Going into working for yourself

[Cherokeekid88]

Over the last couple of years, I have really thought about what it would be like If I could work for myself. I know there are people who make money many different ways, but I think about the time I spend at work and away from my family and is there really something out there that could change the trajectory of my life not just in a monetary sense, but just giving my family the freedom to do what we want to do. Being able to have a flexible schedule and just being able to spend more time with my family. Over the weekend, we were at the mountains and it just made me realize all of the things I am missing out on. For those of you who work for yourself, how did you figure out what you wanted to do and how has it been?

 

[Danger_Ranger]

I highly recommend working for yourself. Just find something you like to do, and try to be the best at it. It may take a while to get established, but it will eventually come. It took me maybe 2 years before I got steady work.

 

[CasterTroy]

think about the time I spend at work and away from my family and is there really something out there that could change the trajectory of my life

I've started to do this 4 different times. Each time there was something going on that reminded me that it's nice to go home and leave "work" behind.

I quoted above, because nearly everyone who has started their own business, spent WAY more time getting it running and started than they EVER did working FOR someone.

If you pursue this, just know you will NOT be spending more time with the family for the first few years. In fact it will be MUCH worse because that will be your main focus.

 

[Cherokeekid88]

I've started to do this 4 different times. Each time there was something going on that reminded me that it's nice to go home and leave "work" behind.

I quoted above, because nearly everyone who has started their own business, spent WAY more time getting it running and started than they EVER did working FOR someone.

If you pursue this, just know you will NOT be spending more time with the family for the first few years. In fact it will be MUCH worse because that will be your main focus.

I figured as much. I just dream of having the freedom to pick my daughter up from school every day and to be able to go with her to school functions during normal working hours, not having to fight over PTO days with other people when I want to take a trip or just some time away. My wife had a side gig for about a year where she could work basically any time she wanted filing reports and made some good money doing it, but we knew it was going to be short lived. Sometimes I just feel like there is more to life than working for the man.

 

[DSM Turbos]

I figured as much. I just dream of having the freedom to pick my daughter up from school every day and to be able to go with her to school functions during normal working hours, not having to fight over PTO days with other people when I want to take a trip or just some time away. My wife had a side gig for about a year where she could work basically any time she wanted filing reports and made some good money doing it, but we knew it was going to be short lived. Sometimes I just feel like there is more to life than working for the man.

Why do you think if you work for yourself you will have all this flexibility?

 

[Bebop]

Or couldn't you find a job as an employee with flexible hours ?

 

[Stuntman Autoworks]

Over the last couple of years, I have really thought about what it would be like If I could work for myself. I know there are people who make money many different ways, but I think about the time I spend at work and away from my family and is there really something out there that could change the trajectory of my life not just in a monetary sense, but just giving my family the freedom to do what we want to do. Being able to have a flexible schedule and just being able to spend more time with my family. Over the weekend, we were at the mountains and it just made me realize all of the things I am missing out on. For those of you who work for yourself, how did you figure out what you wanted to do and how has it been?

What would you be trying to do?

 

[shelby27604]

I've started to do this 4 different times. Each time there was something going on that reminded me that it's nice to go home and leave "work" behind.

I quoted above, because nearly everyone who has started their own business, spent WAY more time getting it running and started than they EVER did working FOR someone.

If you pursue this, just know you will NOT be spending more time with the family for the first few years. In fact it will be MUCH worse because that will be your main focus.

Same, started my own business, did really well, life threw some curve balls my way (REALLY hard to get a mortgage with a P&L sheet and a tax return). I have picked up being self employed and employed a couple of different times, each has the pros and cons. I would say the best advice I could give is this.
1. Get a part time job that can cover the majority of your bills, and use the extra hours to lay the ground work for whatever you want to do (Get your EIN, open a business banking account, establish an LLC, get insurance quotes). Start small, like sign in the yard small, with a few customers.....if it takes off, you are established and can determine when the best time to cut the part time job loose is.
2. Buy an established business (this comes with some risk obviously), but stepping into something that is established, setup, has a customer base, goodwill, etc etc will save you some of those sleepless years mentioned earlier. In an ideal world, buy a company that you can work at for a while so you can figure out what works and what doesn't (on somebody else dime).

