What made you make the jump to self employed

[Lagentium]

Would anyone care to share any straw that broke the camels back moments and what made you finally decide on making the jump to being self employed? Just so I can see how they compare to my thoughts!!

Cheers

 

[Octopus]

simply because I wanted to control my own destiny and not have some idiotic boss to contend with ...............

Its very hard for the first 2 to 3 years .......................... and the out of hours work is never ending

 

[MJPD29]

I am having the exact same thoughts as yourself, if love to do it but the gear is holding me back I think it' a great idea and then I remind myself of what could happen and suddenly staying at my job sounds better again

 

[Lagentium]

The only thing that worries me is providing for my wife and kids in the time it takes everything to get going properly, I've worked out 2 to 3 years like you say Murdoch, agree with the boss comment! Knowledge wise and graft wise I'm ready, it's just the fear factor

 

[Bob Geldoff1234]

If your afraid of going on your own then I would suggest putting some money in the bank regularly and build up a back up pile of cash while you have a steady job.I know it can be hard saving but when you do go self employed then at least you will have something to fall back on in the quiet times.

 

[buzzlightyear]

me running round like a F88KING donkey ,while my old bosses sat on their a**s ,that could not run a job ,never alone a tea party .

 

[Leesparkykent]

My boss went bankrupt due to living a champagne lifestyle on lemonade money. I took some of the little builders he worked for on and have grew the business to what it is today.

 

[littlespark]

I was always working for someone else, but in '98 I went to uni as a mature student of 24. Grad in '02 with a BSc hons in engineering but couldn't get a job. Continued working with my trade and settled back into stable job with wife/ kids/ mortgage etc.
'07 I was offered a management job with my father in laws business. I had just been made redundant, and his manager had retired. Being trained as his future replacement eventually. (with my wife and siblings being directors) Lucky break, thinking set for life, and let my gold card lapse.

2016 the sh*t hit the fan when my wifes mother had a brain haemorrhage and a family decision was made to sell the business.
I took the 17th ed course, new ECS quals and got my card back.
Started SE in Jan 17 when the company sold, taken as many tools and equipment I could (under instruction)

 

[AJshep]

I did it 4 weeks ago, I know how you feel I have 2 young kids (2 & 4).
My story is that I worked for someone for 20 years. The chap had other income and seemed to lose interest in the electrical buisness, it got so frustrating in the end because customers were contacting me asking me to chase up the boss. He stopped quoting and invoicing was slow. When regular customers started moving on to other contractors I realised I had to go, or I'd get binned eventually anyway.

I'm doing OK so far, it's only my 4th week and more and more people from my past have realised im now setup on my own. Im pricing multiple jobs for 4 different builders, ive got a couple of industrial units that I provide maintenance for and so far not had a day off.

My wife set up a Facebook page but it's proving to be a pain in the bum so far, I'm looking a silly jobs, and it seems most of these people don't want to spend the money, they seem to get everyone round and go for the cheapest quote, I'm not really into that, the 6 week wonders are welcome to these.

Fortunately I know alot of buisness owners and people in trades in my area, a I think that has helped me a bit but I have had to try and take everything that comes my way.

I'm finding it hard with my time at the moment, I find I'm spending a lot of time looking at jobs, it feels weird because I feel that I've not made any money some days, I think it's just because it's new to me. Im doing all my quotes in my evenings so don't get a great deal of time off.
I'm sure it will all settle down.

 

[Marvo]

If your afraid of going on your own then I would suggest putting some money in the bank regularly and build up a back up pile of cash while you have a steady job.I know it can be hard saving but when you do go self employed then at least you will have something to fall back on in the quiet times.

Putting 30-40% of our salary away in savings will be good practice for when you're self employed and have quiet months. If you find you can't survive doing this then don't go self employed until such a time comes when you can.

 

[Marvo]

me running round like a F88KING donkey ,while my old bosses sat on their a**s ,that could not run a job ,never alone a tea party .

It wouldn't worry me if I worked for a boss who knew stuff-all about the technical side of the job as long as he's a great business man I'd be happy.

 

[Andy78]

I went into it as a result of redundancy and a need to provide for my family. I was not very confident either in business or in doing my job. I was trained in commercial and industrial work and was forced into plying for domestic work, something I had never done, as a self employed sole trader.

I would echo that it took me a couple of years to see any financial benefit. But, I did not spend on marketing nor overstretch myself in terms of credit or financial investment. I opted for the slow burn.

6 years later I have more work than I need and can command my own prices without fail. I get most work by recommendation and have spent a total of £60 in 6 years on marketing.

