Employed/Self Employed?

[jeremy]

Well done you! It's not the way for everyone and it does require a bit of grit but the world is now your oyster( though don't be shellfish!) I hope all goes well.

 

[wade88]

Hi guys,

I have recently just qualified so am BRAND new to the game and really if im honest have no idea what im doing regarding the business element of being self employed....or anything else for that matter! ha. however, have been reading through the forum and fortunately the angle i was going for seems to be the advice many give regarding advertising etc. so ill have to keep my fingers crossed and hope that works. But what really confuses me is the tax side of being self employed...what im entitled to claim back, how the money is returned to me for claimed items such as tools or business expenses etc and the general ins and out of taxation as a sole trader. Some light on this incredibly dark area in my mind would be hugely appreciated!http://www.electriciansforums.net/images/smilies/confused.png

Thanks guys

 

[accordfire]

Technically.....employed. By me.

Limited company - managing director. Or tea boy, slave, accountant, technician, IT Support, dogsbody (no, really, the dog's body is better than mine)....

It's not dissimilar to self-employment......still have to fill many roles in one - we all do.

And my staff, such as they are, are all lazy, useless...no....that's the Directors. The lads are all brilliant - do what needs doing to get through the day, and push the whole show forward.

Would I ever go back to working in the machine? Would I f.....no.

 

[Pacey]

I’ve got to agree with DES 56, being self employed is certainly not for everyone. I was on the cards for 16 years, earning a basic of 26K when I left (they pay about 30K now) with van and tools supplied. I went self employed in 04 and earned less (after all the expenses) for the first couple of years. I don't advertise, I get work through word of mouth. Work/life balance? forget it! But for me it’s still better than having a boss!

Now for the advice!

Only go self employed if you -

A. Have plenty of contacts.

B. Have a little money behind you (you need to pay for things).

C. Are able to deal with customers (don’t over charge people and don’t let people down, word soon gets around).

And D. (most importantly) Are good at your job (there are plenty enough cowboys out there, just because you have been on an 8 week electrical course, it doesn’t mean you have the right to inflict yourself on an unsuspecting public).

 

[lloyd1980]

at the moment I would say employed.....
there is a lot to be said for turning your phone off at 4.30pm and having a months paid holiday a year!!!
Ive been self employed for just under a year (officially). after work cut our hours to 2.5 days a week for 3 months.
It started slowly with me walking miles handing out flyers, posting letters, it then kicked off and I was solidly in work for the whole of last year.
after xmas I was busy until the start of feb then it bombed and I have just scraped by since - it went from 3 enquiries a day to 1 in 3 days,
it looks like its starting to pick up again slowly (touch wood)
I would like to share this though - even when I was busy it was financially like swimming through treacle with the business account heamoraging money with running and set up costs.
and when I say busy I mean 7am leaving house, 5.30pm back in for tea, paperwork and pricing in evenings and out of office by around 9pm - same the next day and the next.
cant afford to take anyone on so am doing 4 peoples jobs myself. then there are the customers meithering you constantly over that security light that keeps going off (which they havnt touched) to get there at 8pm to find mr jones has been fiddling in the dark with the settings !!
If your house bashing as a 1 man band your never going to make any decent money, your competing againsed bob and bill doing it out their ford focus's for cash, which keeps the rates you can charge really low.
The money is in PV, commercial and industrial but its a case of contacts to win that kind of work.

Dont get me wrong im really happy to have started a business but Im a bit disillusioned by how hard ive worked compared to the amount of money ive had to live on once my costs are deducted, would love to change the van etc but cant afford to.

Am hopefully about to bugger off to iraq for a year and hopefully things may have improved when I come back, I may look to PV or something with a higher margin than housebashing :-(

rant over

 

[van hire leeds]

Evaluate yourself. Find your abilities & challenge yourself. You can be self employed if you grab opportunities & be bold & brave in taking risks. Take decisions practically knowing about your inner talents.

 

[lukeallen88]

I am employed at the moment. Ive done a couple of jobs SE but i am finding it hard to go fully SE as at the moment i know when my next pay is.

