[02Hawk]

Worked corporate...went with others and did a start up...it went VERY well for 5 years...hard work, 7 day weeks but very satisfying as we were all aligned growing a business that was taking the big boys...then we sold and I stayed and went corporate...decent money but hated the games and the politics....have severed ties recently and am now contemplating the future....it will only be a private venture with an equity stake, not corporate and cant wait to do battle with the big boys again.
Owning your own business is the ONLY way you have a chance of ringing the bell....working for someone else is only wages...not for this boy

[David Jones]

Originally Posted by T A 70

David, I assume you are using Quickbooks, Paychex, or similar...?

Quickbooks.

[Old Blue 66]

Originally Posted by mike nixon

Right there with you guys! Been self employed for 10 yrs full time and with other jobs off and on since the 80's.
Right now I'm teaching part time for a local community college for side income.

If you figure your time invested self employment is the worst pay you'll ever make and the most rewarding experience you'll ever have!

Id love to hear more about the great experiance. Id also like to hear more positive things about being self employeed. Seems here per Chris's original post, working for yourself really sucks. Than why would you do it??

My dream is to work for myself. I love the fact that the money a client or customer is paying out is coming to ME and not to the company investors to make them rich. Ive just never had the idea or been able to put up any capital to start something.

[David Jones]

Originally Posted by Old Blue 66

Seems here per Chris's original post, working for yourself really sucks. Than why would you do it??

I don't think he was saying it sucks as much as he was saying a lot of people think that the employer is living high because he "owns" the company. That is seldom the case. The company owns you. On the flip side there is a pretty good feeling getting up in the morning and knowing what you do today is YOURS.

[gregsgtos2]

Well said. No calling someone to ask for a day off. You want to go do something-you go do it.

[Gulliver]

Originally Posted by David Jones

I don't think he was saying it sucks as much as he was saying a lot of people think that the employer is living high because he "owns" the company. That is seldom the case. The company owns you. On the flip side there is a pretty good feeling getting up in the morning and knowing what you do today is YOURS.

^this. David makes a great point here,

It is hard work to be self-employed, but you need a good work ethic. For me, I'm even more willing to work harder knowing that only MY family (and the gov't) is reaping what I'm sowing. I made a lot of money for other people's businesses and families while I was working for someone else. It was not a good feeling, and never made sense to me. That's what drove me to work for myself.

It's hard for some of us to "clock in", to have to ask for permissions, go 'by the book', take direction from a company fanboy, etc. I'm open minded, but don't want to answer to an 'inferior superior'. It's extremely frustrating when you disagree with a company policy or boss's work ethic. If you're on a payroll, you just have to eat it. I've done that enough, and now I don't have to ask anybody anything. My successes and failures are purely mine.

If you trust your own work ethic, there's always this nugget:
"If you want something done right, do it yourself."

[T A 70]

Originally Posted by Old Blue 66

Id love to hear more about the great experiance. Id also like to hear more positive things about being self employeed. Seems here per Chris's original post, working for yourself really sucks. Than why would you do it??

My dream is to work for myself. I love the fact that the money a client or customer is paying out is coming to ME and not to the company investors to make them rich. Ive just never had the idea or been able to put up any capital to start something.

It definitely does not suck. Wouldn't trade it for ANYTHING. And the possibilities are endless for income if you are successful. Freedom and control are very important things to me. But so is discipline. If you neglect the business or forget for any length of time that is about making money you can get yourself in trouble pretty darn fast. Delegating effectively enables you to keep your eyes on the business and build sales. Get too caught up in the grind of it all and the opposite happens.
Also, what you do with the money you make is extremely important; you must build a nest egg of cash for the down times or recession. All these shuttered businesses of late didn't do that. Reinvest in the business to make it faster/efficient to improve cash flow as well. If the business slows down, you can still "make it" with quick turn around times in many businesses. Not all, but specifically manufacturing.
You know what the biggest inspiration was for me? Watching all the immagrants over the years come here to do just that-start their own business in this free country of ours. Whether it be a liquor store, dry cleaner, coin laundry, etc. they did it!
I'd be damned if I let that pass me by in my life.

[Andre]

Bought into a partnership at the firm that I had been working at for 17 years. 5 other partners.
2 years in, in 2007, FBI showed up at the door. Apparently one of the partners who was also a county commissioner had run afoul of the law. He was asked to leave, along with the president of the firm who was also the founder and a co-conspirator. He ended up doing a 5 year stint in a federal pen. The president was not charged, but was out of the game for good. The 4th partner(most senior left) couldn't stomach it, so he left for greener pastures.

That left the 3 most junior partners with a tarnished reputation in an sliding economy. (Civil and Engineering and surveying).

Our industry peers felt certain we could not make it 6 months, and I actually had a couple of good job offers, but I never even considered them.

I looked across the table and said to my remaining partners, it really can't get any worse than this. If you guys want to bail, I will understand completely. But if you stick around, I know we can pull this thing out of the ditch.
Next you know, I was voted as president.
We ended up changing the name of the firm, and although it has never been anything less than dicey, we did better than survive.

After the initial downturn due to bad publicity, and general belief that we were all dirty, we managed to increase business by about 5% over each of the last 3 years. Employees never missed a check, or benefits or any of that. I doubt any of them even really felt any pain, but they did stick it out.

Was it bad? For me, I can't say that it was. Failure was never an option. We were going to be successful at 30 people, 20 people or 5 people. We held steady with staff.
Picked up some good people, dumped some legacy employees.

