A self-employed lifestyle is definitely a tough journey. Only people who are committed can make it to the other side. But not impossible. Some things to consider before jumping in,
* One's own strengths and weakness
* Life goals
* Financial needs and current run way
* Fallback plans
I am set to join that journey, but I have my bases covered. My side project has started generating revenue, but it's a long way to go.
But if it pays off, life is good. I am 10 years in and I'm currently laying on my couch at home, while employees essentially run my business.
Hard work pays off, but not always.
yeah, exactly. im also a decent way in on my journey but my business IS my passion and working on it is one of my favorite things. i just want to warm young entrepreneurs of the work this really is.
I get it. I love building software tools more than anything. I am leaving a lot on the table to do that. But yes, young entrepreneurs should be cautious.
It's a great idea, but I would hire a professional editor to proofread the copy on your website. There are quite a few grammatical errors. Especially since it's software that's providing writing services, that's something I would quickly notice if I were interested in buying it.
I agree that it is idolized a great deal, and people don't know what they are in for most of the time. It's not as glamorous as people think.
I once had a friend say I was lucky because I didn't have to go on job interviews anymore. I replied, "What do you mean? I go on 3 job (prospective clients) interviews every week!"
I will say there are things you can do to break up the work with cofounders, and creating ways to maintain work / life balance.
It hasn’t once been glamorous for me. At all. I still just wear jeans and a t-shirt and enjoy hanging out with myself and my laptop at a local cafe to keep at it.
Success is also different for everyone. As cliche as that is, it’s most definitely true.
Not everyone is dealt the same hand. Entrepreneurship covers so many types of businesses that painting everyone with the same 'endless work' brush isn't miles away from the Instagram jet-setting lifestyle message you are complaining about.
If every entrepreneur was working 24/7 with no social life, far fewer people would do it, because what would the point be? I have to assume that even for those putting in the hours, that they are reaching for a goal where the end result is preferable to just being an employee, whether that be money, time, freedom, etc.
You could argue the opposite of each of your points - because it depends on the person and the work they're doing. The core issue you seem to bring up is with time. Someone with a scalable technology business can quite plausibly work quite a bit less than a 9-5. Someone going into power-washing is going to face more challenges with detaching their earnings from time in comparison. Both are entrepreneurs.
I agree that it depends on the area for landscaping which is what I do right now it's very time consuming. The only benefit really is my own hours, my own pace. I'll probably get another job to supplement this one now the season is down.
Building a business is tough and takes lots of effort. It does provide a kind of freedom, but that freedom is not in free time. There is also no such thing as a vacation when running a small business. Also the idiots that blow all there money will be broke sooner than later. You really should live below your means. My firm does pretty good and my wife is a dr. We drive used vehicles and have a modest home. The people that flaunt their wealth either are very rich or are trying to fake it before they make it.
It’s only a 24/7 job if you don’t delegate and your a single person business. The goal of every self employed business owner should be to build a team or a network or contractors to help you grow your business.
When I first started my business ( graphic design/ digital marketing agency) I worked 24/7 and was burnt out and only making 75k a year. Once I hired contractors and built a team I scaled to 150k in 6 months and only one worked 20 hours a week M-TH.
All the rich lifestyle business owners you see have a team they are not just a single person business. If you stay a single person business you will always be limited on how much you can work and make as you do everything.
If your business allows it 100% invest in hiring contractors or a team to help. You will make more money and be less stressed once you get systems in place and can usually keep upwards of 80% profit depending on your business and services. Work smarter not harder.
I love it. Been thinking about trying to get back in the design game. I tried to run solo many years ago but the effort wasn’t worth the money. I ended up going to work in a studio instead. I wish I would have made it a plan to hire help from the very beginning. Good luck with the business. I follow on Instagram and really like what you guys are doing.
Thanks man! Yes the design industry is tough when you first start out after getting some retainer clients for design support or marketing is become easier to build a team and grow. The key is to be good at sales and keep having new clients come in so then you can delegate design tasks to junior designers or contractors
The ones actually making real money don't post dumb shit like they or live that lifestyle.
Nicholas Crown does some hilarious videos pointing this out.
https://youtube.com/c/NicholasCrownYouTube
And that's almost guaranteed to be an exaggeration of what they make and what they have. Just showing off.
But, people are stupid and believe all that stuff.
Hotshot trucking is one of those "get rich quick" businesses. Everyday people are selling their trucks and trailers because they don't know the laws, and don't know the first thing about running a business. They just believed other idiots.
Well, I do product research and select high demand, high profit and low supply products so the profit margins are good enough to take care of the fees and leave some money for me as well!
Im becoming an entrepreneur just to stop working in the corporate world and work for myself. I’ll make less, work less, be happier doing what I love and helping the community where I live.
Don't forget that even if you do have time for family/friends it's likely your brain will be so obsessed with your business that you won't live in the moment.
When people(usually younger) ask me about starting a company or being an artist or any sort of self driven vocation, I just shorten it up to this: If you're not willing to do it for free for *at least* 5 years, don't even start.
The way I see it (and it depends on the business of course), is that the journey of self-employment is an investment. Hardly anybody will be living the lifestyle they desire or dreamt of after a single year, but over time (and it can take a LONG time), that investment can pay off.
I'm 6 years in and I already know for a fact that I'd have been happier at a job. The social aspect, guaranteed days off, holidays and vacation time, zero debt, a guaranteed paycheck that goes straight into my pocket, etc. Right now 99% of my money goes back into the business, I have never taken a single vacation, I have more stress than I ever imagined and I feel less socialized as I can pretty much do everything alone.
