I am in almost the same exact situation as you. Hopefully my experience can help you a bit.
I am the lead/senior web developer at my company (a very small startup thats been around a couple of years). I am paid ridiculously little for the kind of work I do with NO benefits. I didn't realize this at first because I was so naive fresh out of college, and I didn't know that the normal entry level salary for my position was much higher. I do have a good relationship with my boss, and I've managed to talk him into nudging up my pay a little bit. However its become very clear that it will take forever (and maybe never) to finally get closer to what I deserve, not to mention standard benefits. And check this out, after over a year of working there, I'm still a contractor! (AKA, more taxes for me because he isn't willing to pay his share by putting me on payroll)
Your main question is about loyalty. Well, I feel the same as you. My company is so dependent on me that it really would hurt it badly if I left. And to make matters worse, I actually LOVE the work that I do. One side of me feels awful- like adopting an animal from a shelter and taking it back because I can't afford it. The other side wants proper compensation, gosh darn-it.
I did recently make the decision to leave, however, and it took me months to accept that I needed to. (I am currently having interviews for new jobs right now). I talked to my boss to let him know that I am leaving (and why), and I can tell he is pretty upset because he put all of his eggs in one basket with me and is going to have a really tough time replacing me. However, since we have a good relationship, he will work with me to have a good transition out of the company (and give me good reviews!).
I would suggest, like everyone else here has already, that you send out your resume immediately (after making sure to update it, of course). Because you do have a job and won't have to worry about money, you can really take the time to make yourself look awesome and land a great job. Look at it this way: you may feel bad about leaving because they are so dependent on you, but hopefully this experience will make them realize that they need to value and take care of their employees more.
If you are working only for this employer, and you go into their office to work, and have set hours, etc. you are an employee in the eyes of the IRS. Your boss will get in trouble with this sooner or later.
I am the lead/senior web developer at my company (a very small startup thats been around a couple of years). I am paid ridiculously little for the kind of work I do with NO benefits. I didn't realize this at first because I was so naive fresh out of college, and I didn't know that the normal entry level salary for my position was much higher. I do have a good relationship with my boss, and I've managed to talk him into nudging up my pay a little bit. However its become very clear that it will take forever (and maybe never) to finally get closer to what I deserve, not to mention standard benefits. And check this out, after over a year of working there, I'm still a contractor! (AKA, more taxes for me because he isn't willing to pay his share by putting me on payroll)
Your main question is about loyalty. Well, I feel the same as you. My company is so dependent on me that it really would hurt it badly if I left. And to make matters worse, I actually LOVE the work that I do. One side of me feels awful- like adopting an animal from a shelter and taking it back because I can't afford it. The other side wants proper compensation, gosh darn-it.
I did recently make the decision to leave, however, and it took me months to accept that I needed to. (I am currently having interviews for new jobs right now). I talked to my boss to let him know that I am leaving (and why), and I can tell he is pretty upset because he put all of his eggs in one basket with me and is going to have a really tough time replacing me. However, since we have a good relationship, he will work with me to have a good transition out of the company (and give me good reviews!).
I would suggest, like everyone else here has already, that you send out your resume immediately (after making sure to update it, of course). Because you do have a job and won't have to worry about money, you can really take the time to make yourself look awesome and land a great job. Look at it this way: you may feel bad about leaving because they are so dependent on you, but hopefully this experience will make them realize that they need to value and take care of their employees more.