CoronaVirus Re-evaluation
Discussion
Has the lockdown made anyone else seriously Re-evaluate what they were doing and whether that want to go back to doing it all again?
I seriously don’t want to go back to how I was, far to busy, enough reward, but in retrospect only just.
Got something brewing in the same industry but just doing it differently. But need income to continue while it gets of the ground.
Do I stick with what I’ve been doing to tide me over, but risk getting sick back in completely?
Or dump it all and find some shelf stacking to do, allowing me to focus on the new direction?
I know only I can come to that decision, what have others of you done?
V.
I seriously don’t want to go back to how I was, far to busy, enough reward, but in retrospect only just.
Got something brewing in the same industry but just doing it differently. But need income to continue while it gets of the ground.
Do I stick with what I’ve been doing to tide me over, but risk getting sick back in completely?
Or dump it all and find some shelf stacking to do, allowing me to focus on the new direction?
I know only I can come to that decision, what have others of you done?
V.
Interesting Vex,
I am in a very similar position and we are both in the same industry which I feel has drastically changed over the years.
I had 5 guys three years ago and after a Stroke decided the stress was too much, since then I’ve been doing smaller jobs for customers who are on the same wavelength. I’m now just on my own but still deciding if to knock it on the head totally.
I have another couple of ventures which started around a year ago and are both doing ok although on hold at the moment until the country gets going again.
I am in a very similar position and we are both in the same industry which I feel has drastically changed over the years.
I had 5 guys three years ago and after a Stroke decided the stress was too much, since then I’ve been doing smaller jobs for customers who are on the same wavelength. I’m now just on my own but still deciding if to knock it on the head totally.
I have another couple of ventures which started around a year ago and are both doing ok although on hold at the moment until the country gets going again.
True, but it still needs repaying if you’re honest.
Due to the Government's lack of support for directors I am already eating into the £6k I had set aside for my Corp Tax payment.
So I’ll have to find that when it comes due so unwilling to take on even more debt.
A friend with the tiniest commercial unit and very strong trading throughout shutdown got his £10k grant through within weeks of it being announced. Us directors with no income due to lockdown, 10years of trading and paying all dues. But working from a home office - nothing and no furlough support - but that has been done to death here.
V.
Due to the Government's lack of support for directors I am already eating into the £6k I had set aside for my Corp Tax payment.
So I’ll have to find that when it comes due so unwilling to take on even more debt.
A friend with the tiniest commercial unit and very strong trading throughout shutdown got his £10k grant through within weeks of it being announced. Us directors with no income due to lockdown, 10years of trading and paying all dues. But working from a home office - nothing and no furlough support - but that has been done to death here.
V.
VEX said:
Has the lockdown made anyone else seriously Re-evaluate what they were doing and whether that want to go back to doing it all again?
Yep. I'll still be in IT but it's time to move on from contracting and into "going it alone". Spent last half of 2018 and all of 2019 paying off debts and this flat, not to mention building up a healthy war chest. Covid-19 has "woke me up" you could say and it's time to push my company to the next level and away from this IR35 s
t. The BBLS, if I can get it, will be the extra icing on the cake - that opportunity really came out the blue for me. As a director, I think there is a lot of support at the moment - but that's just from where I'm sat. I understand that things maybe different for others. I’ve already been making changes to my business, some quite drastic. We were doing lots of things that weren’t revenue positive, almost all of that has been binned off already so we can focus on what actually makes profit.
Action plan almost completed on getting the business running itself so I can make more time for family, fun and building on my other business for income diversification.
I still want lots of money and fast cars etc etc but for now I want a stable and diversified income with minimal outgoings, then a war chest for future.
We’re in the same industry as you but from a different angle. Just remember that the grass isn’t always greener, sometimes you just need to change the way you do what you’re already doing.
Action plan almost completed on getting the business running itself so I can make more time for family, fun and building on my other business for income diversification.
I still want lots of money and fast cars etc etc but for now I want a stable and diversified income with minimal outgoings, then a war chest for future.
