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OP, you can say "oh I hate working for the man" "being your own boss would be soo cool" but in reality, you just don't seem to really understand how stressful owning your own business is. If your idea of starting up a business is "I wanna be my own boss because I can set my own hours and have a less stressful life" you're in for a very rude awakening and showing that you probably aren't ready to be starting a business.
Most business owners have probably more stress and work more hours than employees. You have to sacrifice a LOT to run a successful business. Also, you better be will educated in field you plan to start your business. Don't just think "oh i can start this business with just a machine and no idea of what to do"
Also, you should NEVER be saying "I wanna start a business and make my own hours, guys what should my business be in?"
I think you sound like a kid, get some experience under your belt, get good at what you do and start a business there. If you wanna be a business owner, start saving because you'll need capital too.
You don't think you have to jump through hoops to get a business license, a business bank account, approval to run credit card transactions, etc.? Ignorance is indeed bliss.
Having gotten all of those... it's not that hard. Business plan, EIN and proof of residence. That's about it.
Agreed, although I am married to a spouse who does NOT agree... thus I am still working in a 9-5. When I am old enough to retire, I am starting my own online business though (undetermined as yet), where there is NO age discrimination
And with companies the way they are now, they hate to hire the American worker... I am betting that most people will be working for themseles at some point in their lives.
I have freelanced before, and the worst thing for me is doing the taxes!
Agreed with other poster that people do NOT leave enough of a budget for marketing... how are they going to get any business otherwise!
Having gotten all of those... it's not that hard. Business plan, EIN and proof of residence. That's about it.
Not where I live. Way more than that. But none of those I listed required a business plan. Obviously you need one if you have investors but otherwise I believe you only need that if you're seeking a loan. I've owned two businesses and neither of them has required taking out a loan.
I think it is sort of a meme for current 20-somethings, "Why don't you start your own business," if laid off or in a bad economy. It's sort of the default program, without considering, gee, what does starting your own business mean, and if it was such a good idea, likely someone would have already done so.
A friend of mine (currently long unemployed) once said, "Doesn't everyone want to work for themselves?" and I said, not at all. I do see that in your business (of course, depending on the nature of it) you are owned by the clients/sales/whatever. Maybe not as directly "the Man" as a corporate job, but you are not a self-sufficient island.
The few people I know who did go into business for themselves wanted to be the cool kind of boss, etc. That lasted about three months when employees messed around, etc.
When the payroll program crashes, there's no department to fix it- you're up all night doing it yourself.
A martial arts expert I know toyed with starting his own studio. He had none of the attitude or skills to open a business. A business that deals in what he loves - martial arts- needs the generic knowledge of leasing a building, insurance, advertising, hiring, zoning, etc. etc. He could be selling widgets or Brazilian ju-jitsu or massage therapy. Loving practicing martial arts didn't mean he should start his own business of it.
I went from "employee" to self employed. I will never willingly return to "employee" status.
These are my "observations".
1) You are not going to make a whole lot of money until you establish yourself.
2) Your primary job is marketing.
3) Some advertising works and some is just a complete waste of time. As mentioned "the yellow pages" are not where I would spend my advertising dollars. Don't ask about "Craigslist".....
4) There is a learning curve in identifying which clients to work with and which to turn away. This only comes with time and experience.
5) People don't seem to respect your time unless you bill them by the hour. If you let people, they will suck up a lot of your time unless they are paying for it.
6) Discuss price early on. There is no sense wasting time with people that have expectations that are not in line with your pricing structure.
7) It is going to take you twice as long and twice as much money as you anticipate to get going.
I think both have their pros and cons. I know people who have worked for companies and corporations til retirement and they were very happy and very successful. I know people who can't stand working for someone else and have been successful in their own business. I know people's lives who have been devasted because they were laid off. I know people who work for themselves and are devasted because their business is a failure.
Not everyone can work for someone and not everyone can start their own business. I will say this though, starting your business is no joke nor easy. It can be extremely difficult and burn you out.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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A decent laser will cost a lot more than several hundred dollars, mine was $16,000.
Many a novice has purchased a laser or some other kind of equipment expecting to make a fortune, but most have ended up trying to sell them used to pay off the loans or lease. That particular idea is one that goes well with an established sign or tropy business, as an additional tool. For someone starting with just the laser you may get a few personalizing jobs, but the real money is in manufacturing and/or marking parts. As the prices for the laser drop more manufacturers will
buy their own and keep the work in-house. I have had mine since 2006 and have made plenty of money on it with long-term clients that order hundreds or thousands of items regularly, but rarely bother with the one-two item jobs that the laser manufacturers advertise as money makers. I leave that kind of work to the hobbyists that do the work on the side or are retired.
As for owning a business, yes, you are the boss. That means that you don't get paid when business is slow, and you work all night when it's real busy. You have many more details to deal with such as estimated tax payments to the IRS, business licensing, local and state B & O taxes, business insurance, rent on a storefront and/or warehouse, utility bills, hiring/training/evaluating/firing help
and much more. The latest figures I saw showed that over 50% of all new businesses fail within a year.
You don't think you have to jump through hoops to get a business license, a business bank account, approval to run credit card transactions, etc.? Ignorance is indeed bliss.
Business License was incredibly easy to get and costed $15
Business Bank Account was just as easy
SquareUp, along with many other services, make it incredibly easy to take credit card transactions for small businesses over a smartphone. Paypal, Google checkout, etc can be used for online transactions or recurring payments.
Not that running a business is easy, but those steps you listed are by far the easiest parts for small operations. I'd say they're easier than applying for a job, and definitely easier than writing a resume. Applying to Kroger when I was 15 was harder and more intrusive than everything listed above combined, and I didn't even get a job.
Maybe those things were bigger obstacles back in the day, but certainly not now.
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