Self employed opinions

[mcseal2]

Yeah, I enjoy my work and still get to hunt a little away from home and quite a bit around home. I'm not complaining! As Dad gets older getting away will get tougher, so I'm taking advantage of it while I can.

 

[Where's Bruce?]

My take may not be what you're looking for so consider that it's just one man's opinion. I have been self employed most of my life. I am currently opening a 3rd business at age 60 while working far more hours than you do. A 75-90 hr week is my norm.

That being said, self employment is something a person must do. For most of us, we had no other choice. Our employers were idiots, we would never grow and become hugely successful as an "employee" and we are not interested in building a retirement income for others. We are self employed because it's the only way to be happy, reduce the risks and command our own destiny. If you need a pros & cons list to decide whether self employment is for you...it isn't. You just know. No doubts. You take the leap because you know you have to. You succeed for the same reason...you have to. That means doing WHATEVER IS NECESSARY to ensure your success. It's a life of sequential sacrifices, personal growth and a lot of talking to yourself in the mirror. Self employment is for leaders, not followers. All it takes is all you have.

This may or may not not help you but I promise you...it's the truth.

 

[Azone]

My take may not be what you're looking for so consider that it's just one man's opinion. I have been self employed most of my life. I am currently opening a 3rd business at age 60 while working far more hours than you do. A 75-90 hr week is my norm.

That being said, self employment is something a person must do. For most of us, we had no other choice. Our employers were idiots, we would never grow and become hugely successful as an "employee" and we are not interested in building a retirement income for others. We are self employed because it's the only way to be happy, reduce the risks and command our own destiny. If you need a pros & cons list to decide whether self employment is for you...it isn't. You just know. No doubts. You take the leap because you know you have to. You succeed for the same reason...you have to. That means doing WHATEVER IS NECESSARY to ensure your success. It's a life of sequential sacrifices, personal growth and a lot of talking to yourself in the mirror. Self employment is for leaders, not followers. All it takes is all you have.

This may or may not not help you but I promise you...it's the truth.

View attachment 157496

No need for sugar coating, the truth from people who have done it is what I'm looking for.
Alot of what you mentioned is what I've already thought about and am prepared to do to get things accomplished. I'm in no way expecting champagne and caviar to fall into my lap.
I'm prepared to put off some hunting just to make a business successful. I would still make time for a few local day hunts but if the big trips gotta wait, then so be it. I would rather pay now and play later than wake up one day and still be in a position like this. Making your own decisions and destiny is a major draw for me.

 

[Rich M]

My experience speaking:
Understand the financial aspects behind owning a company before you start one.
Know where your next job is coming from and the one after that and the one after that - steady source of work.
There is no way to do it without self sacrifice - you take time off before you are fully established, your company fails.
Plan on growing the company - if you don't grow the company, it fails.
You will need employees, insurance, workman's comp, etc.

What would I do in your position - find another job. Keep doing side jobs. Maybe you reach a point where the side jobs exceed the real job. If not save and invest for the future and have as much fun as you can in between. Is there any way you can step out of the politics & bs whining aspects of the job? A lot of it probably originates with 1 or 2 folks who ruin it for everyone else. hard to stay clean but if you can, might get easier there.

You are worth $X$ right now and if you don't make $X$ you will be losing money & ground. That's the point I didn't understand in my own business - I made more money for less effort working for someone else - had weekends off, vacation time, etc.

Do up a business plan with realistic research and numbers and see how you like what it says. In addition to researching your competition and seeing how you can take work from them, you need to realistically determine what your no-go point is. The point at which you basically give up and get a job - make it be before you run out of money, or maybe don't reach a certain $$$ threshold.

I would not have started a company if I knew what I was getting into - life is so easy for the 9-5 guys, once you become self employed or hit Sr level of management, your life is now the company. Yet, having my own company and the MBA has allowed me to excel where I'm at. It is 7:20 PM and I'm at work, taking care of something that can't wait til tomorrow and I'm at another office tomorrow...

Best wishes figuring this thing out. Plenty of guys do self employment and make it. It is a mindset.

 

[Terrapin]

Build a big financial cushion. It will give you freedom when you work for yourself. I’m not talking a couple paychecks... I’m talking a year or so. If you don’t have that, you’ll feel obligated to take in jobs that you don’t want to do, just to keep the lights on.

