I'm thinking of starting a small business, even during this recession/inflation hell period. Is this a stupid idea? My thought is, with a little fire under my butt, I could be making way more for myself than if I continue to work for other people. I'm working two jobs, one as a bartender one as a tutor. Both for companies that don't give me enough hours and when I do get a check, obviously taxes make it to where I can barely say I'm full time employed.
I've got multiple degrees from a reputable institution… the pandemic hit a year and a half after I graduated college. I toughed it out in the world during the entirety of the pandemic and realized after it all died down that the economy was shit, so I moved back in with my parents. I'm currently working on my data science certification so that I can eventually try for a six figure job in tech, but with a huge amount of layoffs and the way people are talking online, it feels like that reality may be a lot further down the line than I originally planned. Is it even worth getting a “job” anymore? Couldn't I just focus my efforts on making it on my own, doing things I know I am good at, and profiting for myself and my family?
I'm a great cook. Like, gourmet level good. I have tons of professional kitchen experience so I think I could make it. Not without trials and tribulations, but I have the know-how and the finesse to maybe start a catering or private chef biz.
I'm an incredible teacher and mentor. I currently tutor in Spanish (I am fluent) but make a measly wage working for a huge corp. Couldn't I be charging WAY more per hour if I were to work for myself and build up my own clientele?
My partner is incredibly handy, works in construction. He makes like 20/hr, and with taxes, its more like 18. We've floated the idea of flipping furniture and marking it up, possibly creating custom pieces. Couldn't we do that?!
It seems the “American Dream” of making it on your own has been lost to the Corporate Takeover. Most people are the Little Guy working for a Big Wig somewhere in a mansion far away. We give our time and money to these people, and for what? Just to live paycheck to paycheck? We've been told it's too risky, and that only a select few are lucky enough to make it worthwhile. But the reality is we are all individuals with a lot to offer this world, and I do believe there is a market (however niche it may be) for anyone looking to go into business for themselves. We should be able to provide for ourselves and have enough left over at the end of the month without giving our souls away to mega corps.
Now, I've read that starting a business during a recession isn't necessarily a bad idea, considering the lower levels of competition. Is this a completely misguided idea? I know that, as a small business, one must keep track of what they owe tax-wise, but I can't see how that would be too big an obstacle. Anyone with a brain can keep track of what they owe. With the right head on your shoulders, it shouldn't be rocket science to create a profitable business. Also, the benefits and write offs available to small businesses seem to outweigh the crushing income tax I fork over as a W-2 employee, and I would like to delve deeper into the potentials of ditching that life and getting myself to a better place.
I'm so sick of giving my life away when I could be channelling it into something I am passionate about, give back to my community, and provide adequately for myself and my family. We've been conditioned to think that it's safer to have a job than to go out on your own, but when is that actually going to pay off for me? I'm 27(f) and it's taken me my entire adult life to get here and I'm living in my childhood bedroom. I'm done. I'm just done… I'm ready to say f*** it and just do the thing everyone has always claimed “America” was about: entrepreneurship. I don't care if that makes me a “dirty capitalist” (I'm a hardcore radical leftist, I think this country needs to be overhauled politically on a scale that can only be likened to a massive Revolution).
Anyone here have their own business? It can't be that hard, I mean the world is full of people and small businesses, many of which seem to be thriving despite the economy.
Any tips on how to take advantage of my time living at home and what I could be doing to further develop my ideas and make them a reality?