I never understood what self employed means vs a startup. If I start a Delaware C and raise 20M am I self employed?
Technically yes, but in practice we would call you a founder on this situation. In common parlance self-employed is something reserved to people who do free-lancing or have small bootstrapped business: I have a personal list of criteria that I use to differentiate from the non-freelancing self-employed and the startup founder. 1 - No direct subordination relationship with a customer, you are a service provider, not a…
Ask HN: How many of you are self employed?
411–420 of 446 posts
Re: Ask HN: How many of you are self employed?
#412Currently self-employed with a web hosting company started with some former colleagues when the company we used to work for was bought out and shut down. We were fortunate to be included in a list of alternate providers that the old company gave to their customers and had an early influx of a couple thousand customers. As a result we've got a ton of customers who we've been working with for 16+ years. I handle the cu…
Opalstacker here as well, is it 16 years now? Wow, time flies!
Sending my greetings to Sean, best support I've ever had :D.
Re: Ask HN: How many of you are self employed?
#413Earlier quoted context omitted.
I want one of these so bad! Without spilling secrets: was it luck or a systematic process that gave you the idea for your company?
It may sound like a cop-out, but both? I have no doubt luck was involved. I hit the market at a good time and gained traction quickly. I have done zero marketing and customers come in through word of mouth and via search engines. Surely there was luck in there. As for choosing the idea-- that was more systematic. I chose a service that solved a real pain point for many companies in a specific industry. I chose it bec…
As @lorenzk said, thanks for sharing your experience on these things.
You also taught me something meaningful, and you didn't even have to do anything!
I was curious about what kind of product you've made and started stalking your comment history to see if I got some clues about it.
I eventually reach a comment from you (on a thread about a dev. who got his Apple account cancelled) to which I replied ... like ... this ... https://news.ycombinator.com/item?id=38395858
I wish I could hide under a rock now, lol; but on the positive side I feel like I learned how/why one should be more measured in general, to avoid ending up looking in situations like these.
Congrats for shipping whatever it is that you do, and thanks for the life lesson on the side!
Re: Ask HN: How many of you are self employed?
#414Earlier quoted context omitted.
Curious about this. How did you manage to build up a consulting business without prior contacts? You say you wrote applications, but normally companies aren't soliciting consultants in a public fashion (other than fiver/upwork which seem to be a race to the bottom).
Sure, the public platforms don't have the best paying projects. But that's how I found my first clients. After 2-3 clients from such platforms, word of mouth did the rest. I only went for projects that went 3-6 months, so I didn't need that many per year.
Re: Ask HN: How many of you are self employed?
#415Earlier quoted context omitted.
If you don't mind my asking where are you based? I am interested in building a consulting business but all my contacts are in industries that are regulated and don't really hire individual consultants. So Upwork and places like it seem attractive but seem like such a race to the bottom due to the saturation of developers from third world countries there.
I am based in London, UK. And yes, you are right, Upwork can be a race to the bottom. Since I am based in a rather expensive city, I can't really compete with other developers on price, but I can still compete on offering, expertise, commitment, etc.. So far I managed to find enough clients who are willing to pay extra for a premium service. Naturally, it also depends on the service you are providing. Luckily, my nic…
Re: Ask HN: How many of you are self employed?
#416Earlier quoted context omitted.
If I may give you a somewhat indirect answer: One of the best things about this business is it returns proportionate to the effort you put in. I know people working with $50k in capital who make $500k a year. I also know people with $1m in capital who make $100k a year. (And I know people with $50k in capital making $50k a year). And at the extreme: I know one high-volume wholesale dealer (who's been doing this for d…
And then there's the other half that's losing money
Re: Ask HN: How many of you are self employed?
#417Earlier quoted context omitted.
