Questions to self employed people

[Buck]

glennmac, Chris99320, DVerbarg, njrqs, RandBMfgI, John Miller, III, Knight9,

Thank you for taking the time to respond. You have replied with what I knew in my heart but have failed to be truly aware of. I probably will not be truly aware of these concerns until I do it. That’s life.

Twelve years ago, I started a part time business selling a software package around the world. I built it up from nothing to about 200k/year sales. I still lost money. I stayed up many nights ... all night... had to return to my day job at day-break. I do know the effort required starting a business and I do know what it is like to be pennyless and in debt. After I sold this business to a company in NYC, I still was in debt... I promptly took on part-time contracting work in software development serving local and small software development firms at fixed price. I learned that there is far less risks in service businesses. I also learned that I could meet the right people and sell myself.

In this part of my life I am happy with my corporate job. I was told once by a stockbroker that no one leaves their job unless they are unhappy. I would be leaving because of my history of wanting to be an entrepreneur and perhaps a need to take control of my life in the face of a very uncertain corporate future. I do not have the energy I did twelve years ago, but I think I am a lot smarter.

Thanks again,

Buck

 

[Egon]

For the self employed:

You all have my deepest respect and admiration as I did not have the courage to do the same. Company culture is a different entity that could be compared to a seriously large carnivorous animal. Nuf said. I managed to survive a 25 year sentance and was able to leave with a very modest pension. Into my third year of retirement and still have " work" dreams.

Perhaps the saddest part was I liked the work and was quite competant but didn't relate well to " proper attitude".

Sound of the tractor or buzzing chain saw and the smell of fresh countryside alleviate the pain.

Egon

 

[Wingnut]

You got a lot of good responses from the currently self-employed, Buck ... I'll give you a little insight from the other side of the fence.
BTDT (been there done that) ... spent more time chasing clients for money than working ... so I worked twice as hard as I should have had to. Of course, that could have been
peculiar to my line at that time in that place ... but I found that if you deliver what the client asked for, it wasn't what they really wanted (few people REALLY want reality).
I drifted through a few corporations and finally found my niche ... as DVerbarg stated ... if you like it it's not work but play .... that's how I feel at work! Do what I enjoy, what I want, travel when I want. Almost like being an outside consultant without the worries. My boss is my bulldozer ... in exchange for making him look good and always delivering on schedule and under budget ... he moves obstacles out of my way. When he retires, I may have to train someone new ... but hey, I'm enjoying life and working the hours I want to work.
Money ... yeah, let's talk money. Why can companies throw so much "more money" at consultants and contractors? Hmm ... none of those benefits that cost as much as the salary ... Mr. Self-Employed gets to pay the full social security taxes, as well as insurance and all the other stuff employers are forced to supply. Makes that More Money look a lot smaller, believe me.
I've had a great many requests to start providing consulting services ... but the pro-con chart always ends up way to heavy on the "con" side.
Heck ... I can early retire in 5 years ... will I? Not unless things change greatly .... I'm getting paid to play ... and enjoying most every minute of it ... lost 8 days vacation last year as I had no time to take them.
So ... my obvious advice ... weigh the pros and cons and make sure that you REALLY add them all and give them equal weight ... and then go with it and don't look back - look forward.

Wing(totally)Nut(s)

 

[StoneHeartFarm]

Buck

I've been self employed for over 10 years now. The term "sink or swim" comes to mind. You will either swim and make a living or sink and find another employer. If you take this 2 year contract, your first priority will be to find another client for the following 2 years. As an independent, you are always on the look out for new clients. On the other hand, you also have the opportunity to tell a client he should seek services elsewhere an option which I have enjoyed several times this past year. The bottom line is your boss. You will work longer hours and more days if necessary to keep the bottom line where you want it to be. I've been told that in the beginning you have to work longer and harder to get started. But, you couldn't prove it by me. I've found myself working longer and harder every year, even though I've supposedly "made it". But, I've got a goal similar to many others here, RETIREMENT! Early, if possible. Say, before I'm a burned out husk from working all the time.

SHF

 

[rancar]

Buck,

Here's my two cents.

