is self employment worth it

[malcoa]

I'm an electrical engineer, hnc, 17th ed + inspection and testing certs with plc, vsd, control logic and bags of installation experience, however not much domestic. I hold a reasonable job that pays circa 35K p.a, i work 4 on 4 off and i'm thinking about going solo on the four off with the intention of becoming employed full time by myself, i had a go at solar pv but the wheels fell off the industry whilst on my first install , so yes i'm out of pocket on that one. I think i have the best of it as i'm guaranteed a weekly wage at the moment, whats your opinion. whats it like out there?

 

[alarm man]

at that wage and hours id stick with it..you will have to do a lot of work to earn 35k,never mind the holidays/sick pay/pension etc

 

[telectrix]

it may look from your position that the grass is greener on the other side, but take my word for it, it's f**king brown, as in sh*t.

 

[SPARTYKUS]

^^^^^agree.

 

[JL_Electrical]

I agree, us install lads would probably consider killing for your position. 5 years ago, it was a different story. Hopefully it will sort itself out but who knows? I hope it does because I have another 39 years minimum to go

 

[byrnie_2004]

yer man what JL said^ Fancy a swap? haha
serious don't do it atm, sounds like you have a great paid job with good hours and benefits

 

[malcoa]

Thanks for the advice guys, i know it is tough out there and i, like you hope things improve soon

 

[chelwood]

Assuming you have some kind of company sick pay in case you fall ill i would strongly advise against self-employment in this climate.35k is not to be sniffed at

 

[Big n Daft]

It takes a different type of person to run their own business and this is often not recognised. You are born to be self-employed or your not, my hunch is with your background the uncertain future would have an effect on life as you know it.
Stay put.

 

[jase]

i Have been working as a subby CIS and on the side scince march this year i have been doing my own thing, either at weekends, or taking days off here and there as and when my own work comes in, on average i have only had around 2 jobs a month and turned over around £7k scince april. And the CIS work has dryed up : {

 

[Marvo]

I would never recommend anybody going self employed without at least a basic business qualification. I know too many great tradesmen who don't make a decent living, they're very capable at their trade but they have no business savvy.

 

[malcoa]

i Have been working as a subby CIS and on the side scince march this year i have been doing my own thing, either at weekends, or taking days off here and there as and when my own work comes in, on average i have only had around 2 jobs a month and turned over around £7k scince april. And the CIS work has dryed up : {

Thats costructive jase, it's the sort of thing i was cosidering for now, i know i'm in a healthy situation in a stong company.

Thanks everyone for youe input, your advise hase been taken-i'll stay put for now but like jase, i may sow the seeds for the future, after all it wont do any harm if iremain in employment

 

[supasparxs]

I would agree with the masses here.
you need to spend alot of time to build up contacts to make £35K
in addition the hours you currently work are nothing compared to what you will have to work when starting a business.

If you are really keen to go it alone, you could start a Ltd company on the side and subcontract the work out.
That way you can still keep your current job and get others to get there hands dirty.

If you intend to do domestic works you will need to be Part "P" registered
do you have project to be assessed?

good luck, (but if I were you, I'd sit tight)

Richard