Author Topic: What is the best way to be an independent employee?  (Read 5221 times)

StartingEarly

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What is the best way to be an independent employee?
« on: January 31, 2015, 05:20:12 PM »
I am thinking about either buying an existing business/franchise or a multi unit apartment complex.  I can't see myself working for someone when I am in my 30s.  Right now I have a liquid net worth of about 90k if I cashed everything out of my savings and 401k, etc.  I am 24 and don't have a lot of credit if at all.

JLee

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Re: What is the best way to be an independent employee?
« Reply #1 on: January 31, 2015, 05:29:38 PM »
What skills do you have and what do you want to do?  What about having an employer is negative for you- i.e. are you trying to avoid it just in general, or because flexibility, pay, etc?

StartingEarly

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Re: What is the best way to be an independent employee?
« Reply #2 on: January 31, 2015, 05:55:03 PM »
I don't like the way I am treated and having to report to someone.  I am in the electrical field as an apprentice.  I am not sure I have many marketable skills for a business outside of being an employee.  I am not sure what I want to do yet, just at the exploring options phase.  I would prefer something turnkey that had its own employees if I was buying a business.  If it was an apartment complex then something in decent condition that was easy to keep in renters.

JLee

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Re: What is the best way to be an independent employee?
« Reply #3 on: January 31, 2015, 06:24:09 PM »
Have you considered apprenticing with another employer, or would that reset your apprenticeship clock? I'm not familiar with how that works.  It shouldn't be too hard to find a company that treats you well. That may give you some reprieve while you figure out what to do long term, or be tolerable enough until you're able to establish your own company doing electrical work?

StartingEarly

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Re: What is the best way to be an independent employee?
« Reply #4 on: January 31, 2015, 06:28:04 PM »
I don't think there are many in the area in my field.

JLee

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Re: What is the best way to be an independent employee?
« Reply #5 on: January 31, 2015, 06:32:59 PM »
I don't think there are many in the area in my field.
Have you looked yet?  Do you want to stay there, or would you like to move?

You may be able to just buy a business and survive, but generally I'd think without business experience it'd be risky.

StartingEarly

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Re: What is the best way to be an independent employee?
« Reply #6 on: January 31, 2015, 06:36:02 PM »
I haven't been looking at a job quite yet.  I still have years on the apprenticeship and I want to finish it.  I do want to know what my options are now and in the future.

Self-employed-swami

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Re: What is the best way to be an independent employee?
« Reply #7 on: January 31, 2015, 06:38:37 PM »
With only $90,000 in the bank, could you even find a multiple unit building to buy?

mozar

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Re: What is the best way to be an independent employee?
« Reply #8 on: January 31, 2015, 06:56:54 PM »
People are going to keep telling you to move to another city fyi.

Your biggest marketable asset is your youth. Employers don't expect "marketable skills" from a 24 year old. There are lots of independent trades: electric, plumbing, welding, long haul trucking, that are low cost to start.

You are young, and it sounds like you are able-bodied so get out there and start interviewing and contact businesses that interest you! Google the word "businesses" if you have no idea where to start.

Don't liquidate your 401k, and congrats for starting to think about changing your situation!

StartingEarly

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Re: What is the best way to be an independent employee?
« Reply #9 on: January 31, 2015, 07:31:00 PM »
I could probably put a down payment on a 4 unit, if I had decent credit.

GizmoTX

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Re: What is the best way to be an independent employee?
« Reply #10 on: January 31, 2015, 08:01:38 PM »
Dear OP,
If you are working, you are always working for someone else. If you start & run your own business, your employer is your CUSTOMER. If you become a landlord, your employer is your tenant. They pay your bills & create your profit -- if you fail to please them. then you fail. Don't get me wrong -- I understand completely about being "unemployable", i.e. an entrepreneur. Been there, done that. Just understand that to be successful at it, your people skills have to be much greater than an employee. You also need solid business skills & knowledge. These are best learned on someone else's payroll.

Hayden Frys Mustache

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Re: What is the best way to be an independent employee?
« Reply #11 on: January 31, 2015, 08:13:28 PM »
I don't think there are many in the area in my field.

Unless you're in an extremely remote area in Wisconsin, this is a little bit difficult to believe - I'm in the construction industry (association employee) and there are all kinds of business owners getting into their 60s without exit strategies. I've even had them solicit me to buy their profitable business (considering at the moment) and I don't have any direct project management experience). A lot of them don't know how, or don't know how to recruit someone who's interested enough in running the business after the owner's exit. I would talk to the owner of your company and if he's not interested, it's easy to find other employers through a union or association (IBEW, NECA or ABC in your case) until you find one who's got a good business and is interested in retiring, teaching you the ropes and introducing you to customers while he's selling. Message me if you need some direction.

StartingEarly

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Re: What is the best way to be an independent employee?
« Reply #12 on: January 31, 2015, 08:25:35 PM »
I meant there aren't a lot of businesses hiring for a 5 year apprenticeship in E&I, at least not that I'm aware of.

Monkey Uncle

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Re: What is the best way to be an independent employee?
« Reply #13 on: February 01, 2015, 08:40:57 AM »
I would prefer something turnkey that had its own employees if I was buying a business.

Have you ever supervised anyone before?  If not, this is probably a bad idea.  Most people need a good deal of experience and mentoring before they are ready to run their own staff successfully.

StartingEarly

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Re: What is the best way to be an independent employee?
« Reply #14 on: February 01, 2015, 08:49:38 AM »
I did a little on a farm, but no real supervisory experience.

mozar

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Re: What is the best way to be an independent employee?
« Reply #15 on: February 01, 2015, 08:44:25 PM »
I just googled E&I and came across 100 job openings across the country. Probably most of them aren't entry level but it's a start. You have to understand that you have to keep trying. That's called being resilient. Maybe resilience is not teachable, I don't know, but that's all I got for you.
http://occupations.careers.org/27008/electrical-and-instrument-technician-e-i-tech

StartingEarly

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Re: What is the best way to be an independent employee?
« Reply #16 on: February 01, 2015, 09:04:47 PM »
Those are all Journeyman jobs.

GizmoTX

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Re: What is the best way to be an independent employee?
« Reply #17 on: February 02, 2015, 12:11:47 PM »
Those are all Journeyman jobs.

That's saying that you need skills but there appear to be plenty of openings when you complete your apprenticeship. Some electricians I know are independent contractors or have built their own businesses, but after experience working for others.

Buying a business because you think you won't be an employee is not smart or accurate. If it has employees, you will be the least experienced. It's not wise to think they will carry you.

mozar

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Re: What is the best way to be an independent employee?
« Reply #18 on: February 02, 2015, 05:48:22 PM »
Quote
Those are all Journeyman jobs.

So? Those people who get journeyman jobs started someplace, just like you are. You could call all 100 of those companies and ask how their  people get their training.
I think you will continue to shoot down suggestions, because there is something deeper going on like depression/ low self esteem. "Feeling Good" is a good book to start with.