Starting on my own

[stanleyben]

Thinking of starting on my own and wanted some advice on what's best way to phone ringing and things I need to get in place first

 

[amlu]

reading the archive wont hurt for the beginning. plenty of advice to be found.

 

[cossie400]

Insurance, min £2mill liability and get professional indemnity too whilst you're at it.

A decent accountant.

Register yourself with HMRC if going sole trader, or if limited company I got my accountant to deal with them, may cost a little bit more like that but it's for peace of mind when HMRC are concerned!

Business bank account to keep things separate from personal which will make it easier with regards company accounts, tax etc.

 

[VoltzElectrical]

I suggest you get some face to face time with a business start up expert. There is a lot to consider and more than one way of going it on your own. What are you doing at the moment?

 

[ChrisElectrical88]

Get an old escort van... Everybody starts with a escort don't they?

 

[Octopus]

Write a list of ALL the costs you expect to have to pay in the first year, and when they fall. Don't overlook advertising, fuel, etc and don't be surprised when the total comes to about £6K

So you need about £120 per week PROFIT just to cover your costs.

Then think about how much you want to earn BEFORE tax, say £30K

So you gross profit needs to be £36K

Work on the basis you might work for 42 weeks a year (if you are VERY lucky) at 40 hours per week

So your "target" hourly rate is.... £20.45

Then realise that you will not work 40 hours per week and you will spend at least 1 day per week doing "unpaid" work... so that's £29.00 per hour.

So now you realise you can't offer yourself out for £12.50 per hour

 

[simpson93]

guess the first bit was get the phone ringing? , networking

 

[Octopus]

guess the first bit was get the phone ringing? , networking

Yup, that can take months, if not years to get right!

 

[GLENNSPARK]

Get an old escort van... Everybody starts with a escort don't they?

i used to start every morning with a quick read of escort...

 

[guest119]

i used to start every morning with a quick read of escort...

Wot, you mean read the pictures?

 

[GLENNSPARK]

Wot, you mean read the pictures?

well....
you kind of follow the lines..