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Willy-N.....i got a couple of questions
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the pink panther    Posted 02-10-2003 at 03:45:54       [Reply]  [Send Email]
i know you are self employeed.i wished i was!i hope i am not being nosy,but how can you afford insurance.thats the only thing that keeps me from never leaving the farm.i pay $51.00 a week for ins. know thru the co. i work for. that is 30%. they pay the other 70%.i can't afford to be with out it as i have diabetes, but i can't handle three or four hundred dollars a month premiums.
second question...how do you break away from your full time job to go on your own.i am a foreman for a construction co. and i work a lot of hours.i have my own portable welder,torch,tools and equip.all the folks around here want me to do jobs around their farms for them and are willing to pay good money to have me come and fix stuff for them.but by the time i get home from work,do chores,fix my junk and take care of all my problems i don't have time to do any side work.
so what i am trying to figure out is how to get 32 hours in one day!
garden time will be hear soon and i have three different projects to do for local farmers, one wants me to erect a 40 by 70 steel bldg! i just don't know how to make the transition to self employeed from full time off the farm.
another thing that will hurt is the co. that i work for provides me with a truck to drive and pays for the fuel.i figure that is worth $4.00 per hour. any suggestions mark?.......PP


Willy-N    Posted 02-10-2003 at 06:55:53       [Reply]  [No Email]
That is the hard part where do you cut the cord! That was easy for me. When I was a Electrical contractor I helped my wife set up her business so she could quit work. It started to take off and looked like it could take off and go some where. She was not making much off it at first only 850.00 the first year then it jumped to over 10,000 a year so I had to get her out of the house and into a shop I had built for me. I bought her a comercial oven which helped a lot in production. Having her own shop at home allowed her to be set up for baking istead of cleaning up each day to make dinner. Then it took off again and jumped to over 20,000 a year. bought another oven and more sheets to bake on. After it was doing around 40,000 a year we knew it would work out and I had to help her some. That is when I cut my cord. Helping her I got both hands caught in her new sheeter that flaten the cookie doe. I was cleaning it and sanding the big rollers and bypased the safty on it and it sucked all 8 fingers in up to my knuckles and rolded the skin off a finger on each hand and flaten them allmost to the point of crushing them. I got them out befor I lost my hands but it rely messed up my hands. I was out of work for 6 months and my business realy suffered because of it. When I was able to go back to work my hands did not work the same again. I could only work a few day a week do to pain. I got scared because all I ever did in my life was electrical work. I had spent the last 13 years building my contracting bussness and it was coming to a stop real fast! Having employes was not a option due to using up everthing money wise to carry the shop and us for 6 months as we were in hock up to our ears now. Then it came time to decide and it was my wifes busisness that had to feed us. I sold all my big tools and bought more bakeing equipment for her to do more with. I finley just closed ARC Eclectric and this was a sad day for me as I worked hard to build it up to what it was. We decided it was going to get real rought now as the income was cut by over 2/3rds now and we could not pay the bills. We decided to sell our place we fixed up and pay off everything. We were lucky the place was worth a lot more then we paid for it now and allowed us to get enought to pay the bills off and buy another in a area where land was cheap. We took all the money and built a new home and shop that would work good for the Cookie Business. By know it was grossing around 70,000.00 a year and about haft of that was ours to live on. With no bills you could live just fine on that much money. I got a part time job driving a School bus 3 hours a day from my home to offset things. Using a good tax accountent we were able to work are income to our favor and it allowed use to get health insurance thru the state for 120.00 a month and that helped us feel sucure. We never go to the doctors but it is nice knowing you have it if something major goes wrong. We waste 120.00 a month being in the last 6 years none of use have realy used it. I fell off my roof during the Big Fire up here a couple of years ago and broke my foot in 3 places to fix it was going to cost 30,000 and we were not coverd then! Lucky I was a Vietnam Vet and 3 day of being in pain with the broken foot I was able to go to a Veterans hospital to get it fixed for free that is when we got some insurance! You make a lot of money and because of people using Insurance for a lot of the wronge reasons like a runny nose or a slite pain that goes away anyway the premuins are real high to cover everyone because they need lots of money to cover a few people who can spend 1,000.00s of dollars a month to stay well. Make less money and you can get cheap insurance from the state at the health clinics. Works for me since I don't need to go anyway. This insurance is for the self employed who do not make much. I do a little side work off ebay for the special things we need and the rest just falls into pace with a lot of hard work around the place. Mark H.


bob    Posted 02-10-2003 at 06:01:07       [Reply]  [No Email]
I hate to discourage you but and i repeat check medical ins costs first. My brother in law wanted to quit his job and go into business with me as a partner . I told him I had no qualms but he better put a pencil to ins as it wouldn,t work if he had too big payments.as I had mine thro co pension. He checked and we didn,t make move. He has since retired and is paying as per him and wife 800 and some a month for ins. I couldn,t afford that Insurance is the biggest drain on anyone unless you risk not having it which is not good . Good luck and check all facts as sounds like you have a good jobnow


Cindi    Posted 02-10-2003 at 04:02:15       [Reply]  [No Email]
I'm not Willy N, but I have a couple of remarks about this subject. The only way you're going to do it is cold turkey. Naturally it's best if you have a few good projects lined up before you cut the cord. If you are prepared to do all the work yourself or with one helper, you can avoid workmans' comp expense. We were in business for ourselves for three years before w/c put us out. Call a professional, pretend to be a customer and ask for bids on the work that you are being asked to do and then charge maybe ten to fifteen percent less. That will give your customers an incentive to hire you. Make some business cards and advertise your services in the local papers. Make sure you get stuff in writing, even if you get your customers to sign a hand written proposal. Make sure it is detailed as to what you intend to do, how much you expect to get paid and WHEN. We did roofing, our terms on most re-roofs were 'due upon completion'. You would be amazed how many people felt that they would pay us after a good rain to make sure they had no leaks. Uh uh. Read your contract. Also, don't call youself a handy man....for example..."PP'S MISC SERVICES" or something to that effect. People always think they can take advantage of, dicker with, and jew down, a handy man. I wish you the best of luck.


Cindi    Posted 02-10-2003 at 06:06:26       [Reply]  [No Email]
Oh yeah, good point I forgot to mention that we haven't had health insurance for about four years now.


Cindi    Posted 02-10-2003 at 06:06:03       [Reply]  [No Email]
Oh yeah, good point I forgeot to mention that we haven't had health insurance for about four yeard now.


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