Preparation for setting up own business

[WarwickApp]

Hi guys,

im about 12 months away from being fully qualified, I will have my gold card, 2391, 18th edition, NVQ, the lot. It’ll have been a 4 year slog of an apprenticeship but I’ve learnt a hell of a lot and I’m sure it’ll be worth it when I’m done. I’m 30 years old which makes me different from the typical apprentice and without ‘blowing my own trumpet’ I’ve had a knack for electrics since I started so I’m not too concerned about lack of experience or knowlegde when I come to set up on my own.

However, one thing I’ve got zero is experience in is running my own business or even being self employed. I’ve been massively disvalued as an apprentice and I can’t wait to not have a boss to answer to, a dream or mine has always been to be my own boss.

can you guys tell me what things I can do to get myself ready for the sole trader step? What would you have done different? What would you recommend doing or not doing?

Any help would be really appreciated guys, I’ve got about 12 months till I’m ready to roll and I want to start putting the wheels in motion ASAP to assure some stability when I do make the jump.

Thanks guys

 

[snowhead]

I’m not too concerned about lack of experience or knowledge when I come to set up on my own.

That's a statement of slight concern, to say the least.

 

[WarwickApp]

That's a statement of slight concern, to say the least.

Why mate? I was an electricians mate for 10 years before funding my own apprenticeship of which I’ve studied hard for 3 years and worked solely for about the last 2. Any jobs I get sent to get completed to an excellent standard and my gaffer is making a mint out of me. What’s the concern?

 

[Gavin John Hyde]

Get yourself an accountant, what ever they cost you they will save you many times more in things you can deduct from profits. I pay £52 per month to mine and she saves me a fortune, i am a ltd company so have to file accounts etc which is more expensive than being a sole trader.

Get yourself set up on some good accounting software, quickbooks, xero, quickfile and others. makes life easier and to keep track of things.

Advertising, clever advertising need not cost a lot... even if you wont use them register with mybuilder, set up facebook page... its all about online presence.

Work out the going rate locally and to begin with you need to undercut by a bit to establish a client base and get known, then raise prices.

My advice is find a niche then develop and exploit it, mine is ev charging installs, so many people dont understand or want to do them which is fine by me. I order more zappi chargers in the main local supplier than all the other sparks combined!

 

[Dustydazzler]

The first 12-24 months on your own is a big learning curve, you will get busy weeks and quiet weeks and some jobs will be more profitable than others.
Your time is your most valuable asset so don't undervalue your time and don't run around like a busy fool.
When i went self employed my tactic was to try to get in with local kitchen and bathroom companies and do all their electrical work. It served me quite well. I also did lots of local small jobs for friends etc.
When I was slow I had another electrician who I would subby for on day rate when he needed help on bigger jobs.

 

[snowhead]

Why mate? I was an electricians mate for 10 years before funding my own apprenticeship

In your original post you gave the impression you'd done a 4 year apprenticeship and "had a knack for electrics"
No mention of previous experience as a mate and presumably working under supervision, that was the concern.

 

[DPG]

Why mate? I was an electricians mate for 10 years before funding my own apprenticeship of which I’ve studied hard for 3 years and worked solely for about the last 2. Any jobs I get sent to get completed to an excellent standard and my gaffer is making a mint out of me. What’s the concern?

In your earlier post you said you had no experience.

 

[WarwickApp]

Not something that you mentioned in your original true

In your original post you gave the impression you'd done a 4 year apprenticeship and "had a knack for electrics"
No mention of previous experience, that was the concern.

In your original post you gave the impression you'd done a 4 year apprenticeship and "had a knack for electrics"
No mention of previous experience as a mate and presumably working under supervision, that was the concern.

Fair point mate,

In your earlier post you said you had no experience

In your original post you gave the impression you'd done a 4 year apprenticeship and "had a knack for electrics"
No mention of previous experience as a mate and presumably working under supervision, that was the concern.

Good point mate, probably should’ve mentioned that before hand to be honest. Not here to bicker, just after advice but fair enough you’re right to be honest.

 

[WarwickApp]

In your earlier post you said you had no experience.

I said I had no experience in sole trading. Plenty of installation experience

 

[DPG]

I said I had no experience in sole trading. Plenty of installation experience

Fair enough. I must have read it wrong.

 

[Vortigern]

I think one of the areas you come unstuck with domestic work is where you have not got a signed contract that complies with trading standards. The contract should detail timescales, nature of specific items of agreed work listed. Also any extras to be recorded as variations and costed and agreed in writing to add to the original quote. Detailing specific items such as get a carpet layer to remove and replace carpets, get a plasterer to make good and who is going to get rid of waste. Complaints procedure and alternative resolution should all be detailed and a hefty deposit for materials on site which are owned by you until all monies due have been paid.