 

[carl9254]

Been self employed since nov 2009, first 6 months was slow establishing a customer base but been busy since, love it!! if your willing to work hard and your good at it, it will work, never looked back since!!

 

[HSEGovJobs]

If choosing the self employed route, take care. Dont just leap in. I am familiar with so many cases where such a brash move resulted in losing income, a home....etc.

Its not wise to leave your role for a life of freelancing right away if
a) you have not evaluated your saleable skills. What market will you provide services to, and how competitive?
b) you have not laid out a business plan of action showing how you will find clients
c) you have no back up funding or savings
d) you are unable to manage your time efficiently without supervision
e) you have outstanding debts

Instead, plan a date for when you know the above is not you. Then you will succeed.

That said, I am also aware of people who took a leap of faith and just sacked their boss, and woke up self-employed the next day, and landed on their feet. These are circumstances where that person had a strong skillset that was both needed and selling PLUS they were able to pick up business skills quickly.

 

[madmac]

Nothing wrong in being self employed if you are a proper business, whether that be a one man band or a dozen men!
The big problem in the electrical industry right now is bogus self employment that the agencies and companies are using to get around direct employment and the national working rules!
The Govt. needs to stop this practice immediately and get guys paying proper tax and contributions and also the peace of mind of having a full time cards in job!!!

 

[nick182]

i dont want to be self employed. I want to be working for a company getting a nice salary every week and not worry about the tax man or accounts etc.... but no one wants to take me on. Ive sent out some emails to local electricians for unpaid work experience but all i get is the same response.. "how much practical work have u done?" "ive done a few jobs here and there while working for myself" "sorry not enough work at the moment"

ill get a response if im lucky.

 

[Alexander Elec]

I have been self employed for about 10 months now and from my experience its about who you know and not neccessarily what you know. I have been lucky as i was introduced to a newly formed solar pv company who sub me as their electrician for their jobs, they covered all the costs for my MCS registration . from there i have come into contact with several builders and have secured most of my work through word of mouth. I am at a point now where i am having to pass work to friends who are also in the trade and get them to help me with my workload.

The Hard part is as previously stated, making the first contact and crossing that first hurdle. Having some savings to back you up is advisable to cover any unexpected costs and quiet periods. Business cards are by far the best way to spread your name.

I would definately encourage self employment for anyone who has the right frame of mind and self discipline is a must .

Good Luck to anyone who is considering taking the leap!

Alexander Electrical Solutions
NAPIT Approved Installer, working in and around the Fylde Coast area of the North West.

 

[Umeme_ajabu]

So what I have grasped from this is it requires a lot of hard work, time and effort to become self employed. Is it fair to say you get out what you put in?

What Im wondering is what do I need to become self employed?

What are the minimum level of qualifications needed? For example, I only have the standard NVQ 3, ECS and 17th edition. Would I need to get 2391 or could I just fill out unofficial test sheets (as I do with my current employer).
Is it possible to obtain a grant or business loan in order to buy tools, van etc? Especially since testing equipment can be very expensive.
Has anyone here, or does anyone here know of anybody who made a decent living being self employed without having any capital or money saved up at the start?

p.s. Is asbestos awareness essential for working in houses? I have passed the course required to work on the london underground which did cover asbestos but I dont know if this counts with most domestic employers...

 

[lukeallen88]

Hi i am currently employed and I also do work for myself when ever people phone so its fair to say i havent yet thrown my all into becoming self employed but eventually would like to make the leap of faith I suppose there is always pros and cons to being self employed for example youve got no one but yourself to answer to but at the same time you wont get paid holiday or sick pay. as for the asbestos in my opinion i dont think there is ever dangerous levels of it in a domestic enviroment i might be wrong but i dont think it is essential to have passed courses on asbestos awareness. I am lucky enough to have a friend that has his own business in asbestos removal so any queries i put to him.

 

[MilesSparks]

I'm looking at going self employed this year. Are there any decent books/websites that anyone can recommend ?