As other have said, the grass is always greener, you will have flexibility in your day, but you will work more hours in the week is how I would explain it. Also, depending on the type of person you are, you will never actually take a vacation again....phone rings on the beach....you will answer it, because it is money out of your pocket if you don't. There is no "paid vacation" anymore, there is just time you are willing to step away and not make money.

I used to burn the candle at both ends for the first couple of months of the year to make sure I have the majority of my operating costs covered, often I didn't draw a paycheck until March sometime...but I am not a fan of credit and risk.

 

[CasterTroy]

Sometimes I just feel like there is more to life than working for the man.

Oh there is. But that's 10yrs down the road, when it's running by itself and you've gotten all the kinks out.

If you even THINK about being your own boss, THE best advice (as someone who's watched closely and decided it's never been the right time) I can offer is:

2. Buy an established business (this comes with some risk obviously), but stepping into something that is established, setup, has a customer base, goodwill, etc etc will save you some of those sleepless years mentioned earlier. In an ideal world, buy a company that you can work at for a while so you can figure out what works and what doesn't (on somebody else dime).

This x10000
grass roots start up, restaurant, hobby turned job, are MOST likely to fail in the first year. But buy something established, even if owner financed, is a far more secure way to survive.

I have SO many friends that own their own businesses, and I understand the desire. TRUST ME!! But I've also seen so much of the ugly side. The "If our marriage wasn't so strong this business would have split us for sure" and "I never knew there were so few hours in the day" side to know that I'm WAY too comfortable at this age to need THAT much stress and headache in my life.

 

[jeepinmatt]

Over the weekend, we were at the mountains and it just made me realize all of the things I am missing out on.

you will never actually take a vacation again....phone rings on the beach....you will answer it, because it is money out of your pocket if you don't. There is no "paid vacation" anymore, there is just time you are willing to step away and not make money.

 

[Loganwayne]

Man it seems like you just need to find the "Right Job". which can be a pain in the ass to find the place. but if your in the top of your field in your area it will find you. I changed jobs about 6 months ago and im pretty much running my own construction company now using someone else's money, downside is it has a defined end date.
i have a ton of flexibility, BUT i also answer work calls at 6am until 10pm sometimes and weekends and on my vacations. vacations that i can take because my boss knows i always figure out how to make it happen if im there or not.

I will probably open my own company in the next two years, starting part time. and then when this job ends i will side step and go full time with my own company.

 

[StretchASU]

If you pursue this, just know you will NOT be spending more time with the family for the first few years. In fact it will be MUCH worse because that will be your main focus.

I cannot stress how accurate this is. It is a giant dance of family vs customers vs income vs stress vs bills vs whatever the hell life decides to throw at you.

My wife and I run her family's farm as well as having our own careers. We have friends that also have side businesses to help supplement income, lifestyle, retirement goals what have you. The common thread is, "Man if we could do this full time it would be great BUT" and there's almost always a BUT. I also know people who run their own businesses full time and others that have built their own successful businesses and have sold them and moved on to another venture. I have also been a part of companies that have started from nothing and have some great mentors and confidants through those connections. Many of them may have a great lifestyle now, however the overwhelming majority also have the story of near failure. The most successful ones had a cushion to begin with. That if it failed, they had 6 months to a year set back and could return to something else AND were smart enough they didn't blow through that cushion trying to save the business.

I don't say that to scare but to be completely honest. Some of the best conversations I have with friends is encouraging them to start a side hustle or how they started one. We would love to do nothing but farm full time. However we need our current careers to help us get there if that day ever comes. The cow/calf business model on our scale can break even if we don't get in over our heads and things don't go totally sideways each year. But it takes a couple of years to cycle through cow/calf and convert to a direct to consumer model where admittedly we will make more margin, but at a whole new set of risks and inputs. I guess the tale of the tape is learn to scale and scale according to your target market and your own risk profile.

 

[drkelly]

Sometimes I just feel like there is more to life than working for the man.

That is called retirement.

But I understand what you are feeling. A couple of years ago I was ready to sell it all and become a raft guide up in the mountains after a particularly relaxing vacation up there.

I have accepted the fact that I will work for the man until I am done, BUT I will be done earlier than most people.

 

[Cherokeekid88]

Why do you think if you work for yourself you will have all this flexibility?

I don't think that its always the case, but I know sometimes you can work around your schedule depending on what you go into, such as an online business. obviously having a shop or place that's open to the public, you are bound to retail hours still.

