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Re: Considering a career change
The Real MC #3051969 07/01/20 03:52 AM
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1. You've built a solid reputation stretching 15 years on the greatest keyboard site on the planet
2. You've got a generally positive and supportive consensus from the community
3. You've got sterling endorsements on this move from senior executive leadership of the greatest keyboard site on the planet

Those are 3 solid indicators. DO IT!!


(formerly waygetter)
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Re: Considering a career change
The Real MC #3051984 07/01/20 09:36 AM
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I see a trend in the comments hear so I will add my 2c worth! I was laid off a corp job in 1994. I bought a flooring store and when 9-11 hit that dried up and I shut it down owing just south of $100,000. Worked in sales freelance for the next 4-5 years, and somehow paid off my debts and was able to buy a small house. I have made my living since mostly playing music. My suggestion to you would be keep your expenses as low as possible. My expenses are a little less that $1000 a month and have been since then. Squirrel away money when you can, in case of lean times (like COVID-19) because they will come. I made it through and now with Social Security I don't worry so much when the music business goes south!


Jimmy

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Re: Considering a career change
The Real MC #3052041 07/01/20 05:45 PM
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Throw in my 2 cents as another example of someone who is thriving beyond the corporate world.

I retired from my full-time corporate job last February. It was stressful and I hated it toward the last few years. Felt like I was there just to make a paycheck, really lost my alignment with their business objectives, etc.

Since retiring, I've been very fortunate. My objective after the corporate world was to never work for a corporation again. I became a consultant (my speciality is IT strategy and enterprise architecture), and was lucky enough to immediately get a contract with a major non-profit, where a former colleague was the CTO. Spent pretty much all of 2019 working there, feeling great about the cause I was helping. Managed my own hours and did the kind of stuff I was happiest doing.

This year, my friend moved out of the non-profit and took on the role of CTO for a local transportation authority, and again asked for my assistance. Again, I'm doing the kind of work I like for an organization whose mission is about much more than greed. The money isn't bad either, and I get to manage my own work scope and time. My job stress is pretty much gone.

To add, this is my wife's first day of retirement after over 36 years supporting special needs students. Her past several years has been as administrator, which has been incredibly stressful for her. She hasn't stopped smiling since 4PM yesterday afternoon. I don't have the nerve to ask her what her plans are today, or any other day in the near future. LOL.

I feel very fortunate that we are in the situation we are; we are comfortable and happy with what we are doing. Retiring from the corporate rat race has done wonders for my personal well being.

Last edited by Rusty Mike; 07/02/20 11:12 AM.

Mike from Central NJ
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Re: Considering a career change
The Real MC #3052062 07/01/20 07:01 PM
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For a perspective of the other side of it (that is, past "go for it") as some have mentioned, I have a short story.

I have a friend that was starting on his own after several careers including being a fireman. He was going to design fire protection systems. Someone asked him if he could do some FileMaker (database) work. Before he knew it, that was all he was doing. I don't think he ever got around to designing any fire protection systems.


The great thing about music is that there's always something to learn. The frustrating thing about music is that there's always something to learn!
Re: Considering a career change
TommyRude #3052135 07/02/20 03:08 AM
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Originally Posted by TommyRude
1. You've built a solid reputation stretching 15 years on the greatest keyboard site on the planet
2. You've got a generally positive and supportive consensus from the community
3. You've got sterling endorsements on this move from senior executive leadership of the greatest keyboard site on the planet

Those are 3 solid indicators. DO IT!!

But it is missing the most important indicator: A growing book of business that is trending towards a sustainable income. Side hustles are generally not able to replace full time income unless one has been quietly growing them for years and you can see how putting in more time makes the numbers work.

I'm afraid I can't be of any help on the market - I'm not a part of it. I own no vintage synths completely intentionally. How do you become the go-to-person for this market? I bet the guy with the "reality show synth repair YouTube channel" hoovers up some part of the market due to his presence and marketing savvy.

The idea is definitely cool. But I think it needs a marketing/biz development plan to become real.

Re: Considering a career change
The Real MC #3052154 07/02/20 07:57 AM
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Whilst I have been retired for quite a few years now in my 46 years working I had 25 different job titles, worked for 8 different Companies but the last Company was by far the best, I was working for myself.

