Comments on: Six Self-Employment Myths You Need To Know Before Striking Out On Your Own http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/ Bridging the gap between saving money and investing Fri, 09 Jan 2009 14:00:41 +0000 http://wordpress.org/?v=2.6.1 By: Erik Przekop http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-495445 Erik Przekop Wed, 17 Dec 2008 18:48:56 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-495445 None of the above are "myths", except perhaps #3. Ms Fontinelle correctly (in some cases) points out that there is a downside to every upside when you strike out on your own, but this article is unduly pessimistic. My own experience (8 years self-employed, employed for 6, now self-employed again) is that all of the above except #3 are true. I earned significantly more and had more time to myself. There are added stresses to being your own boss, but you remove the single biggest one for me - having to trust your well being to the whims of an idiot (a.k.a. "manager/director/vp"). On balance, life is less stressful for the self-employed *if* you're highly skilled and motivated. None of the above are “myths”, except perhaps #3. Ms Fontinelle correctly (in some cases) points out that there is a downside to every upside when you strike out on your own, but this article is unduly pessimistic.

My own experience (8 years self-employed, employed for 6, now self-employed again) is that all of the above except #3 are true. I earned significantly more and had more time to myself. There are added stresses to being your own boss, but you remove the single biggest one for me - having to trust your well being to the whims of an idiot (a.k.a. “manager/director/vp”). On balance, life is less stressful for the self-employed *if* you’re highly skilled and motivated.

]]> By: 23 Disadvantages of Self-Employment - SavingAdvice.com Blog http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-252470 23 Disadvantages of Self-Employment - SavingAdvice.com Blog Fri, 22 Feb 2008 08:02:13 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-252470 [...] is not the same as a life of leisure. As was already pointed out a few months ago, much of the mythos surrounding self-employment is simply mythical. Businesses that promote work from home “opportunities” thrive on our desires to be our [...] [...] is not the same as a life of leisure. As was already pointed out a few months ago, much of the mythos surrounding self-employment is simply mythical. Businesses that promote work from home “opportunities” thrive on our desires to be our [...]

]]> By: Free Blog Reviews http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-187276 Free Blog Reviews Fri, 21 Dec 2007 00:11:03 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-187276 I personally work twice as many hours now that I am my own boss. I personally work twice as many hours now that I am my own boss.

]]> By: Keith http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-187163 Keith Thu, 20 Dec 2007 21:25:53 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-187163 It really depends upon the business you are in. In some areas of the market, you can make alot more money on your own, in others it is better to be an employee. You have to factor in your knowledge and marketability against demand. This will help you make the right decision to venture out onto your own. Good luck! It really depends upon the business you are in. In some areas of the market, you can make alot more money on your own, in others it is better to be an employee. You have to factor in your knowledge and marketability against demand. This will help you make the right decision to venture out onto your own. Good luck!

]]> By: Ten Pros of Working for a Small Business - SavingAdvice.com Blog http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-57639 Ten Pros of Working for a Small Business - SavingAdvice.com Blog Mon, 11 Jun 2007 12:28:51 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-57639 [...] 1. Ability to learn about all parts of the business operation: In a large company, each person is likely to have a specific role, like bookkeeping, payroll, tax preparation, or management. In a small business, a single person will generally need to take on multiple roles. If you haven’t figured out where your interests lie yet, this can be a great way to explore multiple job titles without having to change jobs or to get hired for a position that you haven’t yet mastered. Also, when it’s time to move on to your next job, you’ll be able to market yourself for a larger number of positions. If the company you want to work for is hiring a bookkeeper, you can say you are a bookkeeper, and if they’re looking for an HR person, you can say you are an HR person. If you think you’d like to run your own business one day, you’ll also benefit from being able to observe firsthand just how much work is involved. [...] [...] 1. Ability to learn about all parts of the business operation: In a large company, each person is likely to have a specific role, like bookkeeping, payroll, tax preparation, or management. In a small business, a single person will generally need to take on multiple roles. If you haven’t figured out where your interests lie yet, this can be a great way to explore multiple job titles without having to change jobs or to get hired for a position that you haven’t yet mastered. Also, when it’s time to move on to your next job, you’ll be able to market yourself for a larger number of positions. If the company you want to work for is hiring a bookkeeper, you can say you are a bookkeeper, and if they’re looking for an HR person, you can say you are an HR person. If you think you’d like to run your own business one day, you’ll also benefit from being able to observe firsthand just how much work is involved. [...]

