is successful when it provides enough for you to live on while you are working and after you have stopped working.

My definition for success is a loving spouse, children that make me proud every day and faith. I can handle just about any business challenge with those three things in my corner.

When it pays you at least 60k a year salary for a licensed professional (variable by location). And, is still breaking even or making a profit after paying all insurances (including your health insurance), all rent (including for the use of your home office), re-investment for equipment upgrades every 5 years or so (including vehicle and survey equipment), and all other business expenses.

But maybe you don't need a successful business to be better off than working for someone else. After all, their business might not be successful and you could get laid off again.

Ditto here. It's been almost a year since I got laid off, and my truck is a bit newer (100k). I think we'd be OK if my wife could get a job. We decided that she would stay home when my son was born in '02, we would make things work on one income, and she would go back to work after both kids were in school full time. She's a teacher with a master's degree, so we thought it would be a piece of cake for her to get a position when the time came, right? She recently applied for a 1st grade position at one of the local schools. She was one of 1500 applicants, and unfortunately someone else got it.

> Any thoughts?

When you can survey for fun if and when you want to and don't need the money.

I think it is a moving target.

As long as you are happy, keeping the bills paid and setting something aside for a rainy day you have to be satisfied with things considering the amount of suckage in the world right now.

Now when things stabilize in a couple of years you should be able to run your business at a 15% profit while paying yourself a fair wage.

I started on my own in 2004. The first year I made about the same as I did working for someone else but I considered it a win because I was my own man. By my 5th year I was banking some pretty serious cash, no brainer - I was ahead of the game. Last year I lost money on paper, but all my bills stayed paid, my life style stayed about the same and I had all of the perks of still being my own may - still winning.

I believe if you are happy, making ends meet and providing for your family you are a success.

Congrats to you by the way.