Starting your own business.

paulosoxo · June 2007

I'm seriously considering starting my own business as gas service engineer. I'm 28, married with a the usual mortgage and a little one, and although I'm dead keen on going it alone, I'm terrified by it at the same time. I think the first port of call is to see the small business advisor.

Any helpfull advice out there?

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Unknown · June 2007

Erm...

Young kid, mortgage etc... And you wanna start your own business? With all the stats about new business' going belly up in the first year, can you guarantee you'll get enough work to live and pay off the mortgage? You'd end up doing even more hours, you're own company tax.

[churchill mode]

oooh, no no no...

[/churchil mode]

Put it this way, I wouldn't do it.

Mark 8-D

My tune of the week:

Calvin Harris "The girls" (Groove Armada Mix)

Capt. Jon · June 2007

Make an appointment at your local Business Link (http://www.businesslink.gov.uk). They are free and very very helpful.

Also, YGM

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paulosoxo · June 2007

Cheers Jon.

Aphex2k, that's my main worries.

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Seagull · June 2007

Would it affect your current job if you started doing work on the side? After 12 months or so you could gauge how much demand there is. There seems to be plenty of demand for gas service engineers though.

For a small business like that tax isn't too hard, but you will still probably need an accountant to get the most out of your money.

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paulosoxo · June 2007

I'd get sacked if I got caught, but that wouldn't matter if I were leaving. Most of the lads who leave, start doing a bit on the side, untill it gets where they're loosing money by coming to work. Maybe thats what I need to do. Whilst paying the tax man his share, obviously.

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guilliano · June 2007

Can I be really cheeky and ask you to let me know how you get on with regards to advice? I'm considering opening a restaurant of my own, but am scared pooless about the prospect

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paulosoxo · June 2007

Certainly.

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Unknown · June 2007

Paulo, I think you should go for it if you think you can make it.

I did the same 14 years ago. I had a 2-month-old child, and my wife was on maternity leave from her job as a solicitor. It was somewhat precipitated by the fact that the company I was working for was allegedly taken over and asset stripped by a chap from Sheffield (who was subsequently, I think, disqualified from being a director). I couldn't stand working for a company like that, so my colleague and I started our own business.

It's hard work but ultimately rewarding, and I couldn't see myself ever being 'employed' again. I've kept the business small (turnover about 1.5 million), which means that we can give attention to customer service - I think the most important part of running a business.

There's loads of other advice out there, but the best bit I can offer (apart from the above) is 'know your market'.

If you need any advice at all, or just want to run through a few ideas, feel free to ask.

Cheers, and all the best with your ideas.

Mike.

Bikes

paulosoxo · June 2007

Thanks mike, much appreciated.

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Unknown · June 2007

Well I'm an accountant (no, I don't want anymore business!) and there is really no risk in going self-employed provided you have customers (who of course you should treat very well even if they are difficult). However it pays to take proper advice when you set up - for starters do you want to be self-employed or a limited company? If you are likely to earn over œ15-20K I would say it is worth being a company because tax rates are lower provided you can find an accountant who is not too expensive, however expect to pay a minimum œ200+ pa if self-employed and œ500+ pa if a company on accountant's fees. You need to think about putting 20% of gross income aside for the tax bill that will eventually come! If you look like you are going to turnover much more than œ60000 you will have to think about VAT registration. My advice is take some professional advice early as it will save you a pile of hassle later. The best bet is to find an accountant recommended by a fried who is both competent and not too expensive. You have a little (not much) more protection with a qualified accountant but you will find plenty of very competent unqualified accountants out there who are "qualified by experience" and will be cheaper. Don't forget if you go self-employed you must register with the Inland Revenue within 3 months of starting. It is also likely in the job you do that you will want insurance in case you blow someone up!

paulosoxo · June 2007

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Father Faff

It is also likely in the job you do that you will want insurance in case you blow someone up!
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Corgi do some quite competitive public liability insurance. My wife was actually working for Deloitte and Touche, training to be a chartered accountant before she packed in to be a school teacher, so she should be able to do my books for me, but almost everyone I've spoke to has reccomended going to a good accountant.

I think I'll start off by going to see the business link people, and take it from there.

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Unknown · June 2007

Are you Corgi registered? Not sure about where you live, but around here they're like gold dust.

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Unknown · June 2007

I believe you have to be Corgi registered to do gas work.

paulosoxo · June 2007

I am yeah. Considering doing my commercial as well as the domestic that I already have.

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marika · June 2007

i was self employed and it is miles better than being employed,the only problem i had was my partner doesnt earn much so i was the only bread winner and it became hard financially as no matter how much i earned we could never get in front and i couldn't risk spending any of it,the good thing about your field is you can do lots of small jobs and it is easy to get a big client base,go for it im sure you wont regret it.speak to kitchen fitters etc as you will get gas hobs at 50 quid a time and things like that to help you tick over at first.

Starting your own business.

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