Yes! And free appraisals if the collection is for sale and I can have an opportunity to make an offer :) It's a balance of time investment for me. If I know someone has no intention of selling and just needs an insurance appraisal, then that would be a paid service since I'm simply selling my time and expertise (which I'm more than happy to do). If there's an opportunity for me to purchase the collection, I'll usuall…
Doesn't that make for a tricky conflict of interest? (No offense intended). I mean if you're paid for the appraisal then there's no incentive for your number not to be honest. On the other hand if you are valuer, then buyer, then it pays you to err on the low side. Not "wrong", just "low". I don't mean to impinge your ethics of course, but as a model (which I'm sure the whole industry follows) it seems to leave the s…
I conflated the two but they really are separate requests and are to be treated distinctly.
The former (which is much more common) is what most dealers hear. It's a request from folks who happen upon a collection and want to sell it and turn it into cash (or gold or silver or whatever near-cash equivalent they desire). That's where a call to a dealer isn't so much a request for an "appraisal" (in the formal definition) but more "how much money can I get for this collection now". It's implicit that the number the dealer offers is what they'd pay for it, which also happens to be the number the dealer believes it's worth. I don't have any moral qualms about that.
(Side note -- speaking of "not wrong just low" -- one of my favorite old-school dealers who's been doing this for 40 years and is appropriately salty lives by the mantra "I like to pay on the low end of fair".)
The second type of request - which is for a formal, written, insurable, usable-in-court Capital-A "Appraisal" is where there might be more potential for a conflict of interest, but if we as dealers are clear this is the job we're being hired for then we're going to issue a valuation which is based on published price guides (and the appropriate disclaimer that is is retail replacement value, not necessarily the price a dealer will pay).
Hope that clears it up - and thank you for the comment.
Re: Ask HN: How many of you are self employed?
#418Earlier quoted context omitted.
To what extent did your past income (IPOs, executive…) provide the necessary capital to do this profitably? I wonder if there are some economies of scale required outside of numismatics know-how - ie get positive expected value/profit if you can front to buy $100k worth of coins for the 1 coin that is worth it at $101k.
That is an excellent and reasonable question. I was able to put a moderate chunk of capital into my inventory and yes, that absolutely has helped (the old 'it takes money to make money'), but at the same time, I'm not the most efficient capital allocator. I know people who make just as much as I do (and more!) with 1/10th the capital, but they play a different version of the game I do and have a different set of skil…
If you’re ok sharing, what’s a sane startup cost in your mind as to be competitive in the numismatic-competent approach you describe, but still small time ($10-20k/yr profit) - an initial $5-10k, $10-30k, $40k+?
Re: Ask HN: How many of you are self employed?
#419Currently self-employed as a.....rare coin dealer! Odd path for a tech nerd hacker like me, but certainly the most fun thing I've ever done with no plans to change this gig ever. My backstory: Collected coins as a kiddo, took a 35-year detour into startup land: Started a VC-backed Web 1.0 company from 1999-2002, ran a non-tech company for ~10 years, then 2014-2022 did very traditional early stage tech product managem…
How does tech help you to run this business?
I've written my own software stack that does a few things:
Consolidates pricing -- by putting readily-available data all on a single screen, so when everyone else needs to check 3 different price guides to get various pricing indicators, I have it all in one place.
Manages inventory -- you would be surprised and perhaps shocked at how disorganized most dealers are. They have absolutely no idea what they own or how much money they're making -- when they buy a coin, they slap a sticker on it with their "cost code" which is just an incredibly weak substitution cypher -- and they refer to this code when they quote sale prices.
Allows for quick appraisals/quotes -- again, most dealers open a paper pricing guide and write down line by line how much they're willing to pay for a coin when they're quoting someone. I can enter a line in 10 seconds and have a buy price right away.
Does some VERY light machine learning / price prediction -- I'd love to say this is massively complex AI, but it's a pretty simple tabular regression based on historical sales data. It gives me one extra data point when I'm buying or selling to figure out if I'm paying a good price or not.
I think it's very possible to run a successful coin business without tech and I know a lot of people who have done it, but I certainly think having this software is helping me get better faster. It's like a set of training wheels that lets me play with much more experienced dealers at a much faster pace than I'd normally be running.