I am 23, graduated college and started a full time job. I realized fairly quick I really prefer working for my side business than my full time job. I’m not a fan of being “controlled” and hate not having control of my life in that aspect. Also grinding away for someone else’s gain.
Last year I mad 60k as a project coordinator in construction in NYC. I also made 40k pre tax on the side weekends and after work some days.
I think it’s in a position to replace my income with full time Effort but want to make sure I’m doing it right with as little bumps as possible.
Any advice?
My business would be handyman/ landscape projects. With time be a one stop shop home services company.
I plan to work part time with electrical/ plumbing/HVAC companies to learn more skills as I go.
I’ll share my personal opinion on the matter :) take it with a grain of salt tho if you’d like :) no hard feelings
It sounds like you’re making some kinda traction on your business there. 40k isn’t something to laugh at, especially just a side gig. I would highly recommend looking into things like tax breaks though, and get yourself a separate account for just business and then just transfer to your personal what you’ll pay yourself. This way you will know exactly what came and went to the business for tax time, otherwise you’ll spend forever combing through bank records to figure out what was personal and what was business. Even better, get a corporation or LLC, use a business name too, get a business account, run payroll to pay yourself, etc etc - and really go full force if you think it’s gonna take off. Even if it doesn’t, those things help for tax time. The big benefit to this is audits. They love to audit self employed people more than anyone else… When you pay yourself from your corporation, it goes down dramatically for both you and your business to be audited. You also get to write off more and not have to be so diligent on tracking things. It’s really just “did it benefit the business? Okay, write off”. Where self employment is proving it did… (How many minutes on your phone bill was actually business?). If you make enough, you can also get yourself some medical coverage that is deductible on the corporation. The biggest benefit is separation too, so you can really get the picture as to how this business goes for you. It’ll be easier to prove as employment (just provide your paystubs), and more. I’m always up to chat about these things if you’re interested in it more. I’m a board member for 4 corporations, and a president of 1 (about to open 2 more depending on business)
Past all of that, it really just goes from answering to a boss/manager, to a client. This can go haywire in a lot of ways… You basically have to be the customer service person + the business representative + the business owner + the accountant (unless you hire someone) + even more hats. It can get messy legally, financially, even personally. But it’s all about getting down to business (pun intended) and laying out the plans, ideas, goals, and backup plans :) just as a quick overview!
Anyways as I said, always open to offer advice if you’d like!
Good luck :)
Thanks! I am already legal (LLC). 40k has consisted of about 15-20 hours a week per month plus 2-3 full weeks. At least this past year. I had a solid EF and live at home
Awesome 😎
I mean, sounds like a plan to me! Lol. If I had the opportunity I would go for it myself 😎
I’d also have a savings plan for any slow/dead months, even years - you just never know what will happen!
Reddit people are often naysayers who work for others.
Either your hustle, 100% go for it. Get a digital marketer on for a few months to get you set up to drive leads and reviews and get a basic site.
You can make a great living, then add people as you scale into a real business.