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Does anyone have your own business or work as an independent contractor?

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JenniferEver
The Disney Lady

Member since 5/05

18163 total posts

Name:
Jennifer

Does anyone have your own business or work as an independent contractor?

I am working for a theatre and a film co on administrative tasks, and my boss was saying I'd probably get the greatest tax benefits if I incorporate and then since I work mostly from home I could deduct my computer, internet, phone, car, etc etc etc.

Also I can put myself out there for other jobs as a little production company.

Has anyone ever done this? What is involved? Is it worthwhile?

Posted 8/21/06 9:35 AM
 
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dandr10199
Grace is growing up too fast!

Member since 10/05

11561 total posts

Name:
Dina

Re: Does anyone have your own business or work as an independent contractor?

I have. I just made the move from independant contractor to emplyee.

What do you want to know?

Posted 8/21/06 9:36 AM
 

JenniferEver
The Disney Lady

Member since 5/05

18163 total posts

Name:
Jennifer

Re: Does anyone have your own business or work as an independent contractor?

Well what does it involve, what are the pros and cons in your experience?

Posted 8/21/06 9:37 AM
 

MrsMerlot
Unconditional Love

Member since 4/06

6005 total posts

Name:
Chrissy

Re: Does anyone have your own business or work as an independent contractor?

I just started my own business in July as an event/wedding planner, day of coordinator and such.

I got incorporated, the process was pretty simple - went through legalzoom.com and it cost about $300 (includes state fees.)

It doesn't hurt to be incorporated, but it depends on what exactly you want to do.

I don't think I'd be much help as I'm offering a service, and you're looking into becoming a production company. I would recm'd you speaking to someone who has done this.

Posted 8/21/06 9:38 AM
 

JenniferEver
The Disney Lady

Member since 5/05

18163 total posts

Name:
Jennifer

Re: Does anyone have your own business or work as an independent contractor?

Well I want to offer a service...I guess as a consultant
ETA: I'm interested more in the logistics of it, so anyone who has started any business can give feedbakc


Do you pay yourself a salary, or do you get all the profits, like how does that work?

Message edited 8/21/2006 9:42:58 AM.

Posted 8/21/06 9:40 AM
 

dandr10199
Grace is growing up too fast!

Member since 10/05

11561 total posts

Name:
Dina

Re: Does anyone have your own business or work as an independent contractor?

Posted by JenniferEver

Well what does it involve, what are the pros and cons in your experience?



If I went through everything, this post would 4 pages! Chat Icon

The short story is you need to keep in mind that you are YOUR OWN BOSS (pro and con).

Pros:
-Make your own hours
-no office politics
-you dont have to "kiss up" to get a promotion
-if you want a raise you give yourself one by busting your azz.
-freedom
-you can keep all of your own clients should you leave

Cons:
-You need to do all of your own accounting (for write offs, and for quarterly tax payments)
-you need to purchase everything you will need to be successful
-you would not qualify for disability insurance if you become preggo
-no health insurance (unless you purchase it for yourself)
-you need to be self motivated.

eta: I got paid commissions which were my salary. The accounting was too much for me to keep track of on top of everything else with a 3 1/2 month old at home so I decided to get a job that allowed me to work PT.

Message edited 8/21/2006 9:46:15 AM.

Posted 8/21/06 9:44 AM
 

JenniferEver
The Disney Lady

Member since 5/05

18163 total posts

Name:
Jennifer

Re: Does anyone have your own business or work as an independent contractor?

Thanks, that's really helpful.

This would replace being hired part time, so I wouldn't have health and disability anyway.

Posted 8/21/06 9:45 AM
 
 

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