We have been in business for ourselves for a few years now and boy have we had some interesting times.

Anyone else own a small company.. do you like it? Like being self-employed?

Have you struggled through Payroll and Taxes?

Would you rather work 9-5 or do you like the freedom to pick your own hours?

How do you get your business? What works for you? Phonebook, Networking? What?

If you could choose between the security of working for someone else and all the benefits and steady pay or owning your company and keeping the profits you make without benefits and stability.. which would it be?

My husband and I just purchased an existing accounting practice in town. I can't say we have any problems with payroll and taxes (for ourselves anyway). We work extremely long hours especially during tax deadlines. Monday is the tax deadline for extended corporate taxes and we still have quite a few returns left as well as the payroll tax preparation which is also due. It has been quite challenging learning all of the clients names and businesses and new software and new employees and I could go on. I guess there are trade offs between being a business owner and an employee. But I really enjoy meeting everybody and I get to learn a lot about all kinds of different businesses. It is definitely not boring.

Ha.. been on the phone all week with our accountant - we pick up taxes today for mailing ..

You do work hard!

I own my business and I love working for myself, but really miss the security of knowing what my paycheck would be every two weeks. We're really kind of a word of mouth sort of business...so I rely on good customer service and great product. I have found that I have less flexibility in my hours than I did when I worked for someone else. For instance, yesterday, I was sick.....back in the "old days" I would have called in, but I dragged myself in because someone had to be there to keep the store open. If it wasn't me, then I would have had to pay someone. Spent all day feeling sorry for myself! :)

I don't work outside the home but my husband has a small business with his brothers. You wouldn't believe the stories he tells about trying to find good employees.
With what they do, it's hard to find anyone with a decent level of education or ambition to work there so you end up people who move from job to job. That's probably his biggest complaint about owning a business.


As far as taxes go, he handles the daily financial duties but everything gets turned in the accountant on a regular basis.

For new business they depend on inside and outside sales reps.

I know he gets frustrated at times but he likes having his own business. People often think if you don't have to work for someone else, you have tons of free time. Nope!

I own my business and I love working for myself, but really miss the security of knowing what my paycheck would be every two weeks. We're really kind of a word of mouth sort of business...so I rely on good customer service and great product. I have found that I have less flexibility in my hours than I did when I worked for someone else. For instance, yesterday, I was sick.....back in the "old days" I would have called in, but I dragged myself in because someone had to be there to keep the store open. If it wasn't me, then I would have had to pay someone. Spent all day feeling sorry for myself! :)
I understand completely. I am co-owner of the company I work for and it definitely has its perks and it definitely has its pitfalls. One of the pitfalls is that I work alot more hours and I certainly don't take as much time off work. I've taken one sick day in the last five years and only taken about 10 days off for "vacation" in those same five years. And "vacation" is always a working vacation to make sure things are being taken care of and answering questions and resolving problems.

Corporate work is looking more and more favorable once again. In fact, we are currently considering a proposal to go to work for our largest client. While we would miss the self-satisfaction of owning our own company, there is, as escan pointed out, more security and actually more benefits. And I may actually be able to take off a whole week without having to check in!

I have a full-time job and it pays the bills. I've been working with computers forever, so that's where I'm at right now. A network administrator for the state. The people are great and the benefits are good, but my real passion is in photography. I've been doing that part-time about 3 years and I love it. I've also been into real estate for about 7 years, where my wife and I bought and sold/rented out several houses. We pretty much got out of that when our daughter was born last January.

I personally love the idea of owning my own company, working for myself, and all that goes with it. I do what I can to get to the point where I can start my own studio and do basically nothing but photography, but it's taking time. I've done several weddings and several portraits and I absolutely love interacting with people. Also, being a photographer, I get to write off certain expenses while taking photos out of state!

Slowly making progress,

John Burchell

I've been self employed for about four years and don't see how I could realistically go back to working an 8 - 5 for someone else. I work from home when I'm not in court or doing home/school visits and meetings. No benefits other than the obvious one of being my own boss but my spouse works for the federal government so we are covered on insurance and the like. I may do some teaching or something less stressful after I retire but that is not for a few more years.

I have been in business for myself since 1987. Law, Private Investment Company (Hedge Fund) and personal investments in three different OKC businesses.

I could never work for someone again.

Pros: Money, freedom, pride of ownership.

Cons: Hours are 24/7 (can't stop thinking about my business). Taxes are heavy. employer doesn't match my FICA, I do. Continual IRS audits over the same issues. They always lose in the end, but it takes time and money to prove them wrong.

Practice tip: Keep detailed records and keep them organized.

Ok, business owners - I have questions. Where is a good place for me to start looking at licensing and all of the things I need to worry about with having my own business?

My work with the music industry has grown so much. I'm playing with the idea of taking it on full time. The money is great and I love it. Why not?

What advice can you give me?

I would be working out of my home. In my pajamas of course. ;)

Check out:
Oklahoma Small Business Development Center (http://www.osbdc.org/)
especially the document library:
Public Library (http://www.osbdc.org/Folder.aspx?f=100)

Perfect! Thank you.

Good Luck!

Keep your receipts...

Thanks you for the link, I have already registered for three class at RSC.

Well Congrats K, you'll do wonderfully!

Your bands love you.

And, you are so good with numbers.. you'll be fine!

My advice... get a good network/computer tech & a good accounting/database program - Quickbooks etc first thing .. start data entry from day one and keep track of everything.

Keep all Receipts (and write on them who and what .. ie Business Lunch with So & So), Log Mileage, Log Hours Spent on the phone with clients, etc etc....

Not that I do all of this religiously, but I know I'm supposed to! I'm trying!

Don't let this all scare you but these are my Bookmarked sights that I use all the time to pay Employer Withholding Taxes, CompSource (Worker's Comp Ins), W2-s(Social Security) and State Income Tax

Most of these, you'll use when you get a few employees.

I use Sherman Hume for General Liability Insurance but it's for Commercial Construction so not sure if that works for you.

https://secure.ssa.gov/acu/LoginWeb/loginHandler.do?URL=/apps7/bsocf7/bsoroot/bsohome.cfm?CFID=1071600&CFTOKEN=58083498&jsessionid=5XeGINK3YkH76Y3T-Njx-t-

Oklahoma Tax Commission Homepage (http://www.oktax.state.ok.us/)

https://www.eftps.gov/eftps/home.do

CompSource Oklahoma (http://www.compsourceok.com/)

Anyway, call me anytime if you need any help... I'm still muddling through a lot of it but I've learned a bit about owning a business.

Thanks Karried! By the time I am ready to hire a staff, maybe you'll have all the kinks worked out and can teach me.
Yes, I need to make sure I log my phone time and mileage. I am the worst about those two.