Start out on my own or stay?

Status
Not open for further replies.
K

Ken9876

Senior Member
Location
Jersey Shore
While everyone is writing about how they started out, I thought I'd ask if it's worth it. I have a steady job with the state gov. pays good with bennys, I have my license, but often think about going out on my own. Would you do it?, how much money can be made by a one man shop.? I do legt. side work here and there and really enjoy it, just looking for the thoghts of others.
 
This is a question only you can answer.

But you do lose bennies
All the burden is on you.
Work is more than a simple 8 and go home.
Weeks without a paycheck can make your creditors and the wife cranky.

BUt if you have the perseverance to stick it out, you will be your own boss (sort of).
Make big bucks (maybe)
Make the wife happy or not......
 
It depends on what kind of EC work you will do. A one man show has his limitations. If you are doing a large % of residential, you may want to do it part time and keep the State job for a while, this is not the best time to start out in the residential market.
 
Might be better to cultivate a couple of clients that you can serve in your off hours, and see if you're even any good at running a business. This will also let you test the waters with the wife, to see how she tolerates the extra demands on you. I'd hate to see you screw up an otherwise good thing (state job) if it doesn't work out. If you were otherwise out of work or underemployed for some reason, or your wife was the main bread/benefits winner, my advice would be different. I might tell you to jump in with both feet in that case.
 
1. Do you have enough money saved up to pay your bills for the next year?
2. Do you have good credit?
3. Do you have a business plan?
4. Do you know what a balance sheet is, and how to read it?
5. Can you discipline yourself with large amounts of money and stick to a budget?

If the answer to any of these is 'No', stay where you are.
 
When I checked out the state Electrician job here it worked 152 days a year. Start working weekends and a few days a week. When you realize you have to work all the time, make a decision. That's how I made my transition when I started to work for myself (that and a near death experience). If you have retirement with the state job and bennies, I would stick with it. Unless your going to go hire and wire LARGE projects and run after people that are not motivated enough to make it right the first time it would not be worth your time or energy. The more successful people I've run into are those that are DRIVEN and business savvy. I suspect if you have worked for the state more than a few weeks your not there yet. When you wake up with the hunger to be self employed, you will know.
 
Last edited:
480sparky said:
1. Do you have enough money saved up to pay your bills for the next year?
2. Do you have good credit?
3. Do you have a business plan?
4. Do you know what a balance sheet is, and how to read it?
5. Can you discipline yourself with large amounts of money and stick to a budget?

If the answer to any of these is 'No', stay where you are.
Click to expand...

And that is only for starters, if the area business slides you slide with it, so you really need to have a pack on the side to help, when things change.

Only one in 10 or less make it to a point where they have the same wage or a little more then they did before they went in business, not very good odds, in general, and in bad times the odds can get worse.
 
Last edited:
you didn't mention how many years you had with the state??? if you do leave(?) consider the years you have invested into that pension --maybe leave after you reach the qualifying year?? i would stay with the state, work as many hours as i could on side work --- this will give you an idea of the first few years are gonna be like "if" you decide to go "on your own"! also fine out how it effects your home life?? place all the "side monies" in a "go into business" account and live only on your state income --- this will also get you ready to "go on your own"?

by doing this --- you will eventually make your decision -- an educated decision --- and at that point you should have built up a starting customer base and the funds to get started without too much pressure. figure out how much business you must do (gross) -- multiply that by what your profit margin and see if you can afford to match your present gross salary and benifits with pension with the state..
 
Ken9876 said:
While everyone is writing about how they started out, I thought I'd ask if it's worth it. I have a steady job with the state gov. pays good with bennys, I have my license, but often think about going out on my own. Would you do it?, how much money can be made by a one man shop.? I do legt. side work here and there and really enjoy it, just looking for the thoghts of others.
Click to expand...
If you're married to a nurse I'd say go for it. :)
 
Charlie, I've been there four years, I worked for ec's before that and enjoyed the work and the pace, much more than the pace of the state(reverse).
I have a 5 day work week and have had my license for 3 years, and have been doing work on the side since I got the license. I just find working for customers makes me happy, and I get called back to do more work and get referals. I was putting all money into a business account, in hope to build capital and start out debt free but my lovely wife saw fit to empty it. Thank you all for your input, everyone gave me much to consider.
 
then start another account with the side job money...set this one aside as 'divorce attorney'...then go out on your own...just a thought...
 
should I stay or should I go

should I stay or should I go

With just four years in you don't have as much to lose as a long timer would.

If you really want to get back into the work..
How about a happy medium?

Either get a PM or foreman job with a good sized EC (at least for a while) continue to bank the extra income (it is sure to pay better than the state) and then maybe start up after the next few years of uncertainty have passed?

OR... look around for some older/tired smaller (but already established) EC who could use fresh blood and arrange some buy out deal?

If you do this arrange the deal FIRST and with YOUR lawyer writing it up.

Good luck.
 
Ken9876 said:
I was putting all money into a business account, in hope to build capital and start out debt free but my lovely wife saw fit to empty it.
Click to expand...
:confused: :confused: :confused:
Wow. I just don't know what to say about that.
 
  • Self-employed people make up less than 20% of the workers in America but account for two-thirds of the millionaires.
  • Three out of four of those who are self-employed consider themselves entrepreneurs.
  • The average household net-worth is $3.7 million with 6% having a net worth greater than $10 million.
  • Most own their own home (97%).
  • Over 80% are first generation affluent.
 
50% of new companies fail. Most fail due to a lack of capital. You will need to have a strong bank account and excellent credit before starting in business. You will also need to be an entrepreneur. There is no safety net, you sink or swim on your own. There are no benefits. There is no such thing as a weekend, or vacation, or sick day. There is no retirement plan, other than what you set up and contribute to. There is no group insurance plan. If you do not work, you do not get paid. Collecting from your customers will always be a problem. Everyone will have a reason to delay paying you. Some people thrive on the challenge, others find it to be unbearable. There is a HUGE difference between doing "side jobs" for friends and family and relying on it for your only income. Good luck with your decision.
My feeling is: If I hit the Lottery, I will again go into business for myself - and I won't quit until I lose every dime!
 
haskindm said:
50% of new companies fail. Most fail due to a lack of capital. You will need to have a strong bank account and excellent credit before starting in business. You will also need to be an entrepreneur. There is no safety net, you sink or swim on your own. There are no benefits. There is no such thing as a weekend, or vacation, or sick day. There is no retirement plan, other than what you set up and contribute to. There is no group insurance plan. If you do not work, you do not get paid. Collecting from your customers will always be a problem. Everyone will have a reason to delay paying you. Some people thrive on the challenge, others find it to be unbearable. There is a HUGE difference between doing "side jobs" for friends and family and relying on it for your only income. Good luck with your decision.
My feeling is: If I hit the Lottery, I will again go into business for myself - and I won't quit until I lose every dime!
Click to expand...

Good post, the truth is always funny!
 
Status
Not open for further replies.
Top