If you have that financial latitude, you can bust your ass when you want to, and skip work when you want to. You will also have money to invest when something pops up.

Budget $2k per month for health insurance for a family of four.

Assume that your wife is going to quit her job a couple of months after you start your business... her time with the kids is precious and finite, and you’ll agree with her decision (most of the time).

Don’t start drinking, doing drugs or other escapist activities. You will suddenly have the freedom and perceived financial ability to over indulge... the stress will justify it in your brain. That includes being stupid about your hunting.

Talk to your accountant and make your hobbies tax deductible. You can greatly decrease your tax liability (the down side is showing low income makes it tough to get home loans and decreases your ability to sell your business).

Don’t take on a partner. They are all parasitic syphilitics and you will rapidly learn to hate them as they bleed you dry.


Sent from my iPhone using Tapatalk

 

[30338]

Worked for a company for 22 years. Made good money, worked long hours and wife stayed home. It was a great run. Then they started threatening me with new comp plans and less support hours. Decided at age 43 with two teenagers at home to go for it on my own.

Now I am making 50% more than I ever did working for a company, have some great contract labor working for me. They love it as they work from home too and I pay them above market rates. I work less, make more and answer to only myself and my clients. Its the only way to fly if you can pull it off.

Health insurance for my wife and me, now runs $14,000 a year which is way down from when kids were home. So you need to be hitting on all cylinders to make it work. Worst case you make a run at it and it doesn't work. Who cares, go get another job and punch a clock again. Glad I rolled the dice though. Hunting a lot more these days....

 

[Where's Bruce?]

No need for sugar coating, the truth from people who have done it is what I'm looking for.
Alot of what you mentioned is what I've already thought about and am prepared to do to get things accomplished. I'm in no way expecting champagne and caviar to fall into my lap.
I'm prepared to put off some hunting just to make a business successful. I would still make time for a few local day hunts but if the big trips gotta wait, then so be it. I would rather pay now and play later than wake up one day and still be in a position like this. Making your own decisions and destiny is a major draw for me.

Two pieces of advice.
1. Select a business you'll actually love. If you enjoy the work, it's not work.
2. Select a business with 6-12 month renewable contracts from multiple sources. As you add new business and retain the old business, you grow, have reliable cash flow and won't have to worry about losing a big chunk of revenue all at once. My neighbor had 3 huge accounts...lost two of em in a month and closed up shop due to financial constriction that choked his company to death. Better to have a bunch of smaller revenue streams than one really big one. Live below your means and squirrel away money for the tough times. Self employment is a rollercoaster ride, big peaks and valleys. You must learn to enjoy the ride even when it's scarier than Hell.

 

[Azone]

Thanks for all the time spent on the replies so far fellas.
I would not take this on without a good amount of money put away so I can get a good cash flow going. I'm currently in the process of lining up even more work and potential clients. Trying to do so in a small community such as mine without my employer finding out is tough, but so far signs are looking promising.
As to the response mentioning over indulging, I've watched enough people in my area blow through small fortunes do to bad decisions that stemmed from a bottle or rolled up 100 dollar bill in their nose. No desire in hell to join that list.
I know I have enough discipline now in life to make it happen, it's just very uneasy walking into to the unknown when you have a wife and three kids to fend for.

 

[WV Mountaineer]

It takes a lot of hard work and time to build a business that is truly profitable. It sounds like you have the dedication for the time needed and, are a dedicated worker too. So, you are covered there and trying to accomplish the goal of a successful business isn't going to shock you on the terms needed to do so.

The biggest thing I think that is going to surprise you being self employed is the lack of quality help. It just isn't out there. Because those people are working just like you are now, for another company. Being a small business, you can pay what the work demands in compensation but, you will not be able to offer them insurance. Which means that most qualified applicants are going to go else where. All is not lost though.

