AS and self-employment

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After being terminated from my position a couple of weeks ago, I began thinking of different avenues I could pursue. One of them is self-employment.

Background - Worked as a staff accountant at most recent position in the elder care/health care industry. So far, people have given me suggestions such as (1) do bookkeeping for several nonprofits that couldn't afford to pay someone for 40 hours a week and (2) start a tax business and specialize in 1040s that people don't want to do online or go to HR Block/Jackson Hewitt/etc. Other ideas have included working as a bookkeeper or accounts payable/receivable clerk for a company. Exploring everything at this point.

Four questions.
1. What is your area of self-employment and how did you go about discovering that area?
2. What is the best advice you could give someone considering self-employment and why?
3. What are the qualities that are needed to be successful in self-employment and why?
3. How has being self-employed benefitted you, compared to when you were working for someone prior to self-employment?

Thanks for your responses,
Scott

My area of self-employment is buying stuff to resell online on the eCommerce sites eBid and Bonanza, and I used to sell on eBay. I wanted to make some extra money when my summer job was not active, I had a few DVD's and CD's that I wanted to sell, so I started there. I then decided to buy a 1 pound lot of foreign coins to resell individually and that then grew to acquiring large lots of media, Hot Wheels cars, collectible items, trading cards, and used auto parts. While I am mostly closed up while I am away at school, I do plan on growing my eBid stores and Bonanza booth over the summer or while I am back home from school.

Have a very good understanding of what it is you are getting into, know your competition, and make sure your business is put together well before you officially open for business.

Commitment, knowledge, and good customer service.

I still work for someone and at the current time, that is my primary source of income. Selling online has given me a sense of what is a good deal, what is valuable, what is desirable, and it is a productive use of time on the computer. From when I first started selling in July of 2012 up until I mostly closed down to leave eBay and moved away to school in August of 2014, I have been able to put an approximate extra $1800-$2100 in my savings.

I'm a technical editor (and occasionally a tech writer). I started a blog about my work about 10 years ago. I beta tested software online and an author had someone back out at the last minute and posted she needed help with her book on a tight deadline. Once I'd worked for her, she'd passed other work on to me, when she didn't have time to do it. It's all been word of mouth since then.
I don't like chasing up invoices or the times I've had to drum up work. I don't mind the paperwork and taxes.
I wish I could do this type of work full time, but, just don't have the volume necessary and couldn't sell myself into other specialties, plus there's no healthcare and retirement. Lol.

My husband doesn't have a day job like I do, he works on a contract basis for a not-for-profit professional trade organization (doing email list management, html for email bulletins, a monthly resources mailing etc). He now does his own invoices (I refused to keep doing it), but, I still do all the taxes.
He loves it. No office politics or corporate pressures. He's also very OCPD, so, gets agitated when things don't go as expected, not to mention he goes ape**** in rush hour traffic. Bad combo.
He is a member of the organization and had worked on their site for free in the past, so they knew his skills.

This same organization he works for does have an accountant on a contract basis, she got the job, because her daughter was a member of the organization and referred her to it.

1. Home renovation contracting/sub-contracting - very small projects for now, bigger better ones as time goes on.

2. Be prepared. It's been my experience that health is wealth.. the better shape you can get yourself into physically/mentally/neurologically, the better your chances of success as your own brain functions & limitations won't be constraining you from achieving your goals. It also doesn't hurt to accumulate some cash savings that will allow you a cushion of time to fall back on while you start up your business. I'm still building mine (and my team) for the eventual launch of a bigger better contracting business in another year or so.

3. IMO, having your executive brain functions working as optimally as possible will set you up for entrepreneurial success. If you can't manage yourself, you won't be able to manage a business & are better off punching a clock somewhere else you're obligated to show up and work vs. having to be an organized self starter.

4. It forces me to be a self starter and a bit more organized. I also have to improve other areas, too, like sales and customer service. I can also learn more by doing more vs. being relegated to only the difficult & dirty work while the boss does the cream of the crop high value high profit work. And I can earn a bit more money for myself while charging my client less than any of my previous bosses would have billed me out at. No, I don't intend to short change myself - not for long - I'm doing this project, and likely the next few, at a cut rate in order to gain the ideal experience & some tools/cash etc while saving my clients money. Once I've done a few more & I'm faster/better/cheaper at them & have a growing reputation for quality craftsmanship that puts me in demand to work with peoples' fancy finishing carpentry wish lists for their kitchens/crown moulding etc, my hourly rates will rise.

5. I'd just like to add that I'm currently only doing my own thing on a casual part time basis. I'm working on a condo renovation for an acquaintance. I intend to do more and more of these sorts of jobs this Spring/Summer - while still keeping my other part-to-full time job so that I know I have an income to pay my bills and continue stacking cash towards bigger better plans should I not have a contract/gig on the go at the time. I think working part time for someone else and easing into doing my own thing is an ideal way to go. I've gone full out on entrepreneurial plans before.. that didn't work out.. and left myself in a bad financial situation. Learning from those mistakes, I'm working my job still and instead of working for a contractor part time I'm sub-contracting myself directly to a homeowner & will then carry on doing the same for another homeowner/do-it-yourselfer. I have a much larger business plan I'm working towards that I hope to be prepared to launch perhaps in the Spring of 2016. I could probably do it for the money I have on hand now, but want to have more just in case, as well as additional skills/experience/knowledge. I'll have a much better chance of success for doing the ground work and building the foundation I need before going full tilt on it.. as I said, be prepared. But also just do it! No one ever has all their ducks in a row.. EVER. Sometimes you just have to jump in and just do it. I'm doing that now by working on small projects I KNOW I can manage. Hopefully each one I take on from here on in gets a little bigger and more involved. I just didn't want to take on something too large and then f**k it up lol. No way I'd take on a whole house reno just yet.. bit by bit, one room or two at a time on each project, then bigger/better, then bringing others on board.. then launching my much grander plans when I'm fully prepared.

Anyways, I'm rambling and will end this post now. Feel free to pm with any questions/comments.

I started a blog that became well-read (everydayaspergers.com) that lead to freelance writing and better, yet, a large community of wonderful people I connect with daily. I have worked as a daycare/preschool teacher out of my home. I have done private tutoring. I used to be a public school teacher. I also have worked out of my home as a life coach. Currently, I am an independent contractor for ULTRA Testing and I recruit people for the company for jobs as independent software testers. It was founded to help provide jobs for people on the autistic spectrum. Skills needed: self-motivation, self-starter, organization, perseverance, optimism (lots of time alone), research ability, quick learner, etc. Likely depends on the job of interest. Best advice: follow your gut and your heart, and check in with how the job idea fits with your character traits, ideals, and personality. Benefits: make my own hours, less anticipatory anxiety, creativity, open-ended, possibility of expansion, less socializing. Best to you.