 

[benXJ]

day trader?
amazon affiliate marketer?
make vids on YT?
uber/lyft?
invent something?
firefighter? (lots of time off, at random times)
onlyfans?
open a second hand/thrift store?

 

[jeepinmatt]

A couple of years ago I was ready to sell it all and become a raft guide up in the mountains after a particularly relaxing vacation up there.

If you wanna go that route, I have connections and can get you hooked up.

 

[orange150]

If you wanna go that route, I have connections and can get you hooked up.

My go to rage quit career is park ranger.

Also. Y’all have jobs where you aren’t answering the phone “after hours” and when you’re on vacation

 

[jeepinmatt]

My go to rage quit career is park ranger.

Mine is College Sorority House RA, but by the time I'm financially able to do it, I won't be physically able to do it.

 

[orange150]

Mine is College Sorority House RA, but by the time I'm financially able to do it, I won't be physically able to do it.

Not with that attitude you won’t!

 

[YJJPWrangler]

Mine is College Sorority House RA, but by the time I'm financially able to do it, I won't be physically able to do it.

Medicine has come a long way....

 

[Ron]

2. Buy an established business (this comes with some risk obviously), but stepping into something that is established, setup, has a customer base, goodwill, etc etc will save you some of those sleepless years mentioned earlier. In an ideal world, buy a company that you can work at for a while so you can figure out what works and what doesn't (on somebody else dime).

As other have said, the grass is always greener, you will have flexibility in your day, but you will work more hours in the week is how I would explain it. Also, depending on the type of person you are, you will never actually take a vacation again....phone rings on the beach....you will answer it, because it is money out of your pocket if you don't. There is no "paid vacation" anymore, there is just time you are willing to step away and not make money.

"When you make it to the top you dont feel like #1, you cant stop because they count on your to be what you've become. it's not an option to run towards what you should be running from because you gotten what you wanted now you got to get it done."

Those 3 jokes aside....let me say this about running your own business.

A dear friend of mine built an incredible business. Roughly 18 months ago his son passed away tragically on a Sunday. As he sat at home grieving without sleep all night and watched the sun come up he realized, he had to drive to the office and process payroll or his entire staff wouldnt get paid and several would be unable to pay their bills or buy food without their weekly check. The arrangements for his son's final service of life would have to wait until payroll was ran for his guys.

If you don't have that level of dedication to your people, never run a company with employees.

When you start a business you accept the responsibility for not only your family but the lives of every family member of every employee who trusts in you enough to work for you. It's an obligation. If you dont have that level of dedication you are a selfish POS who risks the very lives of those entrusted to you by The Creator.

I wouldn't change a thing. But its never been easy.

 

[benXJ]

incredible/successful biz and payroll isn't done with ADP or the like? or he waits till the last second for payroll duties every week? no secretary?

he still writes checks to them?

 

[Ron]

incredible/successful biz and payroll isn't done with ADP or the like? or he waits till the last second for payroll duties every week? no secretary?

he still writes checks to them?

Weekly payroll.

I’m not sure of his payroll processes but even if you use adp or paychex or the like there is a still a several hour per week payroll entry process to get from timecard to adp…then there is the whole have to pay adp/paychex or they won’t process bit.

Yes he has a secretary …his wife who was kinda busy grieving the loss of her son.

 

[R Q]

"Self employed" does not give you a magic bubble where you can extract a flexible schedule, unlimited funds, no headaches before, during, and after hours, etc., You've got to have a mindset that this "business" is providing your entire financial well being. You have to live and breath it.
Especially not knowing what you would pursue?
A lot more goes into it than most imagine.
I've been self employed for close to 40 years. I've done okay but I know that if I had taken some earlier opportunities that things may have been a lot different for me now.
IMO, if you are at the top of your game in your field of expertise, you can get the things that you want out of your career because your employer wants you to be content.

 

[obullfish]

Self employed going on 12 months in a couple weeks. It’s hard work and long hours most weeks but I am my own boss. I decided if I want the work and set my schedule. It is not and never will be a M-F 40 hour week if you want to be successful. Now some weeks I am off between jobs but you are really never off because you are quoting jobs, performing maintenance on vehicles or equipment, taking calls, and taking care of all the admin duties. That being said I enjoy it but it’s not easy.