self employment

Nuts · Dec 4, 2014

How many of you guys are making a decent living being self employed and what was the biggest obstacle getting started?

85buggy · Dec 4, 2014

I've bedn self emoted for 12 yrs. learned some hard lessons.
Obstacles. Depending on what you want to do what will it require
To get you started. I took on 350k in debt.
Make sure you have more than a few job opportunities. Never think
That you don't have a boss. Find your niche you can b small
or big in most cases there's no in between.

Eddyj · Dec 4, 2014

D.O.T.

Nuts · Dec 4, 2014

Eddyj said:
D.O.T.

????

I have shop space offered a list of contacts throughout the region, bids out and jobs lined up. For the last few years I've worked as the shop foreman in a fab shop and did extra work out of my garage. Now its getting hard to choose if I should go clock in for someone else or just dive into my side work head first.

kushKrawlin · Dec 4, 2014

Depends. Made you the only income for the family? If so I would say it's a hell of a risk BUT if ya have a plan and think you can make it work then go for it. I have worked for myself for a long time, the saying "it's not what you know its who you know" is the truest dam statement ever. I don't care what anyone says, it's all about kissing the right ass. Ha. That's how i landed my 2 big accts. granted I guess they could be gone any day, I try to stay on top of **** and always be right there when they call. No benefits,retirement, no 401k .. Nothing, that's another thing to think about. If you think that far ahead... Personally, I love workin for myself. One thing my folks taught me, was that if you are going to quit one job, make damn sure that you have something else lined up. I honestly believe if someone's motivated enuf I could make 40,000 a year cleaning gutters. I really believe that. I bet I passed out 5000 cards on mailboxes and doors. **** sucked. But it paid off. Or has for now. Problem is I would rather be doing the kinda **** some of yall are doing.. Metal fab. I would work for free to learn some of the **** I see on here. :****: this whole teachin myself everything sucks. Good luck on whatever u decide.

money_pit_yj · Dec 4, 2014

Im not self employed, but my dad was and I have a bunch of good friends that are and it is one of those things that you have to prepare for. My dad spent 27 years working 6 days a week and made a whole lot of money, but when he looked and realized he was 57 and had enough cash to last a year on retirement he got a job where he could get benefits and retirement.

1: Plan for tomorrow. Dad will have to work til he is dead just to be able to retire.
2: Dad was his own boss, so he was at every football game, baseball game, we hunted fished and rode 4 wheeler whenever we wanted.

When times are good all is well and the money is flowing. You have money to pay bills, upgrade and put yourself in a position to make more money. Takes money to make money. If you work for someone like I do, lean times are not as lean. If I owned my own business, I would have to worry about every job I did and if it was going to pay because I have very little capital and cant "tote the note". I work for a company that has 70 years of history and $85 million in sales annually and our business (agriculture) is not a luxury, it is a necessity so there is always going to be a customer base. All that being said, I would rather work for myself, I am just not in a position to do so right now. My brother in law cooks for folks and has for 10 years and just recently made his business a legit licensed business and they are making stupid money, because he does good work and have a good name. In my opinion, if you prepare and make plans, and know where the difficulty lies, you can bust your butt and make it work and be successful. If you sit back and think it will be easy and go off half cocked with hopes and dreams, it probably wont work. You know what you are capable of so capitalize on your strengths and surround yourself with people who can strengthen your weak spots and all will be well.

Nuts · Dec 4, 2014

I've stayed where I'm at because it was stable. Now everything is getting super slow and we're laying people off left and right, so the illusion of that stability is fading fast!

cmoultrie · Dec 4, 2014

I still work a day job. But, I have a sign/wrap company on the side. The downside that I didn't fully understand as it grew and I moved out into a public location/public eye.
With that being said I carry a million worth of insurance, pay city/county/state taxes, power/water/internet/phone bills, not to mention the overhead I carry. The worst part is that I deal with a good many big companies/industrial accounts so in turn that means working with net30/60/90 on payment.... Which say its a 20k job and 10k is materials, well I end up holding that 10k for 30/60/90 days and it gets tough not to mention there has been times when I have had multiple big jobs going on and not really sure how to fund them. My best advice is do not buy any materials/consumables and pay cash or pay for them at the time of purchase. Setup credit accounts with all vendors and let them go the maximum amount of time before payment to reduce overhead costs. I started out paying for everything as I went except for equipment that I didn't have the funds for and it has almost came back to bite me a few times. Now, I can do it and not worry as much. Insurance is a must, if you build something and it kills someone and you don't have it you are screwed. If you plan on delivering or installing parts/fab in industrial plants most now adays require 3 million to set foot on their sites. You also get into the realm of general liability/workman's comp if you add employees. My best advice is research every aspect and even talk to guys who have been in the business you are looking into starting a while and pick their brains, once you've done that develop a thorough business plan that breaks down your fixed costs(power/water/insurance/internet/rent/phones/trucks/office personnel) and your variable costs, and then you have your estimated cash flow to cover these in addition to any incidentals. I know some of this sounds elementary and simple but, managing all of it can become cumbersome at times without a plan. I hope this helps.

lowbudgetjunk · Dec 4, 2014

Retail liquor store owner.....money coming in versus what is going out is always an issue to keep an eye on.

To start out: finding disposable money, working long hours, willing to work without getting a paycheck. I started out in a good spot because my wife works amd has insurance. But, I started with 30k and an empty store. I worked between 96-105 hours a week for the first six months and put everything back into the store as inventory. In three years, going on four, I have received a paycheck for about ten months. I am currently holding my own paycheck until bills are paid, because this I is the time of year my inventory swells and cash gets tight.

