Detailing business owners....

R

RUBigDog05

New member
I was wondering for you all that own your own detailing businesses and do this as a career, do you all have your own benefits and a retirement plan? How do you manage these types of things as a self-employer?
 
Self employeed people don't usually get 401K benefits when they retire unless they are carried over from another company. Health benefits can be arranged fairly easily. COBRA is always ready and willing to screw..er...help you out, but that is usually more expensive since you don't get the kind of discount you would get working for a larger company. If you are self employeed then you get to retire with your savings account or 401K from whatever companies you have worked at before generally. It's just one of the downsides of owning a small business. That is the main reason why I have a full time job and I'm not detailing full time. I need the health benefits due to some interesting health issues I've had my whole life. I'd love to detail full time, but I'm not willing to risk having an issue and not being able to pay for it.
 
I still haven't got to the point where I'm paid at all, so....
When I get there, I'll hire myself.
 
Retirement and health benefits are the 2 things that stop me from detailing full time (i guess putting in 30 - 40 hrs/ week is part time ) I work a regular job with off hours I work 4am to 12:30 pm so I can detail every day. Making as much detailing as working my reg. job but need to retire some day and like knowing I have that in the bank also health benefits on my own are through the roof so I keep working both
 
PEI Detail said:
I still haven't got to the point where I'm paid at all, so....
When I get there, I'll hire myself.
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:biggrin: classic... I'm just a student who details on the side but I would go to a financial adviser for answers for questions like you have and find such answers as; how much should I put away each week/month and set up your own retirement plan.
 
I am currently unable to have benefits for my employees (myself, my wife and 2 other guys). I've looked into it a bit. There are automotive industry insurance providers. Larger groups like Schuck's or Auto Zone use them to provide benefits. I'd go in to your local auto parts stores or mechanic shops and ask what they offer and where they get it from. You may discover some good rates from local ins. companies in your area. Now, that's just health/med/dental/vision benefits.

As far as retirement plans, you could talk with your bank about that. Mine offers to set up retirement accounts for myself and employees. A deduction is taken out of each check at payroll, should I choose to use it.

Right now, I'm 23, healthy and I own a growing business so I haven't gotten very serious about retirement plans or benefits at this point. 2 years and 3 shop locations later - I will. Think Big!
 
I pay my own health insurance as well as retirement , as all self employed people do ,an IRA or Roth IRA would be the 401K equivalant . Everyone should be thinking about some type of retirement savings plan no matter what your age is . They eariler you start the more you'll be able to save towards it .
 
mperozzo said:
Right now, I'm 23, healthy and I own a growing business so I haven't gotten very serious about retirement plans or benefits at this point. 2 years and 3 shop locations later - I will. Think Big!
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You'd be amazed at the amount of money you're missing out on by not starting to save for retirement right now. We did these breakdowns all the time in my college econ. course. It's all about compounding interest, and waiting even until you're say 28-30 before starting to save could me hundreds of thousands of dollars or much more by the time you're 65. The earlier you start the better. Put away as much as you can afford, get into the habit, and you'll be thankful you did when your sipping on pina colada's at your hawaiian beach house at the age of 50....and retired! :w00t:
 
rollman said:
I pay my own health insurance as well as retirement , as all self employed people do ,an IRA or Roth IRA would be the 401K equivalant . Everyone should be thinking about some type of retirement savings plan no matter what your age is . They eariler you start the more you'll be able to save towards it .
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Well said. Find a comfortable percentage of net income to allocate to the account of your choice and then increase that percentage over time as your profit margin increases while factoring inflation over the many years until you retire :ermm:

Also, my tax returns go to my retirement. Nice bump to the account.

Personally, I have been working a retail job for many years that has very flexible hours, super benefits and a wonderful retirement plan. I will be fully vested in 16 months and will then roll my funds to my own account. .. .adding as I detail along. Benefits are what worry me the most. The quotes I have received are ludicrous. I will address medical when I come to that crossroad.
 
AMDin93103 said:
Benefits are what worry me the most. The quotes I have received are ludicrous. I will address medical when I come to that crossroad.
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I can tell you first hand health insurance cost's are out of control . I'm not a fan of HMO's so I opt for " (I'll see who ever I want and not who they tell me to ") and it aint cheap but that's what I want. Insurance overall is out control whether it's health , auto or work related but you need it and they know it . It's like gas prices , you need , we got it and your paying for it .

If anyone can get benefit's from another job or a spouse , do it you'll save thousands and thousands of dollars. A tip for you single people , when your picking the qualities of a spouse ask them the most important question, 'how's your health plan" :biggrin:
 
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