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Discuss What made you make the jump to self employed in the Business Related area at ElectrciansForums.co.uk.

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  1. Lagentium
    Offline

    Lagentium Regular EF Member

    Location:
    West Yorkshire
    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
     
  2. Murdoch
    Offline

    Murdoch Electrician's Arms

    Location:
    Woking
    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
     
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  3. Matthewd29
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    Matthewd29 Regular EF Member

    Location:
    Belfast
    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
     
  4. Lagentium
    Offline

    Lagentium Regular EF Member

    Location:
    West Yorkshire
    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
     
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  5. Bob Geldoff1234
    Offline

    Bob Geldoff1234 Regular EF Member

    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.
     
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  6. buzzlightyear
    Offline

    buzzlightyear still kicking sand, before pushing up daisies . Electrician's Arms

    Location:
    star command
    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 .
     
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  7. Leesparkykent
    Offline

    Leesparkykent You Rock Gmes Staff Member Trusted Advisor

    Location:
    Kent
    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.
     
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  8. littlespark
    Offline

    littlespark Electrician's Arms

    Location:
    Scottish Borders
    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)
     
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  9. AJshep
    Offline

    AJshep Electrician's Arms

    Location:
    South East, England
    Business Name:
    Andrew Shepherd Electrics
    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.
     
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    Last edited: May 16, 2018
  10. Marvo
    Offline

    Marvo Gender Confused Staff Member

    Location:
    South Africa
    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.
     
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  11. Marvo
    Offline

    Marvo Gender Confused Staff Member

    Location:
    South Africa
    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.
     
  12. Andy78
    Offline

    Andy78 Trusted Advisor

    Location:
    Kingston upon Hull
    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.
     
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  13. Murdoch
    Offline

    Murdoch Electrician's Arms

    Location:
    Woking
    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 ....
     
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  14. buzzlightyear
    Offline

    buzzlightyear still kicking sand, before pushing up daisies . Electrician's Arms

    Location:
    star command
    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 .
     
  15. plugsandsparks
    Offline

    plugsandsparks Electrician's Arms

    Location:
    Chesterfield
    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.
     
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