Side Work Weekend!

I have 2 IT side projects for a couple of friends this weekend. I have to fix a laptop with lots of malware and do data recovery on a hard drive for the other. Neither one of them is difficult but they are time consuming. Luckily I can work on other things will they "run" for the most part. I just have to click a few times every now and then.

Between per diem at work and side income I am starting to ramp up a little. I love my airline miles and points hobby but at the end of the day cash is king. Cash gives me the most financial freedom to do whatever I want. I also have a couple of tech items on ebay I am selling that end on Monday. Looks like they will both sell for more than expected!

My previous laptop issue with my screen going out seems to be a one time occurrence so far. I hope this holds and I can get at least another year out of it before I start looking to replace it. MacBook Pro's are not cheap but they are very solid. My current one has been a daily user for over 2 years and this is the only issue with it thus far. As long as the quality holds I will have one.

Things to consider when starting your own business

I am in the process of starting my own IT consulting business as a part time gig. I have been doing research into the local market and am sure I can make some extra money doing it. I have also discovered that owning your own business is a lot bigger commitment than most people realize. Here are a few things to weigh if you are thinking of venturing out on your own:

• Taxes: Any income you make is not only taxed at the federal and state and local level but you must also pay the full amount of FICA (Social Security and Medicare) tax on it. This amounts to 15.3% of the income on top of normal taxes!
• Time: You have to factor in that not only will you be spending time on doing the actual work but also marketing, accounting, errands, phone calls, sales, etc. Make sure you have the time to do it all or can afford to pay someone to help you!
• Savings: If you are venturing out on your own full time you need 1 year's of living expenses saved over and above your emergency fund. I recommend this to total 18 months of living expenses to be on the safe side. You also have to keep up this amount at all times!
  
• Office Space: You need to have a proper office space in your home dedicated to just business. A rented office is even better but not always feasible. It helps to keep you organized and allows you to separate home from work (very important!).
• Dedication: You have to be behind your ideas and your business 110%. If you can't put in the time and effort to be successful you should look at other options. It is not easy to run your own successful business and keep it running!

If you can agree to all the things listed here it may be worth a try to have your own business. I suggest starting part time at first before quitting a job. Allow it to grow to the point where you have to quit in order to keep it going and go for it! It is not easy but can be very rewarding both financially and emotionally!