self employment

[KPatterson]

Funny to see this thread pop up. Today marks 2 years I have been in business. I own a Security/Home Automation company. www.systematicsecurity.net In my industry re occurring revenue is key. First year and a half was hell just as suspected. I had to sell my rig and other toys. It took a while to get a solid customer base to keep my re occurring revenue flowing. I now have many investors and builders I work with that keep me busy with new construction wiring. I wasn`t in a position where I could slowly start my business while working full time. I was often away from home 2 months at a time traveling the Southeast with my old company. Once had all of my ducks in a row, I bit the bullet and quit my old company. Timing was key as I was 27 when I started my business. No kids and no wife really allowed me to focus on my business. Looking back, I should have bit the bullet sooner. My father always told that if you work for yourself and have money in the bank, you will have the world by the balls. :****: My biggest mistake was trying to grow too fast. I wasted a lot of money on marketing before I had established myself. I rarely advertise, I stay busy from referrals.

My advise:
Have plenty of cash in the bank
Sell off your toys(you can always get them back)
Don`t spend money on advertising or marketing until you have established yourself
Have fun with it, don`t be too hard on yourself

The first couple of years will be hell, keep your head up and stick with it

 

[Nuts]

I already have the "grandparent money plan". They always told me that from their first job until retirement they put every penny into the bank except for exactly enough to pay for the must have bills, food,gas,and shelter. So basically no toys or fun until the business is up and kicking ass.

 

[Cole]

What do you guys who are self employed do about insurance and family coverage? Dental, Vision and such?

 

[lowbudgetjunk]

What do you guys who are self employed do about insurance and family coverage? Dental, Vision and such?

Marry a teacher with PEEHIP

Without that option, shop around and be willing to gamble without one or two of said coverages. I went five years without dental and vision. With kids,vision and dental usually don't apply for the first five years.mind you, my little boy has had dental,hearing and vision 3x each in his first nine months. He wasn't insured, but we handed the bills and life goes on.

 

[AllGoNoShow]

What do you guys who are self employed do about insurance and family coverage? Dental, Vision and such?

Pay out of pocket for major medical health insurance for the family.

 

[fire6945]

Own a carnival and concession trailers.

Nice to see another carnival based biz on here. We build portable carnival games for the rental biz.

 

[Elliott]

Personal dental insurance sucks, my agent says unless it's something major you need done to just pay out of pocket would be cheaper.

 

[crawlin85cj]

What do you guys who are self employed do about insurance and family coverage? Dental, Vision and such?

Obamacare!

Seriously, even with 70 employees dental and vision is a bs insurance policy. I provide it as a courtesy to my employees but I would be better off banking the cash and running an Amish style insurance plan internally.

Health insurance is ridiculously expensive and it's only getting worse. Other than payroll and depreciation, insurance is my largest expense when I couple health, GL and auto.


2010 Jim's Garage 4429
2012 Jim's Garage YJ
2013 Wide Open Design WFO

 

[Eddyj]

Nice to see another carnival based biz on here. We build portable carnival games for the rental biz.

What's the name of the company?

 

[85buggy]

Cole
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Re: self employment
« Reply #22 on: Yesterday at 09:38:19 PM »
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What do you guys who are self employed do about insurance and family coverage? Dental, Vision and such?
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Married a teacher. Most guys around here that are farmers or in construction
Have a spouse in the school system

 

[Cole]

I figured a lot of you guys either paid out of pocket or used your wifes insurance.

 

[halcat]

The problem with co. Insurance is ,as an owner ,you can't have better insurance than you offer your employees. And like BJ there is 72 employees at our house and to get a good rate you have to shop around and accept some bigger co pays and deductibles. Insurance is a nasty word and between workers comp, general liability, and hospitalization makes me want to quit!!

 

[fire6945]

What's the name of the company?

Here is our site.
www.thebrothersgrimmgames.com

 

[Eddyj]

I talked to you at iappa. You got a rig?

