Originally Posted by
seamstome
I have owned my own non quilti gn business for 35 years. A few points. First consult with your local SBA. Second you currently need to add 40% to your current income to make the same being self employed. FICA 401k vacation sick leave holiday pay employer paid insurance ALL GONE. Add 10 hours a week to your schedule for paperwork. Finally debt will put you under if you work for yourself. No debt. Low mortgage no car payments no consumer debt and 18 months cash reserves then you can think about starting a business. No toys with payments
That being said I love owning my own business
This is right on the mark! I had my own business and I loved it but when I started we had NO debt and money saved to start. In the current economy it could be pretty rough. We have a new sewing store in our town and she is doing okay but I am not sure she will be able to continue due to overhead, etc. Several shops in the area have closed in the past 2 years.