Who's working for themselves

[Mark11]

This would probably be better as survey... But don't think I can do that...

 

Aircraft ownership is certainly a privilege

 

Although I earn a good wage, my wife doesn't

 

So, it seems we never have a lot if spare change!

 

However, many of our friends have their own businesses and are all rolling in it!

 

So, it seems university has failed me!

 

I'm seriously trying to start my own business - but can't quite figure out which of my ideas I will try...

 

Anyway, just wanted to know how many lucky individuals on here have achieved nirvana and work for themselves??

 

Green with envy

 

Mark

 

 

[AM397]

There seems to be an inverse relation between the level of education and the ability to make money. Not only if you compare the top tiers in the money world, but much further down the food chain as well.

 

 

[Sapphire]

A lot of people assume that someone in "business" is rolling in money. Quite often if you add up assets and liabilities, the guy is broke many times. It is only cash flow that gives an income. A lot of small speculative mining companies work that way awarding big salaries to "management" but the value of company is a big minus figure. They get the cash from stock market rip offs, and there are many schemes.

 

 

[Mark11]

There seems to be an inverse relation between the level of education and the ability to make money. Not only if you compare the top tiers in the money world, but much further down the food chain as well.

I tend to agree....

 

We are educated to go work for someone else- and therein lies the problem!

 

I say to all, learn business studies !

 

 

[Kyle Communications]

However, many of our friends have their own businesses and are all rolling in it!

Well I am not sure that quote is strictly true Mark11

 

I have been self employed for some 25 years and I have never been "rolling" in it. There are lots of advantages that allow you to do more than the normal wage earner for sure. Yes there are some guys who manage the rolling in it but if you really look at the numbers they are probably the 5% of businesses. Most are comfortable and have some spare money to allow the occasional splurge and indulgance but please remember most business owners work around 60 to 80 hrs a week so put that into your wages calculator and you will probably be where most business owners are. Drive and motivation keep small businesses open and without it they die.

 

My advice is yes do it but you must find something you are very good at or love to do as working such long hours you have to have that drive. Small business drives the country it also has the most tax paid from them to run the country the definition of a small business from memory is turnover of 5 million a year. You also need a very understanding wife because working those long hours affects the home life and I will bet that most business owner/workers have had at least more than 1 wife because they can be neglected...also dont employ your wife as you never get away from work and many arguments can ensue from this close relationship there needs to be a separation or home life and work otherwise it can lead to some very large withdrawls of your bank balance and you maybe out renting the place your living in

 

I built and own my own aircraft but it has taken a long time to get to this position as most of all my profits had been turned back into the business to either just keep it running during the hard times or to grow it when needed. At one stage I had 8 employees for many years and turned over in excess of 2 million a year...during that time I had hardly any money of my own. I have been running my business as the only employee now for the last 8 years and now actually make some money but the long hours still continue but the costs are way down that is the difference. Especially now this past 6 months business is very poor on sales but still good on the service side so this keeps the doors open but still have to be frugal to remain viable...this comes with experience on how to do this.

 

If you want something bad enough...make a plan and throughly research what you want to do and look objectively at it....then try to get some money together as a base maybe $10,000 as you can not start a business without a base otherwise it will fall over.

 

I hope this helps but the main thing is to be able to work for yourself and live a comfortable life for the large amount of hours and sweat for something you love to do then it will be successful

 

 

[dazza 38]

Small businesses are not rolling in it on the Gold Coast. Since the construction industry collapsed last xmas. I was doing well up until last xmas then everything stopped virtually overnight. Peeps up here are scared to spend any money. Hence why I am typing this at Brissy airport waiting to fly out to Roma for work.

 

 

[Sapphire]

There are few people as a percentage who can sucessfully make a buisness work and from what I observe few have formal qulifications. Dazza, I bet you write posts in your sleep.

 

 

[Guest -doug-]

my advice take it or leave it get a gov paid job and forget working for your self

 

 

[fly_tornado]

The only small business to consider starting are niche businesses or businesses that deal with people in crisis's.

 

 

[RKW]

The only small business to consider starting are niche businesses or businesses that deal with people in crisis's.

or perhaps fine white powder!

 

 

[fly_tornado]

I think what you want to ask is how can I fly for free/cheap?

 

My idea was to start a "flying ministry", basically set up a registered charity, make donations and buy a plane. Off the bat you are getting a tax cut on your flying because they are donations not expenses. To keep the ATO happy you just need a website to document your travels ministries and a few photos of you standing around at a fly-in reading from the holy works to the gathered masses. You probably need a few like minded Jedhi Knights Christians to make this work.

