Stick or Twist

[Rcib2018]

Hi all,

I know this has probably come up quite a few times previously but I would just like opinions on whether I'm mad or not.

I'm currently employed as a Senior Quantity Surveyor by the firm I started as a Trainee with just under 14 years ago. I have the chance to become a Partner in the business within the next 5 years but would require a significant buy in (likely circa £60k) which would be difficult for me.

I enjoy the majority of what I do currently, although I would like to choose more of what I really enjoy doing (working with Contractors and Pre-contract work, producing Bills of Quantities etc). I also feel like I've been overlooked slightly in terms of someone else who has come in within the last year or so (worked with the firm previously from 2007 to 2012) and is now in the same position in the business as me (I.e. been offered Partnership). I earn a decent salary although my bonus 'scheme' will be halved in April when the new employee comes back full time.

For the past 12-18 months I've been thinking about going on my own and setting up my own firm. There would be a hint of competition but I would be looking to specialise in an area that my current firm want to move away from.

In terms of making a new business work, I have a Client lined up who would give me 2-3 days work a week, along with probably 5-6 other Clients who would give me regular work. This would give me a good base to work from initially and build some cash in the business and I would then look to build from there.

My point of view is, I really think I can make it work and I'd regret it if I didn't give it a go. I also have the worst case option in that I would just have to get a job again, but being Chartered really helps with that anyway.

Thanks in advance for any comments either way, whether you think I should stay put or make the move.

[sociopath]

If you don't do it you'll always wonder "what if?"

I've always taken the option of jumping when the opportunity arose, sometimes it didn't work out as planned, but each move was a step forwards, even if not necessarily a step up.

If it was me, I'd do it, and good luck

[grumbledoak]

Rcib2018 said:

My point of view is, I really think I can make it work and I'd regret it if I didn't give it a go.

I think that says it all.

Don't burn your bridges. Explain why you are leaving. If the worst happens you could even go back!

[Tyre Smoke]

Do it.

Not your line if work, but I jumped 16 years ago. It is a marvellous feeling being your own boss, knowing you have nobody (except your customer) to answer to or justify your decisions to.
Expect long hours and sleepless nights, expect to make mistakes that you can't brush under the carpet, expect to earn more or sometimes less than you thought, and get some advice from an accountant before you do you anything. Because they will advise on the best way to start up, sole trader, Ltd, etc.

And best of luck!

[Stuart70]

Fourteen years with the same firm from trainee to (about to be) partner.

Are you cut out for the self employment route? It appears like a big jump - is there another firm that would offer you partnership, where you could feel at home?

I am in no way dissuading you just putting another perspective. I think grumbledoak’s point is well made, no bridges burned, then there is always the option of a way back.

Personally I would not like to live with the “if only”, but that perhaps explains my chequered career history!

[Rcib2018]

sociopath said:

If you don't do it you'll always wonder "what if?"

That's my worry, I could probably say now isn't a perfect time with Covid etc, but there will always be something!

[Rcib2018]

grumbledoak said:

I think that says it all.

Don't burn your bridges. Explain why you are leaving. If the worst happens you could even go back!

I definitely wouldn't want to burn any bridges, they have been very good to me over the years and I'll always appreciate it, but that's not really why I want to make a move, it's more my personal development and how I would like the next (say) 10 years to go.

[Rcib2018]

Tyre Smoke said:

Do it.

Not your line if work, but I jumped 16 years ago. It is a marvellous feeling being your own boss, knowing you have nobody (except your customer) to answer to or justify your decisions to.
Expect long hours and sleepless nights, expect to make mistakes that you can't brush under the carpet, expect to earn more or sometimes less than you thought, and get some advice from an accountant before you do you anything. Because they will advise on the best way to start up, sole trader, Ltd, etc.

And best of luck!

Thanks, I've already spoken to an Accountant actually which helped me understand the process etc. I've also done a few other bits in the evenings like building a website, sorting out letter templates, working through cash flow projections etc so I'm quite well prepared (I think). The other benefit is I'd have very little start up cost, maybe a printer and the accountants costs.

[Rcib2018]

Stuart70 said:

Fourteen years with the same firm from trainee to (about to be) partner.

Are you cut out for the self employment route? It appears like a big jump - is there another firm that would offer you partnership, where you could feel at home?

I am in no way dissuading you just putting another perspective. I think grumbledoak’s point is well made, no bridges burned, then there is always the option of a way back.

Personally I would not like to live with the “if only”, but that perhaps explains my chequered career history!

I think I am, but it's hard to know without having done it.

