Working for Yourself

So the other thread inspired me to ask, Is working for yourself, this includes doing your tax, paying self employment tax and such easier or harder then working for another company who does all this work for you?

 

My accountant does a lot of the work.

 

I find it to be alot harder working for myself, but way more rewarding. And you never have to worry about your job security. Pays more too

 

Ummm, how long is a piece of string?

Technically the answer is - or can be - a resounding YES!

However, there really is no straight answer to your question, but here's what you need to look at as a minimum:

Do you have the full support of your family?
If not, you are in for a really rough ride

Are you any good at it? Not just good, but great! Are you as good or better that anyone else in your area? Are you sure? Have you checked out all the competition? Does anyone who matters and knows that they are talking about think you are talented enough?

Have you got enough money aside for rainy days - and the odd monsoon month?

Have you the necessary people skills and business acumen? At the end of the day it's not getting the work that's often the problem in business, it's getting the buggers to pay at the end of the 30 days... Then there's support issues.
Clients, I tell ya'

Accountants and such, if you haven't the skill then absolutely hire a reliable professional for that side of things. And get them checked out if you can.

Finally, have you considered doing it part-time for a while first. The businesses that last are the ones that tend to start in garages and spare bedrooms and only expand a year or two later when things pick up enough. As the saying goes, "Don't give up the day job", but with the addenda - "unless the night jobs pays rather more!"

Hope this helps.

 

I have done both.. I had my own business from a very young age and ran it for a long time.. then I sold it off and I pretty much convinced myself I would never do it again. The level of responsibility can be monumental, especially when you have a significant number of employees. So I went to work for the man for a while in a variety of capacities and fields...

It is good from some respects because your responsibility is ultimately limited, and you usually have someone to answer to it. It is a lot less stressful than running your own business, at least for me. The downside is I never found it as satisfying or as rewarding. On top of that you can be more restrained and confined than if you are the one calling all the shots. I like to work when I am fired up to work and that can produce some unorthodoxed work schedules. That doesn't necessarily mesh with a business where they might want to see your face at 9:00 in the morning.

Even though the jobs I had did offer me a significant degree of flexibility and autonomy, it still, in the end, felt too confining. The detail stuff like taxes and all that never bothered me. This time around I am going to go as far as I can without any employees.

Bottom line is I think it depends on you. Some people like the stability of a regular paycheck with relatively low pressure that comes from a regular job. They get their satisfaction out of life from doing other things outside of that, and the job is just a means of making a living. Others want the pressure and the freedom of doing it themselves.

Just really depends on what motivates you and drives you.. I would never worry about the little stuff like taxes. As Smindsrt said, you can get an accountant for that.

 

I will cry if I have to get a job again

 

Thanks for the input guys, I am not in a rush at them moment to branch out on my own, but, eventually I would like to entertain the thought. I just wanted some input on the subject.