5 Things You Need To Know Before Self-Employment | THE HANDYMAN BUSINESS |
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- เผยแพร่เมื่อ 28 มิ.ย. 2024
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My wife and I were in my workshop 2 days ago having a great heart to heart talking about everything. I started my company 2 years ago. I just sent this video to here because almost VERBATIM, he said EVERYTHING I had thought about and my mentality of feast and famine. Thank you for letting me know I'm not the only one that thinks about all of these costs and benefits. But at the end of the day I will do whatever it takes to provide for my family. I can shoulder the pains and stress so long as I know my kids are happy and provided for. And proud to do so.
my wife and I did the same thing as well
Agree! (and then you find out she's been having affairs for 10 years of a 29 year marriage). It all just adds up to shit.
A very important piece of advice for everyone thinking of starting a business! If you are thinking about it, STOP THINKING, go start, figure it out as you go for heavens sake START. I'm 31yrs old, I spent 10yrs as an employee and I know EVERYTHING there is to build homes and renovate homes. I had one accident, a 30 second f**k up and now that dream of starting my own business is gone. Down the drain! Because I procrastinated, kept telling myself to learn more, that was stupid, I could have learned solo. So stop analyzing, stop studying. Do you think the people that created this industry had anyone to study from? No, so start that business today.
Thank you.
Started a legit sole proprietor LLC in 2021, did it part time, nights and weekends for the last two years while maintaining my full time job doing commercial maintenance.
As of 1/1/24 I’m officially working 100% for myself. While I think your guidance has helped me make decisions, and your experiences are relatable to me, I’ve wanted this forever.
Is my anxiety higher than ever? Yes. Do I recognize it, also yes. It’s videos like this that help, and push me more than anything else. Thank you for being a venue for me to come and legitimize my highs, lows, and lowers.
Thank you for the role you played in that.
And yes, it’s an LLC operating as an S corp. And my CPA is legit.
I think it’s better if you do an S corporation that way you don’t have to pay self-employment taxes on your business profits even if you are a sole proprietor, most of the one-man shows that I know including myself this is how we operate and save a ton of money on taxes of course you will need to set up payroll either by yourself or through a payroll service.
I'm always amazed at how similar our thoughts/lives/experiences are. Like watching me in the mirror. Except I'm better looking...
Thanks Handyman.. You know what I'd love to see? I week in the life. A quick blip of your day to day business, what you pulled in, what you put out. how many hours, how many different projects, etc.
spot on Handyman. My wife says I can't turn it off, Your mind gets accustomed to operating at a higher level (scheduling, actual work, bills etc) and then you cant make your mind shut down on vacation or even when you go to sleep
Thank you for not making me feel crazy. It's a big leap and everything you said has run through my mind. No risk, no reward. Good stuff, keep it coming.
I’ve been following for years. I just bought my dental practice less than a year ago and this channel is a huge help for me. Very relevant content. You described my life over the last 9 months perfectly.
Handyman, absolutely love the business content. Keep it coming.
I definitely relate to this.
My focus is learning how to relax after work, it’s easy to get pulled into the cyclic routine of over thinking.
I’ve been self employed 3 years now and you are basically describing my life in this video 😂
You hit the nail on the head. I would be broke before an employee ever again. Self employment and business ownership are great but the tax is real.
You can get the best and the worst of life as a business owner, it’s a mental minefield.
It’s easier for me to schedule when I’m not working or available, that way no guilt or expectation. It took me 5 years nonstop for me to find that gem.
Keep grinding, keep trying, keep motivated
The grass is always greener on the other side! I’ve had these exact feelings and I’m in a corporate W2 setting. The fact is, work is work in some form or another and it all comes with varying stressors. Your mentality will determine your success. Thanks for the video, love your content!
Let’s do this!
I don't particularly love working on others houses or mine, but I love a 6-figure income and running my own schedule. I actually didn't do any jobs this year because I was building my rv park as part of my retirement plan( I don't do stocks) I do work long hours and sometimes 50 calls a day but it's better than working for the man. Thanks handyman
Thank you for the insight man!
I have been watching your videos for years and love the content (the kids especially love when you whistle while you work). I came to this particular video to better understand my husband. I appreciate you making such a clear video describing the mental struggles of self employment. I could never put to words what I saw my husband dealing with, and I am grateful I found this video. Looking forward to more content!
I particularly liked your point about generational wealth - our plan is also to provide wealth for our childrens' children. Not only in finances but also in my husband's legacy.
Real life testimony as to how it is out there.... Thanks for sharing this honest insight.... I've done this myself for 3 years and there are truly ups and downs.... I feel the same way as you do.... If I'm not working I feel at unease.... Vacations with family are really tough!
hey handyman, I always enjoy your videos and it reminds me how me working for others and not being able to deal with my own space, and yes, I am talking about your garage space, I am the same, not having enough time for me. I watch your videos when I was still in Romania and knowing I'll move to the US, researching the job market, now I am hoping to start my own business, I'll keep you posted.
