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Author Topic: Advice from independent business women among us?  (Read 730 times)
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My2Pence
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« on: November 27, 2015, 09:32:31 pm »

Ladies (and gentlemen?),

My current work environment doesn't even have a passing acquaintance with integrity or ethics. In order to work in a place that has those traits, I may have to strike out on my own.

For those of you who have done so (ex. KR, Yooper) or want to: What advice, tips, and missteps might you please be willing to share with someone else who is considering the independent route?  Would you do it again, do you miss the safety net of a corporate space, or will you never again have someone else as a boss?
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Akasha 85
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« Reply #1 on: November 28, 2015, 12:13:31 am »

Im no business gal but on the top of my head I'd say:
Get a good laywer and an even better accountant.
If you want to get a product on the market do your research.
Be prepared to at least 5 years of a simple (read: poor) life and hard work before making any profit.
Think ahead of the client.
And by god cover all angles so if things go south you won't end up in debt and homeless!
Oh and be prepared to work long looong days.

Independent business is not for me but I sure wish you good luck. flower
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« Reply #2 on: November 28, 2015, 05:54:24 pm »

^^Thanks for including me in your outreach but I must say that I have always had a connection with a non-profit organization before making one step.  In order for me to do the work that I do, which is to fundraise for initiatives that fall within the scope of any non-profit, 501(c)(3), and so on, it is imperative for me to have that solid, researchable, and validating presence.   

So, if you're interested in consulting work, it takes many years to acquire that status.  I worked within a broader, yet still non-profit sector, for over 30 years before having enough clout to stake out on my own.  Nobody is going to give money to anybody without the clear knowledge that their representative is heavily vetted.

One thing that I did do was to get a crack shot accountant, I have a built-in attorney in the family but by now I know what my parameters are.

For anyone who does not have decades of community service, corporate work history, the going is very tough, I'm sorry to say.  My best advice, if you live in the US, is to get to a bank and ask for a small business loan.  The paperwork will be horrific but there are some almost 0% interest loans available.  Another option is to take out a loan to buy a couple of rental properties.  One of my sons did this and has made a handy income off of renting out properties and the tax breaks are enormous. 

What exactly are your credentials and how can you make them work outside of an already established work environment is the main question to ask yourself.
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Kuei Fei
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« Reply #3 on: November 28, 2015, 06:53:39 pm »

Keep your day job; don't quit since if things don't pay off right away, you're not stuck with mounting bills or a need for grocery money and then have nothing to pay for all those needs.
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« Reply #4 on: November 28, 2015, 07:49:37 pm »

Not a freelance but business education, business experience and reading.

I would think it twice before going solo. As KF says maybe a route is to start small while staying at your day job.

In any case I would research before anything. Legal issues would be the first thing. What legal requirements do you need to be able to sell your services/goods? How much does this cost? And then how much taxes I should pay even if my profit is zero? Also consider that you will need to probably pay a lawyer/accountant for managing your taxes.

Think who are going to be your clients. If they are the same as your company's you may get into trouble if you "steal" them.

Maybe you can get access to entrepreneurial advice in your area? This is something getting popular so there may be resources than can help you get an idea of what you need or if your business idea will work.
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« Reply #5 on: December 01, 2015, 06:12:33 pm »

my 2pence, what kind of work will you be doing? i have several businesses around passions of mine. the number one thing you need to figure out is: where are the clients, why they will want to buy what you are offering and why they want to buy it from you. if you have compelling answer to these 3 questions, you will succeed. my advise to you is, if possible - start a business right away. see if it works, if it doesn't try something else. start your business on the side and build it up to full time income. start business with something you love because running a business is tough and when the going gets tough the tough get going. the ones who put in their heart and soul into their business succeed. not many people can be like me to have the ability to smell if a business idea can succeed or not, but even I create a business only around things I love to do. first rule of business is - make sure there's food on the table. my advise to you is - transition slowly. that means- start a business right away and make it a point to start earning money in the first month. and make it non negotiable to make sure you earn money in your business every month. if 3 months in a row you don't make money in your business - change something or quit and do something else. for now - change your job.
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My2Pence
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« Reply #6 on: December 17, 2015, 01:24:20 pm »

Thank you ladies for the excellent advice. I have a good lawyer, need to work on the accountant, and get it in gear. Doing this on the side is a solid plan, and requiring myself to cut it lose / redesign if it isn't making money in a specified time. No building castles in the air.  What an interesting group of people converge around royal watching!
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« Reply #7 on: December 17, 2015, 02:44:21 pm »

^Wise moves.  Aren't there the most diverse and interesting folks here with a true wealth of information and stories?

If it's possible, please also work into the equation a complete belief in yourself and a willingness to take risks.  Don't let anything or anybody stand in your way and when the going gets rough, and it may, shrug it off.  I got nothin' but negative reactions when I decided to completely change my career path, pack up in two weeks and move 2500 miles away without even knowing what the apt looked like or had any furniture besides a bed and a lamp.  I landed on a Friday and had to start work on Monday with people I'd only met once.

Best dam# decision I ever made.  Those people are now among my finest friends, I was finally paid what I was worth and realized my true potential.  Everything went up and continues its trajectory to this day.  I remain eternally grateful to snow.  Without my beleaguered and intense hatred of its never-ending depressive presence I'd never have had the resolve.  And a little (a lot, really) faith helps, too.   flower
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\\\"I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man.\\\"  Thomas Jefferson
My2Pence
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« Reply #8 on: December 17, 2015, 03:27:29 pm »

Yooper, you are a gem.
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YooperModerator
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« Reply #9 on: December 17, 2015, 03:52:47 pm »

^Hug!   Hi  So are you! What you're doing is exemplary.
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\\\"I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man.\\\"  Thomas Jefferson
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