Self employment advice

[EddieWalker]

...The great thing is that I don't need this to turn into a high paying income ...

Then again, having the ability to make more money allows you to be able to do more things. When I first got into hunting and traveling, I found the motivation to make more money so I could go on more trips. Just about everyone I grew up with still lives in the same area, works for some company doing the same thing over and over again, with no chance of ever getting ahead. The only goal they have is to party and watch sports. While there is nothing wrong with that if they are happy, I feel that their lack of motivation to do something more with their lives is what keeps them where they are in life.

When you REALLY want to do something that you cannot afford, you find a way to make it happen. I did this with getting some land, working on my land, building projects on my land, and traveling.

 

[blueriver]

Being self employed is really a great adventure ... I find it rather comfortable both in self satisfaction and the amount of money you make. Its rather easy ... if you know the value of a dollar, can manage that dollar and account for that dollar ... well there you have it.

Self motivation and dedication ... don't forget a solid advertising program.

 

[blueriver]

Being self employed is really a great adventure ... I find it rather comfortable both in self satisfaction and the amount of money you make. Its rather easy ... if you know the value of a dollar, can manage that dollar and account for that dollar ... well there you have it.

Self motivation and dedication ... don't forget a solid advertising program.

 

[Creamer]

It is great to be self-employed but there are a few things you need to watch out for - the first being the rates you charge since you have to include the cost of all the taxes, i.e. what your employer pays and what you pay, the cost of your own marketing time and non-working time (normally 30%), and the costs of whatever insurance you may need.

I would get with a CPA and have him go through the numbers with you and then decide if it is a price the market will bear.

You will need some kind of software such as Quickbooks for billing and tracking your finances. Doing your quarterly taxes is no big deal if you have everything in the software. Annual taxes is up to you but many go to a CPA for the signature as audit insurance and as well as a second opinion.

Good luck and have fun!

 

[Creamer]

Duplicate

 

[tcartwri]

When I was a contractor I found it impossible to find liability insurance. No one would cover me.

 

[Creamer]

It can be difficult! The best insurance is to get your customers to hold you harmless.

 

[ultrarunner]

Lots of sole proprietorships and family business around here... a lot of my friends are contractors too.

A couple of things I've learned...

Keep your overhead low.

Having even one "Employee" changes everything... it's a HUGE step.

Keep detailed records... don't have to be elaborate... some simply start with a separate checking account... run everything through the checking... income and expenses.

A small business oriented CPA can point our savings/advantages... also helps when filing... several times over the last 30 years I have had inquiry from the IRS... my CPA cleared/answered immediately.

Insurance can be a big nut to crack... many companies insist on it... again, much less expensive if you don't have employees.

I think it's a great idea...

 

[ultrarunner]

Lots of sole proprietorships and family business around here... a lot of my friends are contractors too.

A couple of things I've learned...

Keep your overhead low.

Having even one "Employee" changes everything... it's a HUGE step.

Keep detailed records... don't have to be elaborate... some simply start with a separate checking account... run everything through the checking... income and expenses.

A small business oriented CPA can point our savings/advantages... also helps when filing... several times over the last 30 years I have had inquiry from the IRS... my CPA cleared/answered immediately.

Insurance can be a big nut to crack... many companies insist on it... again, much less expensive if you don't have employees.

I think it's a great idea...

 

[Creamer]

Having even one "Employee" changes everything... it's a HUGE step.

So true! One employee puts you in a potential liability to state and IRS for all the payroll taxes. If they make a mistake it is your problem to prove them wrong. Learned from experience and its not fun.