What made you decide on the self employed path?

[Daphnesmate04]

Just that really.

I am approaching a crossroads in regards to returning to work (part-time). Seeking employment is going to be tricky with everything that has happened re. covid. I guess I lack a bit of confidence (a lot of confidence most likely). I am reaching the conclusion that I really don't want to be a corporate employee - I used to do admin pre children. Another avenue I've explored is care work but I have children and probably wouldn't get the hours I wanted and end up being 'cared out'. My third option is to buy and sell something I have an interest in. Ever since a child, I have always wanted my own business, this would be a small scale version of that. Realistically, I wouldn't earn very much - probably equal to working two part-time days but fortunately I don't currently require a solid income at this time. But I do question things from the point of view of avoidance - I don't particularly like working for people i.e. I'm middle aged now and would most likely work for someone younger than myself. I don't particularly like office politics either and wherever I've worked this has appeared to a greater or lesser extent. I have a degree (albeit a slightly vague one in that I'm not skilled in any particular area) but I have always taken on jobs which don't necessarily use my full potential due to extreme lack of confidence, only once did I gain promotion and unfortunately, this didn't end well. The last thing to question is flexibility - I think I would struggle to get hours to fit around the family.

I guess I am trying not to feel guilty for not attempting to gain solid employment as I am in the early days of setting my little enterprise up. I have always been employed in something conventional.

Has anyone left the corporate path/and or work on self employed basis but earn less than they would if they were employed? Does anyone relate to any of the above? I would love to hear your stories (I realise that sounds a bit journalistic but I'm not).

My circumstances are very different to yours in that I had little choice in being self employed as a life long condition made it very difficult for me to work in a regular job.
All I will say is don't go into self employment with rise tinted glasses. It is the hardest job I have ever done. It took me two years and seven days a week to earn an income equivalent to two days a week full time. It is not for the faint hearted. You will not be able to work with your children at home, and it is not as flexible as you think, customers and clients are extremely demanding of your time at all hours of the day (and night). You don't get sock pay, holiday pay or a pension. If you need emergency time off for the kids, you've still got to work.
Don't get me wrong, I love my job and would not consider being an employee, but my earnings are three times that if I returned to my old career, and that spurs me on. I'm not my own boss by any stretch of the imagination. My job is my boss and my customers dictate what I can and can't do. And I say that as an employer myself.
It is also very lonely job to do. You will need something that gets you involved with other adults. The lockdowns have been terrible for me as my hobbies have ceased and I miss people. I even miss those office politics that everyone says they hate 😂

Thanks for your honest feedback delilah. Can I ask what type of business you run? Mine will be relatively low key. It sounds like you have got to a position where you employ someone. Well done on building your business up.

I know what you mean about being involved with other adults. I need to work on this too as I did very little outside of the home prior to lockdown.

I'm an online retailer. It was very low key when I started and was never intended to be a full time job as I thought I would be able to return to my regular job, but you quickly realise that a regular part time income needs more than full time work for the first few years. You won't achieve the equivalent of earning two days income without working full time. Yes I have scaled mine up far bigger than you intend to, but I started nine years ago and things change. A year ago I was happily chugging along at home, full time, decent money. Now I have two staff, premises and double the turnover. I didn't see that coming, it just happened and I went with it! That's the thing with your own business, you either go bust in the first 2-5 years or you grow. It is very hard to remain stagnant in online retail.

Like delilahbucket Im an online retailer selling antiques and vintage on several US based platforms. I was already selling online p/t when I reached retirement age and decided to then go full time to supplement my various pensions. Mine is purely a "lifestyle" business doing something I love which generates a reasonable income. I have never wanted the responsibility of employing other people or of scaling up my business. I am happy to just jog along.

However the posters who say that the business and the customers are your boss are correct. Because I sell mainly to a US market I need to be up when my customers are online, so I rarely go to be before 4 am. Sometimes I have to pull an all nighter if someone wants a next day air delivery in the US. If I had begun this business earlier I would probably have up-scaled by now but having other sources of income has not made that necessary.

If you are looking at retail you need to find a niche area which is of interest to you, and be prepared to do some considerable research. I already had sound knowledge of the antiques trade, having done antiques fairs back in the '70s and '80s. However I still make mistakes from time to time for all that. Retail is not for the faint hearted.

I run a service based business and I would never go back to being employed again. I love the flexibility it gives me but I have firm boundaries with my clients over my working hours. Sometimes it suits me to pick up e-mails and work in the evenings but they also know that if they send me an e-mail after 4pm it would not necessarily be looked at until after 9.30am the next day. You won't know whether it is for you until you have tried it but I wouldn't discount it as an option.

