Self Employed???

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SleeperScamp

SleeperScamp

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My present job of 13 years is really taking a mental and physical toll on me.. Although it is a very well paying job with good benefits I am really wanting to take a leap of faith and start my own business( have something in mind).Would like to hear from some people who have done the same.. Would like to hear from people who have succeeded and failed.. Any input is appreciated. Only rule I have is NO political crap from either side... Thanks..
 
well i guess i will be the first one to chime in i own my own truck and i will be the first to say it takes alot to run your business,all the paperwork your doin when you uxed to spend that time with your family or workin on your car in my case im usually home weekends and i have maintenance to do on the trk then my weekly receipts to total up for taxes it takes alot of self dicsipline to run your business but having the freedom is good to good luck in your venture
 
Depends on your age, And this is only a thought,, A friend of mine wanted at age 56 to start his own business after years of working for others.Went in debit , got hurt, lost all income,and the economy dropped.He is now thinking it wasn't the best Idea. Now injury/sickness can happen at anytime no matter of age.Make sure you have a well thought out plan and a backup plan.Pace yourself. Good Luck
 
I've been self employed since I mastered the brush at 14 years old and never once did I look for job. Be the captain of your destiny and not the slave of another..
 
I'm in the same boat so I'll be watching the thread too. After 30 + years of working for others I left a very good paying job last year for the same reasons. Thinking now of opening a business but still undecided on what and exactly where.
Points I've picked up:
1) If you are trying to make money avoid a business that is also your hobby.
2) Research, research, research the business you want to do and the location.
3) Do not expect to make money the first year - or two, depending on how you have
to finance it.
4) Something I learned recently - if you have a 401K or IRA, you can use that money,
without penalty to finance a business. These accounts currently own business stocks
so you basicly use the money to buy the stock in your own company and your company
becomes your 401K.
 
Depends on what venture you want to get in to.

Will you be doing the same job but onmyourmown or something totally unrelated?

It is easier to start a business with the skills you already mastered, and then compete with the company or industry you left.
Costly equipment, insurance, taxes, fuel, all come into play.

Kinda need more details on what you want to do.

Me personally started a business in the industry I left and I compete with them on a small scale.
I love what I do but it is feast or famine, and this year has been the worst.

The economy, unemployment, gas price, parts prices and high insurance costs have affected small business badly,this year.
When gas prices go up, everything goes up.

I don't want to sound like a mood killer to you but in today's economy if you currently have a good paying job with good benefits you may just want to count your blessings and stay where you are, and maybe do something on the side to test the waters.

Starting up is very tough unless you have a good retirement fund to fall back on in tough times.
 
My Dad was self employed, he owned what was probably the first continuous ran gutter business in NJ. It was obviously seasonal so if I wanted to spend time with him during the nice months I had to be the co-pilot when he was out giving estimates. My mother did all the paper work for him so his "job" was still M-F 9-5. I worked at a couple of places over the years that were just getting started. My boss worked 6 days a week, no vacation for several years & was getting slaughtered by the need for health insurance, 3 kids. After 12 years or so he got a fiar offer & took off, going back to being an employee some where else....Good Luck with your decision...
 
if you can start off part time on the side without giving up your day job until you are sure it is going to be successful, it also helps to have a bunch of vacation and sick days saved up that you can use to get the new business off the ground
 
well i have owned my own truck for the last 5 years and i love it..but it is hard at time as the work has to go with the weather cond...i love what i do so it makes the job that much more easy for me..i am a out doors person and love to be outside.. i say do something you love and it want always be a job to you..now with that said it is days and times you wish you where back on the job for someone else cause if its good its not easy,and if it easy most of the time its not good....now trucking was my 2nd self employed jod..i use to own a lawn service and love it as well had 3 z-turn and all the equipment to do most of all the work needed to be done in lawn main. and if i didnt have it i would buy it when the time came that i needed that tool...we had a bad year or two and the gas was just dead so i got a job and slowly moved on out of the lawn service but still have some of my equipment to use at my own home....i am a person like this i would try and fail instead of not trying at all and always asking what if...you can fail at a job working for someone else ,if you are strong and love what you do you will work harder for yourself then for anybody else(besides family)
but you must go in to it with a good plan and do alot of research before you jump.....i paid my down payment on my truck in jan. and did not get the truck until april..not a big deal most would think right???? well i had to make truck payments and ins. payments for the mths i didnt have the truck and the amount of 2250.00 mth....i almost went broke before i got started but i made it through and it made me stronger.....now i take and add up every bill i have mthly and divd that by 4(wks) and divd that by(5days) and thats what i go by to pay my bills and have money for the things i like to do...kinda tough right now cause of the weather but we get back to work day here day there until march/april then its full blast from then to maybe dec. anyway sorry so long thought i would share my world ...mike oh best of luck to you in what you do...
 
