Hello everyone I am new to the home inspection business. I was asked to join a home inspector company with another guy. I was thinking of creating my own business. I have a good amount of contacts in real estate already. Is there any other benefits of working for a company other than referrals?
Thanks
What’s your business experience?
Lower risk and fewer decisions to make, but that comes with lower reward and less autonomy.
Minimal. I want to start my own since right now this will be my side job. So, I have time to be things going.
Have you ever owned/operated a business before?
I’m in the same boat. I wanted to work with another company to learn the ropes and then cut out on my own. I’ve been fortunate that they have worked with me regarding the non compete clause and things couldn’t be better.
I say, if you want to build your own brand, start your own company.
If you want the safety net, join one BUT pay careful attention to the non compete. Dont start your business by going back on your word (ie the non compete).
That’s just my opinion. Good luck either way!
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I started out many moons ago working with a major franchise in my area. It worked out very well for both the franchise owner and I. Things changed and I went out on my own with a great list of clients and agents. The arrangement worked well for both of us.
Hope this helps
Cheers
No. I really want to start my own. I know risks involved. I know it’s hard. I do have people around me who have business experience to help get me started.
Thank you I appreciate the advice
Just so you know, the “inspecting” part is only about 25% of the job, so if that is your primary draw to it, be prepared for major disappointment! This is prolly the one significant reason why many prefer to work for other inspection companies… so they don’t have to deal with all the non-inspecting responsibilities.
What Jonas said.
Though, I don’t think anyone can answer this question for you.
If it’s in your heart to work for yourself, no one’s going to talk you out of it.
If’ it’s not, you wouldn’t be putting this much thought into it.
That said, the number of inspectors who try to do their own thing and fail far out number those that find themselves being successful at it.
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I will advise you to start your own company. The benefits of starting your own company outweighs working for someone else.
I am also interested to start own company but problem is that first you have to understand concept of particular field that you needed.
You’re either an entrepreneur, or an employee. Ask yourself honestly, which one are you. That’s your answer.
Starting your own business is a challenge. There are a lot of pros and cons. If you have a smiling outgoing personality, that is a good beginning.
If rather, you have a grumpy sour puss personality, quit while you are ahead. One great advantage to being self- employed, is social security taxes. You will pay about 15% net SS taxes. But on retirement, you will get back almost double as compared to the employed person who only pays about 7.5% SS taxes.
I would only suggest that anyone who wants to be self-employed, take a good college course in business management with an accounting major. Having to do Paper work and logging in expenses, for running a business can be overwhelming. It is difficult and expensive to find a good honest accountant to make the right decisions for you. Also be prepared, for the "dead " times, plan ahead.
Do please elaborate on this. My understanding is that the same amount is paid, just that the employer pays half. When you’re self employed, lucky you gets to pay both halves. The benefit remains the same. maybe you get double the satisfaction…
As someone collecting SS, and having been self-employed most of my life, I can confirm that you get no more benefit for having been self-employed. In fact, you may even get less. It’s common for the self-employed to take advantage of all available deductions. This lowers your net income and the resultant taxes to be paid. Your SS benefits are based on your income. Lower income = lower benefit.
You are right . I stand corrected. Thank you
Im also new to inspection and I was working on hopefully having my own business. But then I was pondering working for a company. But being new I wasnt sure how the pay works? I understand the no compete rule. I was just hoping to learn the ropes.Thanks
I think you should create your own company and then run it. 
Who knows? Maybe you could sell it down the road as some of us have done. That is one advantage to NOT naming your company with your own name.