With your 2 comments, you’re hitting the complete flip side of my thoughts… I almost, not saying I want it to happen, because I’m content right now, but ALMOST wish, I was under appreciated, underpaid, any of that to give me a reason to just do it, but I don’t feel that way. I do like a partnership, stuff like that works well with me. But maybe I could build something based off of that. I will say, I get 4 weeks of vacation, but I really don’t use it…. I don’t lose it, but I’ll take aimless days to hunt or a long weekend just so I don’t lose it… I’d rather get paid out to be honest… It crosses my mind to just stick to what I’m currently doing, but I’m afraid of not living or working to my full potential. There’s always someone doing “better” than me, and in my messed up mind, I want to catch them, then pass them. It sounds very stupid. I’m trying to learn to be complacent with what I have, but I don’t think I can yet. Hopefully one day. Overall I’m very happy, and want to continue that way for when I have kids! (I’m 30 and that’s in the plans)What will being 'self employed' give you that you don't have now? You say you're content with your full-time job-- boss is good, terms are good, not overly stressed... Your work on the side gives you a decent addition to your regular salary-- you say you've spread yourself super-thin-- if that's your major source of stress, you need think about how much that stress is affecting your life-- and should you ease up a bit!
When you're self-employed, things like vacation and savings tend to slip away as you do things to boost your business...
One thing that was mentioned is the benefits-- you have income, hopefully a decent health plan, probably vacation time...
I have no answer... just things to think about.
Self Employment
- Thread starter ZachHane
- Start date
@ZachHane
Pricing
Everyone probably shoots their feet a dozen times early on, I certainly did. You're paying yourself to learn estimating I guess...
Just about everyone does flat rate, and I will only do T&M for certain institutional clients now. Even troubleshooting it's [showup rate] to diagnose and then a clear flat rate for the work needed after. I hate T&M, clients generally dislike the uncertainty. I would rather eat shoe leather from bad estimates than do it.
Hours
To be clear, 2,000 hrs/year includes all incidental labor. I don't know if you're charging $125/hr including incidental hours. If you aren't, you're underbidding. Probably, I don't know local conditions, but MA isn't cheap...
1,000 hrs/year billable (direct labor) is about the max unless you're really good at business or hyper motivated (which you seem to be, okay).
You're welcome, but well here I am at 1pm online instead of working and am new to the game, so take my advice with some salt. I hope others will chime in.
You're 30, you have a solid $100k/yr job you're content with and don't have a pressing need to be your own boss... you're very competitive and driven, and maybe your current position isn't enough, but maybe climbing the corporate ladder would be more suitable as you seem suited to a workplace environment. You could also spend your free time getting degrees and accreditation that could boost your career too. Consider that.
Pricing
Everyone probably shoots their feet a dozen times early on, I certainly did. You're paying yourself to learn estimating I guess...
Just about everyone does flat rate, and I will only do T&M for certain institutional clients now. Even troubleshooting it's [showup rate] to diagnose and then a clear flat rate for the work needed after. I hate T&M, clients generally dislike the uncertainty. I would rather eat shoe leather from bad estimates than do it.
Hours
To be clear, 2,000 hrs/year includes all incidental labor. I don't know if you're charging $125/hr including incidental hours. If you aren't, you're underbidding. Probably, I don't know local conditions, but MA isn't cheap...
1,000 hrs/year billable (direct labor) is about the max unless you're really good at business or hyper motivated (which you seem to be, okay).
You're welcome, but well here I am at 1pm online instead of working and am new to the game, so take my advice with some salt. I hope others will chime in.
You're 30, you have a solid $100k/yr job you're content with and don't have a pressing need to be your own boss... you're very competitive and driven, and maybe your current position isn't enough, but maybe climbing the corporate ladder would be more suitable as you seem suited to a workplace environment. You could also spend your free time getting degrees and accreditation that could boost your career too. Consider that.
PaulMmn
Senior Member
- Location
- Union, KY, USA
- Occupation
- EIT - Engineer in Training, Lafayette College
Define "better." Does better mean "I make more money than everyone else...." "I have a $250,000 home..."
Does it mean my mortgage is paid off and I own my vehicles outright? What is "better?"
Don't delay the kids too long!