I have been self employed since 2004. I do autobody and love what I do its not work and get up in the morning never feeling like I have to go to work. I got tired of working for thiefs and crooks. I had my own clientel that no matter where I worked they followed me. I do my own paperwork and take care of my taxes myself. I would NEVER work for someone again in my life and im 50yrs old now. Oh, and I work alone...No more waiting to see what kind of mood Joe shmoe is in because hes a moody son of a *****.
 
I used to be an auto mechanic for large chains, Aamco, Midas and a few private owned trans shops.
Went into my own auto business about 20 years ago with a mobile unit and did pretty well.
Moved to AZ about 15 years ago and was getting tired of the whole auto service so I decided I wanted to get into computer repair, but the problem was that I didn't know anything about them really.
Took a job at an Internet service provider cleaning the bathroom and floors because it was the only job remotely related to computers that I could get. (2 hrs a week at 7 an hour)
I was there every day from opening to closing helping customers get to who they needed to talk to and other little things that made the business run smoother, and was making 14 bucks a week for about a month.
One day the owner came in and noticed I was always around and asked why.
I told him I didn't come there to clean the bathroom, but to learn how to do what he knew.
Within another month they realized I could learn fast and was actually pretty good at doing the basic stuff around the business and started paying me full time 10 bucks an hour.
3 years later we opened our own computer service and repair business and have been doing it for 15 years now out of our home (Low overhead and tax write off's)

One strange thing I didn't expect was that when the economy tanked our business didn't lessen.
In fact we raised our prices 15 bucks an hour more during that downturn.
People had less money and needed to use the computer more and drive thier car less.

I also agree with the statement above about changing over gradually.

Oh yea, I'm 56 now.
 
Some good stuff and I appreciate all the input..This will be a gradual transition. My wife will be finished with school in two years and hopefully can get a job with insurance..I understand that being self employed means that you really never have a day off but I really want the freedom of being able to take some time off to go see my kids play a basketball game, graduation,etc...Just cant hardly deal with being 39 years old and having to be at someone else's mercy..UGH!..I am actually considering the lawn business route. My brother has been doing it for the same 13 years that I have been at my job..He's had some hard times but makes a good living.. I'm not out to get rich just provide a decent way of life for my family...
 
4404spd said:
I have been self employed since 2004. I do autobody and love what I do its not work and get up in the morning never feeling like I have to go to work. I got tired of working for thiefs and crooks. I had my own clientel that no matter where I worked they followed me. I do my own paperwork and take care of my taxes myself. I would NEVER work for someone again in my life and im 50yrs old now. Oh, and I work alone...No more waiting to see what kind of mood Joe shmoe is in because hes a moody son of a *****.
Click to expand...

You have the right idea, 440. I own my business, and I do have employees. Working for yourself, and if at all possible, working BY yourself, is a win/win situation. There are so many things that small businesses with employees have to deal with than self employed singles don't have to, not the least of which is personal issues.

Rob, if you could get into a business where you're not dependent on others to make your company work, I'd highly recommend it. If on the other hand, your selection of occupation requires you to have employees (other than family) in this day and age, I'd recommend you stay where you are.
 
I have been a 1 person business since 2004 ( boat repair shop ) and it is hard work trying to get billable time and time to do all the other functions of business . I love being my own boss and you will too but it is not easy . You will work more hours and make less but you will also be proud of yourself everyday you go to work . I think every one should give it a shot at least once . My advise would be to know your field inside out before starting , i spent 20 years as boat mechanic at time i started my business . Have an accountant to do your tax stuff and focus on making your business go . By the way when i started my business i had about 500.00 in bank and two 0 balance credit cards that i used to keep me afloat for 1st year .
 
Hey sleeperscamp. Just a thought, have you thought of doing both ? starting something you like on the side till it grow's that way you can find the pit fall's ect. without jumping in both feet might me more hour's but you will know when it's right
 
Don't do it thinking you will make more money! A smart business man would bank all profits for the first 3 to 5 years. You need a big nest egg to be able to survive the hard times. And trust me, they will come, thou no fault of you own, it happens. Usually some stupid thing the government does.
 
