Comments on: Six Self-Employment Myths You Need To Know Before Striking Out On Your Own http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html Bridging the gap between saving money and investing Sun, 12 Feb 2012 06:29:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: The Best Money Blog http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-710582 The Best Money Blog Wed, 30 Jun 2010 22:41:10 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-710582 Sure it might be harder or more time consuming to own a business, but in the long wrong, a successful business will make hundreds of times more income than working as someone elses employee. Sure it might be harder or more time consuming to own a business, but in the long wrong, a successful business will make hundreds of times more income than working as someone elses employee.

]]> By: Mohit http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-676403 Mohit Sat, 06 Mar 2010 14:53:38 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-676403 I have read this blog post and I feel that whatever you posted here are what you look at the starting phase of a business. And by 'starting phase', I mean it may be 1 year, 2 years, or 3 years or more. A business, when started, may take a lot of work and may not give the proper return of your time and money. But once it is properly established, it would start to kick of. It is well worth spending time with your business, provided you have the guts to take it to the end. Many business people who succeeded take it to the end and then enjoyed the return (the return of money and free time with passive cash flow). I, myself, is not as successful yet, but I believe I will make it one day. I will take a look of each of your myths:- Myth 1:- I will earn more money if I start my own business. Truth:- Yes, You will earn more money. Not initially, but later when your business is established. And it will be passive earning. And it will be money you cannot even imagine. All you need is to avoid outside negative influence everyday and take it to the end. Remember Bill Gates, who was once the world's richest person. Myth 2: I will get the most of company's income if i start my own biz. Truth:- When you own your biz you are the boss, and if you know how to handle money, you will have less expense. Myth 3:- I will save money on taxes if you start your own business. Truth:- Sorry i don't know much about this. Myth 4:- I will have more vacation time and set my own schedule. Truth:- Whatever you told here are about the entrepreneur who are either on the starting phase, or the entrepreneur who wants to earn more money. It is absolutely true that by having your own business you can have more vacation time and set your own schedule. You will have passive income flow, which either you can use to strengthen your business (or start another business), or enjoy vacation. Myth 5:- I will be my own boss, i would not have anyone breathing down my neck anymore. Truth:- When your business is well established, you will have enough money to recruit others to do the different segments of jobs in your business for you. You will be your own boss, and you can advice your employees to do your various jobs. Myth 6:- Being Self Employed will make your life easier. Truth:- I don't know much about the US Tax System, as i don't live in US, but I have seen many people in my country (India) love being self employed. Here is no tax for upto a decent earning, and the other taxes are in such that they benefits the self employed as a whole.When passive cash flow comes in you will have more free time, and your life will get easier. But in the last paragraph of your post whatever you talked i completely agree with that. Initially, for a self employed, it will take more stress, no steady income (even no income), more responsibility. And the "job-mentality" people will not do at this stage. I have read this blog post and I feel that whatever you posted here are what you look at the starting phase of a business. And by ‘starting phase’, I mean it may be 1 year, 2 years, or 3 years or more.

A business, when started, may take a lot of work and may not give the proper return of your time and money. But once it is properly established, it would start to kick of. It is well worth spending time with your business, provided you have the guts to take it to the end.

Many business people who succeeded take it to the end and then enjoyed the return (the return of money and free time with passive cash flow).

I, myself, is not as successful yet, but I believe I will make it one day.

I will take a look of each of your myths:-

Myth 1:- I will earn more money if I start my own business.

Truth:- Yes, You will earn more money. Not initially, but later when your business is established. And it will be passive earning. And it will be money you cannot even imagine. All you need is to avoid outside negative influence everyday and take it to the end. Remember Bill Gates, who was once the world’s richest person.

Myth 2: I will get the most of company’s income if i start my own biz.

Truth:- When you own your biz you are the boss, and if you know how to handle money, you will have less expense.

Myth 3:- I will save money on taxes if you start your own business.

Truth:- Sorry i don’t know much about this.

Myth 4:- I will have more vacation time and set my own schedule.

Truth:- Whatever you told here are about the entrepreneur who are either on the starting phase, or the entrepreneur who wants to earn more money. It is absolutely true that by having your own business you can have more vacation time and set your own schedule. You will have passive income flow, which either you can use to strengthen your business (or start another business), or enjoy vacation.

Myth 5:- I will be my own boss, i would not have anyone breathing down my neck anymore.

Truth:- When your business is well established, you will have enough money to recruit others to do the different segments of jobs in your business for you. You will be your own boss, and you can advice your employees to do your various jobs.