That is a very hard question to answer. I truly don’t believe I have an answer and I’m hoping I don’t find that answer when it’s too late. I have friends that work their 40 hours, do everything they want daily, have a great family life, I also have friends that work 100 hours a week and have more stuff than anyone could dream of, but don’t have time or energy to do anything but work. I’m hoping to find the in between. I appreciate everyone’s feedback through this. I think I have some soul searching to do, but seeing others from other walks of life give me feedback, actually helps me do that searching! Kids are hopefully coming sooner than later! Wedding coming up haha!Define "better." Does better mean "I make more money than everyone else...." "I have a $250,000 home..."
Does it mean my mortgage is paid off and I own my vehicles outright? What is "better?"
Don't delay the kids too long!
[Some re-assembly required.]
@ZachHane
You're going to lose one income when your wife gets pregnant possibly, and you're going to have a new part-time unpaid job raising kids once she's done. My best friends had that happen, wife had to quit her career, "mommy brain" she said. There goes six figures.
If you're looking for a fine in-between, keeping your nice 100k office job and doing side jobs on the weekends when you feel like it while charging actual market rates is a nice in-between that you can turn up or down as life dictates. Access to good family plans you don't have to pay for is also very nice as a backup.
Part of the aging process is caring less what other people think or your supposed "success" and just living the best life you can for what you yourself want day-to-day. If you're happy with your material comforts, have financial stability and independence already, maybe just stick with the side gig thing and dial it in.
Mr. Serious
Senior Member
- Location
- Oklahoma, USA
- Occupation
- Electrical Contractor
That was my downfall. Keeping a record of everything, but then hiring helpers who were not interested in keeping such detailed records, thus having to do it all myself. Including entering their hours. I begged and pleaded, even told them the business was going to fail if they don't start entering their time and materials on every job. And now I know if I ever start a business again the best thing to do would just be get rid of those guys and get new ones who can do the work the way I want it done. Because really, if they're too lazy to keep the records, they're also taking other shortcuts to get the work done at the expense of quality.
That goes for the office assistant too. She never was as good as I thought she would be. Initially she said she could help out with the phone calls and collections, but then she couldn't do that. Too shy to be on the phone. And she didn't ever do the basic stuff I asked. Just last week, I entered all the phone billing records into the accounting system. I noticed we were paying more for extra minutes than for the basic service during our busiest 3 or 4 months. I knew we had started paying for extra minutes, but then it got busier and I didn't have time to pay attention. I feel like a good office assistant would have found those records or asked for them, and entered them into the accounting software without being asked, and brought the problem to my attention. Rather than refusing or being unable to do when asked, and the extent of the problem only becoming apparent now that I have time to do it all myself since I'm closing the business.
Mr. Serious
Senior Member
- Location
- Oklahoma, USA
- Occupation
- Electrical Contractor
I can't go back and edit since it's been more than 10 minutes, but I shouldn't have called the people I hired lazy. It's really not that, but more of a situation that I can relate to - getting onto the job site and feeling like you don't have time to get it all done AND keep the records. That's the real skill that I don't have an answer of how to do it correctly.
I was in your position two years ago. It really depends on your market. In mine there is a major shortage of us so I hit the ground running, have been learning a lot, and cannot keep up with the demand. I have been raising rates accordingly and now can earn way more than my last cushy w-2 job.
Everyone always says your hour will double from 40 to 80 when you're self employed. That has not been my experience. Being a one man show has proved pretty easy on the business side. I think I work less, actually.
Everyone always says your hour will double from 40 to 80 when you're self employed. That has not been my experience. Being a one man show has proved pretty easy on the business side. I think I work less, actually.
readydave8
re member
- Location
- Clarkesville, Georgia
- Occupation
- electrician
The last 2 years have been booming though,
That's very true and I'm looking forward to a slowdown.
sparky1118
Senior Member
- Location
- Massachusetts
- Occupation
- Master Electrician
In my opinion, it would be a good idea to explore the opportunity. It's always a wise decision to leave your current job on amicable terms, as one never knows what the future holds. However, if this is something that you've been contemplating for quite some time, and you're certain that you have enough work and finances to support yourself, then you should definitely go for it! Life is too short to not pursue your dreams.
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