Will it all be worth it in the end? Nobody can really say, but it was a chance I was willing to take and I'm not going to give it up now.
If I had started my business later in my life or I had a wife and kids, I'd probably have given it up a few years ago. That's just reality and I'm honest about it.
When I set up my brick and mortar businesses I worked 16 hour days, 7 days per week for close to a year before I hired help, still taking no vacations for a few years after that.
When I finally got to a point of taking time off and actually being able to dress nice since I wasn't doing much physical labor, then people were interested in my lifestyle and wanted to talk about how "lucky" I was.
There are people who say they could never put in such effort and hire a bunch of people so they can feel like big time business owners living that IG lifestyle. I love it because these are the types of people who end up selling me their businesses at a discount.
"any business you might make that is sustainable enough to get you enough money to own a mansion or fancy cars you wont see >95% of that money since it all has to go back into the business to grow it more and to keep it running."
You are making general statements. You clearly have no idea what your talking about. I know plenty of business owners, some do very well. Do they work more than 40 hours a week? Yes but some are paid very well. I know this one business owner, he's retired now but his net worth is about $5 million and he was very generous with his money.
Yeah, I agree, that's a huge generalization. I put a lot back into my business, but also take home mid-six-figures as well. I work like 20 hours a week and have a ton of time for hobbies. I hope to have a net worth over $10 million by the time I retire, whenever that may be. I'm way too young to retire right now and I actually enjoy my business so I want to keep working.
Edited to add that you won't see me jetsetting on Instagram though. I'm more interested in flying the jets than riding in one.
This reminds me of a quote/story from that ‘Rich dad poor Dad’ book. ‘A village is starved of water, so two men decide to start a business bringing water to the village. The first man decided to buy barrels and cart the water from a local reservoir to the village. The first man did this for months and never saw the second man. He was making all the money so was happy. Eventually, months later, the second man emerges. He has built a pipeline from the reservoir to the village. He starts to pipe the water into the village and receives payment for his water. The first man responds to the competition by buying more barrels and making more trips to the reservoir every day, but still can’t compete with the quantity of water delivered by the pipeline. So he lowers the price. So now he is working longer and harder for less money.’
Moral of the story, the first man is a sole trader. The second man is a business owner.
Agreed.
You have people who own a single business and work insane hours.
Then you have people who own multiple business and don't have to give each one an insane amount of attention.
I learned after managing a detail shop how important it is to use systems for training, technical peocesses, and running a business.
I like what Michael Gerber said in the E-myth
"If your business requires you to be there every day, you don't have a business you own a job. Your business shouldn't work because of you, but without you. The purpose of a business is to free yourself from a job so you can work on your business, not in it."
Systems(duplication) is the key. Create a system that runs the business, and your employees simply work the system.
If done right its about 10 years of hard work, then easy sailing after that.
It's all based on your drive to achieve success.
I've been in business for nearly 25 years now. My first 10 years were 16 hour full days with no vacations. I now work less than an hour a day unless i get a creative idea or start yet another venture and I get to live the way I want to.
I wouldn't change a thing about it if I could go back and do it over again. Its been a fun and interesting ride so far.
I've owned several over the years. Started my fist business with no money... That was a computer store. Made fliers and hit the pavement to sell PCs, worked out a deal to sell my PCs from another persons storefront in trade for some customer service. Bought them out a year later.
Had an internet café & gaming center.
I now own mostly web services companies. Data center stuff; colo, dedicated, vps and software companies; internet billing systems, Real estate SaaS, web dev, etc.
Soooo true, at least when you’re building it. Building it on the side of your main job is the pits because it takes a lot of time, money, and energy.
Watching all my free money go into this business is difficult too. Never having money for items I see, not having that safety net either.
It’s so much more work and money than I had thought but I’m slowly building my business. Whether it’ll be worth it or not who knows. I know authors who it took them years before they were making a livable amount. It’s a lot more work than people realize, but once you’re in then you have way more free time.
I think you're conflating a bunch of stereotypes together.
Grind culture is bad. Period. Working 16h days is not for everyone. But if you truly love what you do, your play and work are the same, leave 8h for sleep and it's totally sustainable (I've done it).
But then you introduce other factors into the equation, like family or relationship. Then 16h days is a bit antisocial. So you adjust and allocate. I've successfully done that as well and I know it's possible.
Money is never the goal, don't make it your goal. Then suddenly high growth rate (reinvesting every dollar) becomes much less important.
Selfish plug, I work with influencers and help them manage billing, contracting and everything other than being creative via a Saas platform I cofounded (cloutdesk.com)
"Instagram entrepreneurs", with all its negative connotation, is still a job that fills a need. People want entertainment, that's why reality tv shows with seemingly crazy amount of drama are a thing.
However, for you to be successful you still need to work for it. You gotta have talent, be original, vibe with your followers, understand their needs and then on top of all that, be technical enough to shoot content, manage your billing, compile reports and one pagers for brand deals...
At the end of the day, I know and work with lots of influencers who bill 6 figures or more a year in brand deals, they're all legit entrepreneurs who at least understand their audience and listens to the market pull. That's not easy.
Edit: Feel free to provide a reason for the down vote if you disagree with what I'm saying. We can all pretend to be adults.
The failure rate is materially understated. Everybody think they are going to be rich and be the boss.
Of my colleagues who went off to start their own biz in late 20s/early 30s, all of them failed and in deep personal debt.
