Starting up thoughts??

[logan1875]

Hi there first post so here goes,

I am a 17th edition qualified electrician served my time with my company who I have worked with for 7 years. We have just been put down to four day weeks and I really feel this is the time to branch out on my own and have a go at setting up my own company. I do the odd out of hours job but not enough to base my business on. Having a mortgage and bills to pay I realise this is a big step especially in the current climate.

I was just wanting to gauge general thoughts and experiences of other guys who have done this or thinking of doing it??

Any advice would be appreciated.

 

[wrighty]

currently thinking of doing it myself, i was made redundant in march and im currently on the agency, looking at throwing a few adverts out there and see what comes of it, doing work out of hours and on weekends to bring the money in,

 

[dellboy78]

I have also been toying with the idea for a while, and also was not sure whether the current climate would make it hard. I will watch this thread with interest! Good luck!

 

[Dan the spark]

It is a big, and nervy step. I done it last year after being with my old company for 13yrs. Wasn't something I done on a whim tho as like yourself had bills to pay and a family to support.
i started by getting in contact with a few builders and doing a bit for them while building up a bit of a diary with work for about a month in advance and then off I went.

 

[logan1875]

Thanks guys. I speak regularly to guys in wholesalers who say they have done the same recently and are doing really well etc etc But for everys one of these guys there are probably a few others who are struggling. The way I see it is if we can make a go of it in this climate then when the good times come back(eventually) we should be in a good position.

But I know it's gonna be very hard work!!!

 

[moospark]

Do both, don't give up what you've got. Your employer is spreading the joy and giving you what he can. Get some clients together, nearby university? Go for landords. Do weekends / evenings, If your boss can't find the work, how much better will you?

 

[i=p/u]

i do both and i dont have 2 mins to clean the windows anymore

 

[Clarkey65]

Whilst new to the forum i have been self employed now for just over a year and i am not looking back. It certainly is hard work but if you have the drive and determination and a little luck you should be fine. Good luck!

 

[Dannyspark]

To be honest it is really tough out there at the moment. I have been running properly now for about 3 months or so and things are really slow. I guess a lot of it will depend on where you are based.

One of the big problems I'm finding at the moment is that it is so cut throat at the moment and the margins are ridiculous. Some of the jobs I've priced for recently at what I feel is a cheap price I haven't got a look in. I'm based in Wiltshire and have been running a promotion for the past 5 weeks for replacement CU including parts, fitting, cert, etc. £350 and have only had one taker! That means in my area guys are doing this for less than that and I cannot believe they are making any money. When you take the parts out of it, which is aprox. £100 you are looking at £250 per day, then take off tax, NI, all of your business running costs and the amount I take home probably equates to about £120-130 per day. It's unlikely you'll be able to fit any other work in that day so your hourly rate is looking like £12-14! Now compare that with your hourly rate working for the other chap and see if it's worth the risk?

Not trying to put you off or anything, just want you to realise what you up against.

 

[logan1875]

Thanks guys I appreciate your input, lots to think about there. My working area is Edinburgh and fife. I think I will do a bit of advertising and gauge it from there. What do you find is the most effective way of generating business?