Location, location, location. Great work and better customer service. Don't be content with average as a business owner and always look to diversify.

BustedKnucklefilms · Dec 4, 2014

Remember this as a business: Always under promise and over deliver. Keep your word. Even if that means working all weekend just to meet a deadline. This concept is getting rare nowadays.

The hardest part for me was quitting my day job. It was steady and good money but I hated it. People told me I was a fool to leave and try to invent a job for myself. I thank them every time I see them for giving me the desire to prove them wrong.
I built up my business as much as I could the 2 years I was at my day job. Worked my 7-5 drove an hour each way to keep living for cheap in college town. Worked until 2-3am on side business, slept for 2hrs and did it all over again. I saved every penny I could to make sure I could make it.
It has been a long road but it is finally started to pay off. I wouldn't change a thing.

I say Go for it. Go live your Dream. Because if you don't now you Never Will.

Best of Luck,
Matt

Nuts · Dec 5, 2014

BustedKnucklefilms said:
Remember this as a business: Always under promise and over deliver. Keep your word. Even if that means working all weekend just to meet a deadline. This concept is getting rare nowadays.

The hardest part for me was quitting my day job. It was steady and good money but I hated it. People told me I was a fool to leave and try to invent a job for myself. I thank them every time I see them for giving me the desire to prove them wrong.
I built up my business as much as I could the 2 years I was at my day job. Worked my 7-5 drove an hour each way to keep living for cheap in college town. Worked until 2-3am on side business, slept for 2hrs and did it all over again. I saved every penny I could to make sure I could make it.
It has been a long road but it is finally started to pay off. I wouldn't change a thing.

I say Go for it. Go live your Dream. Because if you don't now you Never Will.

Best of Luck,
Matt

That last part is exactly what I'm thinking. I'm 35 now, spent the last 10 years working for someone else that is now going under. I don't want to look back in another 10,15,30 years and wish I would have tried to do something for myself. By no means am I expecting to get rich, I just hate the fact that when you work for someone else more than half of your efforts go I.to their pockets and ultimately they have control of your life.

BustedKnucklefilms · Dec 5, 2014

AdamF said:
That last part is exactly what I'm thinking. I'm 35 now, spent the last 10 years working for someone else that is now going under. I don't want to look back in another 10,15,30 years and wish I would have tried to do something for myself. By no means am I expecting to get rich, I just hate the fact that when you work for someone else more than half of your efforts go I.to their pockets and ultimately they have control of your life.

Exactly. When you own your own business it is totally up to you whether or not you succeed. No one else can take credit for your hard work. It is all on you. Either you Succeed or you Fail. The blame is all on you either way. If you are willing to bet your livelihood that you can succeed then Go for It and never look back.

Eddyj · Dec 5, 2014

Eddyj said:
D.O.T.

I'm slowly taking over my family business. Which I love. I was furtenate enough to take about six years and try out other jobs. Office jobs in sales and electrician. Then Came back to my family. I can do the job and handle the public. And I love it. The problem is I have to move my equipment. In past years this was the smallest part of our entire business, now with dot regulations and crack down on small businesses, it is threatening to shut down my whole life's work.
I'm just saying sometimes it's the little things you overlook.
I wouldn't go back and work for any of my previous employers. All of which I left in good terms. I love that I control my life.
Unless my family was going withou,t then I would taste **** for a living. I would never let my pride be the reason my wife and kids went without necessities.

85buggy · Dec 5, 2014

Eddyj what do you do

altfuel1991 · Dec 5, 2014

I have been in business for 23 years now. Always remember there is no such thing as "self employed", in actuality everyone of my customers is my "boss" and I need to provide for their needs as best I can. They need to know I and my employees are going beyond what they are paying for to satisfy them. That is how I build long term relationships with my customers.

Going into business requires a huge step of faith and a lot of prayer daily. It takes long hours of hard work and dedication to be successful and survive as the economy changes. It also helps to have a VERY supportive wife, if married. My first wife was ok with it as long as things were going well but when things got tight and we had to tighten the budget it became difficult. But she is not in the picture any longer and my present wife was sent from GOD to support and help me.

You are showing a lot of maturity in asking questions and thinking seriously before committing to do this. When I was contemplating this I talked to an older very successful man and his question to me was,"What can you provide that is different from others and why would people want to do business with you?" He was a good friend and mature enough to ask the hard questions.

Nuts · Dec 5, 2014

The last 4 years I've shared an office with a 65 year old man that has owned a very successful machine shop for 22 years. This guy has forgotten more knowledge than i will ever know, and I've learned more from his stories than i ever did in school. So this isn't the first time I've asked this question, I believe you can learn from anyone and anything if you just shut up and listen. So this thread is for me and anyone else in my position to learn and get ideas from. Thanks to all that have replied so far and please keep posting!!!!

AllGoNoShow · Dec 5, 2014

I agree with what everyone has said. If you are thinking about it right now, and don't do it. You will regret not doing it later down the road. Remember you only live once. I work 7 days a week, sometimes 18 hour days. It is really hard to find time to take an entire day off. But I get to take my kids with me everyday if I want and teach them things. My commute is stepping out of my front door. If I want to quit what I am doing at the time and take my boys out shooting or wheeling I can do it. I am 500K in debt, but I am looking/hoping to be about 1-2 million in debt if the bank will let me. Take that for what it's worth I guess.