How has your year been?
Discussion
As per title... at a pause between projects and thinking about 2018 already.
Heavy handed regulation and stuttering new products from the industry has made drones a difficult niche to address. It was expected after 2016 where we arguably saw the peak of the Gartner Hype Cycle, but it's going to take much longer than I thought for new services to take hold.
Other projects have been exceptionally demanding of my time (that's what you get when you combine cloud software, mobile devices and embedded hardware), which along with family illness has made the last quarter very hard work. The Christmas break is welcome, but I need to look at what's going to make 2018 profitable and exciting in both software and hardware.
Interesting times in the technology sector. Small guys are struggling, large guys are hoovering up the talent but not really producing much to excite.
Heavy handed regulation and stuttering new products from the industry has made drones a difficult niche to address. It was expected after 2016 where we arguably saw the peak of the Gartner Hype Cycle, but it's going to take much longer than I thought for new services to take hold.
Other projects have been exceptionally demanding of my time (that's what you get when you combine cloud software, mobile devices and embedded hardware), which along with family illness has made the last quarter very hard work. The Christmas break is welcome, but I need to look at what's going to make 2018 profitable and exciting in both software and hardware.
Interesting times in the technology sector. Small guys are struggling, large guys are hoovering up the talent but not really producing much to excite.
A mixed bag.
Beginning of the year showed promise in our main business. We were lower on staff numbers but margins hadn’t dropped as productivity flourished. However this didn’t last and (unrelated) we saw a large number of staff leave for pastures new which harmed customer retention right when you need it least-when bedding in new staff.
Add to this ever tightening regulation and worst of all going over the business rates relief point with the latest assessment means outgoings are really hurting profit and loss.
I’ve often thought if it’s all still worth bothering, but this year is the first time I’ve stared down the barrel of a profit and loss forecast that may settle it once and for all.
It’s depressing that a business that has flourished for ten years now needs reinvestment to see it through it’s bad patch (now that cash reserves have been spent).
I have the skills to get us back out again however the realisation that this will now become a regular occurrence (there isn’t any way to stop staff leaving), with margins getting ever tighter doesn’t half grind you down.
On a positive note, my other sideline flourished in its first year and looks to continue. However it is by its nature an irregular income coupled with a high investment requirement. Not ideal to jump ship into so not any kind of get out of jail free card.
Mum always said I’d end up wishing I’d stuck in at school...
Beginning of the year showed promise in our main business. We were lower on staff numbers but margins hadn’t dropped as productivity flourished. However this didn’t last and (unrelated) we saw a large number of staff leave for pastures new which harmed customer retention right when you need it least-when bedding in new staff.
Add to this ever tightening regulation and worst of all going over the business rates relief point with the latest assessment means outgoings are really hurting profit and loss.
I’ve often thought if it’s all still worth bothering, but this year is the first time I’ve stared down the barrel of a profit and loss forecast that may settle it once and for all.
It’s depressing that a business that has flourished for ten years now needs reinvestment to see it through it’s bad patch (now that cash reserves have been spent).
I have the skills to get us back out again however the realisation that this will now become a regular occurrence (there isn’t any way to stop staff leaving), with margins getting ever tighter doesn’t half grind you down.
On a positive note, my other sideline flourished in its first year and looks to continue. However it is by its nature an irregular income coupled with a high investment requirement. Not ideal to jump ship into so not any kind of get out of jail free card.
Mum always said I’d end up wishing I’d stuck in at school...
Main business (now 2 years old) is flourishing, with a great order book focusing on sorting out complex property problems, failing projects etc.
Another business is having to be sorted out currently due to dodgy partner, but should be fine.
Two new ventures failing to gain momentum beyond business plan stage due to others not pushing from their side.
After a flat first 9 months, my wife's online retailer has been up 30% yoy for the last 2 months and is, after 5 years, finally delivering decent cash profit.
Overall, pretty good, but when I read the above back again, I think I should try and do a bit less!
So far so good. Better than recent years.
Our UK work is almost exclusively for local authorities. What we do leads to cost savings for them - quite considerable savings in some cases - and does seem that they are slowly coming round to the notion that 'invest to save' is a real thing!
Our UK work is almost exclusively for local authorities. What we do leads to cost savings for them - quite considerable savings in some cases - and does seem that they are slowly coming round to the notion that 'invest to save' is a real thing!
Reading this thread with interest as I've often thought about getting involved with/running my own business but working in the city has been the easy and regular option.
