That is exactly what I did. As a sole prop. it isn't too bad...just don't get sick or look to be able to have any time off. The hard part I have found is making the leap to having employees. If you weren't set-up for taking on employees before 0bama, it is extremely cost prohibitive now.
I use my kids for overflow work. I'm holding off on employees for as long as possible. If I ever have to, it will be contract. But some businesses can't do that.
“If you weren’t set-up for taking on employees before 0bama, it is extremely cost prohibitive now.”
Living that every day, trying to make a buck for my Corporate Masters. Those EVIL White, Christian Men that keep me employed. ;)
I just hired my First Employee after over 30 years in business. His Salary is $60K and it COSTS me a MINIMUM of $85K, now to all those wishing to be an “Employee” try to put yourself in my position, if my employee does not produce DOUBLE his SALARY in PROFIT ($120K) for ME the Employer, I DON’T NEED HIM!
If you have employees almost all your problems will have two feet. At some point you will ask who is working for whom?
Very hard to make it as a sole prop because of: Don’t get sick, don’t turn down work, don’t plan days off etc.
You do have freedom though. Every move you make is not judged, your work is. I would have a horrible time going back to the corporate world or even employee world. Think about it, who that you know can screw up your life in one day.. A boss / company you work for and your wife.
Sole prop is Freedom but freedom isn’t free.
Good luck.