Who has started their own business?
Discussion
I'm not after advice on what to go with or anything as i have a few ideas that need research etc.
I've looked at business start up loan schemes that help you from day one with your business plan and cashflow forecasts and basically help you on your way to getting accepted for a loan. Afterwards you still get help from a mentor and get discount on things to help run your business such as discount on building a website.
I just wanted to hear from others who have started their own business and how it's gone for them.
I feel like now is the time to do it, I'm an apprentice at the moment living with parents so it's not like it'd be a shock going without money at the beginning, I have practically no bills to pay. And if it doesn't work at least I can say I tried, it's something i've always wanted to do.
So who has done it? Any regrets?
I've looked at business start up loan schemes that help you from day one with your business plan and cashflow forecasts and basically help you on your way to getting accepted for a loan. Afterwards you still get help from a mentor and get discount on things to help run your business such as discount on building a website.
I just wanted to hear from others who have started their own business and how it's gone for them.
I feel like now is the time to do it, I'm an apprentice at the moment living with parents so it's not like it'd be a shock going without money at the beginning, I have practically no bills to pay. And if it doesn't work at least I can say I tried, it's something i've always wanted to do.
So who has done it? Any regrets?
I started mine 10 years ago at 38, I wish I'd done it earlier however I know It would have failed as I lacked knowledge and drive when I was young.
Rewards are higher than working for others but so is stress at times.
I have a business partner, not suitable for most but it works for us, share the stress and decisions.
Rewards are higher than working for others but so is stress at times.
I have a business partner, not suitable for most but it works for us, share the stress and decisions.
12 yrs in for me, wouldn't change a thing, work harder than ever, have some really tough day and decisions but overall I love it.
First 18 months I was on my own, then spent 7 months in hospital following an accident, unable to do the physical side of job so I had 2 choices, close down or employ.
Now have 7 staff, and as well as the original wheel refurbishing have moved out into smart repairs and paint supplies.
First 18 months I was on my own, then spent 7 months in hospital following an accident, unable to do the physical side of job so I had 2 choices, close down or employ.
Now have 7 staff, and as well as the original wheel refurbishing have moved out into smart repairs and paint supplies.
markcoznottz said:
Never take advice off anyone
Unfortunately if he takes your advice he won't be able to use it, and will spontaneously combust 
And yes, there will probably be a lag phase while you try to get work with no sales - or at least no invoices being settled - so have enough savings for a few months to bridge the gap.
Have a look at https://www.velocitybusinesssupport.com/
Been very helpful for me.
I started my business at 24, 10 years on had 30 staff plus 8 staff in China. Then lost the lot. Started again, never followed any rules but wish I did with some of the absolute basics!
Been very helpful for me.
I started my business at 24, 10 years on had 30 staff plus 8 staff in China. Then lost the lot. Started again, never followed any rules but wish I did with some of the absolute basics!
Simpo Two said:
ModernAndy said:
decide early on whether you want to be self-employed or a business owner. They're 2 different things.
Do you mean Sole Trader vs Limited Company?Yes - the freedom is amazing, having no one else to blame is probably the biggest downside! As a word of warning I set up my own company at 23 and have continued ever since, however I am now totally unemployable so if things were to ever go south I really would be in trouble. Also starting your own company young has a big disadvantage in as much as I never had the normal staff fun time - you're the boss, and however often you have drinks with colleagues that never changes - so when I see my friends on FB having great staff times, more often than not I wasn't involved (although the freedom/extra money creates other opportunities). Know your marketplace and remember that the tax man bankrupts more new companies than anyone else (basically remember to pay your tax) and see where it goes - it sounds like you've got very minimal fixed personal overheads so now really could be the time.
Edited by Petrus1983 on Monday 27th October 18:29
Thanks for all the feedback guys, I have two business ideas, both of which I'm passionate about, one where I would have to get a HUGE loan to even be able to do it and make it a full time commitment straight away. The other is something I could start off from home (although still working 25+ hours , whilst working full time like I am now.
Part of me thinks to go for the smaller business plan and in the future the bigger idea may become more realistic without the huge loans etc.
Part of me thinks to go for the smaller business plan and in the future the bigger idea may become more realistic without the huge loans etc.