Myth 6:- Being Self Employed will make your life easier.

Truth:- I don’t know much about the US Tax System, as i don’t live in US, but I have seen many people in my country (India) love being self employed. Here is no tax for upto a decent earning, and the other taxes are in such that they benefits the self employed as a whole.When passive cash flow comes in you will have more free time, and your life will get easier.

But in the last paragraph of your post whatever you talked i completely agree with that. Initially, for a self employed, it will take more stress, no steady income (even no income), more responsibility. And the “job-mentality” people will not do at this stage.

]]> By: Breton Wench http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-620032 Breton Wench Mon, 20 Jul 2009 18:52:45 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-620032 Great post....really makes people think.My husband and I run a small forestry/tree care business and love the freedom and variety - but have not had a vacation for five or six years. The last vacation was to go back home to show the grand parents the grandkids - and that really cost us. Two weeks of spending and not earning anything really hurt! Neither of us ever hanker for a 'real' job though...... Great post….really makes people think.My husband and I run a small forestry/tree care business and love the freedom and variety – but have not had a vacation for five or six years. The last vacation was to go back home to show the grand parents the grandkids – and that really cost us. Two weeks of spending and not earning anything really hurt!

Neither of us ever hanker for a ‘real’ job though……

]]> By: Erik Przekop http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-495445 Erik Przekop Wed, 17 Dec 2008 18:48:56 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-495445 None of the above are "myths", except perhaps #3. Ms Fontinelle correctly (in some cases) points out that there is a downside to every upside when you strike out on your own, but this article is unduly pessimistic. My own experience (8 years self-employed, employed for 6, now self-employed again) is that all of the above except #3 are true. I earned significantly more and had more time to myself. There are added stresses to being your own boss, but you remove the single biggest one for me - having to trust your well being to the whims of an idiot (a.k.a. "manager/director/vp"). On balance, life is less stressful for the self-employed *if* you're highly skilled and motivated. None of the above are “myths”, except perhaps #3. Ms Fontinelle correctly (in some cases) points out that there is a downside to every upside when you strike out on your own, but this article is unduly pessimistic.

My own experience (8 years self-employed, employed for 6, now self-employed again) is that all of the above except #3 are true. I earned significantly more and had more time to myself. There are added stresses to being your own boss, but you remove the single biggest one for me – having to trust your well being to the whims of an idiot (a.k.a. “manager/director/vp”). On balance, life is less stressful for the self-employed *if* you’re highly skilled and motivated.

]]> By: 23 Disadvantages of Self-Employment - SavingAdvice.com Blog http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-252470 23 Disadvantages of Self-Employment - SavingAdvice.com Blog Fri, 22 Feb 2008 08:02:13 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-252470 [...] is not the same as a life of leisure. As was already pointed out a few months ago, much of the mythos surrounding self-employment is simply mythical. Businesses that promote work from home "opportunities” thrive on our desires to be our [...] [...] is not the same as a life of leisure. As was already pointed out a few months ago, much of the mythos surrounding self-employment is simply mythical. Businesses that promote work from home “opportunities” thrive on our desires to be our [...]

]]> By: Free Blog Reviews http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-187276 Free Blog Reviews Fri, 21 Dec 2007 00:11:03 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-187276 I personally work twice as many hours now that I am my own boss. I personally work twice as many hours now that I am my own boss.

]]> By: Keith http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-187163 Keith Thu, 20 Dec 2007 21:25:53 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-187163 It really depends upon the business you are in. In some areas of the market, you can make alot more money on your own, in others it is better to be an employee. You have to factor in your knowledge and marketability against demand. This will help you make the right decision to venture out onto your own. Good luck! It really depends upon the business you are in. In some areas of the market, you can make alot more money on your own, in others it is better to be an employee. You have to factor in your knowledge and marketability against demand. This will help you make the right decision to venture out onto your own. Good luck!