I'm going to try it. Low scale. Fortunately, the investment required is relatively low (largely in terms of packaging) and money I have. Of course I will feel gutted to lose money/if it didn't work out but probably more disappointed if I didn't give it a try. Like sneakysnoopy, it is a side income. I wouldn't entertain it if I needed more financial income. I am also going to set my goals low in terms of turnover as I tend to be a bit of perfectionist. It is interesting to hear feedback both good and bad. Not dealing with foreign markets or a massive product line, though I can perhaps add to it gradually. It's inspirational hearing your stories, thank you.

It was not a huge concious decision.

I needed a bit of extra money as a SAHM, my employment opportunities were limited, an OH the worked away a lot, no family support for childcare, and one child who was quite poorly for years.

No big launch or fanfare, no investment.
My intention was always to get a "proper job" when the kids got a bi older, but that never happened.
I started 18 years ago, and it is now a full time venture.

sneakysnoopysniper

I agree- I am in retail too- can be hard, but if you find a niche market there is huge potential. Like you I had skills in the product area.

Marking place great thread OP. I'm in a similar situation to you OP so I'd love to hear responses on this. Dream of trading online in vintage products, I could could start buying stuff in and selling it on at a mark up but then I always find excuses not to make a start. Self sabotage is common flaw with me...

For me it was always a pipe dream, I was attracted to the freedom. I spent my twenties in London working 15 hour days, the sector I worked in is well known for big egos and low level bullying. By my late twenties, early thirties I was a burnt out, anxious mess, with two dc. I couldn’t hack working for anyone else, so there my journey started.

I set up my first business mid divorce, got bored then outsourced the majority of it, it now pretty much runs itself bringing in a reasonable income. I then went on to set up two more businesses, I’ve just hit the 3 years mark and I was aiming to scale aggressively in 2021, and get an assistant but I’m holding off until the economy starts to recover.

I often laugh with friends that I have no choice but to succeed, I’m completely unemployable. Not a chance would I ever go back to a 9-5. I’d rather have complete flexibility, I take summers off with dc no questions asked. Life is far less stressful all round.

Start now get it perfect later, whatever your service or product. Just get it out there and continually tweak as required.

SpaceRaiders and others your stories are inspirational.

I know what you are saying SpaceRaiders about just doing it but I can't commit the time at the moment due to having no child care support. Soon this will change - that's my cue...along the lines of the old adage you can have it all but not at the same time. But I have plenty to do in the meantime including working on a website - I.T. is not my thing so outsourcing this at a very reasonable price with someone who has been personally recommended. I have written a novel and planning to self publish it - the website is another interest really and focuses on my book but hopefully it will contain links to my selling platform(s). Also, exploration of the use of Instagram - as an (amateur) writer, I think this will appeal but again I need to dedicate the time and not view I.T. as a barrier. I am enjoying the process and I have a timeline in mind in relation to the publication of my first book. Having said all of this, I know I am frightened of taking the plunge...it is the fear of failure that haunts me so there will be an element of procrastination.

Speakout we are friends from another thread and I can very much relate to all that you write.

Comfort Is there an area within the vintage trade that you know more about or have an interest? I am planning to trade (partly) vintage but it is an area I have a keen interest in and I am learning new things about it all the time.

I would NEVER want to go back to being employed even if i was of normal working age. I loath office politics and taking orders from someone else. I am definitely NOT a team player and very much an individual worker.

Ironically, a part-time job in a similar department to my previous job has come up. Part of me feels compelled to apply for it because if I am looking to return to 'work' this is what I 'ought' to be doing. It's the wrong time really because little one doesn't start school until next year. But I know I am making excuses. We are not desperate for the money but my husband is approaching retirement (good pension and mortgage paid) but still a bit apprehensive about exactly what we will have coming in. Common sense tells me to apply for work (we're talking reasonably low paid work) but then again I feel as if I am just being sucked back into things without giving my own little business a go (I suppose I could juggle both but I have come to appreciate quality of time now and I want school holidays with the children). I want to retire too (well not actually retire if I am able to make some money from business because I don't really see it as much of a chore). I seem to have n increasing number of minor health niggles (linked to the menopause I suspect and currently feel a lot older) but thanks to the government raising pension age, I've got another 20 years to go! I've got some pension contributions from having 2 dc under 12 and I think with having a small private pension (I used to work full-time for a number of years) I will scrape into having the equivalent of a state pension but I have assets I can release later plus I am entitled to some of my husbands pension. I think I can live on very little - it's having a teenager that seems the most costly!