Sadly now things have changed dramatically and the city definitely isn't what is was which is largely down to regulation.
I see reading the posts above regulation can equally be an issue for you guys so full of admiration for juggling your own businesses.
Good luck everyone
Sadly now things have changed dramatically and the city definitely isn't what is was which is largely down to regulation.
I see reading the posts above regulation can equally be an issue for you guys so full of admiration for juggling your own businesses.
Good luck everyone
FocusRS3 said:
Reading this thread with interest as I've often thought about getting involved with/running my own business but working in the city has been the easy and regular option.
Sadly now things have changed dramatically and the city definitely isn't what is was which is largely down to regulation.
I see reading the posts above regulation can equally be an issue for you guys so full of admiration for juggling your own businesses.
Good luck everyone
I worked in the City for 15 years in high pressure roles.Sadly now things have changed dramatically and the city definitely isn't what is was which is largely down to regulation.
I see reading the posts above regulation can equally be an issue for you guys so full of admiration for juggling your own businesses.
Good luck everyone
Today I worked hard, but still walked the dog, finished at 5:30 and walked 30ft to the sofa to relax in front of a roaring fire.
You work harder, working for yourself, and it is often just as stressful, but it’s a lot more fun in my view.
loafer123 said:
I worked in the City for 15 years in high pressure roles.
Today I worked hard, but still walked the dog, finished at 5:30 and walked 30ft to the sofa to relax in front of a roaring fire.
You work harder, working for yourself, and it is often just as stressful, but it’s a lot more fun in my view.
Good for you sounds far more rewarding .Today I worked hard, but still walked the dog, finished at 5:30 and walked 30ft to the sofa to relax in front of a roaring fire.
You work harder, working for yourself, and it is often just as stressful, but it’s a lot more fun in my view.
Can I ask what you did in the city and what you do now ?
My thinking is next year I'll be forced to look at alternatives
FocusRS3 said:
Good for you sounds far more rewarding .
Can I ask what you did in the city and what you do now ?
My thinking is next year I'll be forced to look at alternatives
I specialise in solving complex property problems and in operational businesses with underlying properties like hotels. It was basically the same when I was in the City, but with more pointless meetings.Can I ask what you did in the city and what you do now ?
My thinking is next year I'll be forced to look at alternatives
It might be buying a company, doing restructuring and workout of problem projects or starting up new ventures or projects, but basically every project involves starting with a blank sheet of paper, learning how that market or business works, aligning the interests of multiple stakeholders and applying a wide range of property and business skills to make money or mitigate losses.
What about you - are your City skills transferable into something interesting in the real world, or would you be a complete change?
Good. Have started a new business which came about through an existing one but in a totally different field. The beauty for me is rather than tell people how to do B2C marketing (and for them not to bother) I get to do it myself. Six months in, building blocks almost all in place, some decent money so far and all set for a right good year in 2018.
Taking on the dinosaurs of the home improvements industry.
Taking on the dinosaurs of the home improvements industry.
loafer123 said:
I specialise in solving complex property problems and in operational businesses with underlying properties like hotels. It was basically the same when I was in the City, but with more pointless meetings.
It might be buying a company, doing restructuring and workout of problem projects or starting up new ventures or projects, but basically every project involves starting with a blank sheet of paper, learning how that market or business works, aligning the interests of multiple stakeholders and applying a wide range of property and business skills to make money or mitigate losses.
What about you - are your City skills transferable into something interesting in the real world, or would you be a complete change?
Tough one.It might be buying a company, doing restructuring and workout of problem projects or starting up new ventures or projects, but basically every project involves starting with a blank sheet of paper, learning how that market or business works, aligning the interests of multiple stakeholders and applying a wide range of property and business skills to make money or mitigate losses.
What about you - are your City skills transferable into something interesting in the real world, or would you be a complete change?
I've been a money broker for 30yrs and the business has become so electronic it's taken away the human/relationship element.
My strength has always been breaking down doors and forging relationships where others previously have feared to tread . It's what I do.
Getting into a new business I'd love and a huge breath of fresh air as right now I'm so frustrated but it's knowing where to turn .
Apologies turning the thread into my woes!
Difficult.
Income for the year is down nearly 50% on the previous year based on three things; a strong 2016 and a poor 2017 due to ill health and my major source of incoming being in one project that finished in September.
Unfortunately this came at the same time as having surgery scheduled, which meant for 3-4 months I couldn't pre-empt the loss of income by bringing in other projects before that one finished, and it took several weeks after it finished before I was ready to start taking on new work.
