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I am having a baby in 4 weeks. My husband is a self employed carpenter. He's having trouble with all the paperwork involved and estimates take him a while and then he's not getting the jobs. he just put the liability ins on a credit card.

Do you do this work? Is it going to get better? He was working as a sub for a while which was steady money, but he wasn't promoting his own business when he did that so is that why it's not going well? Any insight?

I'm freaking out.

2007-11-06 07:15:02 · 7 answers · asked by xtra9009 2 in Business & Finance Small Business

7 answers

I feel his best bet is to go back to being a sub and save some cash.
When one starts out on their own, you need plenty of capital to get you started. Way too many people fail because they have no money to carry them through hard times.
Have him start with small jobs first (weekends) then build up his clientele.
If he is a veteran, then he may be able to get assistance from the VA with equipment for his own business.
Hope this helps.

2007-11-06 07:21:26 · answer #1 · answered by Sgt Big Red 7 · 0 0

Being self-employed is a hard gig. It takes a lot of money to get started and it is risky. If you have a child on the way I would ask him to go back to being a sub. It is less fun, but less risky. He needs to do what is right by you and the baby, even if it wounds his pride a bit.

And will it get better? It all depends on how hard he works and how good he is at this. I wish there was a better answer! My brother is in exactly the same position. He works very hard and sometimes it pays off, sometime it does not.

Good luck. Enjoy your child. You will find that being a parent makes all of this much more bearable.

2007-11-06 07:25:10 · answer #2 · answered by Fermat 4 · 1 0

It sounds like your husband needs a business plan. He's just floating around hoping to catch some jobs. Plus, it doesn't sound like he's marketing himself very much either, which is necessary if he is going to bring in any future business. He can contact the SBA or SCORE for some help in this area. He needs some mentoring.

Also, he needs some estimation software to help him with the bids. If he can't afford that right now, he can go a lumber company such as 84 Lumber and give them the specs and they will come up with the job costs. Plus, they can provide a lot of technical help once he starts a job and if he runs into any problems.

Meanwhile, he needs to pick up whatever paying jobs he can with the baby coming. Be prepared and supportive of him while he's working and also trying to get his business off the ground. If he's successful, your lives will be much easier in the long run.

2007-11-06 09:31:29 · answer #3 · answered by majormomma 6 · 0 0

If he is using a credit card for any facet of the business - unless it is for a very, very short term situation - it is not a good sign (interest rates, interest rates). You need to sit down with him now and talk about the present & his ability to operate this failing business. If he isn't working, being self-employed is another term for not having employment. He must get a wake-up call now to plan for the financial future which is happening tomorrow.

2007-11-06 07:23:25 · answer #4 · answered by Zombie Birdhouse 7 · 1 0

Above all, don't rely on him completely. Young wives are asking for trouble when they do this. You can make money on your own, even stuck at home, pregnant. There are businesses you can run from home. Get your own account and start putting money in it. Even if business picks up, he could, God forbid, fall off a roof one day and be killed. So start planning for self-sufficiency now.

2007-11-06 07:21:58 · answer #5 · answered by Melinda C 2 · 0 0

He needs to go back to what was making the money, to care for the baby (they aren't cheap). After you save some money, or at least get yourselves stable with the baby, after it's born....then maybe go back to doing his own thing. If it doesn't support you, it isn't worth it. Suck it up and work for someone else. Your family's welfare comes first, before the "status" of working for yourself.

2007-11-06 07:22:39 · answer #6 · answered by Insanity 2 · 0 0

Yeah my husband did that too! But it never worked out! He finally had to go back to his old job at concrete!

2007-11-06 07:18:50 · answer #7 · answered by Anonymous · 0 0

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