is it worth starting up on my own?

[J@mes]

Some inspiring reading here lads, thanks - I am in much the same position, I want to set up part time to start with as I am currently employed in a well paid job which is safe so all the things mentioned in here give me plenty to think about.

 

[lloyd1980]

bear in mind mate the following things.
your secure well paid job for a start - I can only imaging you are doing like most people and starting with house bashing.
youll need to sign up to one of the protection rackets to be legal and to do this you will need o show proof of pub liability insurance up to £2 million
You intend to start part time ( so in your 'spare time' ) you wont have much spare time away from your other job apart from evenings and weekends.
I cant imagine you would want to do 5 evenings a week, as although you want to go it alone you still need a life and there is your family to consider.
if you make a flying 'part time' start to being self employed and keeping your other job going dont forget you only get 3 months to inform HMRC youve gone self employed - if you still have the 'well paid job' then along with the part time electrical stuff,you will then have 2 jobs with the revenue and they will pull your pants down for tax purposes and hammer you for tax.
when you leave your full time job bear in mind you will see your income plumet and your business account will be heamoraging money on a daily basis
The amount of times Ive thought I was doing ok then wholesaler bills come in for 2 grand - advertising invoices and expenses go out, few days later the same healthy looking account can look quite barron.
Then theres the worry of being able to get enough work in to see you through.

Those are the things to be wary of and to consider, as you will face all the points above.
once youve come through the first bit and things move onto an even keel. then you will smile as its the best thing you will ever do.
go into it with your eyes open dont expect loads initially and be realistic about what you can achive in year 1.
good luck to you and I hope you go and conquer the universe!!!!!
Lloyd

 

[grantr37]

setting up on your own is the way to go now I think, as long as you can offer something different to the customer/punter that writes the cheques

 

[byrnie_2004]

im just about to make the leap, been building up my tools and equipment over the last few months, saving to pay for elecsa membership atm, just been asked to do a big job which should see me a couple of weeks and have a few smaller jobs on, also talk of work in the pipeline. one of my mates is a plumber and the others a joiner/builder so were doing allrite workwise. i was laid off last october, and started working at the local supermarket just to get me through xmas, now ive applied for so many jobs i've noticed how many people are applying for the same job, i think self employment is the way forward at least for me. good look setting up pal hope it all works out for ya.

 

[Round Man]

loads of good advice there, the main part being realistic, start ups will take a hell of a lot of time and effort and it may seem like your going backwards sometimes, but its about how much you want it work is out there but it wont come to you straight away, you need to let the local people know you are there this can be done with little money, black and white flyers dropped thru letter boxes etc.
If there is something about your business you dont understand get on the web and research (business link) ask someone who knows, recruit the wife or a family member to help you with your invoicing if it not your strong point, cash flow is very important, its the blood in your business veins.
its all there if you want it, even in this climate!