Discuss self employment in the Business Related area at ElectriciansForums.net

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Hi there,

I am currently nearing the end of my apprenticeship and I am starting to think about different routes I can go down once I'm "qualified". Obviously one option is to work for myself which does sound appealing, however I'm aware it isn't as straightforward as some people make out.... ?.

So I was wondering what would I need to do to become self employed? What schemes do I need to sign up to, what insurances do I need, guides to pricing work etc. if someone could make a brief list of what I need to research, that would really help as I'm struggling to find a starting point. Alternatively, if there is already a thread or a website that can help that would be very appreciated as I feel like I'm looking into a bit of an abyss atm ?

TIA

(My apprenticeship will give me my 5357,18th edition, T&I)
 
For starters, I would start by learning and gaining experience before starting up on your own.
An apprenticeship is quite like a driving licence.....once you've passed, you begin to learn about the road ahead.

Would you begin learning how to swim at the shallow end or the deep?
 
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The first question to ask yourself is do you have enough experience and competency to design, plan and install electrical installations of all the variations possible and in different types of properties.
The above includes working on your own without any supervision or back up.
Searching the Internet or asking questions on forums should also not be factored in as the day you need it the most the Internet will be down or the forum will be down or your phone wwill be broken.
 
First things First , you have to be a good business person to be a successful self deployed tradesperson

Only 50% of being a self employed sparks is actually pulling in wires , the other 50% is knowing how to run a business

In my experience it takes a solid 2 or 3 years of being self employed before you really find your feet and start making proper money

My first 2-3 years I was rushing round like a mad man , working 7 days a week and earning little money each month because my pricing was way too cheap. I didn;t realise this for 2 years until I started asking other sparks what they charged and suddenly found out I was 50% cheaper than everyone else

Prices went up , work remained steady but no longer mental busy which was far better for my health
 
Remember admin takes time , doing quotes takes time , going to the wholesalers 5 times a week takes your time , the van eats money , insurances , scams , accountants all eat your profit

Then the dreaded tax man eats his pound of flesh each year
 
It can be hard work and takes a certain sort of mentality to go self employed! But it is well worth it I think, couldn't do anything else now and definitely wouldn't want to have a boss telling me what to do! If your starting from scratch it can take a while to find good customers and contracts but perseverance is the key!
Good luck!!
 
personally, i'd recommend sticking with employment for a while. get the practical experience under your belt. then research the self=employed option, maybe do a few homers while still employed. when the private work starts to build up, go for it.
 
Remember admin takes time , doing quotes takes time , going to the wholesalers 5 times a week takes your time , the van eats money , insurances , scams , accountants all eat your profit

Then the dreaded tax man eats his pound of flesh each year
This ^

If you do go alone you have to be charging something like double what you think to make ends meet. So think of a reasonable salary, then double that and divide by your probable working time (say typical 35 hours per week, 48 weeks per year) to get an approximate hourly rate to allow for all of those overheads.

You might end up doing much better, or you might find it is too high for your current area/experience/reputation so adjust as needed. But remember to look after your own health and well-being.
 

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