Who Here is Self Employed?

[mtocrs1]

How many of you guys are self employed?
What do you do?
How did you get started?
What made you take the plunge?
Do you love it or regret it?

I currently have a job most would love to have for big corporation. It sucks and I'm thinking about walking away to pursue something I actually enjoy.
I feel that I will never be happy working for someone else.
Anyway just curious.


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[Gene Van Horn]

I have been self employed for over 30 years. First off, i would have to know what you do now to make a living. Im what you would call a sub-contracter, in the building bussiness. I only do commercial work, no residentual. Thirty years ago i had a partner,we got into it so i went on my own,just like that. Construction was booming at the time where i live, still is for that matter so finding work was easy. I have built everything from hotels,strip malls, stores, hospitals,whatever but i have had a construction backround since i was born. Meaning, do what you know how to do not what you think you can. For instance, i do metal stud work, not wood framing so when i need wood framing i hire wood framers, not my crew which are steel framers. I personally could never work for someone else at this point, the freedoms aloud at this point cannot be replaced. Im semi retired, i only do jobs for certain biulders now and pretty much chose the ones i want to do. At one time a few years ago i had 40 guys working full time, those days are over, payroll was 40,000 to 50,000 a week and the stress is incredible. Like i said i have since downsized to five to ten and smaller jobs, it depends, do you want to make a living or do you want to take over the world,personally smaller is better. Lots of other things to consider, my biggest asset is my wife, she is vice president and CFO of a billion dollar company plus we still get along, go figure. Got to have the woman behind you or you are in for trouble from the start. This not only allows me to golf constantly it lets spend alot of money on car parts. Get out now and take whatever you can with you, you and i and everyone else will be dead soon. Im 57 years old and i dont give a shit if i ever work another day in my life, i refuse to work till i cant and then die with shit without doing what i want to do at the least. I dont know what you do, but good luck doing it for yourself instead of the man, you be the man f- them.

 

[TURBOPOWERED68]

Self employed -- no paid holidays, no paid sick days, no paid vacation, no pension. You have to look for work, do the work and then hope you get paid. A lot of times I kick my self in the butt for not taking a city job and retire at 20 for doing nothing with great benefits.

 

[Gothmog]

Self employed -- no paid holidays, no paid sick days, no paid vacation, no pension. You have to look for work, do the work and then hope you get paid. A lot of times I kick my self in the butt for not taking a city job and retire at 20 for doing nothing with great benefits.

X2

 

[psycho6cyl]

I think biggest problem now a days isn't pay but healthcare. That's the big ticket expensive thing. If you have a wife w great benefits then it makes it a little easier but if not then its a tough call. If you're single no family fairly young just try it. Nothing to lose.

 

[Gene Van Horn]

My wife has all the benifits we will ever need, unless im in the middle of a larger job then vacation time is irrelevent because im always on vacation. Retirment is something you do have to plan for. Also dont forget you gotta pay the man, thats the IRS in case you were wondering. So if you are responsible with your money, and pay your taxes each quarter you should be able to have a viable bussiness, providing you have enough work in your field of expertise. Its alot to consider, like i said my wife makes it easy for me.

 

[434nova]

I am self employed
I own a printing company
I got started by my father who started the company 30 years ago so I inherited it when he retired 3 years ago worked in the shop for 13 years before I took over.
I honestly can say I love what I do. Been doing it forever.
Owning your own business has its ups and downs for sure. When it's busy it's great and when it's slow it sucks. When it's slow you still have all your expenses. I work in a small shop with 4 employees all of which are family and have been there 20 plus years.
My shop cost me 30k a month to operate.
So the way I look at it is I have to make a 1000 a day just to keep the doors open.
Taxes
Salary
Insurance
Rent
Utilities
Supplies
Food for all of my employes, I buy them breakfast and lunch.
Etc.etc. the list is ongoing. Lol
But I must say. There is nothing like working for yourself.
My dad started the business at 20 years old and he retired at 48. I can only hope I can do that.

 

[TT/Ameasap]

Realestate
Research and educate yourself.
I am a design engineer and love what I do, but I will be able to retire early with realestate. My brothers have been doing it for many years and both are set for life.

 

[2GNS4ME]

Good advice here.

 

[mtocrs1]

Thanks for the info guys. Seems like a mixed bag of emotions.
I have been working as a development engineer for the past 10-15 years. When I first got the job I felt like I won the lottery. Now I feel like I'm on death row waiting for the end. The work is easy but pointless. Add in the corporate BS.....Prior to that I was a Auto dealer technician.
I am wanting to open an auto/marine repair shop.
I plan to hire a couple guys to do the work and I would run the business and maintain quality control.
The numbers add up but man is it hard to pull the trigger when you have two little ones and a wife counting on you.
My wife does have a good job so health benefits would be maintained.
Still unsure.....



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[mtocrs1]

Realestate
Research and educate yourself.
I am a design engineer and love what I do, but I will be able to retire early with realestate. My brothers have been doing it for many years and both are set for life.