You do need some capital behind you to start with or you will be forever chasing your own arse and be stressed out at the same time every month. I keep capital in the business account and it's a wise move. I can pay for materials upfront should a large job land in my lap, and I have recently had three weeks off due to an arm injury. My working capital paid for my time off.

You do need to be very laid back about the whole thing. My dad was very good at that. He ran a company for nearly three decades and was a fan of the "things work themselves out" philosophy.
Works for me too. One day I might earn £45. The next week I might be on ten times that per day all week. It doesn't really stress me as I like a simple life anyway.

I'd also like to say that this forum is an invaluable source of information so stick with it, I doubt I'd be as much of a success without the business advice of members here, both past and present. Thank you very much everyone.

 

[Octopus]

The key thing is to understand your fixed and variable overheads, then allow for them on your daily rate ....

I make sure I bill jobs in the month I buy any parts , this means I can see my gross profit per month.

I pay myself a salary, then at the end of each quarter, I buy tools and or pay myself a bonus .......

You are a business man first, a spark 2 nd

And very importantly SAVE each month for your tax and NI bills ..... I buy premium bonds so the money is out of reach, but accessible when I need it to pay my tax bills .... and yes I do win a prize from time to time ....

 

[buzzlightyear]

me my self love my self ,to all my buddying sparks ,one rule for me .all work and no play makes jack a dull boy .I go to a job I price the job up.
don't get it, move on .I was told by a old timer .don't dwell if you did not get it .

 

[plugsandsparks]

Gordon Brown tipped me over the edge. Was employee on good money but taking home less and less every year. I worked out i could take home the same and be SE without all the stress of corporate life.
In my 8th year and quite frankly should have done it 10 years before. I dont advertise, dont ask for referrals just have a small set of clients i look after very well. If a job is big i have a few SE contractors that help me out and are 100% - biggest challenge is switching off as there is always more work than time.

 

[PEG]

I worked out,that i needed to be not just steering the boat...i needed to be picking,crewing and captaining it,too.

I never accepted being given an order,as acceptance of that order's validity.

Also,i was fifteen years old,and it was just time...

 

[Marvo]

....You are a business man first, a spark 2 nd....

^^^ Couldn't agree more.

How good a sparky yoiu are will have very little bearing on how much money you earn if you're self employed. My best advice to anyone thinking of taking the plunge is to go do a business course first at nightschool.

 

[Martyn Fletcher]

I kind of agree with Marvo, except that perhaps doing a business course may not preclude your success or indeed any better understanding of wtf is going on sometimes. It certainly won't hurt but I would first suggest that you surround yourself with like minded people. If that means getting out and joining business breafasts and local business clubs, then do so, you won't regret it. I'm not a fan of the over priced and over hyped BNI, but there are other local breakfast clubs similar to BNI such as Bob Club or Effective Business Networking and they work out a lot cheaper (typically £10 -£30 per month) rather than the BNI's ridiculous £774 for the first year and £500 there after. Yes, I did join them with a previous business and no I did not renew.
You could also consider the federation of small businesses and the local Chambers of commerce as they are good and affordable sources of help, advice and contacts.

 

[Sachin109]

Having read all of your guys posts, it's clear that you are all grafters and really want to do well for yourselves. I'm curious to know if your own personal website that showcases your work would be a good idea?
I know a large majority of work comes from recommendations but with more and more customers looking online for plumbers I was thinking for the future it would be really useful. Let me know your thoughts

Sach

 

[Octopus]

Having a website is a double edged sword.

It's good for local people to see who you are

On the downside it can attract the bottom feeders who want something for nothing.

Having said that, you are daft not to have one these days

 

[Pete999]

Having read all of your guys posts, it's clear that you are all grafters and really want to do well for yourselves. I'm curious to know if your own personal website that showcases your work would be a good idea?
I know a large majority of work comes from recommendations but with more and more customers looking online for plumbers I was thinking for the future it would be really useful. Let me know your thoughts

Sach

In my case Sachin I never had much of a choice, work was plentiful, lots of Sub Contract electricians about, and to top it all I had just got Married, buying my first House and after 3 years my Wife was expecting, so the thought of extra pressure of being SE wasn't very appealing, I took the public sector way and never looked back really, still did the odd job on the QT but, not being in a scheme and all the rules and Regs that go along with that way was not for me, maybe not very helpful to you, but that is /was my short story.

 

[Sachin109]

In my case Sachin I never had much of a choice, work was plentiful, lots of Sub Contract electricians about, and to top it all I had just got Married, buying my first House and after 3 years my Wife was expecting, so the thought of extra pressure of being SE wasn't very appealing, I took the public sector way and never looked back really, still did the odd job on the QT but, not being in a scheme and all the rules and Regs that go along with that way was not for me, maybe not very helpful to you, but that is /was my short story.

