how much to save up before starting

[simpson93]

hey guys im thinking about registering as a di, im 18 wouldnt really need to get any other tools apart from some test meters and i have a car.
so wondering if there would be any other costs, so far im thinking of pli and the sighn up costs but cant really see much of anything else, maybe coming to around 1400, what u guys think?

 

[morph]

about £20 k , so you dont starve when the phone dont ring

 

[alarm man]

i think your too young mate,get some more experience behind you first,theres a lot more living to do first..

 

[simpson93]

cheers for the advise, alarm man not guna immediatly jump into it but just wondering if it would be a good idea to try it now when i dont really have alot of overheads (living with my parents)
but as far as experiance goes im confident rewireing a house on my own.

 

[davetherave1979]

i agree £20k i started up my company when i was 21 and had only about 2k it was very hard to get work but i made some good contacts very early on and have never looked back but theres no way i would want to try and set up in todays climate work is a lot hard to find we are just lucky that we have got a good customer base all the best

 

[Electricalserv]

I personally think 20k is far too much. Look at it this way. If your still at your mums and have no kids and mortgage etc your in a much better position than most. I'm 23 and I've just set up. Probably spent about £1000 so far getting registered etc. I haven't a van though just a car at the moment I'm living within my means. As Warren Buffet said DON'T GET INTO DEBT

 

[Paul.M]

Simpson93, I'm also asking myself the same questions about starting up on my own. You are still very young, living with your parents and you say that your confident that you can go it alone. Go for it! This is the time of your life were you can make mistakes without long lasting effect on life.

Don't get yourself into debt. Keep a very close eye on every penny. If you have a good month and make yourself a large profit, don't think that you can just jump on a plane with the lads to ibiza and part p it up the wall. Put yourself on a % of the profit from each job as your wage, % into savings and a % invested back into the business. Get business help from local gov centers, hmrc and get your parents involved. Take advise from electricians on here that have/are doing it.

Last but not least, good luck and I hope you get off to a great start.

 

[bugsy]

Well your £1400 will buy you a decent MFT, then registration fees, insurance , advertising, power tools , I could go on for ever but £1400 is your meter, so start saving I know your only 18 but hey by the time you've saved enough you will a lot older and more experianced

 

[sjhall]

Just keep it in mine that you will loose a fair few jobs due to your age , I stared on my own around the age of 20 and found it difficult due to customers wanting older more experienced guys........ 13 years on I'm still going , so not all bad

Good luck

Ste

 

[Electricalserv]

Well your £1400 will buy you a decent MFT, then registration fees, insurance , advertising, power tools , I could go on for ever but £1400 is your meter, so start saving I know your only 18 but hey by the time you've saved enough you will a lot older and more experianced

£1400 for an mft??? Joking aren't you. £600 tops

 

[Paul.M]

Test meter £350 for a metrel, can't go wrong.

 

[simpson93]

cheers guys for all the advise reson been was i got a accout when i was born from my parents and just got it in at for my 18th at 2000 with the money i have already saved around 4000, already have some tools, sds drill etc. But i really dont think this will get me anywhere.
i never plan to go into any debt-or even borrow money from anyone other then close people if that when i know i need it and have the means of paying it back,
but the way i see it 3000 for my car-van including insurance.
so 1000- to register, get insurance, advertise, get tools......lol
hard to save money when your working for pennies.

 

[mayfair]

1400 quid MFT ..........where did that come from??? What would be wrong with some robin seperates about 200 quid would do it on flea Bay

Well your £1400 will buy you a decent MFT, then registration fees, insurance , advertising, power tools , I could go on for ever but £1400 is your meter, so start saving I know your only 18 but hey by the time you've saved enough you will a lot older and more experianced

 

[simpson93]

think im gunna go for the 9083P di-log tester used to useing it. and will probly get one for around 400-500.