Starting Up...Money

[liam b]

hi,

im just looking for some advice, im looking to start on my own but if i put in..

450 for part p (elecsa)
500 for fluke or similar
liability about 200-250
and advertising maybe 200-300?
and any other tools i need, saw, voltage indicators....

is it worth it due to the return rate?

would i be working 2 or 3 months with no profit?

let me know how yous found it

thanks

 

[Sparky Ninja]

hi,

im just looking for some advice, im looking to start on my own but if i put in..

450 for part p (elecsa)
500 for fluke or similar
liability about 200-250
and advertising maybe 200-300?
and any other tools i need, saw, voltage indicators....

is it worth it due to the return rate?

would i be working 2 or 3 months with no profit?

let me know how yous found it

thanks

Being realistic you may find yourself working up to a year without profit.

 

[liam b]

how do people survive? sell there belongings...all of them?

 

[Sparky Ninja]

how do people survive? sell there belongings...all of them?

If you are set on going alone, your best strategy would be to keep costings as thin as possible.
I think the most sensible option is to stay working PAYE somewhere, and carryout your companies work in your spare time till you have built up enough in your calendar to make the big step on your own.




I myself am folding my company as I:

a. Want to stop carrying out installations
b. Am finding myself preferring to teach, and work freelance as an inspector.

 

[CRAGS]

Not alot of work out there at the moment be a brave move to start up on your own now..Unless you already have work lined up..

 

[liam b]

the reson im thinking about doing it is i was made redundant but have savings, im wondering wether to splash out £2000 of them to make a go of it or, look for work which could take upto 6 months or more, its hard atm!

 

[8145keith]

Hi Mate, Don’t recommend starting up just yet, its very slow out there just now, if you haven’t got any good contracts, then I think you will struggle to make ends meet, don’t forget VAT goes up in Jan and that will almost certley lead to more of us loosing are business, it really is very difficult right now, think before you spend to much of your savings, when its gone its gone…..
Regards KJ

 

[DurhamSparky]

hi mate i started in Jan this year (legit) and i so far have invested £7426.76 in to my company!!

 

[liam b]

ouch!
dare i ask what sort of profit? lol

im just trying to work out if its going to be better than waiting for someone to employ me!

cheers keith ill keep that in mind whatever i decide

 

[DurhamSparky]

currently no profit..! im hoping to break even end of year!

 

[Phil]

not wanting to dampen it for you but you would struggle with a couple of hundred for advertising. someone mentioned in a previous post about local buisness meetings and netwroking with local groups ie neighbourhood watch etc. depends what contacts you have ie builders plumbers etc that could send work your way.

 

[Amp David]

In total i reckon that i put abot 6.5 k into starting up. Luckily, though I have work, at the moment anyway.

 

[Sparky Ninja]

I think you get the idea on what the best action to take at the moment is.


Best of luck to you though whatever you decide chief.

 

[cbw]

My annual budget for advertising is £2000, Like DS I have been in legit business for just under a year and have spent a little more than he has.

I will turn a modest profit in my first years tradding, however as suggested by someone else I do still have a part time paye job.

Have a look on the building controll website to give you a rough idea of how much competition you have in your area, I have less than 100 in my area whereas someone I trained with has 600 in his area, hence I am much busier.

Good luck with what ever you decide, but please do a little research before spending your money

 

[lloyd1980]

Lots and lots of start up costs
I went self employed legit at the start of the year and at the beginning your account will just hemmorage money, the minuite there is money in there it flies right out again .
you will have periods at the beginning with nothing for 3 weeks then 2 days work nothing for a week then a day, it will continue like this for a month or two, then it moves into being really busy for 2 weeks then nothing for 2 really busy for 2 then nothing, then after a while it starts just about to even out and become more steady, still with periods where you start to worry
It has driven me to the point of distraction and back again, and you spend days looking at the phone wishing it to ring, then when it seems like you are going to throw in the towel and look at the job centre web site, 4 jobs will come in at once and you will have work for 3 weeks
its THE most stressfull thing ive ever done, but you can see how it will be financially worth it when things pick up so you just keep at it and fight through the quiet times
Do a good job for people for a good price and if people are pleased word will soon spread
I really cant advise you to take the jump, there will be times where you look at the mountain of costs and monthly bills you have and youll want to throw the van keys into the abyss
but it HAS to get better!!!
and generally summer time is busier than just after xmas
and after all - if you dont buy a ticket, you dont win the raffle

good luck mate, you will need it
all the best
Lloyd