Mid Life Crisis

[Enzo's Dad]

Is 44 to old to start your own business.

I have spent most of my adult life in sales, and lately I am frustrated with not making money directly for myself.
In my life I have owned and remodeled 3 houses, and built one from the ground up. All of my friends tell me I could make a good living as a Handyman/Contractor. I am the first one the call for help around the house, and I have never charged. It seems people hard a hard time getting contractors to do small jobs, I would not mind doing that, I excel at painting, trim work and light carpentry.

Currently I am In car sales, I make good money, however the hours and quality of life is sub- par. I recently had a son (Enzo obviously) and I feel like I dont want to miss him growing up because daddy had to be at the dealership.

Has anyone just said screw it and went to work for themselves. My situation may be a little different,the Mrs. works and we have our health insurance through her.

 

[heat seeker]

44 is definitely not too old, but there are caveats.

Working for yourself can be rewarding, but if you think you're going to put in fewer hours, think again. Running a small business takes a lot of time and effort. There are all kinds of sites about just that.

If you can start your business while decreasing your employed hours, that would be ideal. You wouldn't be giving up a paying job for a new business with no guaranteed income.

Not trying to discourage you, but would encourage you to continue doing lots of research.

Kudos to you for wanting to spend more time with Enzo!

BTW, I live a couple of towns north of you.

 

[Enzo's Dad]

Yeah, to be good in car sales you work alot...48-60 hours a week ....and just about every weekend. I know I can sell, just there is no happy ending in the car business. Large groups are buying up all the dealerships, and the turn over in a store is amazing. A co-worker who produced was recently fired to make room for a friend of the owners wife. I just always wonder if i could do it on my own...

 

[burnham]

At 38 I've been thinking of going out on my own as an electrician. I have a van and all the tools, and do a little side work now. I'm sure I would have to put in more hours and would probably make less, but that might be ok. I don't think 44 is too old, not even close.

 

[firefighterjake]

My own take . . .

You've got the skills. You've got the tools. You've got the right reason to go into business.

Better to try and fail . . . then to not try and always wonder what could have been.


That said . . . I am always cautious . . . wondering if (as mentioned) you might be able to start out by dipping your proverbial toe in the water by cutting hours at the dealership and starting up the business on the side.

I also suspect that there is a market for folks to do just what you have suggested -- projects that may not be all that enticing to larger outfits, but with more and more folks not having the simple construction skills or having more money than time . . . this may work.

I would also caution you that folks in my area that do this (granted there are fewer people here) often find it's feast or famine -- either they have so much work they're working at full steam . . . or they have some serious down time. Balancing out work and the need for money to come in with family time can be a challenge.

 

[fossil]

Get your contractor's license and a few jobs for happy customers on the record before you quit your day job. Just a thought. Rick

 

[Highbeam]

You've got a kid now. This ain't no joke. People depend on you. Sure, change careers but only for a sure thing.

 

[stee6043]

I'd suggest that your first step needs to be a rough draft business plan. At a minimum you should figure out how much money you have to make to survive. To pay every bill and pay yourself zero how much monthly income do you need. And then figure out how many "jobs" that would be for the month. In your estimates don't forget about taxes. So then ask yourself whether or not you can realistically meet or exceed the number of jobs you need to survive and/or prosper.

I myself have become substantially more risk averse as a result of having kids. I really, really wish I could spend all day with them every day. But I also know that I provide a secure income, a decent house, quality healthcare, better than average pre-schools and one or two enjoyable family vacations each year. I'll tell you what - Lego's are damn expensive these days

Good luck with your choice.

 

[shoot-straight]

perhaps i missed it in the thread- but i would be worried about health care coverage. i assume the dealership has that included. that is HUGE.

 

[firefighterjake]

perhaps i missed it in the thread- but i would be worried about health care coverage. i assume the dealership has that included. that is HUGE.

Yup . . . you missed it.

"My situation may be a little different,the Mrs. works and we have our health insurance through her."

But that said . . . this is a valid point for anyone with children . . . health care coverage is a very big deal.

 

[Z33]

perhaps i missed it in the thread- but i would be worried about health care coverage. i assume the dealership has that included. that is HUGE.

He said his wife covers their healthcare.

I would second what everyone else said... Get into it a little at a time. I had a friend that worked for the sate as an HVAC mechanic and thought that because a few people called him when they had an issue that he could make a killing if he went to if full time.

Unfortunately, the market was dominated by the big guys and while his prices were substantially lower....He could not compete with their advertising budget and had to go back to work.

All this to say, build a good client and referral base... If you can do that then quit the dealership grind you will be golden.