I choose the hours I wanted, where I worked, what I did and how I did it.

Yes there are downsides and self discipline is paramount otherwise it goes pear shaped rapidly, but that should not be a problem for you as it is part of an Engineer’s make up. I am one myself, professionally qualified and grounded in a wide area of Engineering and vastly experience in related Building matters hence could turn my hand at a whole array of tasks.

So yes, do your own thing, but if you take my advice, keep all your irons in the fire by diversifying on what you do.

Factor in that being self employed you get no vacation pay, no sickness benefits, no company contribution to your retirement pension, no company car, no computer and no mobile phone, no expense account etc. Hence have a basic hourly rate that you charge and include in that rate what you want and put aside finances to allow for the through in incoming income. I would have different rates dependent on the contract duration and involved tasks.

Finally do look at the Tax implications, and what is the most efficient way for you to manage the tax that Bloodsuckers Inc will demand on your income. You will probably need insurance, liability and third party and possibly the setting up of a Limited liability Company through which you manage the business.

Good luck.


Col
Re: Considering a career change
davedoerfler #3052402 07/03/20 07:44 PM
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Originally Posted by davedoerfler
Originally Posted by Dave Bryce
Originally Posted by mate stubb
Moe's Chroma says: "Do it!" wink
So does at least oine of my Andromedae.

dB

looks like you already have 2 customers. thu
Make that three! There are fewer and fewer good techs under an hour's drive from me (when I found out the the owner of a studio I've been tracking at refurbished the house Wurlitzer himself, I came on a little too strong asking if he charged an hourly rate for repairs in addition to tracking). I would be much more relaxed to know of another trustworthy keyboard tech I could turn to without having to get my gear to NYC.


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Re: Considering a career change
The Real MC #3052462 07/04/20 01:50 AM
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Much appreciation for the feedback and for the positive acceptance. This gives me confidence that the change would work. This is a great community.

I actually had a couple of shops wanting to talk to me and I am exploring my options.

Re: Considering a career change
Nathanael_I #3052482 07/04/20 03:19 AM
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Originally Posted by Nathanael_I
But it is missing the most important indicator: A growing book of business that is trending towards a sustainable income. Side hustles are generally not able to replace full time income unless one has been quietly growing them for years and you can see how putting in more time makes the numbers work....The idea is definitely cool. But I think it needs a marketing/biz development plan to become real.

+1 This is a really insightful observation.

In some industries, marketing eventually gets to the point of being able to identify the KPI metrics to eyeball incoming revenue. Spend a buck here, it will yield two bucks a month from now, etc. This may be unrealistic in this kind of endeavor, but the principle of being mindful of core revenue sources (which in the past might have included I don't know...recording studio referrals? A network of music retailers? Backline companies? University music departments?) is key for any new business.


"I'm not just untalented. I'm multi untalented."
Re: Considering a career change
The Real MC #3052488 07/04/20 03:40 AM
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Early on in my consulting business, we partnered with a woman who was a marketing consultant. Her words of wisdom that turned out to be true for 35 years: most of your future work will come from past clients and their referrals to new clients. You expand your business by doing something slightly new or different for existing clients and the thing you do well for new clients. And the same thing is true in music as in all other business -- work your network.

Re: Considering a career change
Biggles #3052489 07/04/20 03:50 AM
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Originally Posted by Biggles
Factor in that being self employed you get no vacation pay, no sickness benefits, no company contribution to your retirement pension, no company car, no computer and no mobile phone, no expense account etc. Hence have a basic hourly rate that you charge and include in that rate what you want and put aside finances to allow for the through in incoming income. I would have different rates dependent on the contract duration and involved tasks.

Finally do look at the Tax implications, and what is the most efficient way for you to manage the tax that Bloodsuckers Inc will demand on your income. You will probably need insurance, liability and third party and possibly the setting up of a Limited liability Company through which you manage the business..
When I first started being self-employed, my tax person told me to think of what I made for a project or fee and cut it in half -- that's what I would actually have to spend after taxes. So for instance, if I set my hourly rate as $200/hr, I will actually make $100 an hour. If I charge $5000 for a project, I will actually make $2500. And that doesn't include the cost of any other expenses like insurance, rent, equipment, phone, etc.

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