Love the it when you give out the truth Handy. Some can’t handle it. I’m retired from working for the man. 37 years and never felt that I had a good vacation. Even working for the man there are deadlines and commitments hanging over your head. Many sleepless nights. I’m probably 20 years ahead of you on family and time so my Handyman job is very selective. It’s nice when you can pick and choose the jobs you do enjoy doing or at least do them at a profitable rate. HandyOn !
Great content! I’ve worked oilfield most of my career but grew up doing construction and love it. I enjoy your channel and the ins and outs of the business. Thanks for everything. Btw there have been multi million dollar decisions made on tables just like you have! 🤣 Great job!
This Video Took the words out my mouth 🙏🏽🙏🏽🙏🏽🙏🏽Amen brother ‼️
It's a part time job you work 80 hrs + a week at. Feast or famine.
Feel the same exact way with down time. Even if the last 6 months were booming! Glad to know I'm not the only one. Thanks HM
Needed this. I’m running my construction company part time and making more than my full time job-and I’m making far above average at my job. Hard to go to work when it falls into second place as far as income is concerned…
A lot of truth in this video! No matter what path you take there’s the pros and cons. It’s though to do my line of work solo so that’s another issue. Good luck guys
Thank you for this. I was at the low point a couple months ago and was trying to apply for a real person job, but didn’t know how to.
good video today. self employed for 2 years now. These things come up a lot. And Yes, vacations are a nightmare.
Speak the truth.....it is one extreme of pressuring out about too much work and the other extreme of worrying about having another job...
Spitting facts in the first 2 minutes.
Doing the work is fine, throw in schedule, customers, contracts.... Not having so much fun anymore.
I have a handyman/contracting business for my W2 and own a bunch of apartments also. Between the two sanity is hard to maintain. But if i don't keep moving nobody else can keep it all running.
A lot of sacrifices are being made in order to maintain financial stability. It's getting better, and i've learned a lot about how to manage it all. In a few years i'll be able to off load a lot of the work and step back somewhat.
I recommend if anyone is getting into apartments and plan on doing a lot of the work themselves, buy one building at a time and learn how to do it slowly as you go. Or have management already in place so you aren't dealing with tenants, repairs and all the stupid stuff by youself.
Rentals can be an excellent business for a handyman though. Just don't jump into the deep end.
I would love to go this route eventually. Thanks for the tip
I agree that you should make the move while you are young and free. It’s tough to walk away from a W2 once you make it to the upper ranks and have that security blanket. I would encourage anyone in that position to do this work part time for a while. Like you said, you will not enjoy it as much as you do working on your own house. I also relate to all the thinking that happens at night when you have big projects coming up. I’ve had many a sleepless night. Keep up the good content.
Hi, I totally agree with everything you say. Your videos are great and it's good that you enjoy it. I do the same job as you, but on the other side of the world (Czech Republic - Europe). I feel exactly the same as you. Thank you for the nice videos and good luck with your work. Handymans hold together. Have a nice day. Miroslav Sommer
What a great video. Also side note, you are stressing when your busy and when your slow. That can’t be any more true.
I can't thank you more🌹🙏
I think about going to work for someone sometimes and then I think about having to request time off and get permission and then I go back to work for myself. More flexibility working for yourself, but definitely more work and you carry it 24/7. But whatever you do work hard and strive for the top 👍
My mind works exactly the same as yours. After years of my wife begging me to get therapy I finally went and it has really helped me switched my thinking and I can finally sleep at night. I was staying up all night thinking about everything. Take care, mental health has taken out a lot of good people.
Thought it was just me‼️The stress of having future work is the worst 😢
So relatable. Its hard out here in this streets
The worst part about self-employment is the government.
I appreciate your honesty. I desperately want to build something like this because I feel like I could be providing more for my family, have a buisness/dependable work my kids could lean on if all else fails, but don't want to risk losing what I've been able to provide so far in the process.
Thank you for bringing attention to problems most "gurus" neglect so more people are aware of those hazards
I like the Earl Nightingale speech called “the strangest secret” where he says that security is an illusion. It’s great motivation for people who are here.
So true that it becomes not fun when you are trying to make it as a business. Right on
I thought it was just me. I always feel like I'm 1 or 2 months away from ruin. Then the phone rings or a text comes in with work and then I get to worry about scheduling and actually doing the work. The mental game is the hardest imo. Keep up the great videos!
Been self employed for 8 years. Made the most amount of $$ I have ever made in my life. I realized this past year I can not keep tearing my body up for others and need to look for a change. I was offered a gig with one of my clients as a construction project manager. The pay is great and no more physically challenging work. Now no more billing, scheduling, traveling, hotels, worrying about the next job, were the next one is going to come from....etc, if you know you know. I own rentals and now have time to focus on obtaining more. Self employment is the hardest thing thing I have ever done along with the most satisfying.
