Starting your own company.
Discussion
Hello,
Firstly mods, if you could leave this in the lounge maybe until I get a few replies that would be grand!
I graduated a couple of years ago with a 2.1 BSc in Product Design, and now gathered some relevant experience, including at the end of my current contrat 3 or 4 Products in the market. I'm now debating what to do when this contract ends which will be Christmas time.
Having now got a portfolio of decent projects that I've worked on and created I'm thinking of setting up on my own. I understand I would need a decent computer (just bought it) and the relevant software, but what am I overlooking?
Has anyone set up as a lone designer, and has anyone got any advice?
Thanks
Firstly mods, if you could leave this in the lounge maybe until I get a few replies that would be grand!
I graduated a couple of years ago with a 2.1 BSc in Product Design, and now gathered some relevant experience, including at the end of my current contrat 3 or 4 Products in the market. I'm now debating what to do when this contract ends which will be Christmas time.
Having now got a portfolio of decent projects that I've worked on and created I'm thinking of setting up on my own. I understand I would need a decent computer (just bought it) and the relevant software, but what am I overlooking?
Has anyone set up as a lone designer, and has anyone got any advice?
Thanks
Sorry! I'm a product designer!
The company I'm working for at the moment have said they will link me up with a few people who also freelance, and always use me if I decide to go it alone. I know I need to do some research/put out some feelers as to rates and competition etc, but I figured I'd ask some questions first!
The company I'm working for at the moment have said they will link me up with a few people who also freelance, and always use me if I decide to go it alone. I know I need to do some research/put out some feelers as to rates and competition etc, but I figured I'd ask some questions first!
monthefish said:
Are you able to start up your new company whilst still working for your current employer, or would that not be ethically correct in your industry?
Not at the moment - I've taken on some additional work with the same company to produce some visuals, so I work from 8.30am-10pm Sunday-Friday at the minute! The additional work should be sorted in the next month or so, which will leave me some free time to start things ticking over!CpnSpankyPantz said:
Hello,
Firstly mods, if you could leave this in the lounge maybe until I get a few replies that would be grand!
I graduated a couple of years ago with a 2.1 BSc in Product Design, and now gathered some relevant experience, including at the end of my current contrat 3 or 4 Products in the market. I'm now debating what to do when this contract ends which will be Christmas time.
Having now got a portfolio of decent projects that I've worked on and created I'm thinking of setting up on my own. I understand I would need a decent computer (just bought it) and the relevant software, but what am I overlooking?
Has anyone set up as a lone designer, and has anyone got any advice?
Thanks
Is there enough work for you to be busy and survive in your industry as a stand alone designer?Firstly mods, if you could leave this in the lounge maybe until I get a few replies that would be grand!
I graduated a couple of years ago with a 2.1 BSc in Product Design, and now gathered some relevant experience, including at the end of my current contrat 3 or 4 Products in the market. I'm now debating what to do when this contract ends which will be Christmas time.
Having now got a portfolio of decent projects that I've worked on and created I'm thinking of setting up on my own. I understand I would need a decent computer (just bought it) and the relevant software, but what am I overlooking?
Has anyone set up as a lone designer, and has anyone got any advice?
Thanks
If so then I would say do it your young enough to deal with it all going tits up and losing everything so why not. Remember it will be an expensive and risky move, you will have to not only do your job but all the work that goes with running your business or make enough money to employ someone to do it for you, thats probably not going to happen right from the start.
You need to figure out if your just going to work on a contract basis for bigger firms or go after things by yourself on your own back, Each has diffrent problems and benefits though.
An good Accountant is important, but if your going Sole Trade you don't actually need one, saves you cost but might cost you in tax, Limited Company you do so first off you need to get that decided.
I would speak to people you know in the industry to get a good idea of how things are moving, it might be better to slowly pick up contacts and cut your teeth on someone else's cloth for the next few years, but it depends what you design.
CpnSpankyPantz said:
Sorry! I'm a product designer!
The company I'm working for at the moment have said they will link me up with a few people who also freelance, and always use me if I decide to go it alone. I know I need to do some research/put out some feelers as to rates and competition etc, but I figured I'd ask some questions first!