I work for government. Pros are job security, steady income, numerous other leave accrual and health benefits during economic good times and bad times. Times would need to get really, really bad for government workers to lose their jobs. We work with private consultants all the time, some of whom are 1 and 2-man shops. These guys suffer when the economic good times end and transportation funding stops. We have had many government people leave State service to work for themselves or private consultants, only to come back again. We also have had many consultants who left their positions at significant salary cuts to seek work in State service due to the general job security.

Yes, being self-employed is likely much more rewarding and fulfilling. But, times change and economic up and down cycles happen periodically.

Motto: Let the choices you make today be the decisions you can live with tomorrow. /w3tcompact/icons/wink.gif

Regards,
Bob Ancar
Cambridge, NY

 

[MarkV]

I’ve been self-employed for the last twenty years and would likely do it again. It seems I am the only boss I work for well./w3tcompact/icons/frown.gif I do think it gets harder each year for the small business person. Seems the government wants more each year and the insurance companies continue to raise premiums. Employees want more money and don’t want to work any harder, while competition from the up start companies keep the prices you can charge down. The “feast or famine” syndrome was the hardest lesson to learn. About the time you think you are over the hump and life is good, things slow down and you go through the stress of how to pay the bills and pay the employees. All part of being self-employed.

Now that I am in my 50’s and would like to slow down some, I can’t find anyone to handle the day to day things. With my reputation on the line it means I have to be there whether I want to or not. It does make me jealous of the friends nearing pension time that don’t worry about whether there is work tomorrow.

I think the best advice I was given early on is, Every good job you do will bring in two more and every bad job you do will lose you ten. That has held true in my case.

Good luck,
MarkV

 

[cowboydoc]

I'd have to agree with you Wingnut. The cons of being self-employed anymore are just insane with all the govt. redtape. I really liked it better when I first got out of school and worked for a hospital and the university. I didn't make as much money but it was sure nice being able to go home every night and not worry or have to stay late and take care of 20 things. I'm working my tail off now so that in 5-8 years I can semi-retire and go back to work part-time for either a hospital or a university again or have a small cash practice in the mountains somewhere. Like Wingnut said about having to chase down money from clients and the worst dealing with insurance. I'm already sick of it. My favorite time of the day is when I deal strictly with the athletes. I have contracts with some of the local universities and two high schools here to take care of all their athletes. I don't have to worry about being paid, don't have to fight with insurance, or what or how long the care takes, just treat them and have fun. BUT that wouldn't even cover my operating expenses so I have to play the other game as it is with most self-employed people.

 

[StoneHeartFarm]

Cowboydoc

Have you noticed in your business that emergencies run in cycles? Everything is fine, you're rolling along clocking fairly reasonable 9 hour days and whammm! Five emergencies land on your desk that all have to be taken care of right now. So, you push all your other work out of the way and cover the emergencies, then you discover that the other work is now an emergency because you didn't do it right away. Catch-22. The days never seem to get any shorter. /w3tcompact/icons/crazy.gif

SHF

 

[Wingnut]

WORK??????
Just in case you ever got the two mixed up, this should make things a little bit more clear . . .

IN PRISON . . . you spend the majority of your time in an 8X10 cell.
AT WORK . . . you spend the majority of your time in a 6X8 cubicle.

IN PRISON . . . you get three meals a day.
AT WORK . . . you only get a break for one meal and you have to pay for it.

IN PRISON . . . you get time off for good behavior.
AT WORK . . . you get more work for good behavior.

IN PRISON . . . the guard locks and unlocks all the doors for you.
AT WORK . . . you must carry around a security card and open all the doors for yourself.

IN PRISON . . . you can watch TV and play games.
AT WORK . . . you get fired for watching TV and playing games.

IN PRISON . . . you get your own toilet.
AT WORK . . . you have to share with some idiot who pees on the seat.

IN PRISON . . . they allow your family and friends to visit.
AT WORK . . . you can't even speak to your family.

IN PRISON . . . all expenses are paid by the taxpayer with no work required.
AT WORK . . . you get to pay all the expenses to go to work and then they deduct taxes from your salary to pay for prisoners.

IN PRISON . . . you spend most of your life inside bars wanting to get out.
AT WORK . . . you spend most of your time wanting to get out and go inside bars.

IN PRISON . . . you must deal with sadistic wardens.
AT WORK . . . they are called managers.

So . . . why is it again that we work?

Smile, it keeps people wondering what you're up too!


Wngnut

 

[cowboydoc]

LOL SHF. You have just described every day for me!!!