I've considered leaving a few times over the last 3 or 4 years but never followed through with it, mainly out of loyalty to be honest, but I'm now 6 years post qualification so I think I've repaid their loyalty in me by now.

[98elise]

grumbledoak said:

Rcib2018 said:

My point of view is, I really think I can make it work and I'd regret it if I didn't give it a go.

I think that says it all.

Don't burn your bridges. Explain why you are leaving. If the worst happens you could even go back!

Agreed. If you already have some work lined up then go for it, but part on good terms.

[mikewilliams79]

Rcib2018 said:

I think I am, but it's hard to know without having done it.

I've considered leaving a few times over the last 3 or 4 years but never followed through with it, mainly out of loyalty to be honest, but I'm now 6 years post qualification so I think I've repaid their loyalty in me by now.

Sorry, but there really is no such thing. If you were not delivering/times were tough you would be out, maybe nothing personal, maybe there is but you are just a number. The training costs is completely within their interests or they wouldn't doit. Enjoy your venture

[craigjm]

Rcib2018 said:

sociopath said:

If you don't do it you'll always wonder "what if?"

That's my worry, I could probably say now isn't a perfect time with Covid etc, but there will always be something!

This is exactly it. It’s the same with anything in life. It is much better to regret something you have done and chalk it up to experience than it is to sit in the nursing home at 90 pissing into a bag thinking what if I had taken that chance

[Jellybeans2016]

Rcib2018 said:

grumbledoak said:

I think that says it all.

Don't burn your bridges. Explain why you are leaving. If the worst happens you could even go back!

I definitely wouldn't want to burn any bridges, they have been very good to me over the years and I'll always appreciate it, but that's not really why I want to make a move, it's more my personal development and how I would like the next (say) 10 years to go.

I’m in a similar (ish) situation, my company have been amazing with me but I know I need to leave to test myself. I could stay and keep progressing but the “what if” is always on my mind.

I’m a chartered QS too - there’s so much work and opportunities for us, so I don’t think it’s too much risk to have a go out there! Worse case you’d walk into another job really easily

For reference I’m a company man but my Dad (another QS) set himself up 15 years ago after thinking about it for 10 years prior. His only regret was that he didn’t do it sooner!

Good luck

[QS35]

Jellybeans2016 said:

I’m in a similar (ish) situation, my company have been amazing with me but I know I need to leave to test myself. I could stay and keep progressing but the “what if” is always on my mind.

I’m a chartered QS too - there’s so much work and opportunities for us, so I don’t think it’s too much risk to have a go out there! Worse case you’d walk into another job really easily

For reference I’m a company man but my Dad (another QS) set himself up 15 years ago after thinking about it for 10 years prior. His only regret was that he didn’t do it sooner!

Good luck

Ha, it's a small world eh!!

You're right about opportunities, it's booming where I am at the moment, and I don't see any let up soon, especially with the effects of Covid and people wanting to holiday at home etc.

The two key things for me and why I am realistically going to go for it is the fact that I'll be working straight away, and the fact that I could get a job reletaviely easily if things don't work out.

Good luck as well, exciting times ahead!!

[QS35]

Just to follow up on this, I spoke to my boss this week and handed in my notice, no going back now!!

So as of 1st April I will be on my own. Both excited and s**tting myself but hopeful for the future.

Have spent the evenings this week setting up templates, sorting out website, branding, email etc etc.

Will also start putting some feelers out for future workload, although I think I'm probably going to have too much on from the start by the looks of it. Planning will be interesting!!

Cheers for the advice all, hopefully by Christmas 2021 I'll have a decent idea of whether it was the right decision or not!!

[Stuart70]

Well played on taking the brave pill. Very best of luck on the adventure.

[QS35]

Stuart70 said:

Well played on taking the brave pill. Very best of luck on the adventure.

Thanks. Was good to finally get it out there and I'm likely to continue doing some work for my old company, we're still on very good terms thankfully.

[R5_BOY]

100% go for it. Your chartered and if all else fails you can easily walk into other jobs. Industry is crying out for Chartered Qs/BS as I'm sure you know already!

[QS35]

R5_BOY said:

100% go for it. Your chartered and if all else fails you can easily walk into other jobs. Industry is crying out for Chartered Qs/BS as I'm sure you know already!

Funnily enough I've had two bigger firms contact me in the last two weeks to see if I was interested in a move, so it certainly seems that way!!

[Jellybeans2016]

Well done and good luck!

I’ve found your post motivating and please do give us updates. Thanks