You can offer things in lieu though if you find that 1 in a million. Offer good pay for the services they provide. Subcontract them, pay them the taxes, while giving them the freedom to run their own business and capitalize on tax deductions. It gives them ownership in the health of the business, which gives them drive to see it succeed. Which also creates a partner invested in you as well. Work with them on time off. Never forget the reason you are looking to do this is the same reason they would be willing to do it. FREEDOM to enjoy the fruits of their labor. But, you had better believe me that you are going to look long AND hard for the people to do this with

I've been self employed for the last 6 years. 5 of those years was finishing up a 21 year career as a forester. I walked away from that last February to do landscaping and construction. I spent a ridiculous amount of money buying commercial mowers and gear needed for two landscaping crews. To only fight tooth and nail to get people to run it in a professional manner. While offering them both 30 percent of the take. My gas, my equipment, my trucks, my trailers, me getting the jobs for them, me collecting the pay, me doing it all. At the same time I was studying to acquire my commercial and residential construction license. My idea was to give these crews a good living with incentive for a great one if they wanted to give the effort. Mind you, I'm there sweating right along with them too. So, it wasn't a lack of effort on my part while they slaved away. However, what I quickly realized is that unless congress revamps the immigration process to expedite immigrant workers, I'm going to spend the next 20 years spinning my wheels doing this too. Because Americans can stay at home and lay on their butt and make it versus starve for being lazy.

I told you all this in order to get you to see that it isn't all roses. That is takes a miracle blessing to get the stars in line for a small business to truly succeed to the point the owner benefits with the freedom to enjoy the fruits of his labor. So, unless you know people that will invest in this venture with you, be content to stay small and do only what you can do alone. If not, the freedom you seek will not materialize.

 

[Billy Goat]

You like paperwork?

Your going to need to decide if you want to do what your business is and hire someone to run the business, or run the business and hire someone to do the business.

I know some good mechanics who can't run a business. Same can be said for a lot of businesses. Just because you are good at a job and can do it on your own doesn't mean you can do it for yourself.

Just something to think about. Being self-employed is a lot more than just bringing in work and doing work. At least in my field as work is manual labor, then there's paperwork. Lots of it. Lots and lots of it.

 

[lab-roamer]

A lot of great advice here
I'm on my 4th year of being self employed and not looking back(no way in hell I could go back working for the man)
I'll add my thoughts without rambling on too much
-Every ones situation is different, figure yours out before you make the leap
-debt free as possible with a savings
-sell your hunting gear, you won't need it for a few years and you'll need the cash
-be prepared to watch your buddies go hunting while you work
-get a good tax guy that looks out for YOU(not HR block)
-100 hour weeks can be the norm, or wondering when your next job is coming in
-stay flexible and don't be scared to take on jobs you haven't done before
-don't burn bridges, word of mouth is still powerful advertising
-is your wife on board??
-your going to gain new "friends" that are going to try to get services for free because you are friends, set them straight right away, INCLUDING FAMILY, your a business now, your time is money
-good record keeping, invoicing, etc.. is very important
-Surround yourself with positive people and self employed people. A lot of folks including friends and family will question you, be negative, and some will secretly hope you fail. Avoid these a-holes

Hope this helps, self employment is great but it isn't for the weak followers.

 

[Azone]

It takes a lot of hard work and time to build a business that is truly profitable. It sounds like you have the dedication for the time needed and, are a dedicated worker too. So, you are covered there and trying to accomplish the goal of a successful business isn't going to shock you on the terms needed to do so.

The biggest thing I think that is going to surprise you being self employed is the lack of quality help. It just isn't out there. Because those people are working just like you are now, for another company. Being a small business, you can pay what the work demands in compensation but, you will not be able to offer them insurance. Which means that most qualified applicants are going to go else where. All is not lost though.

You can offer things in lieu though if you find that 1 in a million. Offer good pay for the services they provide. Subcontract them, pay them the taxes, while giving them the freedom to run their own business and capitalize on tax deductions. It gives them ownership in the health of the business, which gives them drive to see it succeed. Which also creates a partner invested in you as well. Work with them on time off. Never forget the reason you are looking to do this is the same reason they would be willing to do it. FREEDOM to enjoy the fruits of their labor. But, you had better believe me that you are going to look long AND hard for the people to do this with

I've been self employed for the last 6 years. 5 of those years was finishing up a 21 year career as a forester. I walked away from that last February to do landscaping and construction. I spent a ridiculous amount of money buying commercial mowers and gear needed for two landscaping crews. To only fight tooth and nail to get people to run it in a professional manner. While offering them both 30 percent of the take. My gas, my equipment, my trucks, my trailers, me getting the jobs for them, me collecting the pay, me doing it all. At the same time I was studying to acquire my commercial and residential construction license. My idea was to give these crews a good living with incentive for a great one if they wanted to give the effort. Mind you, I'm there sweating right along with them too. So, it wasn't a lack of effort on my part while they slaved away. However, what I quickly realized is that unless congress revamps the immigration process to expedite immigrant workers, I'm going to spend the next 20 years spinning my wheels doing this too. Because Americans can stay at home and lay on their butt and make it versus starve for being lazy.

