Self employed or not ?

[FISH]

Hi,
I've recently been made redundant. Im looking into either going self employed or starting up on my own.
I've been told to go as a sole trader rather than ltd company.
Does anyone have any advice ?
Im not sure of pay rates etc.

Hope you can help

Paul.

 

[Octopus]

Best you peruse the business section on here as there is loads of advice.

SE status is easier then you could convert to Ltd.

 

[Midwest]

Have you got a steady source of work?

 

[Rpa07]

Search the archives as it has tons of advice and it'll keep you busy and off of drugs - idle thumbs and all that!

 

[Marvo]

Surviving as self employed has got very little to do with how good a sparky you are and a lot to do with how much business acumen you have.

If you're thinking about going self employed I'd suggest you should do a small business course at your local college.

 

[Octopus]

The basics to working out your rates:

Add up ALL your estimated overheads (for me its around £6K per year for the last 6 years)
Decide on the minimum income you need before tax

Add the 2 lines above together:

Then divide by 220 (the number of days you aim to work 7.5 hours)
Then divide by 7.5
Equals your hourly rate

BUT remember years 1 -3 will be tough, and there are no pay days for sick, holiday or pension contributions

PLUS you will need to set aside time to deal with enquiries, paperwork, invoicing, scam assessment days, warranty calls and call backs....

 

[7029 dave]

Surviving as self employed has got very little to do with how good a sparky you are and a lot to do with how much business acumen you have.

If you're thinking about going self employed I'd suggest you should do a small business course at your local college.

I totally agree, seen some rough ole boys in my time, but very good business people.