Should I start up on my own?

[WAT5Y]

Hi, been on the forum for a while this is my first post.

Sick of doing the same ----, dealing with the same people every day and making other people money.

Thinking of starting up on my own, I know it's a big risk. Am I stupid for giving up a job with a decent wage and steady income? Or is it worth the risk to be free and be my own boss.

Any advice would be appricaited.

 

[Pete999]

What is your current job? and what commitments at home do you have? and your age are an important issue.
Remember there are loads of one man bands out there vying for work, you should discuss this with your other significant half (assuming you have one) blimey I sound like your Dad sorry about that, whatever you choose good luck.

 

[WAT5Y]

I'm 27, live in Northern Ireland getting married in July this year but if I was going to go on my own it wouldn't be until after the wedding.

I've said to my fiancé she supports me.

At the min I work in facilities management looking after the communal lighting in high rise flats, and social housing offices. But I've a lot of experience in domestic and commercial work, I've got 2394/5

 

[Richard Burns]

If you are going to do this then now is the time to do it.
However you do need to look at the situation carefully and get a good business plan in place. Everyone circumstance are different so it has to be personal for you.
You definitely sound as if you want out from under so this is a good push to get you going.
Unless you have good contacts already in place building up your own business can be very slow, so when your fiance is supporting you it might be wise to check that she means financially as well (for richer, for poorer!)!
If you do not have any savings at the moment then start saving now and wait until you have a backstop of savings to draw on.
Do not let your dissatisfaction with your current job spill over into working for yourself.
Think first and then jump.

 

[streamer]

Or is it worth the risk to be free

Be very cautious. The idea that self employment leads to freedom is an absolute myth. You will have much less free time than you currently have. However, it can also be very rewarding and satisfying.

 

[SparkyChick]

Hi WAT5Y,

Totally off topic, but do you happen to pass the Castle Gallery in the town centre? If so, has he got anything good in the window? Asking that is making me hungry thinking of the sandwiches in Daltons. Had the pleasure of working at NIFRS HQ on many occasions, used to take a leisurely stroll down to Daltons, past the Castle Gallery. Got into a few Irish artists courtesy of Andy... Lorna Miller, Colin Flack, and Dennis Orme Shaw.

Anyhow back on topic, your reasons... same carp different day, making other people money. Two prime reasons I quit a well paid job for the uncertainty of self-employment. Just make sure you have plenty of savings on hand as @Richard Burns has already said. If all your kit is provided by your current employer, set-up can be an expensive business when you factor in all the equipment and tools you need. Insurance could also sting, especially if (as is likely) you're an unknown risk. Just remember to factor in all the expenses and stuff, like company formation if you go limited and accountants etc., and if you end up using your car to start with, make sure your insurance covers you for business use.

I've been trading for just over 6 months, do I worry about money, yes because the business isn't making enough yet to pay me regularly, it's still buying tools and such like, but I am getting some of my setup expenses back. Whilst money does worry me, I don't dread getting up in the morning and going to work and that for me is golden. In the mean time, start making contacts with fellow tradies. I had no contacts when I started, but my effort to make them is now starting to pay off as I'm starting to get referrals from them (making sure I push work their way as well).

If you're sure and you've got the support of family and friends, get some cash behind you and go for it. Or if you're not sure, what about a change of job? See if there is a local contractor who'll take you on? A change of scenery may be all you need. Whilst being your own boss is great, I think everyone would agree, you can pretty much guarantee you'll end up working longer hours once you factor in all the paperwork etc.

Good luck with whatever you decide

 

[Octopus]

7 years in now..... so loads of experience to call on so in no particular order:

Do you understand income tax and NI?
Understand that you will lose sick and holiday pay and pension contributions
Your working day will extend by up to 2 hours per day dealing with customers and paper work
You can never have a proper holiday again
You need CASH in the bank - loads of it
A website is a must as are logo'ed clothing
You will need to be able to "sniff out" difficult customers
Don't get sucked into doing jobs at mates rates for all and sundry - you are doing this to earn a living
Buying new and replacement tools in a constant drain on your profits


and if you haven't got a mortgage yet, some building societies ask for 5 years of turn over before they will consider lending you money

BUT
Its rewarding when its profitable....
and no boss to pxss you off,
and no staff to pxss you off...

