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Going independent... Any advice, experiences?


USS Redskins

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I have been in insurance ad sales for 15 years with the same company ... I used to love my job but the last 8 months have been a nightmare. New owners, boss, new service I sell... Hate my new coworkers... Anyway... I have made the decision to join up with a former colleague and start our own marketing service.

I have three kids and the wife works part time on weekends and is starting a 3 year program to become a nurse practitioner. Lots of change.

My partner and I will be splitting everything 50-50. I sell and he designs, deploys and bills. I have done enough networking over the years that I can bring in good business to make a living. Hope to grow it and make a really good living in the future. We have a decent infrastructure in place and are working some deals to enhance.

I am nervous as hell but excited.

I will be a independent contractor and will have to get obamacare, pay my own taxes, all that mess. I know the gov doesn't make it easy for you....

Anyone have any advice? Good or bad experiences? Costs for medical coverage killing you? Taxes/ss payment advice? Any struggles? Is anything easy?

Any info would be helpful. I am learning allot and want to anticipate any potential snag.

I hope to quit my current job in September... Best case would be laid off to get severence and unemployment, which is a possibility from the rumors I hear.

Thanks for reading....

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The best thing I ever did in life is start my own business.  I went into business with one of my best friends and we parted ways.  It was an ugly expensive divorce, but I am happier for it.

 

Make sure you plan for the worst when going into business with a partner.  It all looks good at the start, but when money starts flowing, you will see where you each stand on what to do with it.  Hopefully you both have the same vision.  Many times it isn't the case.  50% of marriages end in divorce, 80% of partnerships in business end poorly.  Go in eyes wide open :)

 

Good luck.

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Business plan.

Insurance plans.

Legal plans.

Financial plans.

Short term and long term goals.

CPA and a lawyer are good things to have on hand.

Family stuff and potential situations with 3 kids.

Lot on your plate to venture out in the situation you are in responsibility-wise.

 

No risk, no reward though.

 

I wish you luck man...if you are confident with your business plan and financial situation as a startup...go for it.

 

I wish you luck. It won't be easy, certainly satisfying though.

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I started my own law firm with my former boss almost exactly a year ago now.  So far in hindsight it has been a great decision for me. I was nervous as hell when it happened and did not ever think I wanted to form my own firm.  Honestly I initially agreed just because I hoped not much would change and since I felt bad for her.

 

However, we have been more profitable together than she was with her former partner at our old firm.  Also, it is always in my nature to find ways to keep costs down and she has been on board with that.  As Chipwich said, it's important to discuss all of this up front with your new partner and have the same vision.  I learned a lot on the fly about office and business management and now manage all the administrative side of things.  Make sure you do have your operating agreement properly drafted to ensure you guys know how to manage the business.

 

If I may ask, any reason why you are going to be an Independent Contractor?  If you set up your business even as an LLC you can obtain business health insurance and whatnot.

 

And yes, it is important to have a good payroll accountant to manage the pay schedule and tax withholding.  

 

Good luck with it and feel free to direct message me if you are starting up in Virginia and had any specific legal questions.  

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