When did you decide to go it alone?

[Vladikar]

So my current situation is that I'm working 50-60 hours a week, decent wage but not happy at all with working for someone else, I have some money saved up but not enough to feel comfortable just yet.

My plan is to save up some more and pursue a business idea which is running at the moment but I've been unable to focus enough attention on it to see any return since I don't have enough time. I am confident I can earn money from it but the real question would be - can I earn enough?

When did you take the plunge and fly solo? How did you feel, and in hindsight do you regret it or was it the best decision ever?

[rog007]

You will have unique circumstances, but what is common in those that succeed (because many 'fail' and return to employment) is that you should have clear reasons for taking the decision to become self-employed. You would also have a vision of what you wanted to achieve. You could begin by asking yourself the following questions (and physically writing down the answers to ensure you really answer the question and not just gloss over it):

• What is it exactly that you are going to do?
• Does it use your strongest (core) skills?
• Can you make 'enough' money doing it (you need to do more work here to determine what is 'enough')?
• Do you know where you want to be in five years’ time? Will self-employment help you get there faster than employment?

People choose to become self-employed for a variety of reasons, but merely disliking your current
job, or perhaps not having one at all, is not necessarily sufficient. Thinking about these questions in detail, writing them down and having someone challenge your answers, will help you evaluate whether self-employment is for you or not.

Good luck!

[ADJimbo]

It's.a big step - especially if you've a family by giving up secured employment and venturing into the unknown.

I'm glad I did it and would never go back. For me, it was a now or never decision. Luckily for me, I had a supportive Wife and family unit.

The only advice I'd give is manage costs, both in and out of your venture. We'd fallen into the salary trap of me earning good money and knowing that a four figure sum would arrive on the 21st. When we actually did the household P&L, we were able to slash 40% with simple pencil strokes.

I work by the mantra of the other poster - know what you want and how you'll get there. But simply, my mantra - if it makes sense, it'll make money.

[ArmaghMan]

Was self employed for nearly 10 years.

not really quallified to give any mind blowing advice, but if there is one thing i'd pass on to anyone starting up its that cashflow is king.

[New POD]

Vladikar said:

So my current situation is that I'm working 50-60 hours a week, decent wage but not happy at all with working for someone else, I have some money saved up but not enough to feel comfortable just yet.

My plan is to save up some more and pursue a business idea which is running at the moment but I've been unable to focus enough attention on it to see any return since I don't have enough time. I am confident I can earn money from it but the real question would be - can I earn enough?

When did you take the plunge and fly solo? How did you feel, and in hindsight do you regret it or was it the best decision ever?

I've never worked 60 hours a week (maybe once or twice in 23 years, never had a truely decent wage, and often discontented because I couldn't see a way out of misery.

I gradually became convinced that my roll is life was to be underpaid, bored, and demotivated. Then one day I was made redundant.

That's what changed my life.

[Steffan]

I became self employed after a significant disagreement with my former employers.

The chairman of my old firm decided I was not following the prescribed rules. I decided I had had enough of such nonsense and informed him I only followed realistic guidelines that could actually result in profit. We disagreed pretty forcefully. I decided to leave then and there.

I left because I would not be controlled in that way.

Started my firm that day never looked back never regretted it.

Built up slowly, very interesting first 6 months but I knew it would work and it did.

By the time I went out on my own I had already built up significant personal reserves and a huge number of contacts in my field.

Took on several of my old firms employees as I expanded and ran that firm for thirty years.

Now retired and I still answer to no one.

My old firm wound down and ceased trading some years later. Downside of silly rules.

[slipstream 1985]

rog007 said:

You will have unique circumstances, but what is common in those that succeed (because many 'fail' and return to employment) is that you should have clear reasons for taking the decision to become self-employed. You would also have a vision of what you wanted to achieve. You could begin by asking yourself the following questions (and physically writing down the answers to ensure you really answer the question and not just gloss over it):

• What is it exactly that you are going to do?
• Does it use your strongest (core) skills?
• Can you make 'enough' money doing it (you need to do more work here to determine what is 'enough')?
• Do you know where you want to be in five years’ time? Will self-employment help you get there faster than employment?

People choose to become self-employed for a variety of reasons, but merely disliking your current
job, or perhaps not having one at all, is not necessarily sufficient. Thinking about these questions in detail, writing them down and having someone challenge your answers, will help you evaluate whether self-employment is for you or not.

Good luck!

very good post