Starting own business

[Cbuk2k2]

I think going self employed is like having kids or buying a first house. You never really feel ready to do it and its normal to be nervous but once you get on with it you wonder what all the fuss is about.

You know best how much you've learned during your training, if a mentor has done their job well the student should be pretty well up to speed after. It makes it difficult to say what the right number of years is.

 

[Dustydazzler]

The hardest thing I found was doing my first self assessment tax return

Give me a grotty dirty rewire anyday over doing the accounts

 

[Risteard]

I was about 8 years from starting my apprenticeship to leaving that company to go self employed. They kept using me as a subcontractor for a while, didn't have much choice as I was the QS for their niceic registration.

I didn't think a QS could be a subby. I thought it had to be an employee - and perhaps a full-time one at that.

 

[Roberts7286]

There will always be things you don’t know , of haven’t come across before even after 10+ years in the tools.
But usually 99% of the time you can get round it or research it enough to get the job done.

I guess so. Cheers

 

[Cbuk2k2]

The hardest thing I found was doing my first self assessment tax return

Give me a grotty dirty rewire anyday over doing the accounts

Agree there is a lot of stuff like accounts, websites/marketing, insurance, H&S, budgeting, quoting that you might not of had much involvement with in a craft role.

I took the hit and paid for a lot of it, I decided to focus on the bit I was good at and learn the other bits as quickly as I could. Even today I pay an accountant, it's just not worth the amount of time company, personal, VAT, payroll etc take for me to do.

@Roberts7286 don't be put off, there is good demand for skilled people. Its a lot more rewarding when its your empire your building and not someone else's.

 

[Roberts7286]

I think going self employed is like having kids or buying a first house. You never really feel ready to do it and its normal to be nervous but once you get on with it you wonder what all the fuss is about.

You know best how much you've learned during your training, if a mentor has done their job well the student should be pretty well up to speed after. It makes it difficult to say what the right number of years is.

I've had some good mentors and I've deliberately moved companies a couple of times to give my self a broad range of knowledge. Just need the self belief to give it a go.

I've got 2 kids and another on the way so I can definitely relate!!

 

[Cbuk2k2]

I've had some good mentors and I've deliberately moved companies a couple of times to give my self a broad range of knowledge. Just need the self belief to give it a go.

I've got 2 kids and another on the way so I can definitely relate!!

Congratulations on the new nipper

If you're doing it by choice try and get a bit of a war chest saved up, if you've got enough to scrape by for 3 or even 6 months saved up you stand a much better chance of making it and it's a lot easier, even after 10+ years I try to keep to this.

You need to get buy in from your Mrs too, needs to be a project your both onboard with. It's a risk for your whole family and in my first year I worked every waking hour to pull it all together.

If you have a family/home/car etc, it would be worth looking at running your buisness as a LTD company and not sole trader IMHO.

Good luck with it all

 

[Roberts7286]

Congratulations on the new nipper

If you're doing it by choice try and get a bit of a war chest saved up, if you've got enough to scrape by for 3 or even 6 months saved up you stand a much better chance of making it and it's a lot easier, even after 10+ years I try to keep to this.

You need to get buy in from your Mrs too, needs to be a project your both onboard with. It's a risk for your whole family and in my first year I worked every waking hour to pull it all together.

If you have a family/home/car etc, it would be worth looking at running your buisness as a LTD company and not sole trader IMHO.

Good luck with it all

Thanks. I'm thinking of subbying/agency to start off with whilst picking up my own jobs. The Mrs is on board and we both appreciate the risks involved but I've always been very good with money and will certainly build up an emergency fund.

 

[Andy78]

I came to the game late, but had about 5 years experience on site including my training years when I set up my own business due to redundancy. I'm 8 years into that now and continued my training to get what I wanted under my belt.

A broad range of knowledge is definitely needed for self employment including a good fault finding mind and set of techniques. I had to ask for lots of help when I started out but I'm pretty well rounded these days although always still learning.

Subcontracting to agencies sounds a good idea to start off if cash flow needs to be up and running straight away. You'll have to work harder to fit your private jobs in around that, but some people I know stick solely to subbying and make a good living at that. Horses for courses, but I stick solely to my own work as it suits my lifestyle better.

I can't recommend this forum highly enough for knowledge. I joined when I too was starting out on my own and it was invaluable to me. The crowd has changed since back then and a few members are sorely missed but it's still a great place for research without the BS you get in other corners of the web.

 

[davesparks]

I didn't think a QS could be a subby. I thought it had to be an employee - and perhaps a full-time one at that.

Yes, but when the QS quits their job the niceic can take many months to process a change to another QS. Especially at that time when there seemed to be masive waiting lists for an assessment visit.