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Would love to hear from anyone who is or was self employed.

Am looking at starting out on my own in the new year. Currently employed approved electrician large company do mostly testing for about 2 years.
I am in the fortunate position that I have a sensible mortgage and a few thousand behind me incase it goes quiet.
I'm hoping to to start on my own to make work more flexible to fit in around having three young children making it more possible for my wife to fit a part time job in. And spend less time at work if it goes well. Currently average 45 hours sometimes weekends on top.
My intention is to get in with a few letting agents doing testing and repairs etc mostly whilst still doing all the expected things an extension kitchen etc. Had a mate who said he was doing tests for one letting agent at £200 a go. Could easily test for a bit less than that and make good money per test. Seems to be a bit of a gap in the market. I know that it's been really busy around here and a bit of a skills shortage so maybe not enough self employed sparks doing little jobs and domestic stuff?
What do you think?
Also I could do agency if it's quiet although I have only ever worked for this company. Any advice about agency side of things and taking the plunge and starting up?
 
Would love to hear from anyone who is or was self employed.

Am looking at starting out on my own in the new year. Currently employed approved electrician large company do mostly testing for about 2 years.
I am in the fortunate position that I have a sensible mortgage and a few thousand behind me incase it goes quiet.
I'm hoping to to start on my own to make work more flexible to fit in around having three young children making it more possible for my wife to fit a part time job in. And spend less time at work if it goes well. Currently average 45 hours sometimes weekends on top.
My intention is to get in with a few letting agents doing testing and repairs etc mostly whilst still doing all the expected things an extension kitchen etc. Had a mate who said he was doing tests for one letting agent at £200 a go. Could easily test for a bit less than that and make good money per test. Seems to be a bit of a gap in the market. I know that it's been really busy around here and a bit of a skills shortage so maybe not enough self employed sparks doing little jobs and domestic stuff?
What do you think?
Also I could do agency if it's quiet although I have only ever worked for this company. Any advice about agency side of things and taking the plunge and starting up?
My 1 and only experience of Agency was not a happy one, had to take out a CCJ to get paid, only got half of what I was owed, not saying they are all like that, just be wary.
 
I would steer clear of letting agents, alot invoice you for the work they "give" you, I have two invoice me for 10% plus vat so you can see why it needs to be £200
 
an electrician, a joiner and an estate agent were in a boat that capsized in shark infested waters. the first to be eaten by a shark was the joiner, closely followed by the electrician.

the estate agent was unharmed and swam to shore.

local residents asked the police chief why the estate agent had been spared by the sharks.

"professional courtesy", replied the police chief.
 
If you go out on your own you will work a lot more than 45 hrs a week me thinks. What are your 'in-work benefits'? i.e. van, holiday pay, pension, sick pay etc..?

I have worked for several agencies and never had a problem being paid. With agency work though, they want regular reliable workers, and they get preference. They don't want pickers and choosers. Don't think that you'll be able to say 'yeah I'll work 3 days this week and have next week off, then I want 2 full weeks, 'cos agencies supply workers for big jobs with lots of labour and they only earn money when their guys are on site, so you will get looked over in favour of the guy that will work 50 hours a week, 50 weeks a year.
 
All good points.
I assumed agency work would be a case of being full time at whatever hours they need you for whilst on agency and if I was using agency work to fill in it would probably have to be a month at a time at least. But if I couldn't commit a month plus to the agency doing my bits in spare time then I wouldn't need to be doing agency.
Regards to currents benefits I'd loose, have company van fuel card however it's got tracker so literally just company travel, pension, sick pay and holiday all a little above average. It's not a bad employer and it's what's making me doubt whether I should go or not. But the hours are quite variable and means missus can't work without getting childcare which is as much as she could earn per hour.
I'd be willing to earn about £10k less per year if I'm honest.
 
All good points.
I assumed agency work would be a case of being full time at whatever hours they need you for whilst on agency and if I was using agency work to fill in it would probably have to be a month at a time at least. But if I couldn't commit a month plus to the agency doing my bits in spare time then I wouldn't need to be doing agency.
Regards to currents benefits I'd loose, have company van fuel card however it's got tracker so literally just company travel, pension, sick pay and holiday all a little above average. It's not a bad employer and it's what's making me doubt whether I should go or not. But the hours are quite variable and means missus can't work without getting childcare which is as much as she could earn per hour.
I'd be willing to earn about £10k less per year if I'm honest.
 
Tbh, you need to think long & hard about going SE when the job you presently have appears to be well paid & reasonably secure ( and you appear to enjoy it!). People simply don't appreciate the relative luxury of being on the books, the regular pay cheque, paid hols & sick leave etc. Unless the work/conditions are poor, then going SE is not a walk in the park.
Now that warning is coming from someone who was cards in for years and now runs his own company. I've no regrets, but it's hard work with long hours!
 
Naive, no. Sounds like a plan. Three kids and a mortgage hmmmm. Sounds like a daring plan. No doubt about it sometimes you hit a dry patch and hopefully you can ride it. Could you not look for a job with less hours and no w/e work. That would allow you to do a bit of p/t work s/e and gradually build up before you weigh anchor and set sail? I think in your position you have to have a plan A and a plan B with possibly a plan C. There is a lot riding on you. I gather your children must be young as most mothers can work part time when the kids are in school, no? Do not want to sound pessimistic, just caution. Think about what @polo1 is saying.
 
Polo1 I think your assement of my current employment is pretty accurate. Although things aren't as good as they used to be and van trackers have started being checked etc, it's not a bad job.
I was thinking of a job with less hours etc but part time electrical work seems pretty rare. Fortunately the work my employer does is all big clients industrial type so I can quietly set up on the side rather than just jump straight in. Short term it's the opposite of what I'm trying to achieve but I'm thinking of the longer term.
Yeah all young kids, 4.5, 2.5, and one month. And wife would struggle I think to find a job that fitted perfectly with school hours I think which is where the flexibility of working for myself would pay off.
 
Vortigern yeah definitely a ballsy move, not sure if I have definitely got big enough to do it. But sometimes don't see my children more than 4 hours from Friday afternoon to Monday afternoon. And whilst that is the more extreme scenario it happens from time to time.
Plan A is my own business work whatever it turns out to be. Have quite large family and spread out network around me so should have a good few contacts to start off making a name.
Plan b is agency work for large dry spells or even just working more 6 months on 6 months off type arrangement is plan a really doesn't pan out.
Plan c is spend my savings then try get a job back on the books when they get low...
I reckon I could get back on where I am at some point if I'm patient, I think I'd be leaving on reasonable terms with some thinking highly of the work I've done here, a few people have left and come back a few years down the road.
 

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