Any one here do it ?
What is your business and how successful is it ?
Good income ?
LETS DISCUSS
What is your business and how successful is it ?
Good income ?
LETS DISCUSS
Working for your self.
- Thread starter Demps
- Start date
I work for myself. Im a self employed Financial adviser.
Im a one man band, but part of a larger group of 12 advisers who are similar in size and we benefit from some economies of scale and sharing of ideas etc (Luke Priddis is also a member of the group and BTW is an excellent business man), I also have dealings, only minor with NIck Grahem who is also an adviser.
The biggest problem for me is the lack of day to day interaction with people (excluding clients) and the inconsistent income. There is a number of benefits however, the flexibility of work hours, complete autonomy and the potential to earn alot more income than I could as an employee.
Im currently in a good growth phase at the moment, i rebranded to Future Financial Services and am in the process of building a new website. I am the succession plan for an older adviser, I will be purchasing his bsiness off him when he retires in 3 years.
I would never talk someone out of working for themself, but be prepared to self motivate and go through periods with reduced income. The most important thing I reckon is identifying where your income/clients/customers will come from before you start.
Im a one man band, but part of a larger group of 12 advisers who are similar in size and we benefit from some economies of scale and sharing of ideas etc (Luke Priddis is also a member of the group and BTW is an excellent business man), I also have dealings, only minor with NIck Grahem who is also an adviser.
The biggest problem for me is the lack of day to day interaction with people (excluding clients) and the inconsistent income. There is a number of benefits however, the flexibility of work hours, complete autonomy and the potential to earn alot more income than I could as an employee.
Im currently in a good growth phase at the moment, i rebranded to Future Financial Services and am in the process of building a new website. I am the succession plan for an older adviser, I will be purchasing his bsiness off him when he retires in 3 years.
I would never talk someone out of working for themself, but be prepared to self motivate and go through periods with reduced income. The most important thing I reckon is identifying where your income/clients/customers will come from before you start.
Properossi
Well-known member
I am just staring out, within the oil and gas industry as a safety professional that will have a very nice turnover next year, potentially 3.5 times my current salary.
I work for myself as an electrical contractor and also consult in various projects.
It is a venture of very long hours and a lot of stress. However if you keep on top of the mountains of paper work and realise that running a business is completely different to anything you've ever known the rewards are eventually there.
A lot of times you will see that someone who is great at what they do start their own show and go broke very very quickly even though they are working flat out. Having a basic understanding of accounting and economics helps heaps. If you dont keep on top of the bookwork you will fail.
Why the question Demps? are you thinking of taking the plunge?
It is a venture of very long hours and a lot of stress. However if you keep on top of the mountains of paper work and realise that running a business is completely different to anything you've ever known the rewards are eventually there.
A lot of times you will see that someone who is great at what they do start their own show and go broke very very quickly even though they are working flat out. Having a basic understanding of accounting and economics helps heaps. If you dont keep on top of the bookwork you will fail.
Why the question Demps? are you thinking of taking the plunge?
Tiger_Watto
New member
I suppose I work for myself, but I'd really say I work for our investors (me included) to maximise all revenue earning opportunities…
If your looking to take a plunge Demps, having a product/concept is one thing, but if I could give you any advice, the product/concept must be saleable, you must have current and future traffic generators, and make sure you understand your Tax Liabilities. If your entering a business where you need to employ people, remember to train well, and never expect them to think or have the same drive as you.
If your looking to take a plunge Demps, having a product/concept is one thing, but if I could give you any advice, the product/concept must be saleable, you must have current and future traffic generators, and make sure you understand your Tax Liabilities. If your entering a business where you need to employ people, remember to train well, and never expect them to think or have the same drive as you.
@stryker said:
This is how I've found it. My hubby is an excellent sparky and is at the top of the solar industry … now he works for himself, and he is so stressed and never gets any rest - all thanks to the paperwork and lack of payment. If he could just go and install solar energy and get paid for it, he'd be sitting pretty.
@Suzie-Q said:
Similarly I employ a lot of contractors who run a smaller business for themselves. I have seen a few come and go, but have found the most successful ones not only provide good works, but also good invoicing and associated paperwork. An example is my plumber, he is a good bloke and damn good at what he does, but I have seen him suffer stress so much lately and I am sure it is affecting his home life.
Mind you he also seems to be making a few $$$
Tiger_Watto
New member
I find alot of small businesses do there own paperwork and it always seems to be an 'extra' task… I can never understand this, as cash flow is the lifeblood of any small business and it doesnt make sence to treat it with contempt. If its not your 'specialty', you would be better off doing more of what you do well well, than stressing about things you dont do well...
I had a local tradie who used to pay these young lads money to clean up his sites everyday so he could get home to do paperwork. After working through a few productivity matrix's with him, he decided to do the cleaning himself and hire a lady to do his paperwork. His cash flow is now at its best, he has a better work-life balance and he is really enjoying operating his own business again...
I had a local tradie who used to pay these young lads money to clean up his sites everyday so he could get home to do paperwork. After working through a few productivity matrix's with him, he decided to do the cleaning himself and hire a lady to do his paperwork. His cash flow is now at its best, he has a better work-life balance and he is really enjoying operating his own business again...
