The reason why I ask is because I have been considering starting my own business. Now, I know it takes a lot of work and is not a guaranteed success, but I might be willing to give it a shot. Also, with the way the economy is anymore, job security is a thing of the past. I know that from personal experience. This is going to sound weird, but I don't like relying on someone else for my paycheck. It would be nice not to have to answer to a boss, be able to make my own money, work the hours that I would like to work, etc. etc. I have lost interest in what I used to do for a living (I was an administrative assistant for over 20 years) and am ready to try something new.

I want to know all of the good, bad and ugly about owning your own business, from folks who work for themselves and know first-hand how it is. I look forward to your responses.

What kind of business?

wildgoldenhoney said:

What kind of business?

Pet sitting. I love animals, and I already help out a husband and wife team with their pet sitting business. [img:$uid]http://l.yimg.com/us.yimg.com/i/mesg/emoticons7/108.gif[/img:$uid]

That sounds like a great idea! Do something that you love.

wildgoldenhoney said:

That sounds like a great idea! Do something that you love.

Thanks. It is important to like what you do.

I've been self-employed exclusively since about 2000, mind you since then I've also had 3 kids, so it's probably only last year onwards that I've been able to devote approx 4+ hours per weekday to my work. My work really ebbs and flows, some weeks I have 8+ hours work each day, other days I have nothing for a couple of weeks. Which suits me fine, since I don't have to depend on this income, it supplements our other incomes.

I work for others and myself. Self work comes about when I want it or when I am sought out.

One of my brothers is self employed and its really about your local taxes-check with the tax rates (b&o). Sometimes moving to another zip code (business wise) can reduce your over head. A plus for him is no boss to answer to and a negative no health insurance (not that he needs it) just critical insurance.

My other brother is in a band. (they have 3 top 40 hits in the USA to their name so far.) He works for an independent label.

I hired a pet sitter once when we went of vaca because my dogs HATE HATE HATE the kennel.. They wont eat, they rub the hair off their noses from sniffing under the gates, my chihuahua hates anything around his neck (collar) So i have to use a harness and im the ONLY one who can put it on him so he doesnt freak out... He hates everything So a petsitter was such a relief and I could enjoy my vaca because of her!

This has nothing to do with your question but I just wanted to let you know how much people who love their pets appreciate you!

kewlschool said:

I work for others and myself. Self work comes about when I want it or when I am sought out.

One of my brothers is self employed and its really about your local taxes-check with the tax rates (b&o). Sometimes moving to another zip code (business wise) can reduce your over head. A plus for him is no boss to answer to and a negative no health insurance (not that he needs it) just critical insurance.

My other brother is in a band. (they have 3 top 40 hits in the USA to their name so far.) He works for an independent label.

Your just gonna throw that out there and not give up the name of the band

Not yet, but I'm headed that way soon hopefully.

research, research, research!!

I was self-employed for almost 8 years and then in 2008 that ship sailed along with the rest of the economy (my biz is currently on life-support and I'm employed by others at this time...).

What I'm saying though is due diligence is key especially in a field that is very, very specialized.

How many other pet-sitters are in your business area?

How many kennels?

What do they charge?

What services do they provide?

Do they offer pick-up and delivery or are they drop-off only?

What kind of biz-insurance do YOU need (very important!)?

What's your liability if something happens to a pet?

these are just a few things that come to mind and believe me I'm NOT trying to discourage you!! Here in the Bay Area we've had some econo-booms and busts and for a moment pet-sitters were all the rage because the tech-folk could afford to have someone watch and play with their pet. Then came a econo-crash and a bunch of sitters were suddenly left mighty dry. They had leases on warehouses and fancy vans with big logos and what-not but hard times quickly weeded out those who could and could not survive.

Prepare a business plan (minimum 3 pages), crunch a ton of numbers, and have an exit strategy.

Best of luck!

ZombieKitten said:

I've been self-employed exclusively since about 2000, mind you since then I've also had 3 kids, so it's probably only last year onwards that I've been able to devote approx 4+ hours per weekday to my work. My work really ebbs and flows, some weeks I have 8+ hours work each day, other days I have nothing for a couple of weeks. Which suits me fine, since I don't have to depend on this income, it supplements our other incomes.

I fall under this (minus the having kids thing ).

Not having to depend on it as your sole income (at least at first) seems key.

I'm self employed! But I sensed that my type of work was in demand in my circles of profession, and even my former employers have come back to hire me at my determined hourly rate.

I would not have gone solo if not for the obvious demand (people always asking me to do stuff on the side even though I had a full time employer before).

ufoclub said:

I'm self employed! But I sensed that my type of work was in demand in my circles of profession, and even my former employers have come back to hire me at my determined hourly rate.

I would not have gone solo if not for the obvious demand (people always asking me to do stuff on the side even though I had a full time employer before).

See, I told you porn would pay off!

tinaz said:

kewlschool said:

I work for others and myself. Self work comes about when I want it or when I am sought out.

One of my brothers is self employed and its really about your local taxes-check with the tax rates (b&o). Sometimes moving to another zip code (business wise) can reduce your over head. A plus for him is no boss to answer to and a negative no health insurance (not that he needs it) just critical insurance.

My other brother is in a band. (they have 3 top 40 hits in the USA to their name so far.) He works for an independent label.

Your just gonna throw that out there and not give up the name of the band

I try not live off my brothers "celebrity." No matter how small or big it has or will become.

kewlschool said:

ufoclub said:

I'm self employed! But I sensed that my type of work was in demand in my circles of profession, and even my former employers have come back to hire me at my determined hourly rate.

I would not have gone solo if not for the obvious demand (people always asking me to do stuff on the side even though I had a full time employer before).

See, I told you porn would pay off!

Ha, not porn... just video/film/animation production