[quote=XBoxBoy]
…I can understand you don’t like working for “the man”, don’t for one minute think that running a business is the ticket to easy street. And if you’re hoping that it will be different because you’ll be in charge, let me disabuse you of that notion. You will not be in charge, your customers will be in charge.
[/quote]
Everyone I know who owns their own business puts in longer hours than I do and doesn’t take a vacation. On top of that, they still live and die by the whims of the general public – no different than working for the man.
[quote=joec]Most businesses end up failing for a reason and it’s hard to get a mortgage being self employed also for good reason.[/quote]
I’ve known so many people who had difficulty getting home loans because they were self employed. Some ended up giving up buying a home.
Other advice I would give (may be repeats, if so I apologize):
– Analyze the failure rate of businesses in that industry before you buy. And especially the failure reason.
– Stay out of the restaurant business. Very high failure rate unless you are very experienced at running a restaurant, which I assume you aren’t.
– Personally I would do a combination. Find a job with the man while you’re starting your own business. Gives you two paths to success: you end up liking your new corporate job, or your business takes off.
– Don’t forget to consider the impact that starting your own business will have on your unemployment benefits.