The good news is that the surgery was highly successful and I've not been as productive as I currently am in years. Also, finishing that other project which brought in 80% of my income but took 95% of my time has allowed me to explore other avenues.
Right now, 2018 looks bright.
Income for the year is down nearly 50% on the previous year based on three things; a strong 2016 and a poor 2017 due to ill health and my major source of incoming being in one project that finished in September.
Unfortunately this came at the same time as having surgery scheduled, which meant for 3-4 months I couldn't pre-empt the loss of income by bringing in other projects before that one finished, and it took several weeks after it finished before I was ready to start taking on new work.
The good news is that the surgery was highly successful and I've not been as productive as I currently am in years. Also, finishing that other project which brought in 80% of my income but took 95% of my time has allowed me to explore other avenues.
Right now, 2018 looks bright.
I set up my current business exactly a year ago. And it took until 1 November this year to land a paying client. But I spent the time investing in self-PR, following every lead however tenuous, distanced myself from a very specific City job description, and did a lot of strategic thinking and commentary on interesting aspects of my previous City job. Net result is I get invited to sit on industry panels every couple of months, I've retained a seat on an Establishment advisory board, became a semi-expert in the regulatory aspects of ICOs, and met a ton of interesting people.
And as I'm self-employed with no overheads, the current 6 month contract will happily pay for a couple of years of personal expenses. If I do two a year, I'm laughing.
And as I'm self-employed with no overheads, the current 6 month contract will happily pay for a couple of years of personal expenses. If I do two a year, I'm laughing.
Edited by Whoozit on Thursday 30th November 21:05
Absolute mega year
Exports to Europe account for 50% of sales and no sign of a let up, UK manufacturing seems in pretty decent health. Main issue is I can’t find enough CNC machinery for the current demand but getting our fair share so can’t complain too much. Bit of extra stress due to the increase in workload but to be expected and nothing we can’t deal with.
Exports to Europe account for 50% of sales and no sign of a let up, UK manufacturing seems in pretty decent health. Main issue is I can’t find enough CNC machinery for the current demand but getting our fair share so can’t complain too much. Bit of extra stress due to the increase in workload but to be expected and nothing we can’t deal with.
Absolute mega year
Exports to Europe account for 50% of sales and no sign of a let up, UK manufacturing seems in pretty decent health. Main issue is I can’t find enough CNC machinery for the current demand but getting our fair share so can’t complain too much. Bit of extra stress due to the increase in workload but to be expected and nothing we can’t deal with.
Exports to Europe account for 50% of sales and no sign of a let up, UK manufacturing seems in pretty decent health. Main issue is I can’t find enough CNC machinery for the current demand but getting our fair share so can’t complain too much. Bit of extra stress due to the increase in workload but to be expected and nothing we can’t deal with.
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Thanks for explaining , I’ll do some research later .Pal of mine is doing some consultancy/account management work for a city firm who are running with a new electronic platform in the new year.
Lucky bugger works 3 Days a week on a seriously good daily rate.
Basically he’s got the job I want and was made for !
Another great year for me and as i am self-employed/semi-retired i have managed to bank what i need to carry me over to spring with ease.
Rates for plumbers have risen here in the SE so when i work on the tools i earn well but as i design and price work as well i have managed to keep busy not getting dirty on the tools which means i can work from home.
I have enjoyed my last few weeks off and look forward to the next couple of months off knowing that i have plenty of work booked for spring..
Rates for plumbers have risen here in the SE so when i work on the tools i earn well but as i design and price work as well i have managed to keep busy not getting dirty on the tools which means i can work from home.
I have enjoyed my last few weeks off and look forward to the next couple of months off knowing that i have plenty of work booked for spring..
baileybobs said:
Another great year for me and as i am self-employed/semi-retired i have managed to bank what i need to carry me over to spring with ease.
Rates for plumbers have risen here in the SE so when i work on the tools i earn well but as i design and price work as well i have managed to keep busy not getting dirty on the tools which means i can work from home.
I have enjoyed my last few weeks off and look forward to the next couple of months off knowing that i have plenty of work booked for spring..
Lovely situation to be inRates for plumbers have risen here in the SE so when i work on the tools i earn well but as i design and price work as well i have managed to keep busy not getting dirty on the tools which means i can work from home.
I have enjoyed my last few weeks off and look forward to the next couple of months off knowing that i have plenty of work booked for spring..
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