Wetroom Store - Network Wetroom Suppliers
This official sponsor may provide discounts for members

Discuss What made you make the jump to self employed in the Business Related area at ElectriciansForums.net

Welcome to ElectriciansForums.net - The American Electrical Advice Forum
Head straight to the main forums to chat by click here:  American Electrical Advice Forum

Would anyone care to share any straw that broke the camels back moments and what made you finally decide on making the jump to being self employed? Just so I can see how they compare to my thoughts!!

Cheers
 

Matthewd29

-
Esteemed
Arms
I am having the exact same thoughts as yourself, if love to do it but the gear is holding me back I think it' a great idea and then I remind myself of what could happen and suddenly staying at my job sounds better again
 
The only thing that worries me is providing for my wife and kids in the time it takes everything to get going properly, I've worked out 2 to 3 years like you say Murdoch, agree with the boss comment! Knowledge wise and graft wise I'm ready, it's just the fear factor
 

littlespark

-
Esteemed
Arms
I was always working for someone else, but in '98 I went to uni as a mature student of 24. Grad in '02 with a BSc hons in engineering but couldn't get a job. Continued working with my trade and settled back into stable job with wife/ kids/ mortgage etc.
'07 I was offered a management job with my father in laws business. I had just been made redundant, and his manager had retired. Being trained as his future replacement eventually. (with my wife and siblings being directors) Lucky break, thinking set for life, and let my gold card lapse.

2016 the sh*t hit the fan when my wifes mother had a brain haemorrhage and a family decision was made to sell the business.
I took the 17th ed course, new ECS quals and got my card back.
Started SE in Jan 17 when the company sold, taken as many tools and equipment I could (under instruction)
 

AJshep

-
Esteemed
Arms
I did it 4 weeks ago, I know how you feel I have 2 young kids (2 & 4).
My story is that I worked for someone for 20 years. The chap had other income and seemed to lose interest in the electrical buisness, it got so frustrating in the end because customers were contacting me asking me to chase up the boss. He stopped quoting and invoicing was slow. When regular customers started moving on to other contractors I realised I had to go, or I'd get binned eventually anyway.

I'm doing OK so far, it's only my 4th week and more and more people from my past have realised im now setup on my own. Im pricing multiple jobs for 4 different builders, ive got a couple of industrial units that I provide maintenance for and so far not had a day off.

My wife set up a Facebook page but it's proving to be a pain in the bum so far, I'm looking a silly jobs, and it seems most of these people don't want to spend the money, they seem to get everyone round and go for the cheapest quote, I'm not really into that, the 6 week wonders are welcome to these.

Fortunately I know alot of buisness owners and people in trades in my area, a I think that has helped me a bit but I have had to try and take everything that comes my way.

I'm finding it hard with my time at the moment, I find I'm spending a lot of time looking at jobs, it feels weird because I feel that I've not made any money some days, I think it's just because it's new to me. Im doing all my quotes in my evenings so don't get a great deal of time off.
I'm sure it will all settle down.
 
Last edited:

Marvo

-
Staff member
Mentor
Esteemed
Arms
If your afraid of going on your own then I would suggest putting some money in the bank regularly and build up a back up pile of cash while you have a steady job.I know it can be hard saving but when you do go self employed then at least you will have something to fall back on in the quiet times.
Putting 30-40% of our salary away in savings will be good practice for when you're self employed and have quiet months. If you find you can't survive doing this then don't go self employed until such a time comes when you can.
 

Marvo

-
Staff member
Mentor
Esteemed
Arms
me running round like a F88KING donkey ,while my old bosses sat on their a**s ,that could not run a job ,never alone a tea party .
It wouldn't worry me if I worked for a boss who knew stuff-all about the technical side of the job as long as he's a great business man I'd be happy.
 

Andy78

-
Mentor
Esteemed
Arms
I went into it as a result of redundancy and a need to provide for my family. I was not very confident either in business or in doing my job. I was trained in commercial and industrial work and was forced into plying for domestic work, something I had never done, as a self employed sole trader.

I would echo that it took me a couple of years to see any financial benefit. But, I did not spend on marketing nor overstretch myself in terms of credit or financial investment. I opted for the slow burn.

6 years later I have more work than I need and can command my own prices without fail. I get most work by recommendation and have spent a total of £60 in 6 years on marketing.

You do need some capital behind you to start with or you will be forever chasing your own arse and be stressed out at the same time every month. I keep capital in the business account and it's a wise move. I can pay for materials upfront should a large job land in my lap, and I have recently had three weeks off due to an arm injury. My working capital paid for my time off.

You do need to be very laid back about the whole thing. My dad was very good at that. He ran a company for nearly three decades and was a fan of the "things work themselves out" philosophy.
Works for me too. One day I might earn £45. The next week I might be on ten times that per day all week. It doesn't really stress me as I like a simple life anyway.

I'd also like to say that this forum is an invaluable source of information so stick with it, I doubt I'd be as much of a success without the business advice of members here, both past and present. Thank you very much everyone.
 

Reply to What made you make the jump to self employed in the Business Related area at ElectriciansForums.net

Top