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Old 10-24-2013, 02:59 PM
 
13,693 posts, read 16,359,094 times
Reputation: 16688

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My business has been doing great for over 20 years, but because of the economy, technology, and looming Obamacare, the industry (rather not say what it is) is drying up. I'm losing my biggest and last client next month.

I have to have income. I applied for a lot of jobs and got and accepted a job offer yesterday, and I have been depressed ever since. The thought of working for someone else 40 hours and a week and making less money is depressing.

I know I should be glad that I have a job in an economy where so many don't. And the pay isn't bad, it's just not what I am used to. Less money and less freedom.

I could look for new accounts but like I said, the industry is drying up. I may or may not be able to find new accounts, and if I did it would likely be from underbidding another company. The going rate has been going down the last several years and now it is one-third less than it was ten years ago - but it's still better than working for someone else. And if I got new accounts, in two or three years from now those could be gone too.

Would you/could you go from business owner to employee? Have you done it? I need to start feeling more positive about this move. Maybe I'm too much of a free spirit, but I feel like a slave having 40 hours of my time each week controlled by someone else.
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Old 10-24-2013, 04:13 PM
 
Location: New York
2,251 posts, read 4,458,573 times
Reputation: 1610
A company large or small has to change with the market, to offer new products and services in order to remain profitable.

Working for someone else compared to self employed = a steady pay check and benefits.

Having a business over 20 years, that is remarkable.

Suggest working on your entrepreneur skills and look for other money making opportunity's.
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Old 10-25-2013, 06:18 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
32,364 posts, read 58,985,001 times
Reputation: 35404
I did that in 2009, very similar situation when my customers started going out of business and the others stopped buying my services due to lack of funds. I found it to be a blessing in disguise. True, I make less than I did in the height of my 16 years running a business, but I have paid medical, sick leave, vacation, free parking and bus pass, and enjoy the work. I have been promoted twice and am a manager now, qualified by combining previous experience with my managerial experience with the business. I no longer have to work late nights or weekends to meet deadlines, worry about employees stealing from me or goofing off when I left the shop, or all of the tax and licensing paperwork. We're still trying to catch up with the loss of so much savings before I got the job, but we are far better off now with the regular paychecks and I did keep a few regular customers that survived and make an extra several thousand a year
working at home 1-2 times a month. When I started this new career I enjoyed being an employee and just doing my work but found that I missed being a boss, which is why I applied for the promotions. For me it's worked out great
hopefully it will for you too!
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Old 10-25-2013, 09:32 AM
 
13,693 posts, read 16,359,094 times
Reputation: 16688
Quote:
Originally Posted by Hemlock140 View Post
I did that in 2009, very similar situation when my customers started going out of business and the others stopped buying my services due to lack of funds. I found it to be a blessing in disguise. True, I make less than I did in the height of my 16 years running a business, but I have paid medical, sick leave, vacation, free parking and bus pass, and enjoy the work. I have been promoted twice and am a manager now, qualified by combining previous experience with my managerial experience with the business. I no longer have to work late nights or weekends to meet deadlines, worry about employees stealing from me or goofing off when I left the shop, or all of the tax and licensing paperwork. We're still trying to catch up with the loss of so much savings before I got the job, but we are far better off now with the regular paychecks and I did keep a few regular customers that survived and make an extra several thousand a year
working at home 1-2 times a month. When I started this new career I enjoyed being an employee and just doing my work but found that I missed being a boss, which is why I applied for the promotions. For me it's worked out great
hopefully it will for you too!
Thanks so much! I feel so much better about it today than I did yesterday. There is no reason I can't do this AND have a few of my own clients like you have done. I'm also going back to school to get credentialing that I don't currently have, and that will benefit me from both an employee and business owner perspective. And my new employer will pay my tuition, so that's not so bad.

I'm glad it has worked out so well for you!
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Old 10-25-2013, 06:01 PM
 
Location: SW Missouri
15,849 posts, read 31,496,794 times
Reputation: 22457
Quote:
Originally Posted by luzianne View Post
My business has been doing great for over 20 years, but because of the economy, technology, and looming Obamacare, the industry (rather not say what it is) is drying up. I'm losing my biggest and last client next month.

I have to have income. I applied for a lot of jobs and got and accepted a job offer yesterday, and I have been depressed ever since. The thought of working for someone else 40 hours and a week and making less money is depressing.

I know I should be glad that I have a job in an economy where so many don't. And the pay isn't bad, it's just not what I am used to. Less money and less freedom.

