Obviously this won't apply to every situation or industry. But I have experience in two different industries doing this, and each time it was pretty great.
First time: I had 5 kids within 7 yrs, and quit my nursing job to open an in-home daycare. Money was great, got to stay with my kids AND work, and I loved the work.
Covid and my 2 back to back covid pregnancies (don't judge, but if you do idc, there were reasons and I'm not going into it) caused me to close.
Up until this year, I didn't work, which brings me to the second, and best, experience:
I was about to try to reopen my daycare (we just moved to a new town/house/etc, so was sort of starting over), when my husband, who has always worked construction (which he loves and is AMAZING at, and won't consider another job, but with his experience he got paid decently well for that type of work prior to this year- but never GREAT money, ya know; his highest pay, in our low COL area (rural east TN), was $20/hr, and we had to have my income too, to get barely get by) got an incredible opportunity to start contracting for himself, thru an incredible company (he worked there for a couple years under another contractor, who up and moved without a word to us in Jan; and when this happened, my husband went to the owner of the company and asked if any other guys who contracted thru the company needed help. The WONDERFUL owner, D., said “yeah, sure, but why don't you contract for yourself??” Husband replied that he'd love to as this was his dream but that we couldn't afford the tools ($4000 metal brake, $5000 trailer, $10,000 truck, nail guns, compressors, saws, etc etc etc).
Owner said husband's old boss ghosted them (the company) too, and he knew E (my husband) did almost all the work when he worked for that guy, and the work was great. So D. paid for a brand new metal brake and all the tools E. needed, and let him pay it back by taking a set amount out of each weeks check. And he also started E out paying him what the old boss, and all the other contractors for the company, make per door and window (which is what we do, set doors and windows).
How I got involved is that, initially, I was to handle all the “business” end while he did the “practical” end, but (and I fucking hate to even say this phrase, but “we couldn't find anyone to work”– and in our case, it wast bc we werent paying living wages! We were willing to start at $5/hr above market rate, pay for them to get their OWN business license and slowly build up their tools etc, like D did for us, and so on….but one guy was employed for our first month, worked maybe 2 full weeks all together; and all other “hires” never showed on day one).
So after 2 months of this, and of the company riding Es ass to get help (rightfully, it's not work you can do alone), I said I would just help him, myself. He at first objected, said I couldn't lift the doors,metal brake, etc— but eventually had not other options. So I began. And for the first few weeks, the D pushed him to hire someone , saying that they are a very family oriented company but that he didn't think “your wife” (me lol ) could help adequately, with no experience/ lifting really heavy shit/ etc. Ell
And at first, I wasn't much help. When I started on March 1 this year, I could barely lift the tool bag or compressor, couldn't use any power tool, measure shit, cut shit, or really much of anything. But I worked my ass off, and now I lift the doors, tools, brake, any anything else; I learned to read a tape measure, use a level, a drill, an impact, like 5 different saws, and a million other tools; to tear out, reset, shim, level, insulate, trim, caulk, install hardware, and much more, in just those 2 months. I am still learning some stuff, but my husband is a great, patient, and exacting teacher; and I treated this like nursing school– studying measurements and drilling and sawing and caulking and metal making each evening and weekend; memorising and skill building and reviewing.
And after a couple weeks, when D saw that the quality of Es work was the same with me, he shut up about me 'helping'. Within a month, he was openly sending us to the most nitpicky, demanding clients– bc E taught me well, and we don't leave till they are satisfied, and always find a solution and do so with a good attitude.
And as Ds sister who runs the shop, W, told me, they realized smth that they never had prior– having an outgoing, friendly (but not annoyingly so lol) woman on the “crew” (just me and E) helps many clients feel at ease, bc it's mostly women who are home while workers are in their houses, so a crew of only males can either be in scary for them, understandably; plus, I know how to explain shit in a way that ~I~ would have gotten it prior to doing this job, which my husband often cant bc he's used to technical terms laymen don't know lol plus, they like how “sweet” and helpful I am, and feel “comfortable” asking me questions, more than to men (it's the rural south, it's like this here and maybe elsewhere, Idk).
And best of all– saving labor costs and working for a wonderful company, WE MAKE ~BANK~!!! Each week, we make MORE than we used to make in a MONTH both working separate jobs. Plus we have no employee costs etc. So each week, we clear at least $2500. Usually ALOT more. Last week was $5,565. Week before: $3,650. This week will be $4895.
Averaging our salary on the low side, we will make AT LEAST $300,000/yr. Lowest of the low, if it was a supremely shitty week every week, we'd make min $150k.
It is fucking SURREAL to us, who have always struggled a bit financially. We have no financial worries, have bought a new truck and a new hauling trailer, all bills paid in advance, no expenses an issue– an all this since JANUARY.
So yeah, if you can, work for YOURSELF. (We subcontract for the main company, best of both worlds bc we get the benefits of an amazing company+ all the benefits of working for yourself).