I have a pretty low stress W-2 type work situation. It pays the bills comfortably and I can even a save a bit each month. I am by no means getting rich.
There is high demand in my area for the work I do(trades) so once I started a business and got it off the ground I have no doubt it would work.
It's the commitment to startup I am having a hard time with. Going to work daily and not thinking about the interworking of a business is so easy. I do feel like I am inclined toward running a good business if I was to go for it.
I just know it will likely be waaaay more work. The potential gains are definitely greater but they are just that, potential. On an energy output to reward scale I am wondering if you'll would recommend running a business vs. the lower stress of just working for someone else.
I know this is very personal choice, but still, a little input would be helpful.
Thanks
If you are in the trades like Electrician/Plumbing/Handyman etc., go for it.
Out here in NJ, it is impossible to find a reliable tradesman who is fair in pricing and shows up on time, and does a good job. In the last few months, I have had guys come and give me a quote and promised to start the work the following Monday and no show. They completely ghosted me after that, with no response to my calls. This seems to be the norm rather than an exception.
You have to prime the pump initially by making your name known. But once you do that, all other references would be by word of mouth.
I have run a business. Not in the trades, but as a software consultant. Running an LLC is quite easy (S Corp is much harder). The only important things are to remember to bill your clients and make sure they pay. If you can, take an intro to accounting course at your community college so that you understand the terms and know how to use accounting software like QuickBooks. A good CPA who files your returns each year would be great, but if you know how to file, you can save a nice chunk of change. Make sure you are insured.
All of these will be hard the first time that you do it but will become second nature after some time. It definitely is not waaay more work, maybe a couple of hours a week and the discipline to put in the time.
Also, the gains will be much more than you can imagine. No idiot bosses. No stupid management rules. You take the risk and gain the rewards.