No no makes sense! It's good to know what others think about the whole idea of it, so thank you for your story pal!

 

[Darkwood]

@Sachin109

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[JK-Electrical]

I took voluntary redundancy in 1982 and quit my job with the city council because I was bored out of skull traipsing round council estates in the east end of Glasgow all day doing mundane, mind-numbing, soul-destroying jobs such as changing broken lampholders, sockets and switches and replacing elements in storage heaters. I would surely have stagnated as an electrician had I not quit my job when I did.

So with several thousands of ratepayers cash stashed in the bank, I headed south to Blackpool in search of ̶w̶i̶l̶d̶ ̶n̶i̶g̶h̶t̶s̶ ̶o̶u̶t̶ ̶a̶n̶d̶ ̶la̶r̶g̶e̶-̶b̶r̶e̶a̶s̶t̶e̶d̶ ̶n̶y̶m̶p̶h̶o̶m̶a̶n̶i̶a̶c̶ ̶r̶o̶c̶k̶ ̶c̶h̶i̶c̶k̶s̶ ̶o̶f̶f̶e̶r̶i̶n̶g̶ ̶r̶e̶g̶u̶l̶a̶r̶ ̶c̶a̶s̶u̶a̶l̶ ̶s̶e̶x̶ work. Rather than look for a proper full-time job I began placing cards in shop windows and putting leaflets through doors and was pleasantly surprised to discover that I was able to generate 2-3 days of work each week doing small domestic jobs. I then began placing advertisments in the local evening newspaper which generated even more work. Within a year I was running a thriving small electrical contracting business employing myself and an electrician's mate. We were doing house rewires more than anything else. I did my first rewire aged 23 and felt an immense feeling of achievement and job satisfaction. I relished the freedom that I had to do things my own way. I stumbled into self-employment rather than having made any prior plans to this end.

Thirty-six years later, I'm still self-employed having returned to my native city and started a new business up here. If I could live my life over again, would I still make the same choice? You bet!!!

 

[alamski]

Sick and tired of working your balls off for companies only to be told by incompetent managers that its not good enough.

 

[Red Tony]

The flexibility of it as I have been on the books with companies and often felt I was in a 'rut'......
Going to the same places.... Doing the same jobs and working with the same ppl (some you might not get on with)!
As a cis contractor I'm able to apply for jobs whenever I want and often you get overtime or 10 hr days as they want men for a big push or at the end of a job.
The downside is it's sometimes hard making sure you have that next job lined up after current contract ends but touch wood I've worked for some decent gaffers who've gave me a heads up and had several weeks to contact agencies for graft.

 

[Welchyboy1]

for me I just don’t like being told what to do lol! I also got fed up waking up at 5am to drive to London, be stuck in traffic 5 hours a day, can’t park, get tickets, clamped, tools stolen and work on a shitty cold building site for peanuts Or having to work in a finished building with office staff but still have to wear hard hat goggles etc, and get home at 7:30pm if I’m lucky

I now never work further than about 10 miles from home and my alarm goes off at 7am, I’m back indoors by no later than 3-4 pm

And I would say that eventually your job security once fully established as self employed is much greater than that of somebody employed by a company.(I mean proper self employed not working for one or two companies through Cis)

if they get laid off, company goes bust, fall out with their boss, their unemployed.

I work for hundreds of different clients and businesses and if one or two goes bust or we fall out or they don’t pay, I have plenty of others still bringing work and money in

The risk is spread a lot thinner and the profits are better, you work for who you want and if you turn up on time, do a good job and generally get on with people then you should always have plenty of work!

as long as you have your health and can physically work, so look after yourself!

 

[HappyHippyDad]

As others have said, I like being in control of my life, or rather having more control than when you are employed. You work harder when you are self employed, but absolutely every single thing you do is for your own business, it directly benefits you. I take far more pride in my work now and have so much more satisfaction in my work and that is after 7 or 8 years of being self employed, so it's not just a fleeting feeling.

Of course it may not suit everyone, but the only way you'll find out is to give it a go for a few years.

 

[baldelectrician]

I was forced in to self employment -
I was working for a contractor PAYE and he turned around one day and told all of us he was paying too much tax and NI and we were all going self employed

After going SE with him I quickly realised that I would make more on my own.
I was wiring heating systems for him and getting £60 per install (in 2003), making about £600 per week before tax

I put an ad in the local paper (cost £70) and realised that there was work out there and went (within 3 weeks) from doing 10 jobs a week for him to nil.

