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My husband is a CPA and self employed. The last 2 years have been tough but we're hanging in. These banks sure don't help the situation.
I am also self employed as a mortgage broker. I also do mortgage processing for others when things are slow and also help my husband.
Sometimes, I think of the corporate life, just having a lot of co-workers and I miss the comradery, then I think of the freedom I would give up. We work a lot of hours but we make our own life in a sense.
I even went back to college to work toward my "enrolled agent" certification by taking more classes on the accounting end and I loved it.
There are drawbacks, sure but in the future, have computer, will travel (maybe).
We visisted a 55 plus community which has a few town squares with stores and several residents had opened stores after being in a different field and seemed to love it.
When my husband gets down, I always tell him "you're investing in your 401K b/c that's what the business is"
I've been fishing ever since I was a kid over 50 years ago, I'm pretty good at it now. I've been thinking about doing some guiding when we retire in a couple years.
There is nothing you'll be a slave to quite like your own small business. There will be headaches galore. You may lose your shirt. Unless you really know the particular business you want to engage in, know the economics of it, the technical problems, etc., I would say work a year or two extra to save up a little more money, then have a real retirement, without the business.
Running a business is NOT retiring. It is just changing careers.
What they warned us about starting a business is that the risk of failure is very high & probably even higher during this great recession. One shud only proceed if it is truly a lifelong dream & after much research. It is a very risky endeavor late in life. And will require tons of time & work.
Depends on what you consider starting a business. If you mean making and selling quilts at flea markets or doing a little handyman work, probably not a big deal. If you mean opening a retail store, a consulting business or restaurant, for instance, that's another deal.
We have friends opening a small coffee shop/deli. They have been working at it for 6 months, remodeling the building, buying equipment, getting permits and licenses and have spent thousands (tens of thousands?) of dollars. They should be open in a couple of weeks...if the inspectgor buys off on the permit to install a restroom. I have talked with others and they all say the same thing. This isn't the 1800's. You don't go out and open a shop and start selling stuff. You need approvals from the state, the county, the city. You needs licenses, inspections, permits and pay fees. You need to set up accounts with the city, state and federal tax authorities. Blah, blah, blah!
I have always wanted to be my own boss, but I really have no desire to wade through red tape for the next 6 months just to get permission to do business. On the other hand, a hobby business might be the ticket. Do something you love, sell to friends, relatives, neighbors, etc. Make a few bucks for travel or other projects all while funding your hobby. If you keep it all cash and low key, you might even be able to get away without a business license or paying taxes (not recommended!). If you would be doing it anyway becuase you enjoy it, why not?
Quote:
Originally Posted by Rtom45
I've been fishing ever since I was a kid over 50 years ago, I'm pretty good at it now. I've been thinking about doing some guiding when we retire in a couple years.
I don't know where you live, but here in Nevada you can't be a guide without being a sub guide (work for a real guide) for 4 years. In California (I live 15 minutes from the border), you can be a guide if you have $400 and are breathing. However, to guide on public lands (BLM, Forest Service, etc.) you need to obtain a special use permit. Here there is a patch work of state and federal lands administered by maybe 8 or 10 different agencies. You would need a special use permit for each and they are policing this much more and they need to be renewed every year and require a fee. If you guide on private land, you need permission and maybe a contract for each owner. Plus the liability insurance and bond the states require, guiding school, etc. Not trying to talk you out of it, but I wanted to do the same and when I found out about all the red tape and fees, I gave up on it.
If you can find a guide that wants a part time sub guide to fill in when he's busy or in the busy season, maybe that would be an option.
Last edited by flyfishnevada; 06-22-2010 at 09:12 AM..
Location: Prescott Valley,az summer/east valley Az winter
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Starting your own business is a career change~ and you had better have enough money to pay for your living plus whatever you have to sink into your business to get it going!
Started my business years ago and am willing to sell it to you~ requires a lot of cash and probably 60 - 70 hours of hard physical labor plus an extra 20 hours or so of further paperwork.
I am wanting to do some writing.
Not exactly a business, but I have this fantasy that I can write.
Would also consider some "consulting" in my current field -- if and when I can make myself retire.
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Being self employed
