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PostPosted: Mon Feb 09, 2009 10:10 pm 
West Midlands AEC
West Midlands AEC
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Joined: Wed May 14, 2008 11:06 pm
Posts: 6266
Location: Stow on the Wold, Glos
Quote:
I need to get a healthy amount of cash together first


Your going to leave Retrobike Jon ?? :cry: :cry:


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PostPosted: Thu Feb 12, 2009 4:37 pm 
retrobike rider
retrobike rider
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Joined: Mon Apr 30, 2007 12:31 pm
Posts: 2492
Location: ManchestOr
I went on a business start up course at a dynamic community studio/college in Huddersfied TBH it nearly put me off, when i say nearly I actually did get a 'permanent' job during the course. However the balance sheet exercises were a reality check, eek. i even went on to produce a Rock video for free as an exercise and that was a bit of a thankless chore. due to other thankless favours my projects are waiting for me on the back burner.

So in short do your home work, plan ahead, and make sure there is always a reserve of cashflow. ;) (topical eh)
And it doesn't hurt to start smething in your spare time to get an idea kickstarted, and there lies that problem. finding time and energy and mojo after a day at work. Still pondering a few new ideas myself. ;) and the videos are coming back i just wont be paid for em,,, yet.


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PostPosted: Thu Feb 12, 2009 5:59 pm 
Retro Guru
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Joined: Wed Aug 27, 2008 9:35 am
Posts: 630
Location: northants
pickle - i'm busy saving for the day i can start my own residential sales agency. If you believe in yourself and know you can be better than the others out there, you have to give it a go. I would say the key to it is having enough corn to fall back on during the first year or two.

If you really want to do it, you'll only ever regret it if you dont. I would commend anyone who has had the balls to start up themselves even if it failed.


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PostPosted: Thu Feb 12, 2009 7:07 pm 
Old School Grand Master
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Joined: Tue Jul 05, 2005 3:14 pm
Posts: 13411
Location: Warwick
Cashflow.


That's all I will say.


:shock:


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PostPosted: Thu Feb 12, 2009 7:10 pm 
Dirt Disciple
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Joined: Sat Jan 17, 2009 7:28 pm
Posts: 26
Location: Orpington, Kent
jez-4-bikes-max wrote:
Cashflow.


That's all I will say.


:shock:


I second that, you can't run a business on overdrafts, well you can but you wouldn't last long :?


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PostPosted: Thu Feb 12, 2009 10:16 pm 
Lincs AEC
Lincs AEC

Joined: Fri Sep 07, 2007 8:34 pm
Posts: 12314
Location: Branston, Lincoln
jez-4-bikes-max wrote:
Cashflow.


That's all I will say.


Yep, thats what worries me.....

:(


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PostPosted: Thu Feb 12, 2009 11:11 pm 
Retro Guru
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Joined: Sun Sep 11, 2005 9:50 pm
Posts: 389
I can only echo what everyone else has said.

For me I was made redundant - wife and two kids and one due 2 weeks later! :o

The first half hour I sh*t my pants but by tea time I forced myself to see it as an opportunity (sounds corny but true).

I had been doing First Aid training on the side for a few years at weekends along side my full time job - just something I started doing as a lot of freelance outdoor instructors I worked with needed it.

So really it was a bit fortuitous that I had something I could deliver pretty much straight away.


One thing to consider is that if you ask most people who are self employed could they see themselves in their line of work 5 years ago or when they were a child I think most would say no! There are only so many stuntmen and racing car drivers the world needs and MI5 are quite selective.


What works is finding something where there is a market. You can only make money if you have something that other people want or need. It is very difficult to make money doing something which you think is cool!


Whether it is First Aid or Printed Stationary or Cleaning Products ( non of which are 'cool and sexy' ) they sell.


The rest is what you make of it.


