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About a year ago I decided to hang my own shingle with a consulting firm. I was nervous to say the least, licensing, tax ID, formation and insurance costs were a pretty significant outlay, with no certainty of any return income. fast forward a year. last week i realized that I had 23 clients ranging from, annual retainers to hourly piece meal. Late last week a couple days after a conversation with a company that i had provided data finding for from my full-time job, I received a call from the owner of a company, who was, well a bit emotional. and simply stated he knows he needs help and could I fix his company. Yesterday after a 2-hour lunch with him that undoubtedly felt like a interrogation to him, we shook hands and parted ways with a signed contract that will total a minimum of 30 grand for a year. He knows he has hard choices to make and is likely going to have to change his business model a bit. he also knows that a 30 grand consulting fee that can be used as a tax write off and has some potential insurance rate perks is much better than a 100 thousand dollar fine from the feds and them padlocking his doors, which if he continues on his current track, is a certainty.

I still work my full-time gig and a part time po-po job to keep numbers current, but i'm beyond blessed and thankful. moral of the story I guess is take a risk and go for it.

Awesome! Congratulations on your successes and many more to come.

Good to hear. I’ve done similar after Bidenomics hit the industry I was working in and the CEO shuttered the division I was in charge of in April. Set up an LLC recently and as you mentioned, it was time consuming and a bit expensive. First month was June. Made about $2k. July is about over and I’ve done about $3k. August is looking more promising at about $9k. I like doing my own thing and get just as much done in 10 hours what used to take me all week at my employer. We’ll see how this goes. Not sure what the fall will bring and wintertime, things get slow. Worst case is I go find a real job again.

I knew you could do it!

Outstanding!

Next, try to get your clients to pay in cash, and run as many expenses as possible through the LLC. The goal is to minimize taxable income.




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the funny part is, this is already paying a compliance company. when I asked, out of curiosity, what services they provided, how often this company was coming to his shop to review data, he said never, but that they would show up if he got audited by the feds. I told him they were stealing from him. what good does it do him for them to show up when he gets audited when they should be coming to to make sure he is doing the things that will prevent him from getting audited.

Nice going Buckaroo!!

I finally know some one famous.......

Well done. I have nothing but respect for self employed entrepreneurs. I've been there. It ain't easy but can be very rewarding.

All the best to you, brother. Good luck!