Why does everyone keep saying "Start your own business?"

[jerseygal4u]

Originally Posted by jgreco5

Pros- Own boss, financial upside (maybe), ability to make a difference, employ others and pay mentorship forward.

Cons- You are the last one to get paid (after vendors, overhead, employees-including employee mistakes), ridiculous tax bills, rising costs for workers compensation, unemployment benefits, etc, your mind is working 24/7, work many days long hours with no financial upside for years.

The biggest con for me is the loss off a paycheck and the taxes.
I'm also scared of failing.

To be honest,I don't know a single person who started a business that was successful.
They make the same in income as me.
The Avon ladies,why,some of them collect food stamps.

[nuala]

Originally Posted by CAVA1990

Tax write-offs are reason enough for me. It's sad that after all those expenses I don't make any money.

...but you have paid for those expenses with your sales - just like the "working for others" people are paying for the same expenses from their paychecks. They bring their paycheck home and pay for electricity, water, phone, internet, property insurance, etc. - and how much do they have left?

[cpg35223]

Originally Posted by jerseygal4u

The biggest con for me is the loss off a paycheck and the taxes.
I'm also scared of failing.

To be honest,I don't know a single person who started a business that was successful.
They make the same in income as me.
The Avon ladies,why,some of them collect food stamps.

I have been in business for myself in various forms for 22 years. I'm a serial entrepreneur. And, yes, it's quite possible to make excellent money. Otherwise, I'd be living in a Westinghouse carton under the interstate somewhere right now. What's more, if you keep your overhead low, then your chances of success are far higher. I think the biggest mistake people make comes from blowing their wad on the company car or the fancy office rather than seeing how much they can do for the least amount of money. The only thing you shouldn't skimp on are lawyers, accountants, and quality employees.

Here's another thing. At this point, for the past 12 years, I've worked as a consultant. Realistically, my entire business expense has been my car, my phone, my laptop and my internet connection. That's it. Yet because I operate out of my house, I scrupulously take advantage of the five bazillion deductions that I'm allowed. So while my LLC raked in over six figures, its income on paper only amounted to around $9,000. And that's with an honest accountant. There are just too many ways to skin the cat, especially if this is a biz you can do on your own.

Consider this. The key ingredient for happiness in every single sphere of life is bravery. Either you take the plunge to enjoy self-determination or you don't. But if it's something you've longed to do, then worrying about failure guarantees failure. What's more, given the number of mergers, buyouts, and layoffs out there, even the 40-hour-a-week job is no guarantee of security. Haven't you heard of 50-year-olds being given their walking papers, completely unable to find a job? I am at the age where I know guys like that. They call me up with no idea of what to do with the last fifteen years or so of their career. Hey, I still remember the first morning I went out on my own. I sat there in the shower, the water beating on my head, thinking to myself, "What in God's name have I done?" But at 8:30 that morning, I started making phone calls. So now I'm the guy people call. And I'm not a has-been at age 50.

So, twenty-three years later, I'm glad I did it. Even though I bust my ass just as hard as I ever did, even though I have my share of frustrating days, I also know I am doing it for me. I alone determine my success and I decide what I'm willing to do and not do to earn my money. If I want to blow off working for the last two weeks of the year, I do it. If I want to knock off on a beautiful fall afternoon and go bike riding, I do it. After I sold my business in 2001, I went to work for someone for about a year. It was awful. There's no way I could ever return to a regular job again.