I could look for new accounts but like I said, the industry is drying up. I may or may not be able to find new accounts, and if I did it would likely be from underbidding another company. The going rate has been going down the last several years and now it is one-third less than it was ten years ago - but it's still better than working for someone else. And if I got new accounts, in two or three years from now those could be gone too.

Would you/could you go from business owner to employee? Have you done it? I need to start feeling more positive about this move. Maybe I'm too much of a free spirit, but I feel like a slave having 40 hours of my time each week controlled by someone else.
Have you considered starting a different business? There is always going to be a demand for anything health-related, beauty-related and food-related.

My husband and I opened a business in 2011 and despite the "negative" press about our type of business (tanning salon) there are still a lot of people who enjoy the benefits of tanning and our business has steadily grown for the past two years. Our clients are the same ones who are paying $45 every four or five weeks to get their acrylic nails filled, $100+ every six weeks or so to have their hair professionally cut and "highlighted", and go on two or three vacations every year (including cruises), to places where they need to have a base tan so they won't burn.

People are always going to need their houses painted, their lawn mowed (and fertilized). There are always going to be people who are too busy to clean their own house or wash their own cars, or groom their own dogs.

You just need to find a different business and continue to pursue the dream of entrepreneurship. Because working for someone else stinks.

20yrsinBranson
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Old 10-25-2013, 08:11 PM
 
Location: Vero Beach, Fl
2,952 posts, read 12,434,593 times
Reputation: 2089
Congratulations on finding a job! Our situation runs parallel to yours. We, too have had our business for over twenty years and are now looking for employment. Sadly, there are certain mind sets in hiring older workers and women who have been at the helm of a successful business - I would like to think it is the exception and not the norm. The perception that we need to be in control couldn't be farther from the truth.

Best of luck to you!
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Old 10-28-2013, 08:29 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
32,364 posts, read 58,985,001 times
Reputation: 35404
Quote:
Originally Posted by jhlcomp View Post
Congratulations on finding a job! Our situation runs parallel to yours. We, too have had our business for over twenty years and are now looking for employment. Sadly, there are certain mind sets in hiring older workers and women who have been at the helm of a successful business - I would like to think it is the exception and not the norm. The perception that we need to be in control couldn't be farther from the truth.

Best of luck to you!
Try to combine the experience owning the business with the experience you gained in previous employment prior to the business. Despite being 17 years away from it that's what I did and the combination worked well. I highlighted the recent work I did with my customers that are in the same kind of business as the job I was applying for.
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Old 11-02-2013, 09:26 AM
 
1,475 posts, read 2,319,777 times
Reputation: 659
Quote:
Originally Posted by luzianne View Post
Would you/could you go from business owner to employee? Have you done it? I need to start feeling more positive about this move. Maybe I'm too much of a free spirit, but I feel like a slave having 40 hours of my time each week controlled by someone else.
Welcome to the club! I'm the same way. I've had various businesses and various jobs. Anytime I took a job I got depressed and within two years my behavior changed for the worst.

I can tell you that it's not good for your mental and physical health to be in a situation that makes you feel like a slave. I've worked for great people at great places only to feel like I was trapped and hated life.

I know when I had a job it always helped to be working on my next startup. I've sworn off of employment now and will only work on founding businesses. It's the only way I feel like I'm being *me*.
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Old 11-16-2013, 08:54 AM
 
59 posts, read 87,748 times
Reputation: 49
Quote:
Originally Posted by Rich_CD View Post
Welcome to the club! I'm the same way. I've had various businesses and various jobs. Anytime I took a job I got depressed and within two years my behavior changed for the worst.

I can tell you that it's not good for your mental and physical health to be in a situation that makes you feel like a slave. I've worked for great people at great places only to feel like I was trapped and hated life.

I know when I had a job it always helped to be working on my next startup. I've sworn off of employment now and will only work on founding businesses. It's the only way I feel like I'm being *me*.
No truer words ever spoken! Couldn't have said it better myself! Thank you for saying it for me! Spending my days/nights wishing I was anywhere but at my job..was not a sign of a good employee and no amount of 'benefits' or perks would or could ever change that. So, when I discovered being my own boss...it was 'exit stage right!' and I've been much happier ever since! Just gotta find what works best for you. :-)
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Old 11-16-2013, 09:01 AM
 
59 posts, read 87,748 times
Reputation: 49
Quote:
Originally Posted by 20yrsinBranson View Post
Have you considered starting a different business? You just need to find a different business and continue to pursue the dream of entrepreneurship. Because working for someone else stinks.
AYE...MEN!
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