Honest_Man#1 Posted April 10, 2018 Share Posted April 10, 2018 I’m fairly sure @Granny Danger has mentioned owning his own business on here before. I like the idea of not working for a company that couldn’t give a f**k about you and being able to actually work for something you care about. The main thing that makes me nervous is not having a guaranteed income, as it’s nice knowing that the same amount of money will drop into the account at the same time every month. Anyone else own/owned a business? Is/was it worth it or was the pressure too much? Link to comment Share on other sites More sharing options...
Romeo Posted April 10, 2018 Share Posted April 10, 2018 Probably something involving a premium rate phone number would be a good idea. Link to comment Share on other sites More sharing options...
ICTChris Posted April 10, 2018 Share Posted April 10, 2018 Link to comment Share on other sites More sharing options...
Granny Danger Posted April 10, 2018 Share Posted April 10, 2018 In my case it’s was not planned. Got a job in an industry I hadn’t worked in before and the company went bust 6 months later (not my fault!). So I had limited choices. Unless you have a very unique skill or incredibly good contacts you should expect a drop in salary in the initial stages. Also you need a reasonable amount of capital; many small businesses go bust because they run out of money rather than because their unprofitable. Yes the two can be linked but some folk confuse profit with cash flow. You should be prepared to work long/longer hours initially. I did but after 22 years I now only work about 30 hours each week and take many holidays. Good luck if you decide to go down this route. Link to comment Share on other sites More sharing options...
heedthebaa Posted April 10, 2018 Share Posted April 10, 2018 I could have and probably should have, but liked the fact that I got paid every week with no hassle. The fact that the people I do jobs for are the worst payers ever, had a major factor in my decision Link to comment Share on other sites More sharing options...
The Moonster Posted April 10, 2018 Share Posted April 10, 2018 I'd love to run a wee studio or a music cafe somewhere but getting the money together to get started and having the balls to sack my relatively well paid job both hold me back. Link to comment Share on other sites More sharing options...
Adam Posted April 10, 2018 Share Posted April 10, 2018 My first job after leaving University was to help people start their own business. There is so much help out there, more than ever before, for someone to start their own business. It was a hugely rewarding job! Link to comment Share on other sites More sharing options...
Melanius Mullarkey Posted April 10, 2018 Share Posted April 10, 2018 I feel like I’m practically self employed seeing as I have to realistically do every fucking bit of admin for myself if I want it done this side of the year 2025. Imagine having to tell your own company 5 times to send an invoice for a rather large sum of money. Link to comment Share on other sites More sharing options...
alta-pete Posted April 10, 2018 Share Posted April 10, 2018 I started my own in 2005. Both the best and worst thing you’ll ever do. Set your own hours, make your own money. In the good times you’ll make more than you ever could doing the same job when employed. Total headf*ck though when things go quiet and no money’s coming in. But I’ve been doing it for 13 years now and wouldn’t have it any other way. Two fundamental issues you’ll face: customers and staff. Sort them out and keep them in line and everything else is a skoosh! Link to comment Share on other sites More sharing options...
Fullerene Posted April 10, 2018 Share Posted April 10, 2018 11 hours ago, Honest_Man#1 said: I’m fairly sure @Granny Danger has mentioned owning his own business on here before. I like the idea of not working for a company that couldn’t give a f**k about you and being able to actually work for something you care about. The main thing that makes me nervous is not having a guaranteed income, as it’s nice knowing that the same amount of money will drop into the account at the same time every month. Anyone else own/owned a business? Is/was it worth it or was the pressure too much? Been my own boss for 17 years. Best decision I ever made. Great having a boss that shows me total respect compared to complete f***ing wankers before. Don't get me wrong. I haven't always been self-employed and I have had decent and even great bosses in the past. However my previous boss could not organise a piss up at a brewery or maybe he could but everybody dies. Do you need continuous parenting for your whole career? I didn't. Also, the energy, enthusiasm and self modification at the start are just great. Hopefully you c an make it last. Good luck. Link to comment Share on other sites More sharing options...
welshbairn Posted April 10, 2018 Share Posted April 10, 2018 9 hours ago, Adam said: My first job after leaving University was to help people start their own business. There is so much help out there, more than ever before, for someone to start their own business. It was a hugely rewarding job! Eh? Did you start a football card auction at school or something? Link to comment Share on other sites More sharing options...
Adam Posted April 10, 2018 Share Posted April 10, 2018 Eh? Did you start a football card auction at school or something? What? I worked for a start up incubator, and helped people with the steps needed to start their own business, whether it be apply for funding with them, or talk them through how to register a company. Link to comment Share on other sites More sharing options...
welshbairn Posted April 10, 2018 Share Posted April 10, 2018 3 minutes ago, Adam said: What? I worked for a start up incubator, and helped people with the steps needed to start their own business, whether it be apply for funding with them, or talk them through how to register a company. I just thought that advising how to start a business would require some experience in the area. Never mind, I'm sure you were helpful. Anyway, my advice, from my own meagre experience, is that the big prerequisite for running a business is being naturally diligent with paying bills and keeping up with domestic paper work etc. If you're the kind of person who throws all brown envelopes in a pile to check through eventually then running a business is not for you Link to comment Share on other sites More sharing options...
Adam Posted April 10, 2018 Share Posted April 10, 2018 I just thought that advising how to start a business would require some experience in the area. Never mind, I'm sure you were helpful. Anyway, my advice, from my own meagre experience, is that the big prerequisite for running a business is being naturally diligent with paying bills and keeping up with domestic paper work etc. If you're the kind of person who throws all brown envelopes in a pile to check through eventually then running a business is not for you How do you know I didn’t? I worked with a start up company at university, and a significant part of my degree related to studying SMEs and supply chain management. Link to comment Share on other sites More sharing options...
centralTon Posted April 10, 2018 Share Posted April 10, 2018 I have my own plumbing business and my son is my apprentice. It can be stressful, the business side, not the actual plumbing side. However, it's 19 years since I was employed by someone (Carillion ) I wouldn't have it any other way. Link to comment Share on other sites More sharing options...
alta-pete Posted April 10, 2018 Share Posted April 10, 2018 Oh, and half of the gross income (if you are working alone) whichever way you slice it, ends up back with HMRC. Know that from the start and you’ll be fine. Delude yourself and you’re done from day 1. Link to comment Share on other sites More sharing options...
Granny Danger Posted April 10, 2018 Share Posted April 10, 2018 1 hour ago, alta-pete said: Oh, and half of the gross income (if you are working alone) whichever way you slice it, ends up back with HMRC. Know that from the start and you’ll be fine. Delude yourself and you’re done from day 1. You should set up an EBT, that always works out well. Link to comment Share on other sites More sharing options...
alta-pete Posted April 10, 2018 Share Posted April 10, 2018 No it doesn’t. We all know that. That’s why resigning yourself to the fact that handing half over to Her Majesty is the only right way to go forward. A shame some others don’t/didn’t seem to think they need to operate on the same basis. Link to comment Share on other sites More sharing options...
statts1976uk Posted April 11, 2018 Share Posted April 11, 2018 A good and trusted accountant is key, unless you are one spend the money and hire one. They might end up paying for themselves by finding savings and loopholes. Link to comment Share on other sites More sharing options...
SimonLichtie Posted April 11, 2018 Share Posted April 11, 2018 8 hours ago, alta-pete said: Oh, and half of the gross income (if you are working alone) whichever way you slice it, ends up back with HMRC. How do you work that out?! Are you saying you pay 50% tax on gross income? After you've paid your 50% tax on gross income, you then still need to pay for all your overheads etc?! Link to comment Share on other sites More sharing options...
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