Watto, I wish you could speak to my hubby! HE won't hand over the paperwork to anyone … it's so frustrating!!!
S
system
Guest
I do all of my own paperwork.
But my attitude is based on family experience with my father and one of my uncles being ripped off by accountants and in my fathers case he was also a lifelong friend to that point.
I dont mind it though. Keeps me busy
But my attitude is based on family experience with my father and one of my uncles being ripped off by accountants and in my fathers case he was also a lifelong friend to that point.
I dont mind it though. Keeps me busy
@Suzie-Q said:
I can understand his reluctance…I was the same. It is a pride thing and a fear of losing control. I struggled for a couple of years and was working 60 hour weeks on site yet not getting enough money in at the right times to pay suppliers or the ATO. It cost me tens of thousands and a court appearance.
I decided to give up the tools, do a business management degree and hired an on site manager to oversee the boys. I reckon doing the physical work is only a third of the duties required to be a succesful small business owner. It is everything that is done off site that makes or breaks you. I have a mate who has started his own business in a pretty lucrative market and he is constantly owed between 70 and 80 grand...all year long! Its totally his fault as he only invoices once or twice a month yet completes 2 to 3 jobs a day. These people then take a month to pay him as he doesnt push them. He has taken on far too much and is drowning. I am trying to get him to understand but it takes time.
Hopefully your hubby works through it before it breaks him.
happy_tiger
Well-known member
My personal experience is the first 2 years of running my own business ( and seeing both my parents do so also) is the hardest I have worked and tiredest i have been
I try and do as much of the paperwork as I can before handing the accountants have been a great help with advice
My biggest issues are keeping staff and training Gladstone is exploding at the moment and
jobs are so easy to find
Training is hard also trying to find people that have the same passion for your business to get staff as well trained as you have trained them and not taking shortcuts whenever you aren't there
Handing over responsibility is hard but you have to do it or you will burn yourself out
I do drop ins to keep everyone on their toes when I am not there or they know I am off
Hope this helps Demps
I try and do as much of the paperwork as I can before handing the accountants have been a great help with advice
My biggest issues are keeping staff and training Gladstone is exploding at the moment and
jobs are so easy to find
Training is hard also trying to find people that have the same passion for your business to get staff as well trained as you have trained them and not taking shortcuts whenever you aren't there
Handing over responsibility is hard but you have to do it or you will burn yourself out
I do drop ins to keep everyone on their toes when I am not there or they know I am off
Hope this helps Demps
fulleightyminutes
New member
Hey Demps, I work for myself (freelance scriptwriter) and have been lucky enough to do it for almost ten years in a pretty competitive industry. It suits my lifestyle (temperament too) and is good in that I can help out bringing up my kids as I work from home and don't have to be away in an office environment. Biggest issues are what's been discussed better by others (getting work, keeping work, keeping invoices paid while you are on to the next job, and for me, reminding myself to pay myself super or think of the future in some way). I have an agent though, as a lot of people in TV/Film industry do, who chases work and invoices for me, so that helps. It's tough but I don't think I could go back for working for anyone else. Good luck.
Shameless plug. Here's a clip for a show I wrote that's on the ABC in Feb. Go Tigers.
http://www.youtube.com/watch?v=o0Uh_16m6cI
Shameless plug. Here's a clip for a show I wrote that's on the ABC in Feb. Go Tigers.
http://www.youtube.com/watch?v=o0Uh_16m6cI
@fulleightyminutes said:
That clip looks the goods. Nice work.
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I live in China and own a youth hostel with my miss's, so i don't have to worry too much about paperwork such as tax and super and all that junk like in Australia. Infact there really isn't any paper work at all in regards to invoices etc. I guess the only paper work i have to worry about is flicking the local government some cash whenever they want to come and check my business permits and come searching for a bribe (just incase something doesn't meet their approval). But i do have to pay a fee every 12 months for various permits, and once a month i have to pay $60 business tax to the local government. Thats it!
China is a cash society, so everything (drinks, cafe supplies, reno's) is paid in cash on delivery or completion of a set renovation. The daily running of the joint in regards to collecting the cash at the end of the day and making sure i have the cash ready to pay what i have to do the next day is the only thing i have to worry about. Ive got 10 workers who get paid at the end of every month in one lump sum. No paper work, nothing. except for my own income, outcome and revenue spreadsheets.
Life's only as hard as you want to make it.
@fulleightyminutes said:
show looks awesome man!
firass dirani is the man.
will be watching for sure.
GoldXR50Leroy
New member
One of the most important things when you are self employed is to have adequate insurance coverage in case of illness or accident.
My father was the head of a small family type business but when he contracted cancer and couldn't work the income stopped coming in, be aware of what services are available to you if this happens, you're pretty much looked after if someone else is the boss but when it comes to you being the boss, well!.
Dad passed away just over 20 years ago and there wasn't that much in the way of support like there is now but just make sure you dot the i's and cross the t's to make sure that you are adequately covered.
My father was the head of a small family type business but when he contracted cancer and couldn't work the income stopped coming in, be aware of what services are available to you if this happens, you're pretty much looked after if someone else is the boss but when it comes to you being the boss, well!.
Dad passed away just over 20 years ago and there wasn't that much in the way of support like there is now but just make sure you dot the i's and cross the t's to make sure that you are adequately covered.
