It's been awhile since I've been on here, but I've been lurking a bit, lately.
My LLC papers came through early February, and my business has been working out relatively well. I've been positively giddy, and I feel that more people starting their own business and supporting other small businesses may be the best way out of the recession we're in, but that's another discussion.
I recently told a friend that for the first time in my life, I feel as if I'm captain of my own destiny. It's thoroughly invigorating, diving into this headfirst. I know why Theodore Roosevelt used the language, and spoke as he did, now.
Wow. Dramatize much? Your premise is flawed and over-simplified. Proper Estate and Financial Management allows for better returns than what you speak of.
Take it to the Great Debate. This ain't what the OP asked for.
Got a friend who has a side business. He and another opened a food truck that they run at a few bars every weekend. He doesn't make a ton of money, but I've never seen him more proud of himself, nor have I seen him mature so much.
Got another friend, amazing salesman, he could sell anything. Had worked for many different firms but would get laid off because he would get too aggressive and usually mouth off to the wrong people, or his firm would get bought out. Learned an industry from another guy, saw that guy turn to drugs, found some financial backing and is becoming very succesful. Works his ass off, but it is for himself and if he has to reign himself in he knows fully why. Been begging for me to move up there and work for him.
I can get down with that. I came to the conclusion that I was "psychologically unemployable" some time ago, much like your friend. The maturity comment is interesting, too. Brett wrote articles along those lines at one point, I believe.
Congratulations on your business success. As a friend once told me when I started my first business "Now that you own your own business you only have to work half the day--and you get to pick which 12 hours it is!".
There is no other feeling like being your own boss. It brings real meaning to the words 'living by your own wits'. I have owned an environmental consulting firm since 1997, have taken on partners and let them go, have ranged from 2 to 18 employees, but in all that time I have been acutely aware that it is by my will that we survive. That is a very humbling, scary and exhilarating realization.
Good luck to you in this endeavor. Don’t give up, even when the joy wears off and things look bleak. Businesses run in cycles and, chances are, you’ll experience both the top and the bottom numerous times.
For what its worth, the Lower Brain has it right—the government will try to take as much as they can get, and then some…
I was a corporate drone for 10 years and now a business owner for 20+ years. In my view neither is better, just different.
As an employee you can be axed at any moment and your income potential is usually limited. But steady paychecks, sick days and vacations are nice too.
As a business owner sometimes you end up just serving multiple taskmasters by way of unreasonably demanding customers and there are very few owners who actually get away from it for a day let alone a week. It can be all consuming. You have to worry about everything all the time.
As my granddaddy said "the grass is always greener but it's just as hard to cut".
I hear what you're saying. Looking back, I think that I have taken about 6 weeks of vacation in 15 years. Some guys I know get that every year!
Regardless of the downside, and there are negative aspects to owning your own business, I love what I do and could not imagine working for someone else.
+1 I think loving what you do is key. The first business I had for 18 years I absolutely hated and drove me nuts.
I think the key to self employment is do that which inspires you and outsource the rest.
I sold my business to spend time with my family. (I traveled nearly 100% with brief stops at home to kiss the wife, hug my son, do the laundry, re-pack my suitcases and head back out again.)
A little over five years ago, I sold the business and took a W2 job. For the most part, the W2 job has been unrewarding. However, I'm back on track toward self-employment again. If all goes well, I'll be gainfully self-employed in another 2-3 years and able to spend time with my family.
It's the American way, quite literally. You can do no better than entrepreneurship in this, what one Founding Father called "The animating contest of Freedom".