Self employed?
Hawk Jam
Posts: 121
Any of you out there given your employer the "sack" and started your own business?
Something I've wanted to do for many years now.
Would love to read some of your experiences!
Thanks
David
Something I've wanted to do for many years now.
Would love to read some of your experiences!
Thanks
David
Post edited by Unknown User on
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Comments
As for me, I ran my own personal business for about a year and would not do it again unless I was forced to. It was very rewarding at times but sometimes the intangeable cons outweigh the tangeable pros. I made an absolute killing during my time on my own but at the expense of extremely high stress, loss of the ability to enjoy any of my hobbies and most importantly loss of time with my family.
There's something to be said for the ability to to finish a day's work at the office and just walk away. Being your own boss means you can never walk away. It's practically 24/7/365. At least for the first several years and probably longer if you want to be very successful. Again- depends on what your doing.
I hope you absolutely love what you do. It takes passion for what you do/make/whatever to keep from throwing in the towel and on the flipside if you do love what you do you run the risk of hating it because you will be chained to it. Sort of catch 22.
In any case- before you make the leap, study study study. Talk to as many people as you can who have made the same decision and learn from them. Read a lot. And good luck!
ImageLink Inc.
9 out of 10 small businesses fail so make a business plan and have proper working and growing
capital in place. Study your market...we moved cross country to help insure success.
Upon arriving JB made business contacts here that we would need in the future by working
in the field for a year and half before we took the leap.
He also met our partner who moved from KC at the same time
wanting the same future as we.
One can not rule out the 'fate factor'.
Be very good at what you do... be the best, this is where success lies.
JB is the best color man around, very personable and confident.
A good salesman.
His parents were entrepreneurs so he learned the value of hard
work very young. He is a workaholic, a tired one now.
His partner a 'machine guy'... having sold printing equipment for years
with a good business mind.They complemented each other for years
until recently we became a family business and bought him out.
Talk about freedom... this feels nice, scary but nice.
It is wonderful to be free from an employer, making the decisions
but you will have no one to blame but yourself when things go wrong
and they will. Try to foresee problems before they happen.
Your cost of freedom can be as much as 18 hour days 7 days a week in the beginning
with little salary, be prepared for the worse. JB still works at least a 60 hour work week.
Know, most likely, family and personal wants will come second and it will be awhile
before you will travel to see Pearl Jam
Be very committed ...your biz is your baby.
Be very good to your employees... what you give you will get back.
They are your product your service.
Be a family.
The effect that the country's economy has on your business
will be tough to take because it is out of your control.
We have experienced many highs and lows but have survived when others
have shut their doors. I manage money really well and the lack of it,
Have someone you trust doing this.
My mantra ... money is only needed not wanted....
money changes people try not to be greedy.
Ours is not a cash business but is moving towards that now. We have lost much because
of other businesses mistakes ... beware there is no good settlements that come from that...
there is no justice. All is fair in love and war and business.
Get tough.... stay honest... keep your integrity.
David I wish you success ...
make your business something to can be proud of because at the end of the day
it is you!
The main reason I went back to working for someone else: proper benefits and health insurance.
The benefits pacakge I now have would cost more than $5,000 a MONTH if I were self employed.
Instead, it costs me about $1,000 with about 65% of that paid by pre-tax dollars.
my advice is to keep your overhead low and understand what you are getting yourself into ... like the first person said - it can have a lot of stress and introduces factors you may not have anticipated ... having said that - if you get proper guidance and set your own conditions - it can be very rewarding (not only financially but in your ability to do things the way you want) ...