realistically

[wrighty]

hi guys, as ive mentioned before in a few of my other threads, ive always wanted to be my own boss, i was made redundant in november after completing my apprenticeship. im only 22. and so far have been unsuccsessful in finding a new job.i know im not the most experienced person around butim confident in my ability as a spark so i have a few questions probably heard a 1000 times over, sorry.

firstly i was just wondering how much i can realistically expect to make as self employed sparky in a year? the reason i ask this is im looking to buy my own house in the next year or so, providing i have a job or some income. Im not asking for exact amounts because i understand it varies,

secondly ive seen it dished about on here a number of times now, that in your 1st year ull make a loss, 2nd year break even 3rd year profit. how does this work? because im pretty sure not everybody on this forum that is self employed on this forum could afford to go 3 years without making any money.

and finally, if i decide to make the jump im thinking of joining napit, purely because this seems to be the easiest route, enabling you to cover all aspects, domestic,commercial and industrial. until ive built jobs up and then ill go for full niceic membership. so guys how do you lot gain your commercial jobs? what sort of contacts do i need to be bringing the work in?

i know its alot of waffling and stuff guys but im struggling here and would like as much info and help as possible any information possible would be greatly appreciated.

thanks in advance
wrighty

 

[rocker]

Regarding your first question, if you want to buy your own house you will need at least three years worth of proven income when self employed to get any kind of even slightly decent mortgage.

 

[DurhamSparky]

i got a part time business advertised in Yell, Thompson, Local Magazine, docs, Post office and internet

and my phone has not rung in 2 weeks!!!

 

[bugsy]

hi guys, as ive mentioned before in a few of my other threads, ive always wanted to be my own boss, i was made redundant in november after completing my apprenticeship. im only 22. and so far have been unsuccsessful in finding a new job.i know im not the most experienced person around butim confident in my ability as a spark so i have a few questions probably heard a 1000 times over, sorry.
experiance comes over time , I think this is not the right time to start on your own, when you do start with domestics, build from there you will get ( if your good ) recommendations which will lead to commercial work.

firstly i was just wondering how much i can realistically expect to make as self employed sparky in a year? the reason i ask this is im looking to buy my own house in the next year or so, providing i have a job or some income. Im not asking for exact amounts because i understand it varies,

When this enconomy sorts it self out , if you work a five / six days a week you should expect to make an operating profit of about £ 50 /£55k to start

secondly ive seen it dished about on here a number of times now, that in your 1st year ull make a loss, 2nd year break even 3rd year profit. how does this work? because im pretty sure not everybody on this forum that is self employed on this forum could afford to go 3 years without making any money.

This would relate to start up cost's . van purchase, tools etc etc i.e. set up cost total expenditure less profit would in some cases leave a negative balance ie loss don't worry about this too much unless your looking to borrow lot's of money.

and finally, if i decide to make the jump im thinking of joining napit, purely because this seems to be the easiest route, enabling you to cover all aspects, domestic,commercial and industrial. until ive built jobs up and then ill go for full niceic membership. so guys how do you lot gain your commercial jobs? what sort of contacts do i need to be bringing the work in?

NO preferance here , getting on tender lists - a long hard slog!

i know its alot of waffling and stuff guys but im struggling here and would like as much info and help as possible any information possible would be greatly appreciated.

thanks in advance
wrighty

Ask all you like there are lot's of experianced people on this forum , with lots of differant veiws

 

[ezzzekiel]

I think maybe youre a little young, no offence but at 22 joe public tend not to take you as seriously, thats not to say it wont work out.
like all things, start small and build up- reputation is everything in any trade, wouldnt expect to rush out and buy a home for a few years yet, not in this climate.

 

[wrighty]

I think maybe youre a little young, no offence but at 22 joe public tend not to take you as seriously, thats not to say it wont work out.
like all things, start small and build up- reputation is everything in any trade, wouldnt expect to rush out and buy a home for a few years yet, not in this climate.

yes i was thinking that myself that i was maybe 2 young. the trouble is im stuck in a rut and just want to work ive sent around 50-60 applications out if not more and ive been ringing all the companies around me on a weekly basis. and so far i havnt even had an interview. its driving me round the bend. what do i need to do to get a start? or even an interview?

 

[ezzzekiel]

Yeah frustrating, if youre adamant about going the self employed route, then put 100% into it dont make a half hearted attempt at it.
Speak to biz link for all start up costs etc,
be prepared to struggle for wages/ work (this can happen at any time no matter how long you been trading.)

Would advise maybe some gimmick "discounts etc"
Get friendly with local builders
Register with agencies, always good for few weeks here n there

 

[wrighty]

Yeah frustrating, if youre adamant about going the self employed route, then put 100% into it dont make a half hearted attempt at it.
Speak to biz link for all start up costs etc,
be prepared to struggle for wages/ work (this can happen at any time no matter how long you been trading.)

Would advise maybe some gimmick "discounts etc"
Get friendly with local builders
Register with agencies, always good for few weeks here n there

yeh, my other predicament is i bought a car on finance in july when i passed my am2, thought id treat myself cos id been driving a piece of **** for 4 years. back fired tho but luckily i took protection out on the payments. but i need to be signing on for this to be active. i just cant win.

 

[Mark_Burgess]

Go for it wrighty, like you I have had virtually no replies for jobs I have applied for, for the time being sign on just to get the finance covered.
The job centre will pay for you to take an ECS test if you have not done it yet, most agencies will want you to have it to get on site.

 

[ezzzekiel]

also dump the car, my tip for today....

cars cost you money, vans make you money

 

[wrighty]

Go for it wrighty, like you I have had virtually no replies for jobs I have applied for, for the time being sign on just to get the finance covered.
The job centre will pay for you to take an ECS test if you have not done it yet, most agencies will want you to have it to get on site.

ive got my ecs card.

 

[MvP Electrics]

If your gonna go self employed I think you should concerntrate networking with builders and other tradesmen. Dont worry about being too young. If you want to be your own boss and you have the drive and skills to progress. Then starting young is better then starting old. Im 24 years old now. I started out on my own 3 years ago. Most people are nice to me and show alot of respect towards me cos im young and ambitious. Theres few ppl who ask me where my parents are when i go to networking events but i just laugh it of.

Main advice is if you have the skills and knowledge just network and be patient. hope this helps.

 

[wrighty]

networking events? could you explain more please?

 

[Jason Smith]

Networking is people who know people, friends of friends etc, you gotta break through somewhere in to a possible ring of contacts. Think of a builder who has just gone through a live wire, (just an example ) who is he gonna ring ? - when you have solved his problem, you got to ask him for any one that he thinks you could help, you then contact those people, dropping the original contacts name.
But lets poz you up a bit mate, the big money comes after a while, consistent is what we all want, not big lumps of money then nothing. Though obviously consistent lumps of big money is better !!

You should be able to earn more or less straight away, more than you would get on the dole. You can run the two together, as long as you tell benefits what you earnt last week, next week they will pay you less. Eventually they will stop paying you as your earning to much.

 

[wrighty]

i know what networking is, i just wondered about these events that was mentioned?