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hi everyone.
been working for firms for a while now and had enough so thinking of going on my own, i am already registered etc so do a few privates etc, just any good advice before i jump in.
thanks in advance terry
 
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As above make hay while the sun shines and keep a cash reserve for those quiet week.
really good money to be made doing domestics , most one man bands in my area charge £40-60p/h
 

darkwood

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Get cover, remember you don't get sick pay so anything that takes you out of work is a financial hit, also you don't get holiday pay like you would if employed, again keep reserves and if you can team up with another sparky where as you can cover each others backs for when you are away etc ...

Running your own company may sound attractive but it can double the time you have to put in with little extra to show for it, book-keeping, ordering gear, sorting all the mistakes out they make etc etc... if you have a family then have a discussion with them first, this can effect the time you all spend together, if you think you get stressed by been employed then expect that to be worse on your own.

I set up 10yrs ago and still question if it was the right decision, yes I am my own boss but it is the things you are constantly worrying about and time you have to put in unpaid that can take you by surprise.

I would say that your customer base can mean different problems, I do industrial big firms so trying to get paid within 30 days is an issue as many pay between 60-90 days and cash flow can take you out in months where as not making a big profit or even having a small loss will usually take a yr + to sink you.

If you are working for companies where large amounts of money may be owed to you then take cover for them going under, I have had 4 companies now go under on me and it hits your pocket hard, you end up been the last on the list to get anything back and 99% of the time the money ran out paying the banks and solicitors fees off for that company.

I may sound like a its all doom and gloom but of course it has plenty of benefits too but it is the negatives you need to hear about....Oh and you get taxed harder especially with NI where you have to pay class 4 as well as 2 and that can hit your wallet if you are not expecting it.
 
Good post

We often get sold the positives for going self deployed

But there are plenty risks and pitfalls

Non payments are a pain , time off injured or sick , stolen gear can be annoying etc

My wife is self employed and injured her foot for just before Christmas meaning she couldn’t work for 2 months.
It took nearly 6 months to get her insurance to pay out to cover loss of earnings.
Thankfully we had enough reserves to manage but if we didn’t have savings we probably would have been in deep sh!t
 

Gavin John Hyde

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It is a risk what ever you do in life, I am fortunate in that when I went self employed I didnt have the commitments of children, a big house etc..
I also had a very nice nest egg saved from when I left the forces following a medical discharge.
It is not easy, as others have said, the admin can almost be a second job in its own right. A good accounting package is a must (quickbooks or others, get a good accountant too, I can recommend one if you are looking, she covers all the UK and works via email, video calls etc - shes affordable too)
You need a pot of money to get going and its surprising the overheads you have that you dont think of initially, In the early days, it seemed as soon as it came in the money went back out on equipment or tools etc.
Insurances. vehicle, Public Liability, Professional Indemnity, Sickness/Injury etc
Scheme memberships.
you need to put a bit away as a rainy day fund for van repairs etc.
Think of your advertising too, how will you bring work in?
In the early days; I questioned my decision, my physical health meant though I needed the flexibility of being my own boss and its now starting to pay off, I am seeing decent money come in with regular good jobs that fill the diary and am now booked up until late August.
Good luck.
 
I have recently taken the plunge into the unknown, purely through getting shafted by agencies. I decided that this is wanted as I have always had a rapport with customers and people in general, I knew that wouldn't be problem. It's having a business brain and in particular being organised in that department that's my Achilles heel. Thankfully I have a wife who works in the accounts department of a company, so she does my books. But it's like today no work and this can be a regular occurance. Tonight I'm pricing up a job for a potential install. I'm determined to make it work as I'm not a spring chicken anymore because 1969 means a lot to me as I believe it does to you.
 
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