Is working for yourself (solo business) basically 24/7 work indeifnetly?

[juliussneezer]

@bartbreen Yeah having to worry about whether your business will stay afloat does seem really stressful. If your business was to go south, have you made enough money off of it to feel like it was worth it? Would you be pretty well off even if you had to shut it down?

What types of businesses have you run?

 

[bartbreen]

@juliussneezer I have run snow removal, yard work, production companies, event management company, a massage therapy biz, and a paint-it-yourself art studio.

I ran my businesses until I got bored with them or the market collapsed. The massage business closed for medical reasons.

And as for a business going South? I made it a policy to pay myself first in every business endeavor. That made stopping or transitioning to something new more manageable.

 

[muyale]

@juliussneezer Your freedoms get redistributed.

 

[risen145]

@juliussneezer Imo, yes.

 

[daxy24]

@juliussneezer Yes! Why take a minute off when everything you do for work will benefit your pocketbook?! Even sleep is work, as it replenishes and prepares to push forward

 

[gksmith]

@juliussneezer I build and repair automation equipment mostly in the US and Canada.

It is a small family business I started.

 

[jimmy2356]

@juliussneezer For the first couple years at least, there's a lot of pressure to tackle your to-do list every waking moment, and you're basically "on call" all the time. It can be stressful and you'll encounter decision-making fatigue at some point. If you delegate and scale properly though, a day can come when the business is successful enough while taking up a small enough amount of your time that the feeling of constant responsibility shifts into a feeling of much greater freedom. You may find yourself attending to the business for 15-20 hours a week and profiting enough to start focussing more on something else. That's a really nice feeling to have.

But yeah, the duration of that stressful first stage is indeed indefinite. Many people sort of want to stop after getting to that point and don't consistently find the energy or seek the knowledge to move past it, and they either end up quitting or working really hard forever.

 

[bubbles328]

@juliussneezer Trades aren't for you, but you want lots of time off? If you can start your business and grow it within 2 years to at least 40K, then you may do well. Set your goals 3 and 6 months and 2 years out and work them to fulfillment. You'll need business insurance, health insurance, tools and supplies, and yes, lots of marketing and bookkeeping. Then you'll have to save for retirement. And if you're thinking you don't have to report your income, the long-term consequence is you will not receive any Social Security payment, which hopefully may still be there.
Conversely , if you could enter a trade such as electrician, plumber, HVAC Tech, or mason , you'll have employment for life with insurance and disability. You can read the threads on here under electrician or plumber where most are making 75k to 100K+ with 401k and full insurance. Then, after you are trained and experienced, you'll be able to start a profitable, fulfilling business for yourself immediately. Wish you success in your decision!