How much money do people need to be self employed?

[aaronwallace30]

Originally Posted by elgusano

That would depend entirely upon the business.

I strongly agreed to that! Here's are some ways how to start:
1.Learn what is needed to be self-employed -including the certifications and license.
2.Get pen and paper, make an honest list of your budget and expenses including bills and debts. Find a way on how to save.
3.Learn about the taxes
4.Have a time to spend on your business-you have to decide how many hour a day you will have to work.
5.Network with family and friends and watch out for the "work from home" scam.

Always remember that putting your own business take a lot of courage.

[annerk]

If at all possible, work p/t at building your own business while still employed with someone else. Of course if you are going to be direct competition with your current employer that's not such a grand idea.

As far as how much money you need to ahve saved, like the others have said, it depends on the type of business, although I'd never leave my job without six months of living expenses PLUS start up costs in the bank. Even more for certain types of businesses, such as restaurants where you will not likely see a dime of profit or a paycheck for yourself in the first year or more.

[brimri]

be creative....just think about any skill big or small you can do. i am really strapped for cash at the moment and my mom owns a rug cleaner she recently aquired. if worse comes to worse and me going back to school doesn't work out i may have to. all you have to do is start using stuff on hand. i would just charge half of the professionals do the same job and get good pay. 25$/hr or more if i learned to work quicker. charging 25$ a room, that's 75$ a day you do the math, but what's hard is the time it takes to build clientelle and get the word out depends on your internet savvy and people skills and always of course who you know and the money they have. in my opinion it's always good to be nice to people who have money; they might be perspective clients someday.

[annerk]

Originally Posted by brimri

be creative....just think about any skill big or small you can do. i am really strapped for cash at the moment and my mom owns a rug cleaner she recently aquired. if worse comes to worse and me going back to school doesn't work out i may have to. all you have to do is start using stuff on hand. i would just charge half of the professionals do the same job and get good pay. 25$/hr or more if i learned to work quicker. charging 25$ a room, that's 75$ a day you do the math, but what's hard is the time it takes to build clientelle and get the word out depends on your internet savvy and people skills and always of course who you know and the money they have. in my opinion it's always good to be nice to people who have money; they might be perspective clients someday.

Cleaning rugs is fine, but you'll likely need a business license and insurance as well as the equipment. (I wouldn't hire someone to come into my home to do work that wasn't licensed and insured--that goes for everything from a cleaning service to a roofer to a plumber.)