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I think in this line of work, being your own boss is not all it's cracked up to be. You don't realize at this point probably how much you rely on the consistency and stability of a full time position with benefits. Those things don't come with guarantees when you own your own business.
Definitely agree with that. The plus in my situation is we don’t utilize my benefits since my wife has been ones provided by the state we live in, but I understand what you’re saying for sure.
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You'll make less and work more. It's a big risk - meaning that it could fail or be successful and will require a ton of effort either way. What are you hoping to gain? And is the risk actually worth it?
Yknow what youre right i re read your message and it was more reasonable than initially interpreted
Instead of starting your own firm, what about going to a small firm that you can eventually takeover when the current partner(s) retire? This way you have ability to still learn from someone with experience and hopefully step into their shoes with some clientele. You’ll definitely be paid less and likely have to deal with a lot more (more hours, more problems, less resources).
The biggest challenge with opening your own firm is going to be winning work. Saying “work for the clients you want” is very optimistic at least at first.
Before doing this I would really ask yourself how well your network is and if you really feel you have the types of relationships with the actual decision makers at companies that will hire you. Meaning you may know the accounting manager but if the cfo makes the decision and has a golfing buddy at another firm it’s going to be hard to pull that work away with strong relationships and no brand recognition.
With that said I know a few guys who started their own firm and were able to get a few smaller companies as clients and were making 3-4 hundred k a year. But when you factor in the additional taxes and no employer retirement or health care assistance they were probably making close to SM/ Director salary at a decent firm
The time has never been better to start your own firm. There is plenty of work out there so it is not that difficult to get enough money to make more then what you currently are making, most make way more and work less. You should ask yourself why you want your own firm though. If you love client service and understand that you will have all the admin tasks falling on you then go for it. Worst case scenario you go back to a firm with a book of business.
If it was more than 5 years ago for me I would definitely do it, unfortunately I have fallen out of love with the client service aspect.
Agree with everyone above who said its a huge risk. Not that you can't do it but keep in mind the economy is bad and so is the job market. It may be more of an issue of timing giving the current market.
Agree with others that risky since you have family to provide for. And also take into consideration that you will be doing it all, from bookkeeping, payroll , tax preparation,.But if it’s been a goal of yours go for it. Make a plan and goals to accomplish eg certain amount in emergency funds, join local organizations to begin networking, etc. Good luck.