Career Change / Business Owner - early 40s

[Correvor]

Originally posted this in Jobs sections but StevieBee made the good suggestion of reposting here...

Background: early 40s, young family, no mortgage, got some savings and currently healthy. I have a corporate management role but the writing is on the wall and I cannot face another 20 years of the same elsewhere. I've always wanted to do something based around a trade, not tech which is where I am currently.

I’m handy, have all the gear (no idea), reasonable joinery skills, can do basic plumbing and electrics. I do some work (mainly joinery) for relatives, am punctual, tidy and well organised but a day-to-day keyboard basher. I want to do something else for the next 20 years but don’t have a previous trade or similar to fall back on.

I have a few options and am curious if people have any thoughts:

1. Buy a business. Without giving specifics, something of interest is available locally, its construction related, I have some knowledge but not in depth. I’d need to plunge all my (our) savings into it, possibly take a small mortgage. Without growth I could expect around 25% return annually (on my investment) which would be my only salary. It’s well established (20+ years) but with very little marketing, no social media, impossible to find on google by accident and processes / equipment have room for improvement although all that would require further investment. Obviously, it could shrink and die too through my piss poor management or other factors.
2. Kitchen / bathroom fitter. Done both for myself, would focus on plumbing and fitting. Tiling, electrics and plastering would be for others. My current kitchen was fitted by Wickes (not in my ownership) and looks crap. I know I could do better, although probably not as quick. I’m not expecting to stop one job and start doing this. I’d do courses and try to get some local experience before taking on my own jobs but I do have 3 bathrooms lined up – my own. We tried and failed to get someone to do them last year, have the cash set aside so can pay myself the fitting cost.
3. Buy a franchise. There seems to be a lot of rubbish out there, many I’ve never heard of. Drainage / emergency plumbing, lock smith or similar could be interesting but it’s hard to talk to people without getting a massive sales pitch. If anyone has real world experience, I’d be very interested to hear from them. Zero interest in fast food or many of the other more popular franchises. Blinds (shutters) seem to be a common home improvement one but they seem like a fad where as there will always be plumbing emergencies.

Joiner or furniture maker would be great, but money is rubbish, especially for the latter. Had considered traditional plumbing / sparky but they don’t appeal massively. Handyman specializing in fitted cabinets could be of interest, I have a small workshop but see above about furniture making rates.

Ideally I'd like a salary of 40k to 60k appreciate that'll take time and probably harder with #2 than the other options. I'd also prefer to not retire with a broken body and #2 could lead to that although kitchen fitting is easier than bathrooms in my experience.

A bit more info on the business opportunity......it'd take ALL of our savings and probably a bit more. Profit (after taxes) is around 10% of revenue and has been the last couple of years. Covid years were more like 5%. It has been around for a long time but not the current owners only business, it would be mine. Has senior staff that help run it, i.e. not totally dependant on the owner. One risk I see if lease is up in a few years although they've had the premises for over 10 years.

Also open to other ideas. I have been viewing the business op as the most risky, mainly due the amount of money involved but StevieBee has me rethinking that.

[Correvor]

crossie said:

As you have a young family and a good job at the minute is there any scope of dropping a day a week at your current place (due to family) and spending that day and Saturday starting your new business and seeing how it goes

If it takes off notice goes in - if its a flop get your day back at your current place?

Or just advertise and go for it

In my current role, not possible. It's not about what days or hours I work, it's about results. Having said that, I'm fairly certain I won't be doing it much longer, hence me looking at options!

[Correvor]

Hobo said:

Have you considered doing up properties. Obviously its hard to find the right ones and the competition is rife, but for someone able to buy for cash then I suspect now is as good a time as ever, what with mortgage/finance rates being what they are. It sounds like you could do most of the works for a house yourself, ie replacing a heating system, etc, and changing sanitaryware, so maybe an option ? The assett is always yours, and your really not at any risk of losing it. You may even end up keeping them as BTL's.

Yes, it was a dream when younger and I still look regularly. Kind if discounted this though, feel like the boat has sailed and currently it's easy to get 5-6% on savings, potentially a lot more this year! Once I've paid stamp duty, had a surprise or two I could easily end up with less money than I'd of had if I've just sat on it.


Interesting thoughts from Mont Blanc...I certainly get the impression locally that good trades are thin on the ground. Those that are good and recommended seem impossible to talk to, let alone quote and do the work. Doing a trade for a larger business could be appealing, not sure I'd have a foot in the door though without some experience which is fair enough.

[Correvor]

Thanks for the replies all, much appreciated. Definitely some stuff to think over.

I do think bathrooms, kitchens and potentially built in cabinets / shelving is where I'd be aiming and see what's enjoyable / profitable / in demand. I'd prefer not to be fixing things and being asked to bodge a fix because funds don't allow a proper solution but will need to start somewhere. Speaking of which my en-suite started leaking in to my kitchen today so guess what I'm doing at the weekend.

I've thought previously about doing some part time contract work while things build but I'm pretty much done with long commutes and corporate fun so my options may be limited.

[Correvor]

Thanks again for the responses, including Ezra who kindly has given me some great insight in to the world of franchises.

I'll continue to mull things over while I set about our bathroom this weekend but definitely erring towards the self employed or franchise route.

Mont Blanc if you have something come up in the South West, I'd be interested to know more. I'm definitely not ruling out employment for the right role but not afraid to try myself. I can do customer service, have an eye for detail and am generally quite tidy. I'll be using tech to make my life easier too. Hopefully all of that will go a long way to get me going.

[Correvor]

I did seriously look at EV chargers, solar and ASHP a while ago but discounted it all due to training time (i.e. need to be fully qualified as noted above) and unsure how interesting I'd find the work.

However, I looked back over some old notes and realised I've forgotten a couple of things.

1. Mobile bicycle mechanic: not a serious option. No money in it, especially where I live. There's an amazing place in town that charge pennies but are thriving. Lovely team, felt like I'd robbed them last time I went in and had a wheel rebuilt for £15.
2. Picture framing: local places are always heavily booked (weeks / months) and fairly well priced. Entry cost isn't huge and I have a workshop so don't need a premises. I'm going to seriously reevaluate if I could run a collection / drop-off service with a good website. I've seen others doing this. I don't see this as a sole business but it may be something I could slowly build as a side business to keep money flowing. There are franchises for this but unsure it's worth it in this instance.

[Correvor]

My workshop isn't small but sadly not big enough for proper children's play equipment, that would be a lot of fun though!

[Correvor]

Yeah, have looked at some good courses which would support the route I want to go.

I know a good carpet / flooring person waste disposal and electrician. Need to find a good tiler, I think that's key to a good bathroom or kitchen. Can do plastering but not well, haven't found anyone good and think most plasterers wouldn't be too fussed on patching work. Definitely course to look at.