I told you all this in order to get you to see that it isn't all roses. That is takes a miracle blessing to get the stars in line for a small business to truly succeed to the point the owner benefits with the freedom to enjoy the fruits of his labor. So, unless you know people that will invest in this venture with you, be content to stay small and do only what you can do alone. If not, the freedom you seek will not materialize.

Good help is becoming very hard to find in my area. I would definitely want to ease into it, transition from being an employee to my own boss then to a potential employer if the work load proves it's necessary. I dont tolerate ignorance well in a work environment, if you were hired to perform a task you better know how to do it.
I can work extremely well with certain types like the motivated, knowledgeable or willing to learn and then there are certain types I cant stomach which are the lazy coattail riders. The lazy type is what's driving me out of my job, I just can't take b.s. anymore.

 

[Azone]

A lot of great advice here
I'm on my 4th year of being self employed and not looking back(no way in hell I could go back working for the man)
I'll add my thoughts without rambling on too much
-Every ones situation is different, figure yours out before you make the leap
-debt free as possible with a savings
-sell your hunting gear, you won't need it for a few years and you'll need the cash
-be prepared to watch your buddies go hunting while you work
-get a good tax guy that looks out for YOU(not HR block)
-100 hour weeks can be the norm, or wondering when your next job is coming in
-stay flexible and don't be scared to take on jobs you haven't done before
-don't burn bridges, word of mouth is still powerful advertising
-is your wife on board??
-your going to gain new "friends" that are going to try to get services for free because you are friends, set them straight right away, INCLUDING FAMILY, your a business now, your time is money
-good record keeping, invoicing, etc.. is very important
-Surround yourself with positive people and self employed people. A lot of folks including friends and family will question you, be negative, and some will secretly hope you fail. Avoid these a-holes

Hope this helps, self employment is great but it isn't for the weak followers.

My wife and I have discussed just about all you have mentioned and luckily for me she works for a damn good tax guy. The negative people will surely come with the territory, but ignoring them usually seems to piss'em off more so I will just stick to that tactic for them.

You like paperwork?

Your going to need to decide if you want to do what your business is and hire someone to run the business, or run the business and hire someone to do the business.

I know some good mechanics who can't run a business. Same can be said for a lot of businesses. Just because you are good at a job and can do it on your own doesn't mean you can do it for yourself.

Just something to think about. Being self-employed is a lot more than just bringing in work and doing work. At least in my field as work is manual labor, then there's paperwork. Lots of it. Lots and lots of it.

I'm not expecting it to be easy and paperwork will be something I will have to figure out. I also know some guys that are damn talented in trades but not a lick of business sense. Some guys are cut out for it, some are not, only time can tell.

 

[CoSwede]

Lots of great advice in the above posts. I'll add my own experiences. Did 26 years in the military and when most of my peers were taking on lucrative post-retirement contractor jobs in the same industry I decided to go another direction. With the help of my girlfriend we opened an assisted living facility in a rural community. Because of our exceptionally high standards we were successful and soon bought out or competitor and now we are getting ready to purchase two more. From zero to 82 beds in 10 years. From the 20k foot level that sounds great. Pull back the curtain and you see lots of 24 or 48 or even longer stretches of nonstop work covering for staff that because of some minor reason they were not able to come to work. I am regulated to have a certain staffing level at all times so when someone decides they are going to ghost their job we have to fill their shifts often with no notice. I'm often left wondering how I can work 26 years without missing a single day yet the folks I employ rarely make it two weeks before calling in for some reason or another. Every person is different and money can't buy integrity. If you plan on getting into an industry that employs people at or near the minimum wage you will have a unique set of challenges. Colorado's minimum wage increased approx. 50% over the last few years. Aside from writing bigger paychecks - nothing has changed. Job ghosting is still prevalent, collection notices for employees are prevalent, requests for pay advances are still prevalent. The industry doesn't support significant pay increases. My revenue sources are largely fixed so when some lawmakers see fit to increase minimum wage we can't simply pass the cost increase on but have to cut costs in other areas. As owners, having the soft skills to understand and deal with these issues is what has made us successful in our area. Not to mention I can always rely on my military pension and insurance. Our industry is the 2nd highest regulated industry in the state - we are subject to unannounced inspections every year. Those challenges pale in comparison to finding, hiring and retaining qualified staff. Consider the industry you are getting into and your labor pool. You might think you are the hardest worker around - you might find out it's true.