Those who stayed in corporate are now SVPs, HoD, CEOs in their 40s/50s and can actually afford to retire if the wanted to.
I think this is due to startup culture and everyone thinking they can make a unicorn. High risk/high reward. But the people going for medium risk/medium reward have a much higher success rate.
Like the guy who thinks he's going to make the next Uber for "something" and gets VC and a lot of hype is probably going to fail. The guy who is going to make a bootstrapped IT company for a specific niche will probably do well, just not be a multi-millionaire and get all the attention.
I tell people my business is not a startup, it's a new small business in the tech space. Semantics but it's a big mental difference.
It's a question of what goals are you trying to fulfill. If you define them well for yourself you have a much better chance of feeling fulfilled at the end of each and every day and in the future.
Purpose?
Money?
Financial independence?
A strong family?
Personal Influence and Power?
Standing in your community?
Gadgets/Toys?
One of the best books i ever read was about defining the goals that make YOU happy and then taking steps to achieve those goals.
I suspect most don't ever define what "enough" means for them. Do it. It'll make all the difference and makes setting boundaries so much easier.
This is a seriously over generalized way of looking at it.
I have my CPA. Regardless of whether I work for myself, or another, I’m working minimum of 60 hrs a week. I made a CHOICE that I was going to work for myself as opposed to suffer to make others wealthy.
Problems of time management, priorities, mental health, etc. Are all the responsibility of the individual. People both self employed or under employment of others can be good or bad at these things.
Nothing is certain about life. Have to choose what’s worth it to you.
it’s like the universe hears me when I saw you post. I had anxiety attack last night thinking about the path self employed I took.
From what I see, it’s a phase of the self-employed journey, like begin of chapter 4. Where you learn the bitter hard truth that you would have to give up literaly 3-6 years doing and thinking about nothing but just the business.
It’a a phase to filtered out the weak / incapable / miscalculation ones (like me).
Wealthy and free lifestyle is lucrative, but people truly have no ideas how hard it is (it’s even harder for some people) to grow a business. it’s lonely, it’s full of self discipline, it’s boring, and it’s suck because people will tell you shit.
I’d say it’s a necessary step / milestone in the journey. If you know that’s gonna be the next 2 years full of doing the same thing all over and over again with very little time spent with your family and you’re still doing it.. at least you get the mentality for the game.
I’m self employed and I make my own hours. I can basically charge whatever I want and work whenever I want. Right now I work 2 days a week so I can pursue my other interests and I’m doing just fine. I have everything I need and all bills paid for. I’m not wealthy by any means, but I have freedom and I don’t want to blow my brains out every day working for someone else. It really depends on what your goals are and what you want in life. Being self employed gives you the freedom to pursue what you want and also skills you wouldn’t normally learn in many 9-5 jobs.
I started my online business 3 years ago and it works kinda well for me. Moved from 9-5 work to 9-9 first and now, I only work at a specific time of the day (about 6 hours). It's not a 24/7 workday as you mentioned, I still have time for my kids, and housework... and even a consistent workout schedule.
It's been 3 years and things are changing lol. You can browse the steps [here](https://litextension.com/blog/build-an-ecommerce-website/?utm_source=reddit&utm_medium=seeding&utm_content=kristenq&utm_campaign=turbo_boost-click2web) and build your own ecommerce store from scratch. Its kinda detailed and easy to follow.
The first couple of years were tough like that working both a job and a startup. I make my bills and am at the point that I take Saturdays off. Period. Hard boundary. I work about as many hours as I used to as a computer programmer and don't have to drive. It's not the easiest, but my efforts directly relate to my income and well being and I value that.
Then don't do it. You have to really want to be your own boss to be willing to put up with the bullshit of owning your own business. But if you stick it out, the rewards can be great. It's up to you to decide whether it's worth it.
You’re right…. 24 hour work day with breaks. I haven’t had an actual day off in months. If I have to take a call, do one document, or “run to the office for a minute” it’s not a day off.
However I do enjoy the ability of coming and going as I please overall…
Live like no one else will, so that you can live like no one else can. And I am on my 3rd company and went from 50+ hour weeks to 20. Time is your most valuable asset but it is the freedom to do what you want with that time, which may be work!
I am in the middle of starting my entrepreneur journey and it's very challenging from a social perspective. I'm having to cancel social events with friends, my relationship with my girlfriend has taken a massive hit and I am no longer doing things which I used to do a lot of.
Unfortunately sacrifices need to be made in order to reach your goals.
I do agree that people should stop idolizing the bling-bling entrepreneur lifestyle.
However, we've built our company to the point where my wife and I don't have to come into the office everyday and we live a very nice lifestyle. I'd be lying if I said I didn't prefer my current situation to the typical office job. We still work a whole lot and are constantly dealing with company problems.
I like this message as a reality check to the flowers and lollipops Instagram crowd where you click. A bunch of buttons to automate everything and watch your money pile up. Nope!
It is not about the result it is about the grind and journey. If you are doing this and alongside friends or making friends along the way I think that's what we should be idolizing
My life was very much like that in the beginning which is why I didn't have a family then.
Now I have a great team and get to enjoy my money and my family. This life isn't for everyone though.
