how long do you hang on 4

[AlpineEngineer]

I have talked to multiple firms/friend in my area that have either gone out of buisness or are about to go out of buisness due to this economy. My buisness has taken a HARD hit as well. its down to just me now. This all begs the question: Once its down to just you how long do you hang on before you start looking for work as an employee? That is assuming there are actually jobs out there.

I would be curious to hear some thoughts on this especially from those of you who have been through a downturn like this before.

Thanks,

 

[RacingAZ]

Same here, there is no going back for me no matter how hard it is. It's really about controlling your own destiny as job security is a myth. There was a time when I'm still working as an employee that I dreaded my monday mornings. I get all depressed and anxious at the same time every sunday evening thinking about the week ahead. Now on sunday nights, I get a smile on my face and look forward to the week ahead even when the prospect is not good. I just have this eternal optimism in me that keeps me in a positive mood. I don't stress about the things that I cannot control. I guess I'm also lucky that I haven't been idled since I started my own practice. Though it's considerably slow right now, I'm still consistently managing to find my next project after I'm done with one. I started last Dec 07 with 2 employees right off the bat and added 3 more as the work load increased. I'm down with 1 right now but still surviving.
Just a piece of advice to those looking to go back and be an employee again. If you happen to receive a job offer, just make sure you don't sign away your client list once you join a company. Protect yourself if the employment would not work out or if the economy improves and you decide to try working on your own again.

 

[weeeds]

Good point RacingAZ.
A buddy of mine has been on his own most of his 35 years in business as a one man operation. About a year and a half ago, when he found himself struggling to stay afloat, he took on a job with a company in the same sector. He kept his client list to himself and was let go after 6 months. A few months later the same situation came up and again he took the job, and again he only lasted a few months. His employer wanted his customers, and when he wouldn't give it him, out he goes.
I also have a small business and there is no way that I can see myself working for someone else. As tough as things are, I can't help but feel that I'm better off working for myself. Mind you, if the fridge is empty, I'll serve burgers with a smile if I have to.

 

[NinetyWt]

Mind you, if the fridge is empty, I'll serve burgers with a smile if I have to.

I hear ya. I've been in business for 9 years now as a sole proprietor. I can't see going back to work for someone else, either - I think I'd go back to waiting tables first. We've also got a pond full of fish here and plenty of room for a garden. ;-)

RacingAZ, I also think that is excellent advice regarding your client list.