After 2-3 years ridiculous graft Im starting to see things click. I have a team who do all my work and now Im focusing on project managing and recruiting more guys in different trades to expand further and further.
Its all about finding the right people. Fact.
I have spare time again, hobbies and flexibility, while still bringing in money. My guys ran the business a few months back while I was on holiday. Ok so I was on the phone 20 times a day, but still good doing so from a sun lounger.
Do it. You won't regret it, however Id say it takes a certain type of person with certain drive to make things work successfully. I know plenty guys who make a decent wage working on their own, but I think taking it to the level where you are employing other people is very difficult, well in my game anyway it was a massive hurdle. I could never imagine how I could ever afford to pay someone a wage on top of mines. Now Im paying out often 3k a week in wages. Relatively small amount, but still daunting to me.
I used to be addicted to gambling, now Im addicted to my business and I guess the time I invest/have invested in it is starting to pay of. Just turned 30 and things going really well.
Edit - Just reading over few other points. Taking advice, Anytime I take advice from someone else it usually ends up bad - including family. When ever I use my gut and instinct, its good and always and mostly been right so far, even from the day I decided to leave my 50k a year job of 10 years, my gut told me to do it.
Even on here, Ive often asked for advice regarding my websites etc. It got me thinking, my business has grown a lot in the last years or so, all down to my input. My wording on the websites, My presentation, My figures, My branding etc etc. Id consider the business a relative success, built from scratch. So should I take advice from others or just keep doing what Im doing in my own way ?
Its all about finding the right people. Fact.
I have spare time again, hobbies and flexibility, while still bringing in money. My guys ran the business a few months back while I was on holiday. Ok so I was on the phone 20 times a day, but still good doing so from a sun lounger.
Do it. You won't regret it, however Id say it takes a certain type of person with certain drive to make things work successfully. I know plenty guys who make a decent wage working on their own, but I think taking it to the level where you are employing other people is very difficult, well in my game anyway it was a massive hurdle. I could never imagine how I could ever afford to pay someone a wage on top of mines. Now Im paying out often 3k a week in wages. Relatively small amount, but still daunting to me.
I used to be addicted to gambling, now Im addicted to my business and I guess the time I invest/have invested in it is starting to pay of. Just turned 30 and things going really well.
Edit - Just reading over few other points. Taking advice, Anytime I take advice from someone else it usually ends up bad - including family. When ever I use my gut and instinct, its good and always and mostly been right so far, even from the day I decided to leave my 50k a year job of 10 years, my gut told me to do it.
Even on here, Ive often asked for advice regarding my websites etc. It got me thinking, my business has grown a lot in the last years or so, all down to my input. My wording on the websites, My presentation, My figures, My branding etc etc. Id consider the business a relative success, built from scratch. So should I take advice from others or just keep doing what Im doing in my own way ?
Edited by Jamster123 on Monday 27th October 19:38
Edited by Jamster123 on Monday 27th October 19:53
Edited by Jamster123 on Monday 27th October 19:55
I started up in December of last year. I run an E-Commerce store, importing from China, re-selling over here at a good mark up. I was looking into Ebay and Amazon marketing initially, but decided that I wanted to build a brand that would be it's own entity in the future. Time will tell if it works out I guess.
I started out by buying £100 worth of stock, a monthly subscription from Shopify and a domain. It's been hard work to market my brand, keep it relevant, work on the SEO and Google Rankings and keep a social media presence going - whilst still working a part time job to keep a steady cash flow for my mortgage for now, but it's been worth it.
I'm going to clear a good profit, whilst growing the brand month on month. I'm only a sole trader at the moment, and I didn't have much of a plan but it's getting there. It is a hell of a lot of work starting up on your own though.
Edit: I'm 26 btw.
I started out by buying £100 worth of stock, a monthly subscription from Shopify and a domain. It's been hard work to market my brand, keep it relevant, work on the SEO and Google Rankings and keep a social media presence going - whilst still working a part time job to keep a steady cash flow for my mortgage for now, but it's been worth it.
I'm going to clear a good profit, whilst growing the brand month on month. I'm only a sole trader at the moment, and I didn't have much of a plan but it's getting there. It is a hell of a lot of work starting up on your own though.
Edit: I'm 26 btw.
Gassing Station | Business | Top of Page | What's New | My Stuff