We’re in the same industry as you but from a different angle. Just remember that the grass isn’t always greener, sometimes you just need to change the way you do what you’re already doing.
Edited by MrSparks on Saturday 9th May 19:23
I'm seriously considering whether to bother starting up again.
Phone stopped ringing a week before the official lockdown started, and I caught up with the backlog of work 5 weeks ago. I tidied up the workshop, and switched from repairing clocks to building some of the stash of models that I've accumulated over the years, but never had enough free time to build.
I'm 3 years away from getting my state pension, which will give me enough to live comfortably along with a couple of defined benefit pensions that I'm already getting (which means I won't be getting any government grants). I have enough cash in the bank to last at least 3 years if I don't waste it on buying cars.
Whatever I decide, I won't be going back to repairing clocks 7 days a week for not much more than minimum wage. If I do restart, I'll double my prices, scare away over half the customers, and do alternate work weeks and hobby weeks.
Phone stopped ringing a week before the official lockdown started, and I caught up with the backlog of work 5 weeks ago. I tidied up the workshop, and switched from repairing clocks to building some of the stash of models that I've accumulated over the years, but never had enough free time to build.
I'm 3 years away from getting my state pension, which will give me enough to live comfortably along with a couple of defined benefit pensions that I'm already getting (which means I won't be getting any government grants). I have enough cash in the bank to last at least 3 years if I don't waste it on buying cars.
Whatever I decide, I won't be going back to repairing clocks 7 days a week for not much more than minimum wage. If I do restart, I'll double my prices, scare away over half the customers, and do alternate work weeks and hobby weeks.
I'm in an affiliated industry to you Vex
Had enough now, the other problem is the technology eventually puts you out of a job.
Aerial/satellite fast being replaced by streaming
Did lots of wifi,got certified but now people just buy mesh systems
CCTV nobody will pay for good kit, I get asked to install ste they have bought and then expected to support it. Internet price race to the bottom.
Customers also have me on speed dial,everytime the internet goes off for 3 minutes,or the CCTV app wont load I get the call to jump.
56 now,knees are shot ,days of being a cable monkey are probably over, 20000 miles a year- buy van,kill it,rinse and repeat. Lockdown has made me think.
Anyhow moved to north Devon last year, so will maybe find something local, I'm thinking staycations are going to be big so there could be something else to consider.
Had enough now, the other problem is the technology eventually puts you out of a job.
Aerial/satellite fast being replaced by streaming
Did lots of wifi,got certified but now people just buy mesh systems
CCTV nobody will pay for good kit, I get asked to install s
te they have bought and then expected to support it. Internet price race to the bottom. Customers also have me on speed dial,everytime the internet goes off for 3 minutes,or the CCTV app wont load I get the call to jump.
56 now,knees are shot ,days of being a cable monkey are probably over, 20000 miles a year- buy van,kill it,rinse and repeat. Lockdown has made me think.
Anyhow moved to north Devon last year, so will maybe find something local, I'm thinking staycations are going to be big so there could be something else to consider.
DSLiverpool said:
Well Chris you know I’ve decided to rip everything up and start again, our paths will cross and I’ll update when we progress.
In 2016 I had no idea what to do so this time I’m better equipped as I know roughly what I’m going to do.
Life’s too short.
Another reboot? Or just hedging your bets?In 2016 I had no idea what to do so this time I’m better equipped as I know roughly what I’m going to do.
Life’s too short.
Edited by skwdenyer on Sunday 10th May 18:55
Ham_and_Jam said:
clockworks said:
If I do restart, I'll double my prices, scare away over half the customers, and do alternate work weeks and hobby weeks.
You might get a surprise and they’re still happy to pay the price, leaving you kicking yourself that you didn’t do it years ago!I'm expecting to concentrate on kitchen revamps in the future, by which I mean supplying made to measure painted Shaker doors to go on to existing cabinets, with the occasional replacement cabinet, drawers etc. It's not as much money as a whole kitchen but it's a whole lot quicker to do, so the economics are good both from my and the customer's points of view.
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