Bendigeidfran
First team star
Posts: 9,258
Favourite CUFC player: Steve Claridge
Favourite CUFC match: CUFC v Gateshead 18/05/14
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Post by Bendigeidfran on Apr 4, 2018 9:15:53 GMT
I'm after a bit of advice/support.
I've been working at the same place for 14 years, and I've had enough, but feel quite trapped. The hours are decent, the wage is pretty good for the area I live in and it's a steady job with pension, sick pay, van, etc. All of which is what's keeping me there, but I resent having to go in every morning. The constant power struggles with bosses who are literally clueless about the job they want me to do (they think as a 'wet trader', I should be working in the rain...), the organisation is piss poor, the work is crap and it's getting me down. I have absolutely zero job satisfaction.
I want to start out on my own, and I've already started to get my name out there with weekend work, advertising on social media and Google, leafletting etc. But taking that step to leave the relatively comfortable job I have to go it alone full time is terrifying. I'm trying not to look at everything through rose tinted glasses, but I've got no idea of how easy or hard it'll be.
So I'm looking for some advice on others who've made that leap. What's good? What's bad? What are pitfalls I'd need to look out for? Etc.
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Post by Jerry1971 on Apr 4, 2018 11:07:03 GMT
I did this a few years back, and went self-employed after two decades of employment. From an empowerment perspective, it is a wonderful thing to do. Suddenly you are in control of your own destiny, hours, work/life balance etc. If you fancy Morecambe away on a Tuesday evening you can see to your own schedule and work it in if you wish.
BUT!! No guarantee of income. No sickpay. No annual leave entitlement. No workplace insurances/support etc. You have to understand this with eyes fully wide open. Simply put, if you don't work, no money. Consider also the other pitfalls - cashflow, regulatory compliance, equipment and resource cost. You need to sit down with a blank sheet of paper and work through every likely 'fixed' cost you will have to bear, and look at what you need to earn to maintain and improve your current lifestyle. Think about working capital - if a customer doesn't pay you for more than 30 days after invoice (this happens, all the time) then do you have enough to pay your bills in the interim? The other things to consider are not always top of the list when making this jump. Do you want to apply for a mortgage or car loan? If you are not employed, but are now self-employed, many banks will not touch you for personal lending for a good two to three years as they will want to see your accounts for a couple of completed trading years first - SA302 forms. Look at the HMRC website for this and other info on filing your personal tax returns, which is another matter you may not have had to attend to before but will have to now.
When your business grows, will you need staff? Think about the costs, responsibilities and regulations which go with that, BUT DO NOT LET IT PUT YOU OFF!!
I operated a consultancy practise for a couple of very good years before returning to full time employment when an opportunity too good to pass up came along. I had a small number of UK and European customers, the work was fun and interesting, but along that journey I had, as all businesses do, a lot of pitfalls to climb out of as well. I'm now equally happy employed, but enjoyed being self-employed, and would happily be so again in the future. At the end of the day, do your research thoroughly and go for it if you think it is right for you. Loads of people have done this, some really successfully, others not so, but it you think you can build your customer base and improve your life at the same time then I'd absolutely recommend it.
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cambcam
Reserve team substitute
Posts: 2,590
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Post by cambcam on Apr 4, 2018 13:56:55 GMT
Jerry has just given a frankly brilliant assessment and I’d agree with every word of that. I’ll try and add a few thoughts which might be helpful too:
Firstly, the obvious advantages (no boss ordering you about/the ability to control your own destiny/time off when you fancy it etc etc) are even better than your wildest dreams would allow you to believe, The positives really are wonderful.
However, the downsides become brutally clear immediately - as Jerry said, if you don’t work, you don’t get paid (it’s surprising how you take your regular monthly payment for granted when employed by someone else!). Also, there really is no overtime/no sick pay/no holiday pay/pension contribution (a summer holiday can cost you more in loss of earnings than the holiday itself!) and you carry the weight of everything on your shoulders. The bills don’t stop coming just because you can’t work or have decided to take a few days off. You have to be one step ahead.
That brings me to what I believe is the major factor in success or failure - YOU. Your own character and temperament will ultimately decide the outcome. Your concerns and anxieties show awareness which should keep you out of trouble. Those anxieties can though stop you taking that very first step so in some respects you can’t win. As a cautious person myself,from experience I’d just say be careful not to over-analyse - of course do your homework and be sensible, but laying all of the pitfalls out infront of you before you even start can make them appear too daunting and as an overwhelming negative. If you just take them (see them as challenges, not obstacles) one at a time you’ll knock them down relatively easily. Some people deal with stress and worry easily, some don’t. There is no right or wrong but there’s no escape from who you are and the overall affect that has.
That’s not meant to be critical or harsh, just a view formed by my own experiences. In many respects I took the coward’s route and waited until various investments etc came to fruition and was able to effectively retire and run a couple of businesses on a Cherry-picking lifestyle basis. Luckily that happened quite early for me so my version of self-employment is very different to most. I’ve nothing but admiration for people like Jerry or anyone else that sticks their neck above the parapet and takes the plunge carrying the weight of full responsibility.
One last thing - take a look around you. Look at the number of businesses, large and small, the number of people working for themselves. They’ve all done it. They’re not all going to be brilliant minds, thinkers or entrepreneurs, just people took the step and went off on a journey.
They are no different to you Taffy, believe in yourself, you can do it.
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Post by Jerry1971 on Apr 4, 2018 14:50:35 GMT
That is brilliant overview cambcan - and one which I wholly agree with!
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Post by Mark Peters’ Bonce of Power on Apr 4, 2018 18:48:50 GMT
I can’t offer any personal experience but having seen how much happier my dad is these days, I have to say go for it if you think it’s viable. He did it for similar reasons to you, as he’d been working at the same firm for 20 odd years and finally had enough.
He managed to turn a weekend sideline in gardening, fencing and general DIY into a full time gig, works outside most of the time now, makes his own schedule and absolutely loves it. Admittedly it wasn’t much of a risk for him, as he and mum are more comfortable than they have ever been and the house is paid off, so no doubt you will have a lot more to consider.
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lesj
Reserve team substitute
Posts: 2,590
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Post by lesj on Apr 7, 2018 9:27:15 GMT
Just one thing that I would add. I personaly would carry on on a part time basis at the moment.
I know that it is hard working both a full-time job plus a part time job. BUT, 1/ save you're earnings from you're part-time job to give you some capital for when you go full-time
2/ This will also give you a customer base & hopefully some testimonials
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