self employed like being on permanent vacation? Sometimes but most of time
Get a job or start a business (be self-employed)?
One of the hardest things to do is go in to business for yourself so most people get a job with a company. And languish there forever!
A job does have its advantages:
- You have health care
- You have a regular pay check
- You have stability in your life
- You don't have as many responsibilities as a small business owner
Being your own boss (self-employed) has its advantages:
- You are the Boss!
- You set your own hours (sometimes?)
- You make all the decisions (sometimes?)
- You get all the money
I won't say much about working for someone else or a company the advantages are self evident, the draw backs are also self evident.
What if you are the enterprising type like me and want to be self employed?
Those that want to be their own boss, feel that the 9 to 5 (more like 6 to 6)
, the commute to the office or shop are too much of a hassle for the monetary gain.
Or may be there is an opportunity for a new Computer Repair Shop in your location because there isn't one there or those that are in the area are either badly run or have a bad reputation (of the three close to me if I didn't do my own work I would only trust one).
There are other reasons such as family matters, or maybe it costs almost as much as you make to do the commute.
Now comes the crunch: Money. Do you have the resources to branch out on your own? The amount of money should be enough survive for at least one year with out making any profit. Not kidding, if you are starting out the amount of work you will get will be minimal unless you have the cliental available in advance. If you are the only shop in town that would be better.
If you can start your business as a part time business in the evenings and week ends this would cut back on the amount of money you need as a stake to start.
I learned the hard way that it takes a small business at least three years or longer to make a profit. My first year I spent three times what I made, the second year I spent twice what I made. Last year I
almost broke even. This year remains to be seen.
One way to save on overhead is to work out of your home. If you have a shop setup in your home then the cost comes down. If your country has allowances to take the space used for an
"in home" business office off of your taxes then this is a small advantage over a
'store' type shop. Once you grow out of the
"home shop" then move in to a modest sized store, move up when your business needs the room.
Troubleshoot, repair, maintain, upgrade & secure...
When I started my career as a Computer Repair Tech I did some side jobs, I had a small business on the side. I worked in the evenings and on week ends. This lasted about three years as it was not profitable in the sense I could quit my day job but it did give us some extra money we needed and I gained valuable business experience for later in life.
Now the bad part of being in business for yourself - self employed:
- You have to pay all the taxes
- You have to pay for your own health and life insurance
- You don't get any vacations for the first three to five years (if you are working alone)
- You have to do all the book keeping yourself
- You are responsible for all decisions
- You are the Owner; all complaints come directly to YOU!
This isn't the same as BTO - Bachman Turner Overdrive's song: Takin' Care Of Business ...