I'll share a few thoughts with you. Your biggest expense will be your health care. Maybe not so important at 39 years old but with a wife and family you can't afford to live without it. As far as dealing with people that's going to happen no matter what you do. You may have a co-worker or boss you don't care for but being self employed and working with customers can be more trying than you think. You should look at the future and seriously consider all of your daily living expenses. Write everything down you spend for the month and the year and figure at least $2000/mo for family health insurance including dental. Don't forget to include the same amount that you and your present employer pay in to the fed for your Social Security. Arrive at a total figure and see if you can match that even with your wifes job included.

If you're satisfied that the dollars match and you can get by you probably could make it. If you're going to start a business don't forget start up costs and figure on not taking a profit for at least the first few years. The number one cause of small business failure is undercapitalization. The best tool you can buy for your business is a good accountant. dan
 
I have owned and operated many businesses since 1983. I started a business from ground up (retail furniture) and later added mattress manufacturing to it just to have something to do during the time no one was coming in the store. The mattress business grew almost overnight and took over my life and while it was a good business move I no longer had a personal life. I had to hire several employees and still turned away business. As stated before hiring employees will likely take you to a place that isn't where you want to be. When I got to the place I had to hire employees was the beginning of where I hated my business. There is just too much government red tape and costs. When you have employees you will be having to deal with their family and personal issues that bleed over to the company. While attempting to down size my company and get rid of the employees I put part of the machinery up for sale. An offer came in that was so big that I sold the company but I kept the company name and the real estate. That was in late 1995. I flipped the money in to real estate and have done that every since. I also have another business involving cars but it is more of a large hobby.
The own fall to owning your own business is the you must match your FICA payroll deduction. Currently your employer is paying the other half. My kicker is health insurance and that costs me a huge amount of money each month. I was seriously hurt in 2004 through no fault of my own and if I was still in a business where I had to do the physical work I would have been in serious trouble. Having to hire people now to do what I did in the rental business costs me a bundle. Simple jobs that I used to do are no longer simple.
Lawn Care... UHHH... I had a buddy get in that business in Lincoln Nebraska. He took over his uncles business. Yes it made money until the costs of repairing or replacing equipment and trucks along with the taxes hit him in the face. Working 7 days a week or starvation in the winter wasn't his deal so he sold out and went to work as a plumbers helper for a large company. He is now a licensed journeyman making upwards of $25 hour working 40 hours a week. $25 a hour was about three years ago. His company pays 100% of his health insurance plus has a matching 401K program, sick leave and a progressive vacation program.

I just looked at your Texas location. Have you looked around at the companies doing lawn care there. Around here the illegals that work for cash have taken over most of it.
 
I worked 16 years full time in a factory, painting in a production line. At the same time , I was farming a small acreage. As land became available and I got better equipment I quit the factory. No regrets . Why work hard to get someone else ahead, work hard and put yourself ahead.
 
It depends on what you do and how quickly you can get your name out there. It's tough sledding in the beginning, my son has a towing company and just opened an auto repair shop. He's getting by but it takes time to grow a customer base, meanwhile the overhead is high, on the shop in particular.
 
Sleeperscamp,

There are many good suggestions that have been given to you.

I suggest that you look into taking a basic course in business economics at a local junior college. It would help you to organize your business and have you ready for tax time.
 
Hello, I have owned many companies over the years, each one got better and better. Working for yourself is the greatest and I couldn't imagine working for anyone again. I've owned a carpentry company, then a tile/installation company, and a specialty mosaics company. I currently own a residential/commercial cleaning company that is still doing well in this bad economy. If you should have any question feel free to ask. MMG
 
pearlblue said:
I worked 16 years full time in a factory, painting in a production line. At the same time , I was farming a small acreage. As land became available and I got better equipment I quit the factory. No regrets . Why work hard to get someone else ahead, work hard and put yourself ahead.
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I am thinking of starting in farming being I have just moved to the country. I am starting small while I still work at my job and buying old cheap working equipment until I can bank some money to buy more property. Everything I have bought so far is cash and Oliver if that tells you how old the equipment is.
 
I worked many years for other people, bought my own business 13 years ago.I was fortunate to have a Wife with a good job as a Nurse with benifits including insurance. This business has been successful. Now we thought the business would be our retirement, with the economy like it is businesses are not bringing the same money as several years ago. I worked many 100 hour weeks, I though it would kill me at times. The business class is one of the best suggestions. Get a good account. Good luck.
 
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