It sure isn't easy, cash flow is always in question. People are slow to pay, bills never stop coming in. We quickly figured out how to do more with less.
I don't know that I ever thought I had it in me, but of course if I had failed completely, everyone would not have been surprised cause we were dealt a bad hand, but we played it as best as we could.
You always watch the almighty dollar like a hawk.

[gregsgtos2]

I think the word is-FREEDOM

[Bjorn]

Originally Posted by gregsgtos2

Well said. No calling someone to ask for a day off. You want to go do something-you go do it.

not if you have 5-10 employees ,who need hand holding....you`re never off

[sleepy]

Originally Posted by gregsgtos2

I think the word is-FREEDOM

More like ball and chain.

[gregsgtos2]

That means you have the wrong people working for you.

[GT182]

I started my own LLC company this past summer, all on my own, only because I had the product I'm selling installed on our home up north. I know what it can do. I've gotten the greatest support anyone could have from the company I represent up in Montreal, Quebec. I put in my own time without any pay back to me. As it's been said, it takes a minimum for 2 years or more to start your own business. They are correct. It's a slow road especially for a unknown product here in the States, with no backing to start other than starting out on your own out of your own pocket. But it's one I believe in, and has the support of a manufacturer that knows they have the best product that meets the needs of the public.

And as I'm finding out, having your own business is not for the faint of heart. It's a tough road to follow. When it catches on because of it being the best there is, that will be my reward.

[Old Blue 66]

Originally Posted by T A 70

It definitely does not suck. Wouldn't trade it for ANYTHING. And the possibilities are endless for income if you are successful. Freedom and control are very important things to me. But so is discipline. If you neglect the business or forget for any length of time that is about making money you can get yourself in trouble pretty darn fast. Delegating effectively enables you to keep your eyes on the business and build sales. Get too caught up in the grind of it all and the opposite happens.
Also, what you do with the money you make is extremely important; you must build a nest egg of cash for the down times or recession. All these shuttered businesses of late didn't do that. Reinvest in the business to make it faster/efficient to improve cash flow as well. If the business slows down, you can still "make it" with quick turn around times in many businesses. Not all, but specifically manufacturing.
You know what the biggest inspiration was for me? Watching all the immagrants over the years come here to do just that-start their own business in this free country of ours. Whether it be a liquor store, dry cleaner, coin laundry, etc. they did it!
I'd be damned if I let that pass me by in my life.

All great advice.

[T A 70]

Originally Posted by gregsgtos2

I think the word is-FREEDOM

I'm with you!





and the money is great..........................

[T A 70]

Originally Posted by Bjorn

not if you have 5-10 employees ,who need hand holding....you`re never off

Bjorn my friend, there's something wrong with that.
I pay to train them. Sink or swim. Time is money....If I see a genuine effort I may cut some slack and invest in some additional training but hand holding....I hire people to make my life easier.....

[T A 70]

Originally Posted by sleepy

More like ball and chain.

Are you serious??

[Bjorn]

Originally Posted by T A 70

Bjorn my friend, there's something wrong with that.
I pay to train them. Sink or swim. Time is money....If I see a genuine effort I may cut some slack and invest in some additional training but hand holding....I hire people to make my life easier.....

\
depends on your businness...
manufacturing ,sure you train them...architecture....you cant hire the guys like you are, 1) you cant afford them 2) they would be working for themselves..
that means , as an Architect , you go get the jobs, you sketch them , get them approved ,then your help draws them ,then you check them , over and over to be what client wanted , to be to code, to be user friendly, OR you hire a drafting room supervisor for you profits....theres not a lot of profit in architecture...

and if you are a 'small firm' 4-7 people , theres not enough profit ,unless you give up your salary, to hire a secretary ,an accountant....so you do all of it....and you better be there all the time....
now, as a V.P> of a firm I`m employed at, I work 8-5 , supervise my guys, sketch , check drawings, but no invoicing , no payroll, I get vacation , plus days off, so that leaves me room to do some 'extra', like between 7-8 am , after 5 pm ,and some on weekends....may hire one of my guys to help, or I do it myself...theres where 'profit' comes in!

[sleepy]

Originally Posted by T A 70

Are you serious??

Not now. But the first six years was a 24/7 nightmare, scrimping and saving every penny, finding good help, begging the bank for money to pay the drivers while waiting for the settlement checks, dealing with job foreman who demanded things the trucks can't safely do, paying for other peoples stupidity, trying to get new trucks that didn't need hundreds in repairs just to pass inspection, doing the repairs myself, doing the books myself, getting fuel surcharge in place(and getting them to honor it), proving I have the best product for the money, Proving they can't bully me into providing the trucks at a loss, ECT. I even found one driver(who didn't show for a job) passed out drunk sleeping on the side of a 2 lane road.
Yea. ball and chain for a LONG time.

[T A 70]

Originally Posted by sleepy

Not now. But the first six years was a 24/7 nightmare, scrimping and saving every penny, finding good help, begging the bank for money to pay the drivers while waiting for the settlement checks, dealing with job foreman who demanded things the trucks can't safely do, paying for other peoples stupidity, trying to get new trucks that didn't need hundreds in repairs just to pass inspection, doing the repairs myself, doing the books myself, getting fuel surcharge in place(and getting them to honor it), proving I have the best product for the money, Proving they can't bully me into providing the trucks at a loss, ECT.
Yea. ball and chain for a LONG time.

Makes sense to me.
I don't think you'd be happy working for someone else...call it instinct