This video is so true!!! Thanks for spitting truth.
Man I have been in business since 2009 and I have been through everything you have described !!
You are still young which is why you probably have a hard time relaxing on vacation. Give it another ten years and you might be able to. Ambition is a disease of the youth. Old men don't struggle with it like they used to. And I understand the desire to establish generational wealth for your children and grand children. However, if you provide that generational wealth too successfully you run the risk of preventing the children from having the necessary struggle needed to reach their full potential. Good times makes soft men. Give them a boost up in the world to get them started and from there let them make their own fortunes. This was a very honest video and turned out quality!
I agree about the money for kids. As of right now, they won't know about it or think of me as a plan b
I completely agree, prior to starting my own renovation company. I loved woodworking … Absolutely loved it, and created a woodshop for myself as I improved our own home. After I started… Woodworking became the thing I least liked, I dismantled my woodshop, and try to stay away from it like the plague. I guess it helps that I make $200 an hour in this particular area doing plumbing and electrical and handyman services… But once I had to do the woodworking for other folks, it became a chore. Even the larger projects like the building of decks and additions, I hire in local Amish teams for that and do fantastic. But my favorite thing is to have a little responsibility as possible, stick with the small handyman jobs, and make the most money in the least amount of time… I mean that is the purpose.
Coast!!!
Your point at the end is exactly why I wanted to be self employed. There are probably careers that might pay more in the long run, but I can’t get the flexibility or freedom I have at any other job. I felt like I had no life at my previous job. 2 weeks vacation isn’t enough. If you have kids you’ll eat up half that, at least between all the times they end up sick or have days off school.
And the guys that were in the jobs I’d end up in didn’t even have time to use all their PTO days because they were always so busy with work. Might work for some but not for me.
I submitted to the current state of things. I got a full time job that allows me to also complete side work before my "shift starts" . You have to adapt, of course i miss 100% SE but, times are tough.
Vacations are an interesting subject - just what is a vacation? - for me it’s a conference (change to learn new things) sandwiched between a few free days. I would be pacing the room too if it were just sitting in the beach!
I got a career in something I loved and it also taught me to hate it..i have since changed fields
lol...fixin ma in-laws house too funny!
When I hired my first employee, it changed my life. I do not like working by myself
Can you make a video discussing what experience or traits make a successful handyman? I can fix just about anyting and i have plumb, level, and square down pat.
Perhaps you can hire an apprentice with zero experience. But remember that good labor isn’t cheap, and cheap labor isn’t good no matter where it comes from. We don’t value ($$$) people by their nationality but by the quality of their work.
Other than that, I like, follow and support your channel brother. 🇺🇸🇻🇪
I saw that particular live stream. I think it was during night time?
Time for a new T-shirt “ain’t no way!”
Im quit bro but im keeping strong because i have pay bills you brothee make me stronger thank you
Been with the same company 8 years and finally gonna try this in March. My fear is huge. All I hear is if you don’t try you won’t know. My worry is fining work. I do good on side jobs but limited to 2 days a week. U help a lot. I just pray to got I’ll not fail my family
I suggest you save up a lot of money to float you through the growth period.
Retired in 2022...started handyman jobs...after 2 months id had enuf..found part time maintenance job at retirement home job i love...investing in stock market...drawing retirement...Social Security check starts in March...found my rhythm and happy...finally making few bucks as well with my Facebook page
I can stop listening this video two minutes in everything you are about to say is 100% true I’ve been a GC for 20 years from New York to Florida to Connecticut and dealing with customers is the part that makes it hard plus the workers being a real estate investor and fixing my own houses it’s even hard also because the crunch time to pay back the lender their money before you refinance the property is hard Business is hard in general. If you don’t have the mental skills in hiring firing and customer acquisition, sales and management it’s a process you are spot on bro even if you’re working for yourself it’s not easy all the other stuff makes it hard but the actual being an singer artist Builder musician it’s all the other stuff that comes with it to make money. That’s what makes it hard even when you love what you actually do.
💯 %
Self employed started 2009. One man show. Not enough work for 2. Too much for one
As a software engineer i make good money as an employee. However, my salary is finite and my time is already decided. Being self employed, I am much more excited to schedule myself and have a higher ceiling of income!
My definition of smart is when you agree with me bro I wish if I could be your friend everything you’re saying is what I’ve been through just become a real estate investor. If you’re not already that’s the only way to get out of the rat race bro fix the house, refinance it and sit down for months and don’t have to worry about anything till you find the next property lol that’s what I’ve been doing for the last six years let’s go and get it.
