Being Self Employed

[EricTheCarGuy]

I’ve been self employed now for the better part of 6 years, probably more like 7 when I think about it. Personally, I’ve never looked back. The road here was rocky but I wouldn’t trade it for anything. For me, being self employed is the best job I’ve ever had. What are your thoughts on self employment?

Topic

[dropin_biking]

I really enjoyed this video Eric! It gave me more insight as to what it is like from my managers perspective at work. I have seen many of the differences between working for yourself, and working for someone else.

I can somewhat say that I am self employed, or at least know the feeling of being self employed. Along with working under a manager at a body shop, I also dictate my own small repairs, or paint correction on the side, at my home garage. This is true self employment. I oversea all expenses going out, and business coming in. I draw all my own estimates, order all my own parts and supplies, keep all my own finances. It truly is a wonderful feeling.

[David Roddick]

There are definite pros and cons to both. Most new small businesses fail – there was just not adequate start up capital and not a solid business plan. Some also fail even with a good business plan. If you wanted to start your own business, try to have at least 3-6 months of reserve cash as if nothing came in. Avoid using debt to fund a start-up. Eventually, using debt may be needed to expand but too many businesses start because someone does not like working for someone else but they have not set anything aside to start their own business. Many of us are not wired to handle the stresses and demands of running our own business. A few are, and it can be very rewarding in many ways beyond just money.

[David Roddick]

It is always neat to see when it does work with just luck and determination. It is rare but it does happen. The key point is that readers should remember is that it is rare. Even with a good business plan and a sound financial backing, you will need some luck and a big dose of determination. 🙂

[Sam]

I am self employed, run a small engine repair dealership and have an auto repair shop at the same time juggling time an space to run both. It is very difficult as we live in an area that in the last year has had massive job losses and the town has gone to the toilet basically. Up here in Canada we are a couple years behind the big USA recession, and its just hitting our area. This industry is down roughly 50-70% area wide at all the shops. I have been trying to sell my property (building and business) for a couple years for roughly half of actual net worth and nothing at all has happened. Just received an offer almost 80% under listing price (less than the price of a pickup truck) for an established business AND building…
I like the self employed lifestyle but I am working on moving from Canada to the USA and therefore am open to any type of scenario just to make it happen. Dealership, indy shop, powersports, whatever it takes. Im sure it will be a shock again to work for “the man” but it is a necessary evil in my case.

[David Roddick]

All bets are off when you have to live through what the US just went through. GM had to become government motors, Chrysler had to join with Fiat, and even Ford had to downsize. I hope you can find a good independent shop that needs someone. We have a couple of local shops where you would have to work hard but would be treated fairly (I’m in central NC). You may want to post where you would consider moving to. Maybe then a good mechanic that reads these postings can help you out. During our “great recession,” a number of good local shops closed. The “best” ones stayed busy, but I’m sure it was not an easy time for them either. It would be so neat if this forum could help you find a good shop where maybe the owner is closing in on retirement and needs a good person to come and slowly take over their established business.

[Author]

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