Starting a Business

It is quite a scarey thing to decide to go self employed with your own business. Especially if you have been a wage slave for a number of years. Even if my health allowed, I could not go back to working for an employer again. Me and so called managers do not very often see eye to eye. I have been employed as a manager as well. Didn't like it and got very stressed at times.

I would suggest that you do your best to hang onto your job as long as you can while trying to get things up and running in your spare time. Least that way you still have an income to fall back on if things go belly up. Most new business failures occur in the first 12 months of trading. Bad planning and under funding is the most common cause.

A good business plan is essential. Get someone else to look at it before you commit to anything costly or difficult to get out of. There are a lot of government backed agencies that can offer free help and advise. As someone else has mentioned, don't forget the tax man. He is ruthless and unforgiving.

Decide exactly what you want to do. Stick to what you are sure you can achieve in your first year. Expansion into other areas will cost you money and valuable time. So walk before you try to run. Being ambitious is great, but remember to make sure those customers you won at the start will need to be cared for as well as finding new ones.

Sadly you will find your enthusiasm is dented by red tape and financial costs for things like insurances that you will hopefully never need but are essential into todays compensation chasing society. Costs of essential equipment are quite frankly horrendous. Vehicles and tools are easily damaged or stolen.

Once you have a clear idea of what you want to do. Thoroughly check your local potential market and the existing suppliers. Be realistic about the competition and bear in mind that you will have to travel to customers land/premises. So your market is going to be on your doorstep.

It is a tough and hostile world you want to get into. Good luck with your plans. I hope it works out well for you.

Chopper.

 

As Lyn said if you really want to have a go DO IT :thumb:

 

All I will say is
NEVER get into a business you are not an expert in.
REMEMBER there is no salary at the end of the month. The only money going in there - EVER - is what you make yourself.
If you are SURE you can hack it - go for it.
Otherwise, collect your salary.
Best wishes for whatever decision you make.