 

[gzecc]

I did it. Was in medical equipment sales for 20 yrs. About 42 (after 9/11) decided I had enough, started my own contracting business. Don't think its easy to get profitable, steady business . Its not. I do almost exclusively sheetrock repair work now. I've found you really need to specialize. My quality of life has gone down, but I am probably happier over all.
Don't forget you'll enjoy, no paid sick days, paid holidays, or paid vacation days. If you don't work you don't get paid.

 

[TradEddie]

I went self-employed ten years ago and never regretted it, even less in those periods between jobs. I'm lucky that my specialty is in high demand, but while being a handyman/contractor is a tough market, but there must be a demand for such work, it took me months to find a recommended contractor to do two days work at my house, nobody wanted the small jobs.

TE

 

[Enzo's Dad]

Having re-done houses thats what I have found, So over th past 5-10 years with you tube and having the right tools I found that I could do most of the annoying jobs. And I know really good contractors that will pay me a referral fee for big jobs. Roofs, Kitchens, Additions. This is something I have been thinking about for a while.

To answer some questions I have been coming up with a business plan, and I have been easing into this. Two of my close friends quit their jobs as enviornmental consultants and started a construction company. They have alot of work and have asked me to help out on my days off. I plan on working with them and taking small jobs for myself. They are doing well financially, they are making more working less.

Being in sales I have a large group of people to network through. As far as my expectations for money, I dont expect alot for the first 6 months, but thats ok we can manage the bills. I own a ton of equiptment, so the only real capital equiptment I would need would be a truck or a van. I think i would rather try and fail than guess if it would have worked.

Here is my feelings ...The generation behind me is a little spoiled and for the most part they do not want to get their hands dirty. My cousin almost paid a guy $600 to replace his motor on his whirlpool tub. I looked at it, had him order the part online. $225 for the part and we had it done in 20 mins.

My plan is to paint primarily and do jobs like the tub motor or light electrical on the side. I will get insurance and a licence.

I aslo think there is a market to make block off plates for wood burning stoves......just a hunch

 

[heat seeker]

Here's a good point that has already been mentioned: If you don't at least try, you'll always wonder…

You seem to have a good handle on the situation - I say go for it!

Just don't burn your bridges, you can always go back to sales.

 

[Enzo's Dad]

Getting a job in the car industry is easy if people know that you can manke them money...I think around December i will look to change over.

 

[JustWood]

I'm 44 . Started my own biz right out of high school. 26 + years.
First 10 were tough. Last 16 or so pretty easy other than a big transition in 07-08' due to recession. If I hadn't been debt free at that time, I'd be in bankruptcy. For 2-3 years at that time I worked for almost nothing, living off dividends from investments. Actually original investment is still upside down.
Knowing what I know now ,,, don't think I would try to start up at my age.
I have an 804 credit score. Zero debt other than a line of credit I use and banks still wont lend me $ like they did 1995-2005.
The last 10 years peoples mentality has really changed.
The "Burger King mentality" (have it your way) has really taken over . What people expect is often times near impossible to accomplish at low bid price.
I would second the thought that if youre determined to go that route . To do some side jobs along with your regular job

 

[Swedishchef]

A friend of mine was the chief mechanic at a Volvo/Subaru dealership. A new owner bought the dealership, started cutting wages, letting people go, etc. I told him "I think you should go on your own...you'd make a mint". He said he was concerned if he did, he'd lose all. He ended up re-mortgaging his house that was PAID OFF.

9 years later he owns a garage that has 4 car bays. He sells used cars, travels to auctions for deals and brought all his clients from the Subaru/Volvo dealership to his new business. Dealerships charge $90+ while he charged $55/hr. His business now has 9 full time employees. TO think that he started it with 1 other person.

44 is not too old. Everyone needs a decent handyman. Hell, I could use one now. I need things done and don't have enough hours in my day to get it done.

I say go for it!

Andrew

 

[BrotherBart]

I did it at 52. The round the clock work was tough but finally being able to not do business with customers I thought were jerks was worth it. Before I had to put up with their crap to keep my job. On my own it was my decision if their money was worth the grief or not. Usually it wasn't.

 

[Ashful]

Self employment is one of the few legal ways to work for less than minimum wage. Yes, you can do well, but if you think that starting your own business will free up more time to spend with your kids, you are almost surely mistaken.

Why not just move from retail to commercial sales, so your work hours aren't at odds with your kids' school hours?

 

[Enzo's Dad]

A friend of mine was the chief mechanic at a Volvo/Subaru dealership. A new owner bought the dealership, started cutting wages, letting people go, etc. I told him "I think you should go on your own...you'd make a mint". He said he was concerned if he did, he'd lose all. He ended up re-mortgaging his house that was PAID OFF.

