Going it alone...

[Kentish]

I had always worked for someone else; I've been made redundant three times and the last time was 18 months ago and that was when I decided I'd never be someone else's employee again.

I set up one business and that went really well (using a lot of my practical skills in more of a manual role) but I started getting enquiries for some of my other skills via a professional social networking site (you know the one) and this is much better paid, no working outside in all weathers (which had been making me ill) , so the initial business has been wound down (although I still get enquiries) and the new one is ramping up but before I switched I started to do some training to set myself up doing something I'd always wanted to do. I'm going to continue to train and eventually set up a second business to my main one.

My point is, that it appeared really daunting and quite scary to have a very good salary/pension/other benefits one day and then nothing at all the next and even more daunting was setting up a company and finding my own work. But it's not all that bad, I've never advertised. I have a much better quality of life and have more spare time for family. I don't earn as much at the moment as when I was employed but I should earn more by next year.

I never thought I'd be the type to be able to do it and if I can, anyone can - hope this helps any of you who may be thinking about making a go of it alone.

I thought this could be a good place for those with worries about work and self employment to discuss them and hopefully have some support and advice as I know I'm not unique in making it work, there will be many others here who've done it far longer and are happy to help with advice.

[Don]

Delighted to hear its going well for you.

I've actually gone the other way...but that won't last forever. Once you've run your own thing you'll always want to go back to it...

[Ade07]

I was made redundant 4 times over a 24 month period, that was 27 years ago, have worked for myself in two different business's ever since. I could never go back to working for someone else again.

[TROOPER88]

Kentish said:

I had always worked for someone else; I've been made redundant three times and the last time was 18 months ago and that was when I decided I'd never be someone else's employee again.

I set up one business and that went really well (using a lot of my practical skills in more of a manual role) but I started getting enquiries for some of my other skills via a professional social networking site (you know the one) and this is much better paid, no working outside in all weathers (which had been making me ill) , so the initial business has been wound down (although I still get enquiries) and the new one is ramping up but before I switched I started to do some training to set myself up doing something I'd always wanted to do. I'm going to continue to train and eventually set up a second business to my main one.

My point is, that it appeared really daunting and quite scary to have a very good salary/pension/other benefits one day and then nothing at all the next and even more daunting was setting up a company and finding my own work. But it's not all that bad, I've never advertised. I have a much better quality of life and have more spare time for family. I don't earn as much at the moment as when I was employed but I should earn more by next year.

I never thought I'd be the type to be able to do it and if I can, anyone can - hope this helps any of you who may be thinking about making a go of it alone.

I thought this could be a good place for those with worries about work and self employment to discuss them and hopefully have some support and advice as I know I'm not unique in making it work, there will be many others here who've done it far longer and are happy to help with advice.

Very well done, nice story.

What line of business are you in?

[valverguy]

I am currently in the middle of trying to start something of my own, i have been made redundant several times in the past few years and have switched jobs more times than i can remember, i just desperately want to do my own thing problem is anything i have some sort of knowledge in has been done to death.

[Burnham]

All credit to you OP. ive been working for my company for 18 years now (im 36, so exactly half my life). The thought of not having the security scares me...I dont think id have the guts to go it alone, which makes me feel quite trapped.

[expensivegarms]

I'm self employed, and I'm hoping to be going back into employment this year sometime. I'm getting fed up of having to work all hours to make money, and I feel like I'm spending all my time working instead of spending time with my mates, girlfriend and family. It's okay, but I do get fed up with it easily. I suppose that could be because I'm contracting, and that just makes me feel like an employee with no benefits whatsoever!

[johnfm]

valverguy said:

I am currently in the middle of trying to start something of my own, i have been made redundant several times in the past few years and have switched jobs more times than i can remember, i just desperately want to do my own thing problem is anything i have some sort of knowledge in has been done to death.

If you have skills/knowledge, it doesn't matter if it is 'done to death' - as long as you do it better, cheaper, faster*mthan the others in the market AND the market knows you exist, you will succeed.

• pick any two of better, cheaper or faster.

[jammy_basturd]

expensivegarms said:

I'm self employed, and I'm hoping to be going back into employment this year sometime. I'm getting fed up of having to work all hours to make money, and I feel like I'm spending all my time working instead of spending time with my mates, girlfriend and family. It's okay, but I do get fed up with it easily. I suppose that could be because I'm contracting, and that just makes me feel like an employee with no benefits whatsoever!

If you're contracting then just up your day rate! If you were in the same situation in an employed role you'd either ask for a payrise, a promotion, or look elsewhere for work. As a contractor you can do the same!


Well done OP! I think part of a success like that comes down to a bit of luck with the industry. I got made redundant last September and decided to "go it alone" (albeit with two business partners). Enjoying having my own business more than I ever did an employed role, and work has been easy enough to come by. I don't kid myself in thinking that if we were in a different industry we'd have it as easy though.

[Kentish]

TROOPER88 said:

Kentish said:

I had always worked for someone else; I've been made redundant three times and the last time was 18 months ago and that was when I decided I'd never be someone else's employee again.

