Self employed versus Working for others

amother

Sat, Oct 05 2013, 9:16 pm

I have been working for several years in several different companies and advanced in each one of them to higher positions. I recently changed to a new job. The paycheck I bring home does not reflect the many responsibilities I carry and there's no raise in sight. I am frustrated and extremely unhappy and working for others is really getting to me. I have been starting to consider opening my own business but dh is not convinced that thats the best route to take. He feels it's a gamble and entails many more responsibilities. I am a workaholic and don't mind the work if it comes with payoff. If you went from being an employee to being self employed can you share your position on this? TIA

TwinsMommy

Sat, Oct 05 2013, 10:11 pm

I became fully self employed in 2001 and NEVER Looked back or regretted it for a moment. I can work as much or as little as I want to. I can do multiple different things instead of just one thing. I can put my focus in different places different months. I can make much much much more money per hour and therefore work many fewer hours. I work mostly at home. I work the hours I want to work---- working at home I can work while the laundry or cooking goes on in the background. For some of my business, clients never come over--- but for one of my businesses I have clients in my home so the one downside is that sometimes I have to clean and tidy up. lol.

One interesting side benefit is that I've gotten clients and team members for two of my businesses by hanging out on imamother-- private messages have led to business. That's happened on other internet boards too-- places I would want to hang out anyway--- actually bring me money. I've made money during my time on twitter, facebook, linkedin, a forum for women going through infertility (that was more than seven years ago- my twins were conceived via IVF in 2006), scrapbooking forums.....

I've also gained clients by getting my car an oil change, visiting the library, going grocery shopping, going to the bank.... when your errands become financially productive, that's fun too. When you're marketing for your own business your life opens up to more opportunities. When you work for someone else you're not marketing (generally) outside of business hours and chores and errands are JUST chores and errands. But my husband gets a kick out of it when I come home from the post office and tell him that I got a $200 product order in ten minutes, for instance.

What is your field and how hard would it be to get the insurance, licenses, whatever you need to do it for yourself from home?

seeker

Sat, Oct 05 2013, 11:35 pm

If you were happy as an employee in the past, maybe you should just look for a company more like the previous ones. Having a yucky job now doesn't mean you need to give up on employment at all.

Self employment has many advantages but it needs to be the right match for you. Depending on what your job was in the past, running your own business may involve a completely different skill set. You can say you don't mind the extra work, but consider the impact on your family (you mention having a DH, I don't know what else goes on in your life - do you have kids? Do you plan to?) they will also have to make sacrifices at least at the beginning while you get your business of the ground. Is your investment capital going to come out of your family budget or do you have some other source planned out? How will your family budget be affected if your business has ups and downs or takes a while to turn a profit?

You mention being a workaholic. I'm not sure how serious you are. If you are really a workaholic I think being self-employed could be dangerous for you because there will be no limit to your work.

Not trying to discourage you because self-employment is a great thing for many people. But you do need to realistically consider whether it will suit you. Plan carefully. Talk to owners of similar businesses and others in your industry.