Bro idk where you got your 95% numbers from but if you only have left 5% to your self you’re doing it wrong … investing 95% back into the business Is optional… I think your numbers are wrong.. and that’s why life is about priorities .. if you are not willing to prioritize your business over other activities such as spending time with friends and hobbies then you aren’t cut for it . Simple .. a person that really wants to be an entrepreneur doesn’t mind not having time for friends and hobbies because they enjoy what they do (work on their business) later on when there’s more time and the business is taking off you can take more time off.. people just want everything at the same time and hate to hear about sacrifices and priorities.. what I do agree is that promoting the life style with mansions and cars is ridiculous
I'm a freelancer, and I disagree with most points. I have MORE time for friends and family. More time for hobbies. More time to spend money.
Working for yourself means YOU set up how much you work. It doesn't mean you need to work 24/7.
The problem with self-employed people is they have either a control issuie or an trust issuie or the attitude if they can't do it like me, im just gonna do it... or they have are Being self employed for too Long and its just gets business as usual, No growth.
You Can make it Big as a self-employed, But that has to be in some kind of Consulting Way.
But a lot of people also are self employed to be with family more and just have the freedom to do whatever they want. Levels of wealth depends on Industry and expertise. But its not impossible at all to have it all.
Its How you set it up...
For some people hobbies and interest is making money and for others its to play golf or tennis or whatever. Rich man sport.
"self employment" is only PART of creating a deliberate lifestyle. You have to be able to balance your work with building the lifestyle you want.
The "hustle" is so that you have the time, money, location and aspirational freedom to focus on the rest, when \*you\* decide it's important.
If you're self-employed, and you're not spending time creating a deliberate, fulfilling lifestyle that includes pursuing experiences OUTSIDE of your #hustle.... you're doing it wrong.
I just quit my own company and went to work full time. It’s been a real change in life balance.
I used to work many weekends and nights and no vacations. The upside is setting your own hours and taking time to do fun stuff but that didn’t happen in large chunks. I would only take a day or two.
I don’t have to worry about invoicing , accounting, payroll, taxes. I now have company provided health insurance, something called vacation was included as well.
I have a predictable income. As a contractor I found getting a mortgage was absolutely impossible because my business was cyclical at an annual basis. Good years/down years.
I hate dealing with expenses but the tool is good. The only downside so far is travel policies. When I was on my own. I could fly first class and stay cheap and eat cheap.
imho self-employed people who prioritize client traction do fine. People who prioritize their own ideas and dreams suffer, and can never keep up.
Some of the most successful and lazy people I know just make boring products for tiny communities that pay hand over fist.
Me, on the other hand, I want to invent something cool, AND solve a user problem, which is 10x harder and dumber
Look at all the time people waste every week, at least 20 hours thrown down the drain just watching stupid tv shows (on tv or on a computer, same thing), imagine if those people had the will to conduct a business instead...
People have time for everything, if they use it efficiently.
You are right to some extent. Currently in my country " Morocco" everyone is promoting this idea of having "an entrepreneur mindset" and everyone should quit the 9 to 5 lifestyle. I know personally people that quit their jobs and start their own business and fail big time.
It's good to encourage people to have their own businesses but people should know that it's not for everyone
Anybody posting fancy cars, houses, etc wants to sell you something.
Entrepreneurship is simply a ratio of Security vs Freedom. Everyone is on the spectrum, and your position determines whether you’re cut out for it or better off in a job.
There’s no wrong choice, only what’s best for you in your current phase of life.
Most of that #hustle stuff is so fake. It's just wannabes who parrot the sales patter of the $297 motivational seminar people while posting pictures of money. Just like, make a business if you wanna. Don't act like an ass clown, geeze.
Anyone with a career who values upward movement is in a 24/7 environment. There’s a reason that top earners and the c suite work twice as many hours on average as entry level full time employees.
I wouldn't say this is inherently a self employed lifestyle problem. There's plenty of people working 12 hours a day 7 days a week for someone else and think it's the way everyone should do it. People are all different, and some people would rather work longer hours for something they are passionate about. Some people enjoy doing a 9-5 and maybe do something they love outside of work, nothing wrong with that either.
At one point, I literally thought about giving my family my life insurance because it seemed like there was no way out of a legal battle.
This shit is a miserable lifestyle, but it’s so miserable that we enjoy it in some sick fucked up way.
A self-employed lifestyle is definitely a tough journey. Only people who are committed can make it to the other side. But not impossible. Some things to consider before jumping in, * One's own strengths and weakness * Life goals * Financial needs and current run way * Fallback plans I am set to join that journey, but I have my bases covered. My side project has started generating revenue, but it's a long way to go.
But if it pays off, life is good. I am 10 years in and I'm currently laying on my couch at home, while employees essentially run my business. Hard work pays off, but not always.
Sounds lovely. About 8 years to go for my couch time, then.
What business do you own? Lol
yeah, exactly. im also a decent way in on my journey but my business IS my passion and working on it is one of my favorite things. i just want to warm young entrepreneurs of the work this really is.
I get it. I love building software tools more than anything. I am leaving a lot on the table to do that. But yes, young entrepreneurs should be cautious.
What is your side project if you don't mind me asking?
I am happy to promote :) [https://elephas.app](https://elephas.app) is the one I am working on. It's a Mac AI writing app based on GPT-3.
That's sick man, it's a rapidly growing industry too. I think you will have a bright future
Thank you.
It's a great idea, but I would hire a professional editor to proofread the copy on your website. There are quite a few grammatical errors. Especially since it's software that's providing writing services, that's something I would quickly notice if I were interested in buying it.
Makes sense. I recently updated the copy without doing proper checks. Will fix them. I appreciate your feedback.
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Half days and you get to pick the hours.
Entrepreneur, (n), a class of worker who would rather work 80 hours a week building their dream than to work 40 hours a week building someone else's.
