To stay employed or to become self-employed.......?

Question

I have been employed for 6 years with this healthcare company and have reached a dead end, working as a glorified PA to Data Centre Manager (who doesnt believe in training and development!!!) and I have been offered a self employed role working as co-ordinator for fibre splicers and testers and will earn more money (which will help with the raising of my newborn son) and my partner is still at home.

But I am scared of the change and I am not sure if I would be doing the right thing, when all I want to do is do what's right for my family.

Any advise to help would be greatly appreciated?

yours faithfully

A troubled mind!!

Answer 1

Being self-employed *is* scary. If you have a newborn, you may need to give more consideration to any benefits you have at your current job. Can you afford health insurance as an independent contractor? What about sick leave, personal time, vacation days? Be aware that if an employer is not taking taxes out of your pay, you will have to pay them yourself--it is a larger bite than many people realize. You also have to pay estimated taxes on a quarterly basis and will have to pay all of your own Social Security percentage. The extra money may not be enough to make up for any of this.

You also need to think about what you would do if this particular job were to end or if the hours were cut. As an independent contractor, after any particular contract runs out, the company is under no obligation to renew. What would you do if it didn't work out? Would you have something to fall back on?

Being self-employed offers many advantages, but you have to be very organized and proactive about creating your own opportunities and work.

Good luck, and congratulations on the birth of your son!

Answer 2

In this case it sounds like you would become an independent contractor for a specific company. Will that allow you to also seek contracts with other companies and will you have the time to do any other work if the pay is not enough or hours drop?
Also will there be expenses to do this like traveling?
What if this does not work out - do you have enough savings to carry you through a period of unemployment like 6 months if necessary?
Do you know enough about taxes, bookkeeping, etc. to keep track of all this - if not be sure you have a good CPA to guide you and advise you on this as well as continuing to build you social security/ira, etc.
One other thought: might it be better to stay where you are & seek training at night classes or wherever and then get another job?
It might be a good idea for you to write down all the pros & cons of doing this first.

Answer 3

Change is scary especially when you have a family and a newborn even more so however there are no guarantees in life I continue to hear people let go from companies suddenly for no reason so even in a "safe" job you are not safe. My mom was just let go after 16 year with the same company. You give everything work late come in early dedicated hard working and one day we don't need you anymore so my point of view self employed you control your future. I would sit down with your family and make a list of pros and cons to see what is best for you. Wishing you much success:)

Answer 4

Well only you know what will truly be right for your family. Do you have emergency funds in place? Is there a chance that the self-employed gig won't work out? If the money for the self-employment isn't secure enough for you, you need to wait until you have enough funds in the bank so that you know you can live for a few months without a check. If you are confident in the security of this new opportunity and your finances are secure, go for the new job if its more money. You obviously have skills so you should beable to get a new job easily if the first one doesn't go out. I only suggest being cautious because you have more than you to worry about.

Answer 5

Usually the reason someone will offer you self-employment is so they don't have to pay benefits. If you can find health insurance on the open market or through a state program for self-employed people, I'd say go for it. But you've got to have some kind of health insurance for the three of you.

You can always switch to a company where there is more of a chance for advancement and education, since that seems to be your chief complaint about your current employer.
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Answer 6

if you being offered an actual paycheck job and the company seems stable and not likely to run out of money anytime soon, go for it

Answer 7

You should check out this business opportunity. Email me at [e-mail] for some details.