Setting up from scratch

Plonker 3 · Aug 18, 2011

I have the chance of taking voluntary redundancy and would receive over a reasonable sum of money if I did. Now I know times are hard at them minute but was maybe thinking if I took it I would set up on my own as I have never done this before.

Now having no experience of this is there actually any work out there to do this at the minute?

Would I better staying where I am for a while until things improve?

Finally what would I need to do to set up i.e accountants, wholesalers etc?

Big n Daft · Aug 18, 2011

Go to the CAB and ask about local business start up packages and and development agencies

IQ Electrical · Aug 18, 2011

Have a look at this site first, there is everything you need to know there: Starting up | Business Link

A couple of accounts with a national wholesalers and maybe a good local one will do you, it's about convenience and minimising down time.

Drive a hard bargain on the discounts offered and constantly review what you are being charged, it's amazing what you can get back in credit notes!

MarkieSparkie · Aug 18, 2011

The market is in flux at the moment, with a lot of cowboy undercutting, not a good time for a new start-up with no track record. My advice is stay put for now, but continue to monitor the market for improvement, give it year or two and the cowboys will have cut each other throats, then you can make your move on the upturn of the market. Do all your preparation work now so you are in a position to react to the upturn.

Octopus · Aug 18, 2011

I would stay put at the mo. i.e. employed and do research as above PLUS do a business budget, and work out all your fixed and variable overheads so that you get your head around all the costs etc.

Its all very well knowing the costs but you have to budget for earning little or nothing for the first 6-9 months

Plus if you've all the prep, and you get offered voluntary redundancy again, you'll know if its worth taking it!

I'd happily run (paid) sessions on this!

topquark · Aug 18, 2011

As murdoch says, do the research. Find out if there would be work in your area, try nocking a few doors, look at the council planning applications going through.

Monkey · Aug 18, 2011

Hang on, yes you do, nail on head, I guess that you would have been asked to do many jobs, out side of your working day.
there it is your customer base in your face. build on it and be confident i know it sounds easy but you will be surprised.
dont spend a fortune on advertising look around your local area see whats there and knock on the door a polite question later you may get a sniff try try try best of luck

SW1970 · Aug 19, 2011

If you're even thinking about it, choose your business name now and buy the domain name and get a friend who knows about the web to set up an "under construction" page for the price of a pint. A domain name only costs a few quid for the first year. The reason is google uses age of website as a factor in ranking. If you were to start up in 6 months time, you'd have 6 months of age on your side. If you were to not go ahead, just cancel it before it renews.

SPARTYKUS · Aug 19, 2011

There'll always be a bad time to start.

If its what you want to do then go for it, but as above there is a bit of a trend towards this at the moment. But there will always be work, it's just winning it!

p.s. hat off to you, in a time when most scr0tes on TV are filmed saying "therez no jobs Im bored" at the other end of the spectrum there are enterprising chaps like you that are CREATING a job. Good fellow.

pod67 · Aug 19, 2011

i did the same as you 6 years ago all well so far,but remember that u dont get paid every month u are at work sometimes till 11 at night u are to blame u are to driver u are the decision maker and most important u are the clock card,however it dosent take long to realise if uve done the right thing if you can work out how much u have to earn per month to pay your house bills and also what sector u will be working in and most important get a diary gl m8.

SirKit Breaker · Aug 19, 2011

SW1970 said:
If you're even thinking about it, choose your business name now and buy the domain name and get a friend who knows about the web to set up an "under construction" page for the price of a pint. A domain name only costs a few quid for the first year. The reason is google uses age of website as a factor in ranking. If you were to start up in 6 months time, you'd have 6 months of age on your side. If you were to not go ahead, just cancel it before it renews.

You can get a domain name for nowt.

Cheers...........Howard

Plonker 3 · Aug 24, 2011

Right folk going to keep all questions in here so as not to spam the forum with too many questions.

When going for a Part P scheme assessment (NIC, Elecsa,Napit) would they accept a job I did for a family member or friend? Or is his a no no?