]]> By: Jeff Rubenstein http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-41234 Jeff Rubenstein Sun, 29 Apr 2007 08:02:33 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-41234 There is some truth here, but it is only half of the story. As long as you have a skill, trade or profession where there is a proven need or market and have the drive, desire and intelligence (none of these are givens) you can be successful at your own business and enjoy it. Working "for" yourself is not the same as working "by" yourself. Having qualified employees can make you money if you run the show and make the right decisions are fair and honest and treat employees and clients well. This includes hiring qualified professionals such as accountants to make sure you maximize the tax benefits, which is everything. Your entire business life is deductible and if you have a home office that is also. Advertising and marketing are also crucial. If you have all of this down, you may work just as hard or harder but what you build is yours. You know you are as smart or smarter than successful people and your bosses, so why not you? There is no reason. You can do it and it rocks! Fun and money if you do iy half right. You may ask "what about problems?" I say everything has problems and its your problem, your success. What have you got to lose? Its life. No more 9 to 5. Do what you want, work hard, enjoy. Go for it. I work Monday afternoon through Thursday, Come in late, leave early, work from home and on the phone rest of the time and manage loyal smart employees who hold down the fort. There is stress of making the money but we always seem to at least make it and so many do. Interesting article but don't let it discourage you. Best Luck. JR There is some truth here, but it is only half of the story. As long as you have a skill, trade or profession where there is a proven need or market and have the drive, desire and intelligence (none of these are givens) you can be successful at your own business and enjoy it. Working “for” yourself is not the same as working “by” yourself. Having qualified employees can make you money if you run the show and make the right decisions are fair and honest and treat employees and clients well. This includes hiring qualified professionals such as accountants to make sure you maximize the tax benefits, which is everything. Your entire business life is deductible and if you have a home office that is also. Advertising and marketing are also crucial. If you have all of this down, you may work just as hard or harder but what you build is yours. You know you are as smart or smarter than successful people and your bosses, so why not you? There is no reason. You can do it and it rocks! Fun and money if you do iy half right. You may ask “what about problems?” I say everything has problems and its your problem, your success. What have you got to lose? Its life. No more 9 to 5. Do what you want, work hard, enjoy. Go for it. I work Monday afternoon through Thursday, Come in late, leave early, work from home and on the phone rest of the time and manage loyal smart employees who hold down the fort. There is stress of making the money but we always seem to at least make it and so many do. Interesting article but don’t let it discourage you. Best Luck.
JR

]]> By: One Man Band » This Week’s Carnival of the Capitalists is Up! http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-28859 One Man Band » This Week’s Carnival of the Capitalists is Up! Mon, 19 Mar 2007 17:44:21 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-28859 [...] first-click-through award goes to Amy L. Fontinelle at Personal Finance Advice for “Six Self-Employment Myths You Need To Know Before Striking Out On Your Own” because it’s never too late (or too early) to rub the stars from your [...] [...] first-click-through award goes to Amy L. Fontinelle at Personal Finance Advice for “Six Self-Employment Myths You Need To Know Before Striking Out On Your Own” because it’s never too late (or too early) to rub the stars from your [...]

]]> By: Ian http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-27564 Ian Wed, 14 Mar 2007 14:46:47 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-27564 Most of these are half true... your own business is what you make of it. There are more taxes, you'll pay 15.3% on social security. I could easily argue against most of these points... Most of these are half true… your own business is what you make of it. There are more taxes, you’ll pay 15.3% on social security. I could easily argue against most of these points…

]]> By: fractalbrothers http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-27326 fractalbrothers Tue, 13 Mar 2007 17:52:34 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-27326 good post, as i've been dabbling with my own business (with my brother) for years now, on the side of a full time salary job with a software company. Our area of interest and expertise is web applications. Our business model involves providing inexpensive services to a large number of people, with recruiting for said services being done primarily over the internet. We like this model because we don't want to have to chase clients (like you said), and customers will essentially provide residual income. Customers will not require us to be in any specific place. There will still be a level of customer support but another aspect of our business model is that we empower the customer as much as possible, making every step of using our product simple and easy, therefore reducing their interaction with us. good post, as i’ve been dabbling with my own business (with my brother) for years now, on the side of a full time salary job with a software company. Our area of interest and expertise is web applications. Our business model involves providing inexpensive services to a large number of people, with recruiting for said services being done primarily over the internet. We like this model because we don’t want to have to chase clients (like you said), and customers will essentially provide residual income. Customers will not require us to be in any specific place. There will still be a level of customer support but another aspect of our business model is that we empower the customer as much as possible, making every step of using our product simple and easy, therefore reducing their interaction with us.

]]> By: junger http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-27278 junger Tue, 13 Mar 2007 13:50:00 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-27278 Great post -- Starting my own business always sounds so attractive, but it's good to be taken back to reality before making an unprepared leap. Great post — Starting my own business always sounds so attractive, but it’s good to be taken back to reality before making an unprepared leap.

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