He had the cheek to ask me to come back 2 a month later and I told him thanks but no thanks.

I now have my son (who is 21) and about to finish his apprenticeship and like working for myself

I don't make big bucks but the work suits my family work life

 

[Mike Johnson]

Best advice I can give is dedicate at least one day per month for marketing, invoicing and billing, sometimes you can be too busy working to find work and another day per month to play Golf, my first project after going self employed came to me on the golf course.

 

[telectrix]

in 1975 i was earning a wage of £24/week. i was made redundant, so went self-employed setting as call-out charge of £10. suddenly i was then earning over £150/week after expenses.

 

[JBW175]

For me, it was finding something I’d enjoy doing after I left the Army. I’d always planned on going on the Super Yachts but the Mrs didn’t want me going away for long periods of time, so I had to have a rethink.

I’d worked on large 3P marine installations for the majority of my career, so making the switch over to an electrician working shore side seemed a logical thing to do.

I also didn’t fancy having to answer to anyone after I left the mob, and My dad had always been self employed (wood butcher), so the freedom it brings appealed to me.

 

[Steviec1]

I did it 4 weeks ago, I know how you feel I have 2 young kids (2 & 4).
My story is that I worked for someone for 20 years. The chap had other income and seemed to lose interest in the electrical buisness, it got so frustrating in the end because customers were contacting me asking me to chase up the boss. He stopped quoting and invoicing was slow. When regular customers started moving on to other contractors I realised I had to go, or I'd get binned eventually anyway.

I'm doing OK so far, it's only my 4th week and more and more people from my past have realised im now setup on my own. Im pricing multiple jobs for 4 different builders, ive got a couple of industrial units that I provide maintenance for and so far not had a day off.

My wife set up a Facebook page but it's proving to be a pain in the bum so far, I'm looking a silly jobs, and it seems most of these people don't want to spend the money, they seem to get everyone round and go for the cheapest quote, I'm not really into that, the 6 week wonders are welcome to these.

Fortunately I know alot of buisness owners and people in trades in my area, a I think that has helped me a bit but I have had to try and take everything that comes my way.

I'm finding it hard with my time at the moment, I find I'm spending a lot of time looking at jobs, it feels weird because I feel that I've not made any money some days, I think it's just because it's new to me. Im doing all my quotes in my evenings so don't get a great deal of time off.
I'm sure it will all settle down.

I set up on my own in 1988 I had 2 young daughters and a mortgage. I also had workers hard for gaffers that couldn't organise a drink in a brewery.
Worked on panel building and installation on car plants, steel works, automation processing.
Gained degree in electrical engineering in 1992. I then added control panel design to my abilities.
I carried out turnkey projects on many different process systems. Design, build installation and commissioning all over the world.
Moved into them park work in 2010.
Its a great life, but you have to be good at running a business as well as being good at the trade, get a good accountant too!!

 

[Mike Johnson]

Isn't it amazing how many boss's are incompetent according to the people working for them, so incompetent they run a business, are awarded contracts and employ others to do the work. ?

 

[JBW175]

Isn't it amazing how many boss's are incompetent according to the people working for them, so incompetent they run a business, are awarded contracts and employ others to do it. ?

They may well be good at running a business but rubbish at managing their employees.

 

[Mike Johnson]

Why do so many employees need managing?

 

[pc1966]

Why do so many employees need managing?

Many don't, but the boss seems to think they do...

 

[Mike Johnson]

Its been my experience that the many do, most boss's end up being marriage councillors, financial advisors and have to micro manage some of their employee's whilst still trying to organise a drink in a brewery and run the business.

 

[AJshep]

Its been my experience that the many do, most boss's end up being marriage councillors, financial advisors and have to micro manage some of their employee's whilst still trying to organise a drink in a brewery and run the business.

My old boss was very good at running a buisness, he ran a successful business for year's. He just lost interest and towards the end.

 

[Mike Johnson]

Burnt out and tired.

 

[Zerax]

The two biggest problems with every business are customers and staff... if you could get rid of these... they'd run alot smoother...

 

[Dustydazzler]

Pay rates simple as that really

last company I worked for as a contracted sparks 40 hour week contract £30,000 pa inc company vehicle + tester etc (20 days paid holiday)

self deployed normal rate £300-400 per day , 5 day week using lower estimate £1500 a week. 6 k a month , £72 k a year

 

[Mike Johnson]

Double post.

 

[Mike Johnson]

The two biggest problems with every business are customers and staff... if you could get rid of these... they'd run alot smoother...

And the problems with most customer's are usually caused by the staff.