 

[WV Mountaineer]

My wife and I have discussed just about all you have mentioned and luckily for me she works for a damn good tax guy. The negative people will surely come with the territory, but ignoring them usually seems to piss'em off more so I will just stick to that tactic for them.

I'm not expecting it to be easy and paperwork will be something I will have to figure out. I also know some guys that are damn talented in trades but not a lick of business sense. Some guys are cut out for it, some are not, only time can tell.

If you treat it like a business, you will be fine. As stated above and, acknowledged by you already, it is going to take some sacrifices at first. Your only obstacle aside from getting the work, is determining the opportunity to grow or to plug along alone. Just don't go head over hills like I did last year. There is nothing more thrilling then watching a brand new Milwaukee Fuel hammer drill or Dewalt impact driver fall from three scaffolding bucks high on to concrete and bust to pieces. All in the same day because people don't care. Don't put yourself in in a similar situation like that right out of the gate. You'll learn enough in time to know if the opportunity to grow presents itself later.

 

[*zap*]

A good carpenter can do OK on his own with some occasional help. Keep it small and concentrate on repairs. I do some landscaping and home repairs solo. Good variety of work load and decent hourly wages + I can determine the volume of my work load myself. Local 'dry rot repair' ads usually generate work if the load from the regular customers is slow. Spring yard/bed clean up ads can also do well if you do not mind doing that work and often the people I get hired by for that become regular customers. E-Z to earn $60-$80 an hour.

 

[Azone]

There is nothing more thrilling then watching a brand new Milwaukee Fuel hammer drill or Dewalt impact driver fall from three scaffolding bucks high on to concrete and bust to pieces. All in the same day because people don't care. Don't put yourself in in a similar situation like that right out of the gate. You'll learn enough in time to know if the opportunity to grow presents itself later.

Wow, that's the kinda thing that makes you want to cram a whole can of Copenhagen in your mouth and walk away.

 

[WV Mountaineer]

Wow, that's the kinda thing that makes you want to cram a whole can of Copenhagen in your mouth and walk away.

That's the kind of thing that makes you switch from Copenhagen to Redseal because Redseal is cheaper.

True story. I had a guy mow the wrong yard last year after mowing the one he was supposed to mow three times already. I can't make this up.

I'm convinced it is a test. To make me a better person. Because life is hard when I do stupid things.

 

[Azone]

A good carpenter can do OK on his own with some occasional help. Keep it small and concentrate on repairs. I do some landscaping and home repairs solo. Good variety of work load and decent hourly wages + I can determine the volume of my work load myself. Local 'dry rot repair' ads usually generate work if the load from the regular customers is slow. Spring yard/bed clean up ads can also do well if you do not mind doing that work and often the people I get hired by for that become regular customers. E-Z to earn $60-$80 an hour.

Mobile repair off the truck is what I'm targeting, with some small scale projects with customers that have flexible time lines. Some folks are great to work with in my area and some you just dont want to deal with. Opening a full blown fab shop is a black hole I'm not just gonna jump into right off the bat. If my major expenses are just fuel for the truck and welding machine and rod and wire with some other consumables that will have to be factored in, then that's very manageable in my opinion to start with. Once you get into a big building with lots of equipment and overhead, then the hair pulling starts when stuff gets slow.

 

[*zap*]

Solo has its advantages but the real $ is having employees, but that is also a can of worms unto itself. I am single and keep my fixed expenses low so solo works Ok for me.