Is it worth trying to go it alone?

[doug the rug]

Although I'm not yet in a position to really consider it yet (see my previous post), I've been wondering, in this current climate is it really worth the gamble to set up on your own? I don't, as yet, know just how competitive it is out there.

I'll be looking to work with a company initially, but the thought of having my own company is appealing.

Are there any folks here who have taken the plunge, and regretted it?

It's a big financial gamble, and I'm not a big gambler!

However, if there's anyone here who has taken the plunge and never looked back, how did you cope initially and what key rules do you think you've learned that you could pass on as advice?

cheers!

 

[ralph]

I am not an electrician, as I am only in my first year of training. I do have experience of running a small company; and I would suggest establishing a good cirle of contacts who can put regular work your way before taking the plunge. This is important as over a five year period five out of six business fail.

 

[TPES]

If you can get contacts lined up before you take the plunge you should be ok, it is very competitive out there with so many "sparks" prepared to undercut you, you just have to sell your self and give the customer the correct and right information to what they need. Customers trust me as I give them part P requirements with choices as to how to complete work and a EIC or MWC with every job, they can see I'm honest and not out to rob them, and this is what gets me recommended to others.

 

[ezzzekiel]

a lot depends on the type of person you are and how much money you need to make. when i first went self emp i didnt care and spent the first few months sitting around with the odd light to fit etc, even now there are spells of nothing and then all of a sudden youre rushingt around working 7 days to fit it all in - this is the way of self employment.

a lot has been said on the current climate and personally i cant say its made much difference - as busy now as ever i was, there is always someone requiring work done and the longer you stick with it the more established you become the more the phone will ring.

 

[BluSparx]

I took the plunge in June, however started with 2 jobs in June, 6 in July (3 through recommendation) and all of a sudden I am now fully booked 5 days a week upto middle of October.

A lot of this has come from recommendation, but also I will not give a quote over the phone - I advise the potential customer that to give a correct quote I need to see the job first. This allows me to build and instill trust in the customer and explain different options on how I can undertake the work for them.

I feel this personal touch of "Free Estimates" although I may only be with the customer for 15-30 minutes this allows the customer to get a feel of how trustworthy I am and then undertake the work. From this free estimate and site visit with the customer the longest I have gone from quoting to getting the job is 4 days most just book me there and then with the words "I spoke to 1 or 2 other people who just gave me a price over the phone and I wasn't happy" although my pricing is on par with what they were quoted only I have the advantage of the customer has already met me.

 

[kevyn]

Although I'm not yet in a position to really consider it yet (see my previous post), I've been wondering, in this current climate is it really worth the gamble to set up on your own? I don't, as yet, know just how competitive it is out there.

I'll be looking to work with a company initially, but the thought of having my own company is appealing.

Are there any folks here who have taken the plunge, and regretted it?

It's a big financial gamble, and I'm not a big gambler!

However, if there's anyone here who has taken the plunge and never looked back, how did you cope initially and what key rules do you think you've learned that you could pass on as advice?

cheers!

I took the plunge in april and as said in previous quotes you can have nothing to do for weeks then you get that much in you cant get round it all.
My advice to you would be research your market, find out how other firms in your area are doing (especially the sole traders), and find something you can offer that they cant.
Make as many contacts as you can as these have been an invaluble source of work for me. It also works both ways as I have recommended other tradesmen that I know (such as plumbers, joiners etc) and in return they have recommended me to their customers.
Advertising is not an area to scrimp on so turn everything you own into some form of advertising.
Go to your local business gateway (or equivalent) and take full advantage of their free advice and courses, these have also been invaluble.

Grab the work that comes in with both hands, leave a good job at a competitive price and the customers will soon start talking about you and spreading the word!

Hope this helps and good luck whichever way you go.