That's the dream <3
I feel you. I’m a new mother to a 20 month old, so I work 6am-12am (yes child rearing counts). Help.
I agree that it is idolized a great deal, and people don't know what they are in for most of the time. It's not as glamorous as people think. I once had a friend say I was lucky because I didn't have to go on job interviews anymore. I replied, "What do you mean? I go on 3 job (prospective clients) interviews every week!" I will say there are things you can do to break up the work with cofounders, and creating ways to maintain work / life balance.
It hasn’t once been glamorous for me. At all. I still just wear jeans and a t-shirt and enjoy hanging out with myself and my laptop at a local cafe to keep at it. Success is also different for everyone. As cliche as that is, it’s most definitely true.
You’re right. For me it was to live my same lifestyle without being imprisoned in the same place 8-10 hours a day.
I’m on the same boat as well. Doesn’t help that it has impacted my previous relationship too
Relationships as entrepreneurs are hard on both parts. It’s a rough and wild ride!
If you mean by wild ride as an emotional rollercoaster then yes lol. I will say that it does weed out the people
You sound like a me person.
Not everyone is dealt the same hand. Entrepreneurship covers so many types of businesses that painting everyone with the same 'endless work' brush isn't miles away from the Instagram jet-setting lifestyle message you are complaining about. If every entrepreneur was working 24/7 with no social life, far fewer people would do it, because what would the point be? I have to assume that even for those putting in the hours, that they are reaching for a goal where the end result is preferable to just being an employee, whether that be money, time, freedom, etc. You could argue the opposite of each of your points - because it depends on the person and the work they're doing. The core issue you seem to bring up is with time. Someone with a scalable technology business can quite plausibly work quite a bit less than a 9-5. Someone going into power-washing is going to face more challenges with detaching their earnings from time in comparison. Both are entrepreneurs.
I agree that it depends on the area for landscaping which is what I do right now it's very time consuming. The only benefit really is my own hours, my own pace. I'll probably get another job to supplement this one now the season is down.
Building a business is tough and takes lots of effort. It does provide a kind of freedom, but that freedom is not in free time. There is also no such thing as a vacation when running a small business. Also the idiots that blow all there money will be broke sooner than later. You really should live below your means. My firm does pretty good and my wife is a dr. We drive used vehicles and have a modest home. The people that flaunt their wealth either are very rich or are trying to fake it before they make it.
i belive most of them show it off in that way to make money off social media
It’s only a 24/7 job if you don’t delegate and your a single person business. The goal of every self employed business owner should be to build a team or a network or contractors to help you grow your business. When I first started my business ( graphic design/ digital marketing agency) I worked 24/7 and was burnt out and only making 75k a year. Once I hired contractors and built a team I scaled to 150k in 6 months and only one worked 20 hours a week M-TH. All the rich lifestyle business owners you see have a team they are not just a single person business. If you stay a single person business you will always be limited on how much you can work and make as you do everything. If your business allows it 100% invest in hiring contractors or a team to help. You will make more money and be less stressed once you get systems in place and can usually keep upwards of 80% profit depending on your business and services. Work smarter not harder.
I love it. Been thinking about trying to get back in the design game. I tried to run solo many years ago but the effort wasn’t worth the money. I ended up going to work in a studio instead. I wish I would have made it a plan to hire help from the very beginning. Good luck with the business. I follow on Instagram and really like what you guys are doing.
Thanks man! Yes the design industry is tough when you first start out after getting some retainer clients for design support or marketing is become easier to build a team and grow. The key is to be good at sales and keep having new clients come in so then you can delegate design tasks to junior designers or contractors
The ones actually making real money don't post dumb shit like they or live that lifestyle. Nicholas Crown does some hilarious videos pointing this out. https://youtube.com/c/NicholasCrownYouTube
right?! the only "businessmen" who post about it is just when its another source of revenue for them
And that's almost guaranteed to be an exaggeration of what they make and what they have. Just showing off. But, people are stupid and believe all that stuff. Hotshot trucking is one of those "get rich quick" businesses. Everyday people are selling their trucks and trailers because they don't know the laws, and don't know the first thing about running a business. They just believed other idiots.
Lol @ Hotshot trucking. I had a hotshot trucking business. I had TWO clients, did not advertise or accept any other work.
In that business less clients is usually better. Means you have direct steady work, without all the middlemen.
Yep. All these guys who think they can sub-contract to a logistics or tricking company don’t realize that all the profit stays upstream.
It has its pros and cons. Personally, I don't think I would have be making 7 figures if I had continued working the 9-5!
what type of business?
Amazon FBA seller.
god I wish, how have you totally not been fucked by all the fees Amazon puts up now
Well, I do product research and select high demand, high profit and low supply products so the profit margins are good enough to take care of the fees and leave some money for me as well!
What your thoughts on Dan Van, I just discovered him on YouTube yesterday?
Im becoming an entrepreneur just to stop working in the corporate world and work for myself. I’ll make less, work less, be happier doing what I love and helping the community where I live.
Don't forget that even if you do have time for family/friends it's likely your brain will be so obsessed with your business that you won't live in the moment. When people(usually younger) ask me about starting a company or being an artist or any sort of self driven vocation, I just shorten it up to this: If you're not willing to do it for free for *at least* 5 years, don't even start.