 

 

[Sapphire]

Becoming a religous nutter can have it's advantages, even if you are pretending.

 

 

[Guest Howard Hughes]

I am doing OK, but I don't own an aircraft!

 

 

[Sapphire]

I am doing OK, but I don't own an aircraft!

 

 

Seen your wish list but there are lots of a\c now under $10000. Bought a cheap boat and if it sinks I can say "tough tittys" with a smile. Can do the same with a cheap a\c.

 

 

[fly_tornado]

lol not waving, drowning...

 

 

[Mark11]

Kyle,

 

Thanks for response.

 

I certainly agree that picking something that you are passionate about is key - rather than going to work as a way of getting cash!

 

Interesting point regarding working with the wife.... I think I'll be safe, because she isn't interested in anything I do ... (Not in a mean way)

 

 

[Mark11]

I think what you want to ask is how can I fly for free/cheap?

My idea was to start a "flying ministry", basically set up a registered charity, make donations and buy a plane. Off the bat you are getting a tax cut on your flying because they are donations not expenses. To keep the ATO happy you just need a website to document your travels ministries and a few photos of you standing around at a fly-in reading from the holy works to the gathered masses. You probably need a few like minded Jedhi Knights Christians to make this work.

Sounds great, lets give it a try!

 

 

[Mark11]

The only small business to consider starting are niche businesses or businesses that deal with people in crisis's.

Bit like flying wild Alaska .... Not many options if you live there and need something !

 

 

[Mark11]

Starting and running your own business may well be hard work and long hours.... But so is working in construction!

 

The difference is that you can sell a business when you are done, but all you get is another line in your résumé when you change jobs

 

 

[Doug Evans]

I am trying to start a bussiness but only to stay home and I have worked for others and I have owned three planes now !

 

 

[Bandit12]

I work, am doing doctoral level study, and also have my own business. One thing I can tell you is that there are a lot of breaks in business - lots of things can be paid for with pre-tax dollars legitimately, and that gives you the impression of having more dollars at times. After 5 years of working 6 days a week with little time off, I now enjoy my business as a part time affair (online only) and find that my stress levels are much lower when I work for other people. A 5 day working week is fantastic after working a 6 day week......

 

I will probably always have my own business as the benefits are hard to ignore. But the costs in other areas, like family, need to be counted.

 

 

[rankamateur]

I tend to agree....We are educated to go work for someone else- and therein lies the problem!

 

I say to all, learn business studies !

Business studies won't help you without business capital, I think we are back where you started. My wife and I, keen as mustard went to our bank of the time (Which Bank, Conn Bank) , seeking business capital twenty five years ago, they wouldn't look at our proposal, just patted us on the head and told us to "go back to your jobs and stop dreaming". To the lending officer we were ment to work at our jobs, not for ourselves.

 

 

[rankamateur]

I will probably always have my own business as the benefits are hard to ignore. But the costs in other areas, like family, need to be counted.

We now run a family owned, live in, business 7 days a week, with no business/home/family separation. The work life balance thing nearly brought me completely undone a few years ago, rivetting Savannah kits was my saviour, thanks to Aerokits for his patience with a novice builder and flyer. There are benefits in owning a business, tax deductable toys, for sure but the price is often extremely high and hard to put a figure on.

 

 

[Mark11]

I work, am doing doctoral level study, and also have my own business. One thing I can tell you is that there are a lot of breaks in business - lots of things can be paid for with pre-tax dollars legitimately, and that gives you the impression of having more dollars at times. After 5 years of working 6 days a week with little time off, I now enjoy my business as a part time affair (online only) and find that my stress levels are much lower when I work for other people. A 5 day working week is fantastic after working a 6 day week......

I will probably always have my own business as the benefits are hard to ignore. But the costs in other areas, like family, need to be counted.

Sounds like you have it sorted...

 

My annoyance is that I have been slogging it out for 21 years! There is no break in sight unless I leave Sydney, rent what I have here and live in a shed on my land in tas...

 

I could earn less working for someone or I could earn less working for myself... I'm hoping the latter!

 

 

[Mark11]

We now run a family owned, live in, business 7 days a week, with no business/home/family separation. The work life balance thing nearly brought me completely undone a few years ago, rivetting Savannah kits was my saviour, thanks to Aerokits for his patience with a novice builder and flyer. There are benefits in owning a business, tax deductable toys, for sure but the price is often extremely high and hard to put a figure on.

I have looked into building accommodation on my land as well as my retirement house http://www.hao.com.au/projects/single/pic/Rabone-Residence.pdf

 

I'll build the house first!