This is a great video. I was shocked he didn’t mention anything about self employment taxes though… self employment taxes are going to dramatically eat into those profits. And, this is just part of your monthly expenses I suppose and maybe that’s why he didn’t mention it but health insurance can cost a lot. Even “low cost”/high deductible plans suddenly hurt a lot if you have to go to the doctor for anything meaningful. Anyway, well done! Keep it up.
I also quit my corporate job to start a woodworking business. Build it and they will buy right??? Um, no. Business failed as well, now back in corporate again. I have 3 1/2 years left of runway before I walk away from corporate permanently, but this time there is a plan and strategy. Love the videos btw! Going to go check out my first Parade of Homes this spring!
When that happens I will be a fantastic amazing day. Totally agree with your points. Need that buffer.
For sure! Increase the gap for as long as you can stand it!
This is a great video. I was shocked he didn’t mention anything about self employment taxes though… self employment taxes are going to dramatically eat into those profits. And, this is just part of your monthly expenses I suppose and maybe that’s why he didn’t mention it but health insurance can cost a lot. Even “low cost”/high deductible plans suddenly hurt a lot if you have to go to the doctor for anything meaningful. Anyway, well done! Keep it up.
Yeah I think I'll hold my day job am such as I can, even if it is preventing me from working on my small workshop
I also quit my corporate job to start a woodworking business. Build it and they will buy right??? Um, no. Business failed as well, now back in corporate again. I have 3 1/2 years left of runway before I walk away from corporate permanently, but this time there is a plan and strategy. Love the videos btw! Going to go check out my first Parade of Homes this spring!
I feel your pain my friend!!!
Hey dude it’s important to have a workshop to start my woodworking business?
I started in my garage and I’ve had multiple clients that did the same thing! 😊🙌🏼
Well, thank you! Right back at ya! 😂