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Thread: Self employment

  1. #11
    Join Date
    Apr 2009
    Location
    Clarkesville, Georgia
    Posts
    2,249
    around the 20 year mark was burned out

    so took a position {installation and repairs on car wash equipment},was only 30 hours per week so I was still able to keep my business running, 40 hours most weeks


    and only took the best jobs

    after 12 years position finally fizzled out but by then all my jobs were best jobs

    and I loved the electrician business again
    Dave Ruth
    Ready Electric

  2. #12
    Join Date
    Feb 2003
    Location
    New Jersey
    Posts
    3,746
    I've been on my own now for over 25 years and looking back I wouldn't have it any other way. I chose, up front, to be a one man show. I didn't want any employees because I had been one for too many years and knew what I wanted and expected as an employee. I was not able to provide salaries and benefits to others when I started out and did not want any of the headaches associated with employees.

    That said, I don't believe I'm qualified to answer your question about relieving your stress. All I can say is that having your own business is a far greater achievement than working for someone else. I hope you get some good advice from others. Good luck.

  3. #13
    Join Date
    Jun 2016
    Location
    Tampa, FL, USA
    Posts
    1,851
    Quote Originally Posted by goldstar View Post
    I didn't want any employees because I had been one for too many years and knew what I wanted and expected as an employee. I was not able to provide salaries and benefits to others when I started out and did not want any of the headaches associated with employees.
    Being a one-man band has its advantages, but the biggest disadvantage is there is only one of you so you are income limited. Plus I'm getting old and tired of crawling around in attics and crawl spaces. That said, I keep on hiring people who turn out to be duds and I have to get rid of them. The last one caused a total of $3000 damage to two service trucks in several incidents including backing one service truck into another service truck.

    I've got plenty of work and could probably do quite well financially if I could only find some decent service truck electricians. Construction jobs are easy to staff, service trucks are not.

  4. #14
    Join Date
    Dec 2007
    Location
    NE Nebraska
    Posts
    38,507
    Quote Originally Posted by hbiss View Post
    I see it all the time. Your problem is because you didn't plan for your successor and started grooming him or her years ago to take your place. Many small business owners like yours don't want their children involved, "want them to have a better life" so they pass up the opportunity to pass the business on. Another problem is that they need to be in control, micro-manage everything so they won't hand over the reigns to people they can delegate responsibility to.



    So really, you don't have a company, you have a job.

    If you look at a lot of successful companies, the owner is out playing golf while his son or daughter runs the company.

    -Hal
    Well it depends on what there is for a successor to take over. A lot of smaller construction oriented companies there isn't much to take over and the potential successor isn't going to spend $$ to buy things they don't feel they need and would rather start their own new business operation. This especially true for smaller shop that maybe operated from owners home, and maybe the owner was the primary supervisor as well as main records keeper, or maybe his spouse is involved in recordskeeping. If you have a shop/office at it's own location and an established workforce including office staff that is a little different story, there is more there to take over, but also consider it is a bigger investment for whoever is taking over. But if they were participating in managing it they may be fine, the journyman that was only involved with installs will not have as good of a chance of managing such an organization out of the gate and is a riskier investment for him (whether he knows it or not).
    I live for today, I'm just a day behind.

  5. #15
    Join Date
    Jun 2003
    Location
    Hawthorne, New York NEC: 2014
    Posts
    3,977
    Quote Originally Posted by kwired View Post
    Well it depends on what there is for a successor to take over.
    That's why I mentioned that you could have a company but really it's just a job. Finding somebody to step into your shoes probably isn't going to happen unless there is more than just you.

    -Hal

  6. #16
    Join Date
    Mar 2003
    Location
    Vermont
    Posts
    1,786
    in my 60's, yr 20 (this time around) , no real exit plan, and let's be honest.... wtf is hiring has beens? ~RJ~

  7. #17
    Join Date
    May 2009
    Location
    Usa
    Posts
    1,617
    Self employment isn’t for everyone. You have to be in 100% of the time.

  8. #18
    Join Date
    Mar 2003
    Location
    New England
    Posts
    13,587
    Quote Originally Posted by chris1971 View Post
    Self employment isn’t for everyone. You have to be in 100% of the time.
    That makes perfect sense.

  9. #19
    Join Date
    Dec 2007
    Location
    NE Nebraska
    Posts
    38,507
    There are people that run a small business (any business not just electrical contracting) that if they aren't there (at least a majority of the time) will not operate well if at all.

    There are others that call themselves self employed but only because they maybe started out as the kind of business I mentioned above and built it to something much larger. Sure that person may still be the primary business owner, but has a staff that can operate on a normal basis even when that owner is absent whether, for the day or for several weeks at a time.
    I live for today, I'm just a day behind.

  10. #20
    Join Date
    Aug 2018
    Location
    Moreno Valley, CA
    Posts
    4

    Stay the Course

    I can absolutely understand wanting to go back to working for someone else. Much of the worry and hard ache will be off of your shoulders. But once you go back, then you'll remember why you went into business for yourself. In an Electrician Group on Facebook recently...one guy went on and on about why he quit and walked off the job. Usually it comes down to nobody respecting you and you not getting paid what your worth. Everyone was praising the guy for walking off the job. The truth is...he either needs to suck it up or go into business for himself. There isn't anything in between.

    I would offer 2 suggestions:

    (1) Hire a manager. This is someone that comes in and replaces you. This should take you completely out of the equation, and you can focus on sales.

    (2) Double down. Build an empire you can sell. Read the book Millionaire Fastlane. It's a great read. In it I learned that I should focus on building up my business to the point that I can sell it for 2-3x its annual revenue. Basically, if you focus on building a brandable business that makes $500-750k a year, then you can sell it for 2-3x that and retire. You can then retire and live off of the interest or investments.

    That's my plan anyways. Best of luck to you!

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