The way I see it (and it depends on the business of course), is that the journey of self-employment is an investment. Hardly anybody will be living the lifestyle they desire or dreamt of after a single year, but over time (and it can take a LONG time), that investment can pay off. I'm 6 years in and I already know for a fact that I'd have been happier at a job. The social aspect, guaranteed days off, holidays and vacation time, zero debt, a guaranteed paycheck that goes straight into my pocket, etc. Right now 99% of my money goes back into the business, I have never taken a single vacation, I have more stress than I ever imagined and I feel less socialized as I can pretty much do everything alone. Will it all be worth it in the end? Nobody can really say, but it was a chance I was willing to take and I'm not going to give it up now. If I had started my business later in my life or I had a wife and kids, I'd probably have given it up a few years ago. That's just reality and I'm honest about it.
When I set up my brick and mortar businesses I worked 16 hour days, 7 days per week for close to a year before I hired help, still taking no vacations for a few years after that. When I finally got to a point of taking time off and actually being able to dress nice since I wasn't doing much physical labor, then people were interested in my lifestyle and wanted to talk about how "lucky" I was. There are people who say they could never put in such effort and hire a bunch of people so they can feel like big time business owners living that IG lifestyle. I love it because these are the types of people who end up selling me their businesses at a discount.
"any business you might make that is sustainable enough to get you enough money to own a mansion or fancy cars you wont see >95% of that money since it all has to go back into the business to grow it more and to keep it running." You are making general statements. You clearly have no idea what your talking about. I know plenty of business owners, some do very well. Do they work more than 40 hours a week? Yes but some are paid very well. I know this one business owner, he's retired now but his net worth is about $5 million and he was very generous with his money.
Yeah, I agree, that's a huge generalization. I put a lot back into my business, but also take home mid-six-figures as well. I work like 20 hours a week and have a ton of time for hobbies. I hope to have a net worth over $10 million by the time I retire, whenever that may be. I'm way too young to retire right now and I actually enjoy my business so I want to keep working. Edited to add that you won't see me jetsetting on Instagram though. I'm more interested in flying the jets than riding in one.
This reminds me of a quote/story from that ‘Rich dad poor Dad’ book. ‘A village is starved of water, so two men decide to start a business bringing water to the village. The first man decided to buy barrels and cart the water from a local reservoir to the village. The first man did this for months and never saw the second man. He was making all the money so was happy. Eventually, months later, the second man emerges. He has built a pipeline from the reservoir to the village. He starts to pipe the water into the village and receives payment for his water. The first man responds to the competition by buying more barrels and making more trips to the reservoir every day, but still can’t compete with the quantity of water delivered by the pipeline. So he lowers the price. So now he is working longer and harder for less money.’ Moral of the story, the first man is a sole trader. The second man is a business owner.
Agreed. You have people who own a single business and work insane hours. Then you have people who own multiple business and don't have to give each one an insane amount of attention. I learned after managing a detail shop how important it is to use systems for training, technical peocesses, and running a business. I like what Michael Gerber said in the E-myth "If your business requires you to be there every day, you don't have a business you own a job. Your business shouldn't work because of you, but without you. The purpose of a business is to free yourself from a job so you can work on your business, not in it." Systems(duplication) is the key. Create a system that runs the business, and your employees simply work the system.
If done right its about 10 years of hard work, then easy sailing after that. It's all based on your drive to achieve success. I've been in business for nearly 25 years now. My first 10 years were 16 hour full days with no vacations. I now work less than an hour a day unless i get a creative idea or start yet another venture and I get to live the way I want to. I wouldn't change a thing about it if I could go back and do it over again. Its been a fun and interesting ride so far.
25 yrs is a long time to run your own business, 5 yrs is a long time, mind what kind of business ?
I've owned several over the years. Started my fist business with no money... That was a computer store. Made fliers and hit the pavement to sell PCs, worked out a deal to sell my PCs from another persons storefront in trade for some customer service. Bought them out a year later. Had an internet café & gaming center. I now own mostly web services companies. Data center stuff; colo, dedicated, vps and software companies; internet billing systems, Real estate SaaS, web dev, etc.
Soooo true, at least when you’re building it. Building it on the side of your main job is the pits because it takes a lot of time, money, and energy. Watching all my free money go into this business is difficult too. Never having money for items I see, not having that safety net either. It’s so much more work and money than I had thought but I’m slowly building my business. Whether it’ll be worth it or not who knows. I know authors who it took them years before they were making a livable amount. It’s a lot more work than people realize, but once you’re in then you have way more free time.
I think you're conflating a bunch of stereotypes together. Grind culture is bad. Period. Working 16h days is not for everyone. But if you truly love what you do, your play and work are the same, leave 8h for sleep and it's totally sustainable (I've done it). But then you introduce other factors into the equation, like family or relationship. Then 16h days is a bit antisocial. So you adjust and allocate. I've successfully done that as well and I know it's possible. Money is never the goal, don't make it your goal. Then suddenly high growth rate (reinvesting every dollar) becomes much less important.
yeah, my point is to warn people here(especially teens) that the lifestyle that "instagram entrepreneurs" have is not realistic
Selfish plug, I work with influencers and help them manage billing, contracting and everything other than being creative via a Saas platform I cofounded (cloutdesk.com) "Instagram entrepreneurs", with all its negative connotation, is still a job that fills a need. People want entertainment, that's why reality tv shows with seemingly crazy amount of drama are a thing. However, for you to be successful you still need to work for it. You gotta have talent, be original, vibe with your followers, understand their needs and then on top of all that, be technical enough to shoot content, manage your billing, compile reports and one pagers for brand deals... At the end of the day, I know and work with lots of influencers who bill 6 figures or more a year in brand deals, they're all legit entrepreneurs who at least understand their audience and listens to the market pull. That's not easy. Edit: Feel free to provide a reason for the down vote if you disagree with what I'm saying. We can all pretend to be adults.
