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PostPosted: Sat Feb 07, 2009 12:08 am 
South East AEC
South East AEC
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Joined: Wed Oct 03, 2007 3:39 pm
Posts: 3882
I have been working on going self employed for the last few months, and its not easy. I have been working on a import distrobution (still cant spell it right) business, as well as a sales agancy. i feel that 12/24 months ago i wouls have been well on my way but with the current exchange rates and econaomic climate, i dont think its going to work this time. But A 12 months of savings + start up capital is the way to go.


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PostPosted: Sat Feb 07, 2009 2:51 am 
King of the Skip Monkeys
King of the Skip Monkeys
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Joined: Wed Nov 07, 2007 4:34 pm
Posts: 26146
Location: Moomin Valley
I've been self employed for nearly 3 years - Iwasgoodonce hit the nail on the head - got made redundant twicw in two years and thought 'thats it'


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PostPosted: Sat Feb 07, 2009 5:17 am 
Gold Trader / MacRetro rider
Gold Trader / MacRetro rider
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Joined: Sun May 25, 2008 11:03 am
Posts: 18207
Location: Sunny Glasgow
The best bit about being self-employed is you never get ill :lol: :lol: :lol:


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PostPosted: Sat Feb 07, 2009 6:47 am 
retrobike rider / Gold Trader
retrobike rider / Gold Trader

Joined: Mon Oct 15, 2007 9:05 pm
Posts: 9245
Just make sure you go into it with eyes wide open. Explore every angle, ask yourself lots of questions and be honest with your answers. Its going to be tough for 2-3 years. Make sure your relationship with the Mrs is in good shape- you are going to be under pressure, work long hours and to succeed you will have to become obsessed with your new venture- you will need to eat, sleep, live and breath work.
it can, and does get too much some times- see the 120 plus hours that I put in last week (including 36 hours straight through last wed-thurs) but it's the best feeling in the world to wake up in the morning knowing that what you do to provide for your family is something you love doing.

A customer of mine said to me years ago ' find a job you love and you shall never work again' best bit of advice I can pass on really.

In short it's a hassle to start with and will really test your mettle- but 2-3 years down the line and it will all be worth it.

Go for it and best of luck. If you need any help or advice call me 24hrs a day (being self employed means I'm awake most nights worrying myself to death anyway!)

Si


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PostPosted: Sat Feb 07, 2009 9:41 am 
retrobike rider / Gold Trader
retrobike rider / Gold Trader
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Joined: Sat Jan 27, 2007 10:35 pm
Posts: 8423
Location: The desolate flats of Cambridgeshire
I tried the self employment route a few years back, and am now firmly back in the payee scheme through normal employment. The problem I found in my line of work as a contract engineer, was that I felt I had to work every possible hour to keep the hourly income rolling over the length of the contract. That left me both knackered and no time to setup a follow up contract for when the current one ended.

Essentially it was very much a feast/famine sort of situation, one week earning large amounts and the next earning nothing. I also found the self assessment a pain in the rear, for 3 years after I ceased trading I got issued a self assessment form, and basically if you are issued one you MUST fill it in and return it, which was a pain in its self. In fact I am still paying 2 lots of national insurance contributions (through payee and also through installments from my self employed days) despite trying to sort it out with the NI people on multiple occasions.

So for me when a decent role came up offering a decent wage on the good old payee system, I jumped at it.

That said I have recently done some short contracting work using an umbrella company to sort the tax issues and although the take home was significantly less than if I did it fully self employed it was painless.


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PostPosted: Sat Feb 07, 2009 10:17 am 
Retro Guru
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Joined: Mon Sep 10, 2007 10:40 pm
Posts: 1526
Location: Atherton, Manchester
I was self employed from 1997 to 2001, and i can honestly say i made a complete f**k up of it :oops: had i done it right i probably could of done well out of it. I had my own van and was doing nationwide courier work and small deliveries and had my foot in the door with a few local companies. Trouble is i was a bit naive and loved having money in my pocket so lived the life for a while. till the inland revenue caught me

Back on payee now but debating whether to have another dabble at it as i'm older and hopefully wiser now :lol:

If you've got a good head on you and you're sensible go for it i say or you'll always wonder whether you could of made it.


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PostPosted: Sat Feb 07, 2009 10:45 am 
Dirt Disciple
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Joined: Sat Jan 17, 2009 7:28 pm
Posts: 26
Location: Orpington, Kent
I went self employed 7 years ago, and its was difficult at first, as I had a big mortgage a 2 y/o and 1 month old twin boys (my wife gave up a £40k job at the same time to care for our children). I worked full time since I was 16 earning good money for a big faceless int'l bank and thought what the heck.
I want to earn for myself and see my kids grow up. I went into a business I knew nothing about and in the last 2 years or so opened a couple of online shops and things are picking up.

It's never easy, but the time I get to spend with my family, which I never had before made the decision a no brainer.

You will get by, and eventually if you make a good go of it, you'll never work for anyone but yourself again :D

Good luck


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PostPosted: Mon Feb 09, 2009 7:56 pm 
retrobike rider / Gold Trader
retrobike rider / Gold Trader
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Joined: Tue Nov 14, 2006 2:27 pm
Posts: 2728
Location: In the Woods. . .
Dr S wrote:

A customer of mine said to me years ago ' find a job you love and you shall never work again' best bit of advice I can pass on really.

Si

Exactly!
And remember you can work whenever you want. Any 12 hours on any 7 days. yup, it is that hard. As after 50 hours ofgraft, theres the invoicing, the cleaning, the banking and the admin, but its pretty perfect. I fell prey to essentially a "partner shafting" for which I still have a little pt ofvenom boiling up, special like), . Very small businesses are probably best done alone. But I own my kit. I just lost the premisis. And am in gainful employment till one day I crack at it again. .. when I am certain it will be ok. network and network some more. . :wink:
Best of luck mate

You don't regret the things you've done. You regret the things you haven't done. . .


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PostPosted: Mon Feb 09, 2009 8:20 pm 
BoTM Winner / retrobike rider
BoTM Winner / retrobike rider
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Joined: Thu Nov 23, 2006 2:12 pm
Posts: 5785
Lots of good advice here already Pickle.

Stockpile some cash. If you can enough to cover your outgoings for six months. Reduce your outgoings if you can but don't go OTT - as Si said you being self employed will put pressure on your relationship enough, without you making the wife and kids eat beans and sit in a cold dark house with no TV everynight. Prepare whilst still employed - set up your limited co and buy basic equipment. When you start keep things simple, consider everything you buy or sign up to - phone contracts, flash offices, website subsciptions etc but don't scrimp on marketing your business (great advice) or your working hours. You'll learn to prioritise everything.

But go for it. I'll offer more advice but I think what Elite says is so true - you may regret it if you don't give it a shot.


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PostPosted: Mon Feb 09, 2009 10:08 pm 
Lincs AEC
Lincs AEC

Joined: Fri Sep 07, 2007 8:34 pm
Posts: 12314
Location: Branston, Lincoln
Thanks for all the advice guys 8)

I think I will do it.......just not yet.

As Kev says, I need to get a healthy amount of cash together first and slowly get some gear together.

But, I am pleased to read that 99% of you say its the best thing you've ever done :wink:


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