I set up one business and that went really well (using a lot of my practical skills in more of a manual role) but I started getting enquiries for some of my other skills via a professional social networking site (you know the one) and this is much better paid, no working outside in all weathers (which had been making me ill) , so the initial business has been wound down (although I still get enquiries) and the new one is ramping up but before I switched I started to do some training to set myself up doing something I'd always wanted to do. I'm going to continue to train and eventually set up a second business to my main one.

My point is, that it appeared really daunting and quite scary to have a very good salary/pension/other benefits one day and then nothing at all the next and even more daunting was setting up a company and finding my own work. But it's not all that bad, I've never advertised. I have a much better quality of life and have more spare time for family. I don't earn as much at the moment as when I was employed but I should earn more by next year.

I never thought I'd be the type to be able to do it and if I can, anyone can - hope this helps any of you who may be thinking about making a go of it alone.

I thought this could be a good place for those with worries about work and self employment to discuss them and hopefully have some support and advice as I know I'm not unique in making it work, there will be many others here who've done it far longer and are happy to help with advice.

Very well done, nice story.

What line of business are you in?

After redundancy, the company I started was in property refurbishment and maintenance; started with a £10k loan from myself for vehicle and tools and it was hard work but there always was work as I cornered a bit of a market in that I am multi skilled and could take on anything from structural work to finishes. Some of the work was contracts for maintenance at places such as hospitals. I wasn't swamped with work but it was quite steady, the diary was always full for 6 months+ ahead.

I have now wound this down in favour of doing what I've done for years (but did so as an employee); I basically now work directly for Pharmaceutical companies (a world apart from the other business). I also contract as a main consultant for another company similar to mine. I'm not flat out with this work but it is well paid and I only really need to work a couple of days a week.

Leaving time for......

Being a PDI and I'll be opening a driving school as soon as I pass all my exams and become an ADI. This is something to do soon alongside the main job and will be a good thing to be able to do as I get older and into retirement (some 25 years away yet) but it offers good regular work that I know I'll enjoy.

Once you make the decision and set up one business and make a go of it you appear to change your outlook on how you are yourself and this improves self confidence. I found I looked for more opportunities for small business. I never thought I'd do anything like this at one point.

It's quite easy to stick with what you know and to have a salary with benefits every month, it's comfortable and I know only too well how easy it is to get stuck in a rut.

[stew-S160]

I'm currently employed and always have been, but recently qualified as a Personal Trainer. So my plan is to start freelance and take it from there and go self employed.
Short of registering that side of things as self employed with HMRC, I have zero business knowledge. I literally mean ZERO.
I think a trip to CAB for some advice is in order. Or can anyone point me in the direction of a website that will give me the basics of self employed stuff?

It's good to see others getting past the daunting stages of all this. I really don't get all this tax stuff etc.

[jammy_basturd]

I recommend two books: The Lean Startup by Eric Reis and The FT Start Up 2013.

[Kentish]

A good accountant is essential and they shouldn't mind giving free advice as part of their service.

A good accountant is one who saves you a lot more than his/her fees

I had no clue about accounts and taxation either.

Doing my accounts right at this moment (hence the need to PH surf) ....zzzzzzzzz

Just the prep - checking I have all receipts and that the C/C statement adds up with the receipts etc.

Boring!!

Edited by Kentish on Wednesday 13th February 12:32

[Dissident Dragon]

johnfm said:

If you have skills/knowledge, it doesn't matter if it is 'done to death' - as long as you do it better, cheaper, faster*mthan the others in the market AND the market knows you exist, you will succeed.

• pick any two of better, cheaper or faster.

This is absolutely true. I was in a well paid job (for South Wales, anyway) with company car, pension, bonus etc. Whilst never having qualified in my field (Accountancy), I had acquired a skillset that, whilst not unique, was very much in demand.

In the previous 6 years I had been headhunted twice. The third approach corresponded with me falling out with my employer. I attended the initial interview and in the course of explaining what I could bring to the table, the penny dropped. I had been generating nearly all of the work for my department (3 of us) for the last 4 years. My fee targets were growing year on year and with no internal support (hence the falling out) this was getting harder to achieve. So, why carry on doing it for someone else? I could go it alone, reduce the number of assignments I needed by a factor of 3 and keep everything for those assignments I did undertake. A virtual no-brainer - but a massive step to take with a mortgage to pay and two children under 10.

However, following a particularly stty meeting, I spoke to my wife (who was aware of my unhappiness) and she said go for it! I went back to my desk, typed up my notice and handed it in later that day!

I spent my three months notice period speaking to as many people as possible. I was not in a position to 'pinch' clients as such as my work was all of a one-off nature. However, my introducers were made aware that I was leaving and all were happy to continue referring work my way.

I registered my company, applied for the VAT registration, built a very basic website, set up a home office and was ready to go. I had virtually no work for the first few weeks except some consultancy with my old firm as I finished assignments that they had in progress. However, within a month I had acquired by first client and a few weeks later another two. My fees are solely success based with each assignment taking anywhere between two and six months and so with no cash coming in our savings started to diminish. However, on 21rd December 2008 the first two clients secured their funding on the same day and both paid me my fee within days.

Since then I haven't looked back. I am selective about who I work for so have been able to significantly reduce the number of hours I work whilst more than doubling my income.

So, I didn't reinvent the wheel - I just offered the same skills I was using already but was able to be more competitive on fees and, unconstrained by office working hours, more responsive to clients.