Which area? Product design is a pretty tough freelance market IME. Speaking as an ex-product designer. My advice would be that unless you are pretty niche, stick with being employed at the moment. As I say though it depends on which are you're working in.The company I'm working for at the moment have said they will link me up with a few people who also freelance, and always use me if I decide to go it alone. I know I need to do some research/put out some feelers as to rates and competition etc, but I figured I'd ask some questions first!
ETA Reading the above post - go Ltd company for public liability reasons and make sure you have good insurance cover.
Edited by rhinochopig on Tuesday 21st July 11:18
My brother is an accountant and willing to help me out in that respect!
Thanks for the information. It is a fairly niche market I've been working in (previously false leg design work placement, and designing hip knee and bone replacements), however the most experience I have is with casing design - currently I'm designing communication aids for disabled people.
I'm not sure if it is going to happen - me flying solo, but it is something I looking into! One of my old colleagues did it when he was young and recommended I look into it!
Thanks for the information. It is a fairly niche market I've been working in (previously false leg design work placement, and designing hip knee and bone replacements), however the most experience I have is with casing design - currently I'm designing communication aids for disabled people.
I'm not sure if it is going to happen - me flying solo, but it is something I looking into! One of my old colleagues did it when he was young and recommended I look into it!
CpnSpankyPantz said:
The company I'm working for at the moment have said they will link me up with a few people who also freelance, and always use me if I decide to go it alone.
Assume they won't. Also assume your income will be £0.00 pa and work from there.No doubt you have all the product design skills, but if you can't find somebody who wants to buy what you do, and pay you for it, then it's a non-starter because suddenly you're out of the 'employed' cocoon that feeds you work and gives you money.
So, you have the skills to do the job, and essential bookeeping can be learned easily enough, and you can choose a good name, logo etc. Now imagine it's 9.00am on Monday morning. The neighbours left for work hours ago and it's strangely quiet. You're sitting at the new desk you got from Staples last weekend. You have a computer and a telephone. Somehow you have to connect your skills into cheques coming through the door. What happens next?
I'm just asking these boring negative questions because they'll need to be answered
Simpo Two said:
CpnSpankyPantz said:
The company I'm working for at the moment have said they will link me up with a few people who also freelance, and always use me if I decide to go it alone.
Assume they won't. Also assume your income will be £0.00 pa and work from there.No doubt you have all the product design skills, but if you can't find somebody who wants to buy what you do, and pay you for it, then it's a non-starter because suddenly you're out of the 'employed' cocoon that feeds you work and gives you money.
So, you have the skills to do the job, and essential bookeeping can be learned easily enough, and you can choose a good name, logo etc. Now imagine it's 9.00am on Monday morning. The neighbours left for work hours ago and it's strangely quiet. You're sitting at the new desk you got from Staples last weekend. You have a computer and a telephone. Somehow you have to connect your skills into cheques coming through the door. What happens next?
I'm just asking these boring negative questions because they'll need to be answered
I know a few web designers so could get a nice website made up, but then what? Cold calling/emailing/general whoring myself out, but I guess this is unprofessional!
CpnSpankyPantz said:
monthefish said:
Are you able to start up your new company whilst still working for your current employer, or would that not be ethically correct in your industry?
Not at the moment - I've taken on some additional work with the same company to produce some visuals, so I work from 8.30am-10pm Sunday-Friday at the minute! The additional work should be sorted in the next month or so, which will leave me some free time to start things ticking over!Bear in mind of course that as a Freelance Designer you are more easily dispensable to your clients when business is slow; but then your rate should reflect this risk.
Good luck!
CpnSpankyPantz said:
It's all good things I need to consider, and to be honest I don't really know which is why I'm looking into it now
I know a few web designers so could get a nice website made up, but then what? Cold calling/emailing/general whoring myself out, but I guess this is unprofessional!
The world is full of websites. If you can just set one up and money rolls in, you'll be bloody clever! You'll need to drive traffic to it somehow. I'm not a web-person but IMHO SEO alone isn't enough. I know a few web designers so could get a nice website made up, but then what? Cold calling/emailing/general whoring myself out, but I guess this is unprofessional!
Specific aside, you know how to do what you do, but now you also have to learn and understand the *market* for what you do. Why should a prospect use you instead of a rival? What do you offer that's better/faster/less costly? Who is your target audience? What do they want? Give them what they want and you're halfway there. Then (unless you're lucky) you have to start selling. It doesn't mean you're trying to sell double glazing to people who don't want double glazing - if you've done your research and marketing right, they take it off your hand because you're supplying exactly what they want.
