Closing down my business

[Midwest]

I've decided to close down my business.

After my apprenticeship, I did about 12 years in the industry, before moving onto pastures new. When I retired from that job, I thought I would try being a sole trader electrician. I gave it a bash for 5 years, but for various reasons, I've decided to call it a day. I have a new job starting in October.

It was an unexpected steep learning curve for me, but not completely wasted time. I joined this forum back in 2011 in preparation, and gained some valuable experience and guidance from members over the years. Sometimes the advice aggrieved me, but the truth hurts!

So a big thank you for your counsel. I shall be sticking around, though

A last bit of advice from you in the meantime. I'll have my accountant tidy up those ends, the van will be going off to the knackers yard, I'll keep me tools for the time being. Advertising was minimal, and old clients I can redirect to other sparks. Anything else?

Not sure what to do with my public liability insurance, paid for till June 19, the last work I did was April this year. Should I keep it, or get a refund?​

 

[Midwest]

It will be a bit of a culture shock mind; I've been off all summer

 

[Nigel]

Sorry to hear this Midwest. I enjoy you on this forum.

I have no doubt it was a difficult decision and probably one which has been heavy on your sholders for some time.

I hope in making this decision it has released some pressure somewhat.

All the best in your new role.

 

[Midwest]

I think if I'm honest, I thought being a sole trader wouldn't be that hard. My son has been running his own business for a few years now. He's doing quite well for himself. So I thought I'd give it a bash, plus I didn't want to look back, and wished I had tried it.

It was a lot harder than I thought, especially getting work, together with having worked as an employee for over 40 years, guess it was outside my comfort zone.

Anyhows I gave it a run for 5 years, but ultimately wasn't for me.

 

[Toneyz]

Wish you all the best, good to hear you are sticking around on the forum as you give a good contribution. What are you going on to do?

 

[telectrix]

well if midwest is increasing his working hours, that's good.less time for him to get on the forum annoying us. . total banter MW, no offence meany.

 

[Squid]

Good luck in the job, holiday pay, sickness benefit regular work/hours, paid OT, allowed your 1 hour lunch break can swing it, no worries about van, costs etc etc, if it works then fantastic.


PS, I just wind you up from time to time no malice intended, most of the time ;o))))

 

[ferg]

No overheads, your off work time is your own.
Tax etc all paid by employer, sick pay, holiday pay, no itchy yellow stuff...... The list is endless.

 

[Midwest]

I just checked in here, no alerts of posts. Perhaps my time has come

 

[Squid]

I just checked in here, no alerts of posts. Perhaps my time has come

Its gone......... hun

 

[Squid]

No overheads, your off work time is your own.
Tax etc all paid by employer, sick pay, holiday pay, no itchy yellow stuff...... The list is endless.

No chance of earning loads of money though and retiring early........ have to put up with an idiot of a boss....... the list goes on..... ;o))))

 

[weevilward]

I think if I'm honest, I thought being a sole trader wouldn't be that hard. My son has been running his own business for a few years now. He's doing quite well for himself. So I thought I'd give it a bash, plus I didn't want to look back, and wished I had tried it.

It was a lot harder than I thought, especially getting work, together with having worked as an employee for over 40 years, guess it was outside my comfort zone.

Anyhows I gave it a run for 5 years, but ultimately wasn't for me.

Hey, if you get fed up at the old folks home you can always go back to what you were doing. I bet your phone will still be ringing for months with enquiries.

 

[dksanders]

Two years ago I had a black out resulting in an automatic 6 month driving ban. One of the options I explored was selling my business.
I'm self employed, one man band, but still my business was valued at between £35-70,000 so it would bve worht looking at selling it rqt

 

[123]

Two years ago I had a black out resulting in an automatic 6 month driving ban. One of the options I explored was selling my business.
I'm self employed, one man band, but still my business was valued at between £35-70,000 so it would bve worht looking at selling it rqt

Valued at that by whom? And why could they not put an accurate price on it?

As a sole trader as well I don't think it is a business that has much value in being sold - we are effectively often the key asset of the business...

 

[Midwest]

I'll ask my accountant. (not if he wants to buy it)

 

[weevilward]

Valued at that by whom? And why could they not put an accurate price on it?

As a sole trader as well I don't think it is a business that has much value in being sold - we are effectively often the key asset of the business...

I agree mate. The bean counters just see turnover and profit-and-loss sheets... the reality is that if we (I.e. sole trader electrician) got hit by a bus or abducted by aliens, the business would cease to exist and be worth nothing.
The client base might be worth something for repeat business, but that depends entirely on if they like the newly appointed electrician or not.