Working for the self.

[DrinGONatoR]

Hello all.

I’m hoping that there’s some good guys on here that could give me some help and advice.

I’ve always worked for companies before and I’m really debating on working for myself. I know the first thing I need to do is speak with HMRC and then get insurance. Obviously a van and a tester but not sure on how I go about it.

I’ve got my dad telling me I’d be making a mistake and if I’d listened to him I’d still be sitting in a retirement lodge doing emergency lighting tests.

Any help is appreciated

 

[James]

You don’t say what you are intending to do, other than work for yourself.

depending on the type of work and place you intend to do it , you may need certain qualifications or registration with a scheme to provide part p notifications.

if you do decide to go out on your own, you may be able to start whilst still working for your current employer.
evenings, weekends, even during paid holiday from the main job.

do you have a list of contacts that are likely to feed you work to get you started?

, if you have the right work ethics and the market is not already full of people pushing the price to rock bottom in your local area, you will succeed

there will be times at the start when you look at the empty diary for next week and think oh ”duck” what have I done but if you are good at what you do, the work will come to you eventually and you won’t have to be chasing it.

 

[LukeD]

Rule one .Dont work for free or be cheap . Thats a race to the bottom

 

[Dustydazzler]

As above

RULE NUMBER ONE when working as a Sole Trader is you set out your pricing policy and you STICK TO IT.

as I guarantee when you are self employed as a sparks / plumber / builder etc you will get all sorts of family and friends come out of the wood work saying can you do this job or that job for 'Cheap Mates Rates'.... DONT DO IT

HMRC is easy just set up as a sole trader and do a years self assessment return , you will need some sort of PL insurance and possibly Scam registration if you plan on doing Domestics. all pretty basic stuff

But I reiterate Rule ONE is the most important rule

 

[James]

Absolutely, I don’t mind helping a family member for an evening or a Saturday when they are doing some DIY and need some help with sparking etc.

I don’t charge family for that ever. If they want to hand me a thank you gift then that’s fine.

any work carried out during normal working hours is charged at normal rate, I will not discount my normal rate for family or friends during the time I could be out earning it elsewhere at full rate.

 

[Intoelectrics]

Absolutely, I don’t mind helping a family member for an evening or a Saturday when they are doing some DIY and need some help with sparking etc.

I don’t charge family for that ever. If they want to hand me a thank you gift then that’s fine.

any work carried out during normal working hours is charged at normal rate, I will not discount my normal rate for family or friends during the time I could be out earning it elsewhere at full rate.

Agreed,

I fell into this trap many years ago and still paying the price even today! I still get phone calls from family members I don't even have normal contact with for years who expect me to drop what I'm doing and go help them out (usually to save them a few quid).

These days I remind them that my job is my income, and ask if they would be prepared to do their job for free? let alone give up their time.

@ OP
Bottom line don't let people take the p**s especially friends and family. Help them when they are in actual real need, not just to do them a favour by saving a few quid.

Other than that, being self-employed can be stressful but also successful. There are pro's & cons that you should way up to work out which option suits you. There is always the option to try it out for a while and if it doesn't suit you or work out go back cards in. The experience of running your own business is a good reference for future employed jobs it shows you have aptitude.

 

[Dustydazzler]

Also remember you get no holiday pay , no sick pay and no pay if you are sat at home or sat driving around traffic.
So your hourly rate has to reflect all this and you must charge enough to cover lost time and down time.
Both myself and wife are self employed and have been for well over 15 years now and I have a saying , if we are both sat at home then we aren't earning anything. You need to be motivated and be out there hustling for work each and every week.