 

[Hellmooth]

Defo agree you work longer hours, it never ends tbh! Not so bad to start with as you don't have as much work, but when you get to the stage of having loads of work and not enough hours in the day, it become stressful and almost not enjoyable, the only way to enjoy it is to blank everything out but that just effects business! Last thing you want to do it quotes and invoicing after a 12-14 hour shift, but it needs to be done for tomorrow........

What I'd give for 2 weeks paid holiday with no phone calls!

It has its perks though, and is satisfying when things are going good!

Good luck whatever you do, if you feel strongly enough then go for it! Just listen to the others advice regarding money etc, one day you think you're Richard Branson, the next you're worried about paying the rent!

 

[7029 dave]

Descent wage.?, I am not asking , if it's good you need to think hard and fast. IMO

 

[leep82]

Having recently made the jump into self employment myself I understand exactly where your coming from. I was with the same company for 15 years until February of this year when I handed my notice in. It's something I had been thinking of doing for a long time but always talked myself out of it. I could give you 101 reasons why I did it but ultimately I just got to a point where I was dreading going into work and it was affecting my home life.

I took many of the things into consideration that other people have already mentioned on here, some very good advice by the way, but I just felt I had to do it or in five years time I would be looking back wishing I had done it. From my own personal experience I can tell you that as soon as I handed my notice in I felt a massive weight had been lifted off my shoulders. It was both daunting and exciting at the same time. I was put on gardening leave by my employer at the time and spent this time ringing around every local firm I could to see if they had work for me as a subcontractor. I registered with HMRC as a sole trader, got my UTR number etc etc and it sounds strange but I enjoyed every minute of it. I was doing it for myself and my family.

I got cards made up, set a facebook page up, logo'd workwear, had to purchase various equipment for myself as some of my stuff was company issue, tester, drill, step ladders etc. But once again I loved doing it. I am about to finish with a local company who I have been subbing to, having not spent a day out of work since leaving my old employer, to start with sombody else. I have had a few enquiries for work recently and the company I am going to have told me they can be flexible with me in terms of having time off to do my own work. I'm as happy as I've ever been when it comes to work, sure there'll be tough times ahead just as there could be if you stayed direct to your current employer. My honest advice just go for it! Better to have had a go and it not work out than regret it come 5, 10, 15 years time.

 

[WAT5Y]

Thanks for the advice, I'll defiantly take it on board.

Few good points about money defiantly won't do anything until I have a bit of savings behind me, maybe give it a couple of months and see where I am financially. most of my equipment is my own drills step ladders etc that I've bought over the years.

Still a lot to think about but going by the replys I'd rather work a bit longer at times and have the satisfaction of going to work every day rather than dreading it.

 

[Octopus]

One extra point... Your invoices can state payment on receipt but people don't pay like that. And you can't take court action against non payers until you can demonstrate that you have given them time to pay.....

 

[Leader]

I quit my well paid cushy job nearly a year ago, I had the opportunity to go into property renovation with my partner and felt like it was something I just had to go for. It was scary and sometimes, when things aren't going so well, I still wonder if I made the right decision but ultimately I believe we regret the things we didn't do more than the things we did. I'm glad I did it, if it comes to it I can always get another job...Good luck!

 

[Lagentium]

I take my hat off to people making the jump to being self employed, so if you go for it, good luck! I often wonder where I'd have gone work wise if the company I work for had sent me down the road when I came out of my time, looking back it would have been a bit of a blessing to get out and about because the decision would have been out of my hands. But now I find myself stuck after 16 years too scared to leave, haha!!

 

[D00DY_T00DY]

One extra point... Your invoices can state payment on receipt but people don't pay like that. And you can't take court action against non payers until you can demonstrate that you have given them time to pay.....

What are the proper procedures out of interest?
30days to pay? 14days on the invoice?
What after?