]]> By: Ten Pros of Working for a Small Business - SavingAdvice.com Blog http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-57639 Ten Pros of Working for a Small Business - SavingAdvice.com Blog Mon, 11 Jun 2007 12:28:51 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-57639 [...] 1. Ability to learn about all parts of the business operation: In a large company, each person is likely to have a specific role, like bookkeeping, payroll, tax preparation, or management. In a small business, a single person will generally need to take on multiple roles. If you haven’t figured out where your interests lie yet, this can be a great way to explore multiple job titles without having to change jobs or to get hired for a position that you haven’t yet mastered. Also, when it’s time to move on to your next job, you’ll be able to market yourself for a larger number of positions. If the company you want to work for is hiring a bookkeeper, you can say you are a bookkeeper, and if they’re looking for an HR person, you can say you are an HR person. If you think you’d like to run your own business one day, you’ll also benefit from being able to observe firsthand just how much work is involved. [...] [...] 1. Ability to learn about all parts of the business operation: In a large company, each person is likely to have a specific role, like bookkeeping, payroll, tax preparation, or management. In a small business, a single person will generally need to take on multiple roles. If you haven’t figured out where your interests lie yet, this can be a great way to explore multiple job titles without having to change jobs or to get hired for a position that you haven’t yet mastered. Also, when it’s time to move on to your next job, you’ll be able to market yourself for a larger number of positions. If the company you want to work for is hiring a bookkeeper, you can say you are a bookkeeper, and if they’re looking for an HR person, you can say you are an HR person. If you think you’d like to run your own business one day, you’ll also benefit from being able to observe firsthand just how much work is involved. [...]

]]> By: Jeff Rubenstein http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-41234 Jeff Rubenstein Sun, 29 Apr 2007 08:02:33 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-41234 There is some truth here, but it is only half of the story. As long as you have a skill, trade or profession where there is a proven need or market and have the drive, desire and intelligence (none of these are givens) you can be successful at your own business and enjoy it. Working "for" yourself is not the same as working "by" yourself. Having qualified employees can make you money if you run the show and make the right decisions are fair and honest and treat employees and clients well. This includes hiring qualified professionals such as accountants to make sure you maximize the tax benefits, which is everything. Your entire business life is deductible and if you have a home office that is also. Advertising and marketing are also crucial. If you have all of this down, you may work just as hard or harder but what you build is yours. You know you are as smart or smarter than successful people and your bosses, so why not you? There is no reason. You can do it and it rocks! Fun and money if you do iy half right. You may ask "what about problems?" I say everything has problems and its your problem, your success. What have you got to lose? Its life. No more 9 to 5. Do what you want, work hard, enjoy. Go for it. I work Monday afternoon through Thursday, Come in late, leave early, work from home and on the phone rest of the time and manage loyal smart employees who hold down the fort. There is stress of making the money but we always seem to at least make it and so many do. Interesting article but don't let it discourage you. Best Luck. JR There is some truth here, but it is only half of the story. As long as you have a skill, trade or profession where there is a proven need or market and have the drive, desire and intelligence (none of these are givens) you can be successful at your own business and enjoy it. Working “for” yourself is not the same as working “by” yourself. Having qualified employees can make you money if you run the show and make the right decisions are fair and honest and treat employees and clients well. This includes hiring qualified professionals such as accountants to make sure you maximize the tax benefits, which is everything. Your entire business life is deductible and if you have a home office that is also. Advertising and marketing are also crucial. If you have all of this down, you may work just as hard or harder but what you build is yours. You know you are as smart or smarter than successful people and your bosses, so why not you? There is no reason. You can do it and it rocks! Fun and money if you do iy half right. You may ask “what about problems?” I say everything has problems and its your problem, your success. What have you got to lose? Its life. No more 9 to 5. Do what you want, work hard, enjoy. Go for it. I work Monday afternoon through Thursday, Come in late, leave early, work from home and on the phone rest of the time and manage loyal smart employees who hold down the fort. There is stress of making the money but we always seem to at least make it and so many do. Interesting article but don’t let it discourage you. Best Luck.
JR

]]> By: One Man Band » This Week’s Carnival of the Capitalists is Up! http://www.savingadvice.com/articles/2007/03/12/101233_six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own.html/comment-page-1/#comment-28859 One Man Band » This Week’s Carnival of the Capitalists is Up! Mon, 19 Mar 2007 17:44:21 +0000 http://www.pfadvice.com/2007/03/12/six-self-employment-myths-you-need-to-know-before-striking-out-on-your-own/#comment-28859 [...] first-click-through award goes to Amy L. Fontinelle at Personal Finance Advice for “Six Self-Employment Myths You Need To Know Before Striking Out On Your Own” because it’s never too late (or too early) to rub the stars from your [...] [...] first-click-through award goes to Amy L. Fontinelle at Personal Finance Advice for “Six Self-Employment Myths You Need To Know Before Striking Out On Your Own” because it’s never too late (or too early) to rub the stars from your [...]

]]>