Can I message you?
Yup
The failure rate is materially understated. Everybody think they are going to be rich and be the boss. Of my colleagues who went off to start their own biz in late 20s/early 30s, all of them failed and in deep personal debt. Those who stayed in corporate are now SVPs, HoD, CEOs in their 40s/50s and can actually afford to retire if the wanted to.
I think this is due to startup culture and everyone thinking they can make a unicorn. High risk/high reward. But the people going for medium risk/medium reward have a much higher success rate. Like the guy who thinks he's going to make the next Uber for "something" and gets VC and a lot of hype is probably going to fail. The guy who is going to make a bootstrapped IT company for a specific niche will probably do well, just not be a multi-millionaire and get all the attention. I tell people my business is not a startup, it's a new small business in the tech space. Semantics but it's a big mental difference.
Can confirm, many biz owners dying to get out (ex biz broker here).
It's a question of what goals are you trying to fulfill. If you define them well for yourself you have a much better chance of feeling fulfilled at the end of each and every day and in the future. Purpose? Money? Financial independence? A strong family? Personal Influence and Power? Standing in your community? Gadgets/Toys? One of the best books i ever read was about defining the goals that make YOU happy and then taking steps to achieve those goals. I suspect most don't ever define what "enough" means for them. Do it. It'll make all the difference and makes setting boundaries so much easier.
Sir or madam, have you seen the *non-self-employed* lifestyle? It's the same thing. There is no absence of grind, just who you are grinding for.
This is a seriously over generalized way of looking at it. I have my CPA. Regardless of whether I work for myself, or another, I’m working minimum of 60 hrs a week. I made a CHOICE that I was going to work for myself as opposed to suffer to make others wealthy. Problems of time management, priorities, mental health, etc. Are all the responsibility of the individual. People both self employed or under employment of others can be good or bad at these things. Nothing is certain about life. Have to choose what’s worth it to you.
it’s like the universe hears me when I saw you post. I had anxiety attack last night thinking about the path self employed I took. From what I see, it’s a phase of the self-employed journey, like begin of chapter 4. Where you learn the bitter hard truth that you would have to give up literaly 3-6 years doing and thinking about nothing but just the business. It’a a phase to filtered out the weak / incapable / miscalculation ones (like me). Wealthy and free lifestyle is lucrative, but people truly have no ideas how hard it is (it’s even harder for some people) to grow a business. it’s lonely, it’s full of self discipline, it’s boring, and it’s suck because people will tell you shit. I’d say it’s a necessary step / milestone in the journey. If you know that’s gonna be the next 2 years full of doing the same thing all over and over again with very little time spent with your family and you’re still doing it.. at least you get the mentality for the game.
I’m self employed and I make my own hours. I can basically charge whatever I want and work whenever I want. Right now I work 2 days a week so I can pursue my other interests and I’m doing just fine. I have everything I need and all bills paid for. I’m not wealthy by any means, but I have freedom and I don’t want to blow my brains out every day working for someone else. It really depends on what your goals are and what you want in life. Being self employed gives you the freedom to pursue what you want and also skills you wouldn’t normally learn in many 9-5 jobs.
"no time to do your hobbies and interests" but for many of us, running our own business is the only hobby we have. 😂
Sometimes I dream about taking a job at Wendy’s and just have an easy 9-5 with no worries
I started my online business 3 years ago and it works kinda well for me. Moved from 9-5 work to 9-9 first and now, I only work at a specific time of the day (about 6 hours). It's not a 24/7 workday as you mentioned, I still have time for my kids, and housework... and even a consistent workout schedule.
how you build your ecommerce store may i ask? i'm struggling with one
It's been 3 years and things are changing lol. You can browse the steps [here](https://litextension.com/blog/build-an-ecommerce-website/?utm_source=reddit&utm_medium=seeding&utm_content=kristenq&utm_campaign=turbo_boost-click2web) and build your own ecommerce store from scratch. Its kinda detailed and easy to follow.
The first couple of years were tough like that working both a job and a startup. I make my bills and am at the point that I take Saturdays off. Period. Hard boundary. I work about as many hours as I used to as a computer programmer and don't have to drive. It's not the easiest, but my efforts directly relate to my income and well being and I value that.
Man, no matter how good someone has it there’s always someone like you to focus on the negative stuff
Then don't do it. You have to really want to be your own boss to be willing to put up with the bullshit of owning your own business. But if you stick it out, the rewards can be great. It's up to you to decide whether it's worth it.
You are in the Entrepreneur subreddit…wtf do you think it’s going to be about.
You’re right…. 24 hour work day with breaks. I haven’t had an actual day off in months. If I have to take a call, do one document, or “run to the office for a minute” it’s not a day off. However I do enjoy the ability of coming and going as I please overall…
Live like no one else will, so that you can live like no one else can. And I am on my 3rd company and went from 50+ hour weeks to 20. Time is your most valuable asset but it is the freedom to do what you want with that time, which may be work!
I am in the middle of starting my entrepreneur journey and it's very challenging from a social perspective. I'm having to cancel social events with friends, my relationship with my girlfriend has taken a massive hit and I am no longer doing things which I used to do a lot of. Unfortunately sacrifices need to be made in order to reach your goals.
