I’m currently ‘working’ my way BACK to being my own boss. I cannot WAIT until I can make more income off of my farm again. For now, I need health insurance, and if I didn’t LOVE my current job so much and the company I work for, I’d have already done it.
I think ANYONE that has ANY marketable skills (growing food, landscaping, small-scale farming or small livestock, sewing, woodworking, windows, siding, roofing, cheese or soap making, plumbing, electrical, etc.) should be thinking SERIOUSLY about doing something on the side. I am a firm believer in multiple streams of income!
I currently have three - my day job, selling books online and the stipend I receive from my Dad’s estate for taking care of him, paying his bills, keeping him properly medicated (no easy task; stubborn old Kraut), grocery shopping, etc.
I LONG for the days when we’re all back to being a Butcher, a Baker or a Candlestick maker. Use your skills to barter with others. (I bake pies for a guy who does electrical work for me. I’ve swapped live laying hens for home-raised pork chops & roasts.) It’s a great way to keep Big Brother OUT of your pocket! :)
Left out some bigg ones:
Selling expense. About 1/3 of your time will be spent finding new work/ customers.
Collections expense. The bigger the customer, the harder it is to get paid.
You may spend more time working on the AP department than the actual work you provided. Rule of thumb, the bigger the company and the fewer letters in stock symbol the longer it will take to get paid.
Perhaps, but all your former costs, which you had to bear the complete brunt as a worker, becomes a tax writeoff when you own your own business. Many of those expenses, like telephone or heat would be constant costs anyway, employee or employer.
In that respect, you’re actually potentially saving a fair bundle over the year.
Working too hard. I don’t know any self employed people that spend less than 80 hours a week working. Great if you truly love what you do, but you better have a spouse that understands, and not much interest in entertainment.
Ping for later
If it does’t work out for some reason most employers will consider self employment time as unemployment time. After 6 years of very successful self employment and 1 year of economy crash ending my self employment I found that out.
Here's a newsflash: you're paying this already, even as an employee. It comes out of the pool of money allotted for your position.
You are your own benefits provider
Not if you spouse is working and you qualify under their plan.
And what about sick days and vacation pay? When you work for yourself, there’s no one to cover for you.
um... you stay at home or leave when you want, that’s one of the great things about working for yourself.
You pay all Social Security and Medicare taxes
um... no. No you don’t pay ANY social security or medicare taxes! that’s one of the BIGGEST reasons to work for yourself. And the best part is... you will still get BOTH by appling for the benefits under your spouses name.
The cost of doing business can increase your bills
yawn, big deal, and the small extra costs are tax deductable.
Retirement savings is up to you.
um... yeah that’s sort of the whole point! and you’ll have a lot more money to save by working for yourself.
Working for onesself is the only way to go.Its up to you how much money you want to make and if you love what you do then you never work another day as long as you live.Its got its good days and for crap days for sure.
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