rocknbil - 9:41 pm on Feb 2, 2010 (gmt 0)
I'm at the other end. Corporate shenanigans strangled the company I was with, made it weak and easy prey for the big fish to scarf it up, and they did. So I was kinda forced into it. But I still love it, and have been on my own for about 8 years. I think. It's a blur.
Here's what you're in for.
You are now your own manager. Though this may seem like "everyone's dream", one of the benefits of a reg'lar job is that someone structures for you. While you will simply love the idea of working when you want, in your house slippers, answering to no boss, what may start to happen in the absence of structure is you get a lot less done. Managing yourself is real work, especially since you have a hard time dividing the boss from the worker.
You now have to seriously deal with being your own accountant, and this plays into taxes and the costs of running a business as well. More work someone else always did for you.
The benefits you had you will need to pay for on your own, and they will be much more expensive as a sole proprietor - medical insurance, etc.
You have to be your own marketer, receptionist, and sales person.
The credit issues surrounding business owners are much more challenging. Your bank manager will now look at you a little sideways when you come in for a short term loan. Acquiring new property takes a whole different twist, a tool the lenders can use to turn the thumbscrews a little.
Should things ever go south on you, you won't be eligible for unemployment or government assistance. There is literally nothing the government will do for you unless you lose everything and are completely destitute. Frankly, there are times I wonder what I'm doing, I watch welfare recipients, some mothers of three, driving nicer cars and living in nicer houses on my dime, and living far better than I do.
Overall, plan on working much longer hours with far less pay, even if you kick your rate up, and experiencing stress that is normally owned by someone else.
Sounding like a negative nelly?
I wouldn't trade it for the world.