9 years later he owns a garage that has 4 car bays. He sells used cars, travels to auctions for deals and brought all his clients from the Subaru/Volvo dealership to his new business. Dealerships charge $90+ while he charged $55/hr. His business now has 9 full time employees. TO think that he started it with 1 other person.

44 is not too old. Everyone needs a decent handyman. Hell, I could use one now. I need things done and don't have enough hours in my day to get it done.

I say go for it!

Andrew

You nailed it on the car business A year ago I was at BMW, top sales person making close to 90k a year. Owner and GM had a fight GM left, new GM brought in his own people I was let go. Its a bizzare business If you make to much they want you out, if you make too little they want you out.
The hours are crazy and so are the owners. The pay plan I am currently under is horrible. and I am sick of moving. Its a 40 min drive every day. I have been in sales and marketing since I was 20. I know how to close and follow up. Currently If i dont sell.....I dont make money so its already a risky proposition.

Im Andrew too...great name...Im guessing you were a fan of the Muppet show?

 

[Warm_in_NH]

I'm 40 in a couple months, have owned my own small carpentry business for 10+ years, been a sub in the trades for 5 more. I have one guy that works for me 9 months out of the year. We're straight out from May through November (talking 40 hours with the belt on 10 with the clip board, and 10 on the PC a week) and then we enjoy a couple of moderate months, and then we sit on our butts for 3 months and make a days pay a week if we're lucky. Granted, it's colder here than where you are, but most people don't think of doing small jobs when it's snowing out, so keep that in mind, but if you plan for it, it works.

I don't want to discourage you, but it's going to be a lot rockier than you may think, but having a couple of friends to throw you a bone here or there, would definitely help out, and if you know some "big companies" that you can refer to and get a "thanks" from them, that helps too, just make sure it's a two way street. I have two friends in CT that are closing up shop in the carpentry business (north eastern CT) because of all the red tape and BS that the state is making them deal with. Once it goes from a hobby to a business it's a whole different game. (Lead, RRP, liability, insurances, roofs, no roofs, taxes, taxes, and more taxes)

My plan is to paint primarily and do jobs like the tub motor or light electrical on the side. I will get insurance and a licence.

Unless your an electrician and hold the appropriate licenses and certificates, I'd strongly suggest staying away from any wires or plumbing for that matter, again, this is the difference between a hobby and a job. That guy probably had to charge $600 to cover his insurances, licenses, and schooling so he could do that job and be insured for it in case the next guy in the tub got electrocuted. I have some great subs I work with, and all my customers know I could wire their house, I know how, but if anything ever went wrong, their insurance company wouldn't cover it, mine wouldn't cover it, it'd be a big legal mess where no one would win. Cover your ass, don't get yourself into that situation.

So in short, while you can definitely do it at your age, you should be thinking about what a grind it's going to be and the full aspect of running a business. I thoroughly enjoy being able to put my tool belt on and dive into a job for a full day. It's all the other BS that has me thinking about getting done with it and looking for a 9 to 5 gig where I leave work at work and enjoy the other 16 hours of the day for myself.

If you go for it, I wish you the best of luck, feel free to message me on here if you think I could help you with anything, be happy to share whatever knowledge I can.

 

[seige101]

My plan is to paint primarily and do jobs like the tub motor or light electrical on the side. I will get insurance and a licence.

Do not do any electrical unless you have an electrical license. To obtain that you will need 1000 hours schooling and 10,000 hours working under a licensed journeyman. Then you can take your test to obtain your license.

As Warm in NH said the liability is too high to touch anything without it. Same with plumbing

 

[Michael Golden]

I work a full time job 7-330 and was running a fencing business on the side. After 3 years of doing this it was like working 2 full time jobs with fencing being a 6 or 7 days a week job, something had to give. Even though I was making bank with fencing, I chose the the 7-330 job and gave fencing up except for helping friends. With anything I thought I could make some extra cash and I did, but it kept growing to the point I was using all my vacation to build fence! Some will say that the company growing wasn't a bad thing, but in my case it was I had absolutely no free time. So even though I long to be my own boss I know what would happen, I would let it consume me and I would have no free time. I catch myself every so often thinking about fencing, then i just go golfing, fishing or hunting. I get your situation, and if you can swing it financially jump in and give it a go. My mom and dad jumped into the motel business almost 40 years ago, raised 4 kids and we all have that entrepreneur blood in us but none of us choose to be our own boss.

 

[Danno77]

I'm trying to figure out why you think you're possibly too old to jump into something else. Heck, you just had a kid. I think you'd better plan on working a hell of a lot longer in this job or the next. I'm sure they're out there, (I'm not acquainted with them) but it's going to be hard to send kids to college while in retirement.