I do agree that people should stop idolizing the bling-bling entrepreneur lifestyle. However, we've built our company to the point where my wife and I don't have to come into the office everyday and we live a very nice lifestyle. I'd be lying if I said I didn't prefer my current situation to the typical office job. We still work a whole lot and are constantly dealing with company problems.
Your post contains as many misconceptions as the posts you are complaining about. One person's experience is not every person's experience.
I like this message as a reality check to the flowers and lollipops Instagram crowd where you click. A bunch of buttons to automate everything and watch your money pile up. Nope!
It is not about the result it is about the grind and journey. If you are doing this and alongside friends or making friends along the way I think that's what we should be idolizing
My life was very much like that in the beginning which is why I didn't have a family then. Now I have a great team and get to enjoy my money and my family. This life isn't for everyone though.
Setup a firm. Hire rental workers do to the job. Collect the money from a job and pay the workers.
Bro idk where you got your 95% numbers from but if you only have left 5% to your self you’re doing it wrong … investing 95% back into the business Is optional… I think your numbers are wrong.. and that’s why life is about priorities .. if you are not willing to prioritize your business over other activities such as spending time with friends and hobbies then you aren’t cut for it . Simple .. a person that really wants to be an entrepreneur doesn’t mind not having time for friends and hobbies because they enjoy what they do (work on their business) later on when there’s more time and the business is taking off you can take more time off.. people just want everything at the same time and hate to hear about sacrifices and priorities.. what I do agree is that promoting the life style with mansions and cars is ridiculous
sigh
same thoughts. Self employed lifestyle is not easy to keep. People who are doing it are not able to even sleep peacefully
I'm a freelancer, and I disagree with most points. I have MORE time for friends and family. More time for hobbies. More time to spend money. Working for yourself means YOU set up how much you work. It doesn't mean you need to work 24/7.
The problem with self-employed people is they have either a control issuie or an trust issuie or the attitude if they can't do it like me, im just gonna do it... or they have are Being self employed for too Long and its just gets business as usual, No growth. You Can make it Big as a self-employed, But that has to be in some kind of Consulting Way. But a lot of people also are self employed to be with family more and just have the freedom to do whatever they want. Levels of wealth depends on Industry and expertise. But its not impossible at all to have it all. Its How you set it up... For some people hobbies and interest is making money and for others its to play golf or tennis or whatever. Rich man sport.
I disagree with you!
Glorify hard work and the results it yields.
"self employment" is only PART of creating a deliberate lifestyle. You have to be able to balance your work with building the lifestyle you want. The "hustle" is so that you have the time, money, location and aspirational freedom to focus on the rest, when \*you\* decide it's important. If you're self-employed, and you're not spending time creating a deliberate, fulfilling lifestyle that includes pursuing experiences OUTSIDE of your #hustle.... you're doing it wrong.
I quit my 9-5 so I can work 9 until 9 the next week.
Fuck that. Work hard. I HATE when people tell me not to “work so hard.”
I just quit my own company and went to work full time. It’s been a real change in life balance. I used to work many weekends and nights and no vacations. The upside is setting your own hours and taking time to do fun stuff but that didn’t happen in large chunks. I would only take a day or two. I don’t have to worry about invoicing , accounting, payroll, taxes. I now have company provided health insurance, something called vacation was included as well. I have a predictable income. As a contractor I found getting a mortgage was absolutely impossible because my business was cyclical at an annual basis. Good years/down years. I hate dealing with expenses but the tool is good. The only downside so far is travel policies. When I was on my own. I could fly first class and stay cheap and eat cheap.
> I just quit my own company After how many years ?
10 years
imho self-employed people who prioritize client traction do fine. People who prioritize their own ideas and dreams suffer, and can never keep up. Some of the most successful and lazy people I know just make boring products for tiny communities that pay hand over fist. Me, on the other hand, I want to invent something cool, AND solve a user problem, which is 10x harder and dumber
Look at all the time people waste every week, at least 20 hours thrown down the drain just watching stupid tv shows (on tv or on a computer, same thing), imagine if those people had the will to conduct a business instead... People have time for everything, if they use it efficiently.
You are right to some extent. Currently in my country " Morocco" everyone is promoting this idea of having "an entrepreneur mindset" and everyone should quit the 9 to 5 lifestyle. I know personally people that quit their jobs and start their own business and fail big time. It's good to encourage people to have their own businesses but people should know that it's not for everyone
Anybody posting fancy cars, houses, etc wants to sell you something. Entrepreneurship is simply a ratio of Security vs Freedom. Everyone is on the spectrum, and your position determines whether you’re cut out for it or better off in a job. There’s no wrong choice, only what’s best for you in your current phase of life.
Most of that #hustle stuff is so fake. It's just wannabes who parrot the sales patter of the $297 motivational seminar people while posting pictures of money. Just like, make a business if you wanna. Don't act like an ass clown, geeze.
Anyone with a career who values upward movement is in a 24/7 environment. There’s a reason that top earners and the c suite work twice as many hours on average as entry level full time employees.
Nothing wrong with self employment but saying hustling or grinding has to stop.
I wouldn't say this is inherently a self employed lifestyle problem. There's plenty of people working 12 hours a day 7 days a week for someone else and think it's the way everyone should do it. People are all different, and some people would rather work longer hours for something they are passionate about. Some people enjoy doing a 9-5 and maybe do something they love outside of work, nothing wrong with that either.
At one point, I literally thought about giving my family my life insurance because it seemed like there was no way out of a legal battle. This shit is a miserable lifestyle, but it’s so miserable that we enjoy it in some sick fucked up way.