Sorry for the thread highjack.

 

[fire6945]

Small world. It's a nice show. Don't have any rig right now, just sold the two I had a few months ago. That can go with the self employed questions. Sometimes you got to sell a few toys to do more with the biz.

 

[xjpaddler]

I have been considering this very thing a lot here lateley. The company i work for has been great about takeing care of me! If i did not have a 40hour paycheck it was my own fault. I have been there almost 19 years. We build wood chip trailers and walking floors, we also do repair, which i personaly think is wrong!! Production and repair work should not happen under the same roof. I have had at least 50% of our repair customers ask me to start my own shop. 2 of the customers would keep myself and 4-5 others busy full time. Not to mention, if i were to invest in a burn table i could pick up every burn part we use at the current job.
The customers, and demand are there. But 2 major reasons i have not jumped yet, is insurance for my family, and our current location.
I absolutley hate where i live, and can not bring my self to start a bussines here. So i stay where i amand hate life for a few more years, once the youngest daughter is out of school. I hope to relocate somewhere out west. Hopeing to find some sort of job in the offroad industry. But if not then i should be able to work at most any trailer repair shop.

 

[crawlin85cj]

We build wood chip trailers and walking floors, we also do repair, which i personaly think is wrong!! Production and repair work should not happen under the same roof. I have had at least 50% of our repair customers ask me to start my own shop.

Please elaborate on your production and repair relationship theory. I'm intrigued


2010 Jim's Garage 4429
2012 Jim's Garage YJ
2013 Wide Open Design WFO

 

[Nuts]

Please elaborate on your production and repair relationship theory. I'm intrigued


2010 Jim's Garage 4429
2012 Jim's Garage YJ
2013 Wide Open Design WFO

X2!? I never saw repairs as some type of unspoken evil that should only happen in a specific place.

 

[xjpaddler]

In all of the cases i have seen it simply does not work effectively. If your a manufacturer and set up to build production, chances are your purchasing people are ordering parts for a production schedule. The way the trailer market works everything is ( just in time ) in order to keep inventory as low as possible. 99% of the time your waiting for parts for production. So having parts on hand for repair almost never works.
Then you have the production schedule it self. You want to run production as efficient as possible. Shutting down a line to pull repairs in is no good for anyone. Whether it be the customer who has been waiting for his trailer to get in( months sometimes ) or the guys on the floor busting there ass to get production done just to have repairs thrown in ( and the time is not allotted for it).
Now, lets say you have a repair department in the same building as the production line. Most people that do repair, are multi skilled, weld, paint, air and electric, drilling holes. The first time your production falls behind you will pull those repair guys to help make up the slack!! Know the repairs you have promised done are behind. The customer is pissed, and so are the guys on the floor because there still expected to make it happen because the company pres said it would.


Look at most any major manufacturer of anything.
Automotive has dealerships, and then you have body shops for wrecks.
Most all trailer manufacturers will have a separate facility's for repair. It is much easier to keep up with your cost's and time on the repairs.
Another major problem i see a lot of, is the fact that most people that are in a repair quote position, have no clue what it truly takes to do the job!
When a repair comes in, they go to the guys on the floor who are building production. This takes the production guy away from his job.


Sorry for the rant.
Im sure some company's can make this work. Or at least they think it is working! Chances are if they will truly look at there situation they well find its cery ineffective.

 

[crawlin85cj]

Very interesting perspective. If you're ever in North Texas come on by and I'll give you a tour of how it all works together in harmony and profitable. Not only do we manufacture trailers, we manufacture the equipment that rides on them along with repairs and parts sales. As if that's not enough mix, we operate a rental fleet as well, all under 1 roof. Every business segment is a profitable and a well executed venture. It certainly can be done effectively and be a great advantage to the business.


2010 Jim's Garage 4429
2012 Jim's Garage YJ
2013 Wide Open Design WFO