Yes there are good bits (already mentioned) and bad bits (ditto) but as most have said with a bit of cash behind you (thank the lord for Ebay is all I can say!! My cull of old Saab bits and bikes netted me 2 months income - so one lesson is you have to be practical not emotional! ) / an understanding of your market / an understanding partner! / and some hard work it can be great.

Not many of us Self Employed types are millionaires but I think most of us are happy.

And that's important too. Doubly so for your partner!

If you have the time take it - don't rush.


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PostPosted: Sat Feb 14, 2009 8:25 am 
Special Retro Guru
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Joined: Sun Apr 29, 2007 6:22 pm
Posts: 5946
Location: busy forgetting how to edge flip on a 11x11 monster cube///...
2 years ago i decided to go on a goverment scheme to learn how to be self employed.the idea being small diy jobs for local people.you get given a grant of 1600 squid to spend/waste on whatever u need to start up with.i already had all the tools i needed so i got even more (its a bloke thing)plus a very nice laptop thing(because we men need a dual core 64 bit 140 gig gaming rig to do buisness plans on).i enjoyed the setting up bit but i have to say providing a viable plan to please the suits was like pulling teeth with tweezers.mind numbingly dull would describe it.at the same time i was applying for part time work as family tax creds boost your income nicely(much better than full time...more free hours less stress ect)trouble is my heart wasnt in it as i now do the cycling profficiency teaching for year 4,5,6, and the police(now and then).plus i teach road safety too.i tried to do both at the same time but spent a lot of it stressed and running around like a madman....my only suggestion to you is to think hard about the situation and if you cant decide ...then dont do it .believe me the book keeping and tax forms will make your mind up for u.hope this helps. 8)


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PostPosted: Sun Mar 01, 2009 2:19 pm 
Devout Dirtbag
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Joined: Mon Jul 14, 2008 6:03 pm
Posts: 137
Location: Bucks
I have been self employed for four years or so and it is really hard work. You have to be able to keep your focus and push push push all the way. You need to be good at advertising and PR, blowing your own trumpet everywhere you can.


I need a someone now to help in the PR stakes and these things are not going to come easily. Recently I have been working fourteen hours a day for 6 days a week with some hours on a Sunday too.

I love it though and the next year will see things grow and change.

You soon learn to push through a low ebb and move upwards.

Simon


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PostPosted: Mon Mar 02, 2009 8:03 pm 
Retro Guru
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Joined: Sun Nov 16, 2008 10:44 pm
Posts: 337
Location: Margam, Nr Afan, S. Wales
I've been self-employed for about 4 and a half years, as a qualified horticulturist, basically doing garden maintenance for elderly people who know their gardening and plants, but who are unable to do it themselves any more. They like the fact that I know what I'm talking about, and also some of them feel safer because they're elderly women who live on their own and I'm a only a little girly!! 8)

There's not really a lot else I can add to the comments that have already been made, other than to say ...

Get a fantastic accountant!!!!!! (Saves time doing your tax return, costs a bit but I promise it's worth it for the amount of hassle saved!))

Make sure you keep up to date with your paperwork. (That's my downfall I will admit!! Lol!)

Always believe that you can make it on your own and keep the motivation that you start out with! (It took a couple of years to get my business going and viable, but now it's doing well.)

But, at the same time, don't kill yourself working too hard! I made that mistake when I first started, I was working six and a half days a week, all the daylight hours that God sends, and I finally had to admit that I couldn't cope with it any more. (I put a vertebrae out in my back, and broke my thumb ... lesson learned the hard way I think!! :oops: )

I will agree that having a bit of spare cash behind you, preferably enough to cover the bills for at least a few months, is a brill thing to have. It just means that there's a bit of back up if business is slow for a while. And also, when you get going properly, keep a sacred stash somewhere, that is only used for emergencies if you really REALLY need it.

Anyway, enough of my rambling ... if you do decide to go for it then .....

GOOD LUCK to you, and I wish you all the best!!! :wink:


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