The shoe maker’s kids are barefoot. Facts. I rarely even watch building videos because it’s boring. I like your rants tho because it’s relatable and makes me feel 15% less insane.
🎉🎉🎉
I’m new to starting my handyman business. Moved to a new city as well.
It’s a fancy city, and I’m blown away by the prices of blue collar work. Everything is expensive and slow to happen. I want to offer my own services because I know if I get myself out there, I can save customers so much money.
Does anyone have any suggestions for getting your name out there?
There is no freakin way I will work for anyone again. Love the vids.
Is there a point where you'd turn to TH-cam and online content creation full-time, or is it not possible to scale that up enough to achieve the goals you mentioned and support your family at the level you want? It sounds like sooner rather than later the physical toll of the work will outweigh the financial reward.
Without you I would have gave up by now Thanks
What sort of tasks are customers having you do. What are the most popular ?
You definitely should grow your beard back. You look way better with your beard
Can you please talk about how to deal with 40% income tax as being self-employed in a decent tax bracket
I don't make a ton of money BUT the freedom I have is unbelievable. Also making 80k in your business is like 100k w2 because you can play tax games
👍👍
Don't do it without a safety net ......
So a few things:
#1. First , second and 3rd portions of career : cant be just focused on making 400k. I just lost a 30k week of work and you know what screw it.. ill enjoy 3 weeks of downtime with my fam instead, will never go back to employment again.
WOW hire a Venezuelan is a wild statement😂…even tho I know what you mean
🖐🏾😊
I feel the same way “ the feeling I’m doing something wrong if I’m not making money every day”
You can definitely make it an enjoyable career if you charge allot and focus on quality and improvement . IF you compete on price it's not
100%
What part of the country are you in?
The sleepless nights are hard for me.
It's a guy thing that feeling of stress and not doing enough. I think it's something that is passed down/seen from our fafhers.
You are of a particular personality, highly productive, high motivated, competitive, status driven in your field. You would be the same if you were a doctor, lawyer, etc. I’ve come to realize that personality type is largely (not exclusively but largely) hard wired to only one gender, for biological reasons, irrespective of ability or intelligence or competence. My husband is of the same personality. Your wife probably complains like I do about all the thousand other things she is left to handle because you’re laser focused on making money. Pass along to her I think she’s a lucky lady.
To anyone who thinks that just because you enjoy doing it on your home and friends, you will have a very hard time doing it as a professional. you HAVE to have the expertise of a true craftsman because you have to justify your rates. Like he just mentioned, you have to charge high rates in order for you to be profitable. If you really want to do this on your own, you have to have at least 4 years experience on the field that you would be most interested. Don't fool your self thinking that you can do it as a pro just because you enjoy it as a hobby. On a side note, I have been watching his channels for several years and when it it came to cheap labor he used to referred to cheap labor as, "The Mexicans". I see now he has changed it to the "Venezuelans".
The Venezuelans are taking all the Mexicans' jobs.
Add all that and an ex wife that you weren’t good enough for but now wants most of your earnings. That’s where I am!!
The only thing I’ve found to take away this anxiety and fear, and all the stress that comes with it is truly faith in Jesus.
1. You are going to waist so much time on people wanting you to do things, an once you got thru the hrs it takes to present a detailed estimate, they go, oh that's way more then we were thinking sorry can't do it. So many hrs an gas waisted going to look at something an you know your just being jerked around.
its unfortunate because we are american but as im typing my comment you're doing a jobber add. What you think you want to give as a affluent American dad, Its obviously leaving you unfulfilled. Fuck money, I spend so much time with my daughter. I only make cash and its same amount I made as a wage labor but now its half the time I spend and once again more kid time. I look completely poor, have free healthcare and foodstamps. Don't worry, your taxes went to israel and ukraine and mine when I was a special education making shit, is paying me back. Love that I can help people and we can both avoid taxes. Build, relationships and community. Where I work, we help each other and life works. And I even use my food stamps for community feeds for everyone. Self employed is good for me and my community!
E Myth Revisited
Being an employee is a huge scam.
Hey, so how do you expect to make 400k without scaling?
Its pretty easy in large white collar cities.
@@TheHandymanBusiness is this from Handyman work, or are you including all your income streams like TH-cam?
As a single guy at 30, really makes me not wanna have kids the way things cost these days. Sounds like hell
When I was 30 I had no need for kids in my life. I was living the single bachelor dream. I now have kids and its the most amazing thing in the world. I wish I started earlier and had more.
I enjoyed this video. Goodbye.
You’re very hard on yourself.
How so?
How are you striving to be a multi millionaire and generational wealth and you don't even got 1 employee😂. You have a board on a trash can as a desk. I call BS with this guy. Look at your garage that's your brain
I'm already a multi millionaire. That's middle class where I'm from. My income is only $350kish a year. I have been at it for a couple decades.