fund razor

That's wierd. When I was self employed, I had to work when there was work. It was kind of at the convenience of the client. I didn't find much flexibility in it. It was more like "make hay while the sun shines."

Must be a different business. I had to get into people's homes sometimes. They tended to have an opinion about how and when you could.

fund razor

I forgot something about self employment.

People like your friends and family will think of it like you are always free to help them out. (Because after all, you don't have a job.) They have no concept that you are not unemployed, just self employed.

Once I got a 9-5 they assumed I was busy. But I work less hours now than I did when I was self employed. Wierd.

fantastixvoyage

iTrader: (1)

Kyle -

I've been considering starting out on my own as well, but in performance engines/rigging. I'm 24 - there must be something about this age that makes a guy want to strike out on their own. Anyways check out your nearest SBA. They're a ton of help and by all means put together a business plan! I don't care how clear it seems in your head - put it down on paper for your use as well as use later when working with banks, lawyers, etc. There's also cheap classes at several of the community colleges in the area.

And by all means NETWORK! Small business owners are extremly helpful and will to share their knowledge. Keep me posted on how this goes...maybe we should start a friendly competition to get each other motivated!!!

bouyhunter

I agree with everything fund said.
I started my Construction Co. @ 24 yrs. I was making alot of money real quick, and the biz grew fast. Basically doing small remodels, window and door replacement, basement finishes - everything that I could handle between my self and 3-4 employees that I trusted! I really wanted to get into building houses and got an opportunity to build one that I knew I wasn't gonna make much money on, but at least I could get one in the ground (figure it would make selling more house contracts easier). I had to hire sub-contractors for certain portions of the job =first mistake. I wound up fixing all there mistakes.
Well, the customer stiffed me when it was all said and done for about $50,000. This was money I couldn't afford to lose at 29 with my daughter being born while I was working on the house.
This whole episode cost me my marriage, my house, my truck, and eventually even my boat (though I tried to hold on to the truck and the boat the longest
).
It is a big risk, and can payoff very well. For me to run it, it took 14-16 hr days, But then I would try to make sure I was on my boat by 3:00 on Fri.
I'm actually liking working for a big Co. now. I'm a little older (33) and people in the corporate world take me more seriously than when I was 24. Plus, I learned a hell of alot while "on my own".
Self employed were some of the best days of my life (workwise anyway...) but there are risks.
Good luck to you whatever you decide

kmiller

These are some awesome post. I'm going to put a bussiness plan together and see what it takes ( selling boat ). I run our shop now so I know what to expect and how to handle customers. I always sell on quality first and price last, and I know I will have a following. One big plus is my dad retires from ford motor company in 18 months and is more then willing to help get somthing started, he has a great retirement plan w/ health care so he is "close" to free. LOL

tomtbone1993

iTrader: (3)

good luck Kmiller

toolman

Make yourself up a "breakeven sheet"

Take into account ALL of your expenses, including payroll and all insurance. (You will find these are the biggest expenses you'll have)
Look at how much business you have to do to "breakeven"

You'll be surprised how much money goes out every month.

I've been in business for myself now for 14 years, and expenses keep getting higher.(Insurance goes up, fuel, electric, etc.)

Not trying to discourage you, just be prepared.

Oh, yeah, keep in mind you want to do more than just breakeven, you want to make enough money to retire someday (start your own retirement acct.)

The rewards are worth it, just crunch the numbers first.

Dave

bojoe2

good luck go for it.

fund razor

You aren't that far from me. Anything I can do, let me know.

clearcut3

I started my own thing when I was 25 and learned A LOT of valuable things in the process. Most self-employed people can tell you how much they need to make self employed vs. being an employee for it to be worth it. With there being people on this board in your field talking with them will help you A LOT.

For my line of business I have to make about 2.5 times what I make being an employee. This takes into account company vehicle expenses, communication expenses, insurance, matching federal taxes and SS, starting SEP funds with no matching, and a little "risk" factor which increase proportionally with age and family status.

I was self-employed for about 3 years and then a major corporation made me an offer that I couldn't refuse, not from a money standpoint as much as from an experience and growth standpoint. Now I am 31 and have seen both sides of the coin and I can tell you there are benefits and drawbacks to both. The major benefit for me is I have NEVER had an office job since I graduated from college in 1995. I CAN NOT function in a cubicle world. Although I work for a large company now (70,000 employees) I have a home office when I am not traveling so I still have the freedom that I require. I actually have more freedom than before because being self-employeed I worked ALL the time and worried ALL the time. I also still have my "side business" for supplementing my income. I still work a lot more than the average person but the stress comes in periods now versus all the time. You can never put a price on reduced stress levels but as a rule of thumb: As your pay increase so does your stress level

As long as you do your homework up front being self-employeed will be a valuable lesson and experience that you can't gain anywhere else. Good luck!!!