At my second interview with an ad agency they said 'You'll have a phone and a copy of Yellow Pages'. And they weren't joking. I was too task-oriented to be a great salesman, but I did OK and it was vital experience for self-employment. The world is your lobster - the smarter your ideas and the more (targeted) effort you put in, the more successful you will be. You may earn nothing, or you may earn double, but every pound you earn from your own ideas and efforts is worth far more than a pound that just gets handed to you each month for turning up!
Ironically, the actual task you do is the least of your worries. Getting yourself out there and winning business is the blank you need to fill in. Just make sure all the blanks are filled in correctly before you jump!
PhilLL said:
CpnSpankyPantz said:
monthefish said:
Are you able to start up your new company whilst still working for your current employer, or would that not be ethically correct in your industry?
Not at the moment - I've taken on some additional work with the same company to produce some visuals, so I work from 8.30am-10pm Sunday-Friday at the minute! The additional work should be sorted in the next month or so, which will leave me some free time to start things ticking over!Bear in mind of course that as a Freelance Designer you are more easily dispensable to your clients when business is slow; but then your rate should reflect this risk.
Good luck!
Simpo Two said:
CpnSpankyPantz said:
It's all good things I need to consider, and to be honest I don't really know which is why I'm looking into it now
I know a few web designers so could get a nice website made up, but then what? Cold calling/emailing/general whoring myself out, but I guess this is unprofessional!
The world is full of websites. If you can just set one up and money rolls in, you'll be bloody clever! You'll need to drive traffic to it somehow. I'm not a web-person but IMHO SEO alone isn't enough. I know a few web designers so could get a nice website made up, but then what? Cold calling/emailing/general whoring myself out, but I guess this is unprofessional!
Specific aside, you know how to do what you do, but now you also have to learn and understand the *market* for what you do. Why should a prospect use you instead of a rival? What do you offer that's better/faster/less costly? Who is your target audience? What do they want? Give them what they want and you're halfway there. Then (unless you're lucky) you have to start selling. It doesn't mean you're trying to sell double glazing to people who don't want double glazing - if you've done your research and marketing right, they take it off your hand because you're supplying exactly what they want.
At my second interview with an ad agency they said 'You'll have a phone and a copy of Yellow Pages'. And they weren't joking. I was too task-oriented to be a great salesman, but I did OK and it was vital experience for self-employment. The world is your lobster - the smarter your ideas and the more (targeted) effort you put in, the more successful you will be. You may earn nothing, or you may earn double, but every pound you earn from your own ideas and efforts is worth far more than a pound that just gets handed to you each month for turning up!
Ironically, the actual task you do is the least of your worries. Getting yourself out there and winning business is the blank you need to fill in. Just make sure all the blanks are filled in correctly before you jump!
I think the main selling point would be that I could do it all cheaper, having researched into what other deisgners/design consultancies charge, but then again I guess they charge that much for the times there is no work...
It's a toughie! Was speaking to my Uncle earlier who runs and set up a successfull business, gonna meet up for a chat with him soon to see his advice, but thank you all for yours, and keep it coming if you please!
CpnSpankyPantz said:
I think the main selling point would be that I could do it all cheaper, having researched into what other deisgners/design consultancies charge, but then again I guess they charge that much for the times there is no work...
'Cheap' is actually word best avoided (notice I modified the phrase from its original 'better/faster/cheaper'!When I started trading in 1991 I calculated I could be 35% cheaper than the agency I'd left, and provide exactly the same product (video production). However, I wasn't ready for the fact that some prospects don't actually like the idea of saving 35%. They might think it's too cheap (ie no good) or they may have £10K to spend and want to spend £10K, not £6.5K (see 'ego'). So after a while I figured out I needed to switch it around and say that for £10K, they could have £13.5K's worth of work. Same deal, different side
So you need to be competitive, but don't become meek, and keep confidence in your ability. You will receive many knocks and setbacks - for example I was asked to invoice a very large company £10K just before one Christmas to go towards the cost of a project in the new year - so I did, with much whooping and glee. Then a week later they said the project was cancelled. Hence my earnings that Christmas: £0. So make sure you have plenty of capital to tide you over the lean times.
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