Real estate as in rental properties?


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[TT/Ameasap]

Rental and flipping.

 

[~JM~]

Figure that you need to bring in 3-4X the amount of dollars that you currently make working for someone else, when you go out on your own. That's just for yourself & family. Doesn't include any employees.

How much stress & uncertainty are you willing to take on?

There are plenty of auto and/or marine repair businesses that have failed. Pretty tough to locate & keep reliable mechanics. Depending upon your location... Autos may or may not be a necessity. Boats are usually a luxury. When the going gets tough, boats are sold off.

 

[mtocrs1]

Figure that you need to bring in 3-4X the amount of dollars that you currently make working for someone else, when you go out on your own. That's just for yourself & family. Doesn't include any employees.

How much stress & uncertainty are you willing to take on?

There are plenty of auto and/or marine repair businesses that have failed. Pretty tough to locate & keep reliable mechanics. Depending upon your location... Autos may or may not be a necessity. Boats are usually a luxury. When the going gets tough, boats are sold off.

Yep finding good techs is the biggest problem. I have a friend that has successful repair shop and he has to turn away work. I have been getting advice from him. He says that the lack of techs is the biggest problem.
I truly think that the ones that fail need to fail, based on the work they produce. I have tried many times taking my vehicles (fleet of five) to local shops for various reasons when I don't have time. I am always amazed by the lack of quality and price.

3-4x the amount? Can you explain where this stat comes from.


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[~JM~]

3-4X $'s is a general rule of thumb that has been around for a long time.

 

[Dennis Kirban]

kirban 2 cents worth.....

I been fortunate in life after 3 year stint in the Army got out in 1970, I never ever punched a time clock or worked for anyone....its not easy to do I got lucky as the two cars I picked to base the retail end of our business on both really clicked with the consumers of performance cars the GTO being the Preimer Muscle Car followed by the Turbo Buick. Each for their particular era generates a good following.

I also had a printing business with just one client my Dad. also was lucky enough to travel for him 10-14 day every month for about 10 years Went to virtually every state in the country. . Also had a towing business for major car dealers in my area....Had 3 trucks on the road.

Each business brought its own rewards and headaches....point being never put all your eggs in one basket what may seem like a good business today may be high competitive 5 years from now or die down.....

If your single the gamble is less....got a family may wanna ease into it....while retaining a job that pays you.

denniskirban@yahoo.com

We all like to hit that home run.....or at least a double....

good luck.....

 

[2GNS4ME]

Love to work for myself. As mentioned with kids depending on my income makes it difficult. If you can sustain on your wife's income and solid business plan you might want to try it.

My uncle said it best. "When you work for someone you only use 10 percent of your brain but when you have your own business your brain is always working". The key is to take the challenge straight on and try to make it fun if that's possible.

I think You will have stress regardless of working for someone or your own business but if you do what you enjoy possible make it better?

I think my biggest challenge would be satisfying customers. Now a days I think it's harder to please people and once you lose a customer hard to get them back.

I admire you for looking into or pursuing a business. Hopefully one day I will join you in the same adventure.

 

[Gene Van Horn]

I know one thing, i have a 33 foot boat on the hudson and anything i have done to it cost a small fortune. I mean anything. Twice what it costs for cars or trucks at least. Marine sounds like the way but from what i noticed it seems hard to actually find people that know what they are doing. My marina always looking for techs and mechanics.

 

[BARRACUDA1968]

I've had my own business for 9 years in the field I've been in for 20. If you have health insurance covered that's a huge plus, especially with a family. If you are really (really) good at what you do and you have a market for your trade you will not fail. I have had boats on and off for years and can't ever remember not waiting to get service when I needed it. I own an independent used car dealership and am successful in a small 8000 population community. I've seen 4 guy's come and go in the last 6 years trying to do what I do. (Too many TV shows I guess) Point is if you have a good moral compass, good work ethic and you live right people will gravitate to you're business. Customers are done being fooled by the deal of the day and plan of the week.

Put a realistic business model together, DON'T go in under capitalized. Put back 6 months worth of bills in a savings account on top of what it takes to get the business off the ground. Wait until you can do this.

I also have friends who own their own businesses and brag because they have to turn business away or can't get to a customer for 2 weeks. I'm glad their busy but I wouldn't personally follow their business model if they're turning customers away on a regular basis. That's not smart.

I was scared to death to make the leap when I did but I felt I was a Leopard running with a pack of Lama's. My fear of working for someone else pointlessly was worse than my fear of taking the chance and failing. What is your fear?

Do what scares the hell out of you now. The courage will come later.

 

[Rugby]

I am in a similar boat. I was laid off last week and I have been dreaming of opening my own auto repair shop. I have been in talks with a guy who has a fleet of trucks and limos that is looking for someone to service his fleet. They have a sister company that has 40 limos that is also looking for someone to service their fleet. They are both looking for someone who is honest and does good work.

I think the work is there I just have to open the doors.