Starting your own business. If I can do it...
Discussion
The point to this thread is not to willy wave, there are many more, much more successful people than me that can do that.
Instead to encourage people, if they are thinking about starting their own business and have done their sums, to just do it!!
As a long time lurker who posts very rarely, I have been quietly going about my business for just over 4 years now.
I was a recruitment consultant, then an equity holding manager/director in a recruitment agency, before a combination of being fed up with my bosses, arrogance and a desire to have more money/flexibility have me the impetus to get my arse in gear. I was earning perhaps £50-60k a year aged 30.
If you are a recruitment agency hater, please do not use this thread to vent your anger. Whilst there are many, many s
te rec agencies and plenty of consultants who give the industry a bad name, some are excellent and provide a genuine and genuinely good service to their candidates and clients. I like to think I am one of the latter, I have had many of the same candidates and clients for over 10 years.
A decently well paid wife (then girlfriend) was helpful in riding the first few zero salary months, I was earning 70% of my previous salary within 3 months. In the ensuing 4 years, I have paid myself around the same amount £3000 net per month which is the equivalent to £50k PAYE. Which appreciate is hardly megabucks, however I have enjoyed the flexibility, not being over worked and to work 4 days/week since the birth of my son who I spend more time with, I imagine, than 98% of all dads.
Every now and again I've given myself a nice 4 figure bonus, and twice I have reluctantly not paid myself that month. Now the company has maybe £25k in the bank for either expansion or as a fund for bad times. I had clients from previous jobs that were keen to work with me, I don't much like cold calling although I would have been more successful if I had been more proactive in drumming up new business.
Lots of savings to be made when you have no commute, no pret a manger, no suits to buy, can put your new Ipod/PC whatever through the company's books (if you use if for business as well of course!!)
Sometimes stressful, sometimes very stressful (not having a basic salary to rely on), zero commute as I work from home, flexibility, decent money and not having a boss!!!
If you can get your ducks in a row, plan and plan again, quit procrastinating and just do it!
Cheers
Instead to encourage people, if they are thinking about starting their own business and have done their sums, to just do it!!
As a long time lurker who posts very rarely, I have been quietly going about my business for just over 4 years now.
I was a recruitment consultant, then an equity holding manager/director in a recruitment agency, before a combination of being fed up with my bosses, arrogance and a desire to have more money/flexibility have me the impetus to get my arse in gear. I was earning perhaps £50-60k a year aged 30.
If you are a recruitment agency hater, please do not use this thread to vent your anger. Whilst there are many, many s
te rec agencies and plenty of consultants who give the industry a bad name, some are excellent and provide a genuine and genuinely good service to their candidates and clients. I like to think I am one of the latter, I have had many of the same candidates and clients for over 10 years.A decently well paid wife (then girlfriend) was helpful in riding the first few zero salary months, I was earning 70% of my previous salary within 3 months. In the ensuing 4 years, I have paid myself around the same amount £3000 net per month which is the equivalent to £50k PAYE. Which appreciate is hardly megabucks, however I have enjoyed the flexibility, not being over worked and to work 4 days/week since the birth of my son who I spend more time with, I imagine, than 98% of all dads.
Every now and again I've given myself a nice 4 figure bonus, and twice I have reluctantly not paid myself that month. Now the company has maybe £25k in the bank for either expansion or as a fund for bad times. I had clients from previous jobs that were keen to work with me, I don't much like cold calling although I would have been more successful if I had been more proactive in drumming up new business.
Lots of savings to be made when you have no commute, no pret a manger, no suits to buy, can put your new Ipod/PC whatever through the company's books (if you use if for business as well of course!!)
Sometimes stressful, sometimes very stressful (not having a basic salary to rely on), zero commute as I work from home, flexibility, decent money and not having a boss!!!
If you can get your ducks in a row, plan and plan again, quit procrastinating and just do it!
Cheers
kentlad said:
Mind if i send you a PM?
Of course, go for it.Apologies for mentioning some vulgar numbers btw, like I say, they're not even particularly impressive numbers, it's just that without them the topic is a lot less meaningful, given that it's peoples' livelihoods and we've all got bills to pay...
montecristo said:
How did you have the courage to leave your job? I think that puts most people off.
I was made redundant, otherwise I would never have left.
I agree that I think that is the biggest deterrent. I was made redundant, otherwise I would never have left.
For me it was the confidence (not certainty) that I was about to do what I had been doing with some success for the previous 9 years. So there was logic behind my thinking it would all be fine.
I had done my sums and had an overdraft/girlfriend that would tide me over for a couple of months.
But you still have so say f
k it and just do it. resigning is the hardest part.I am only advocating 'go for it' IF you have done your homework and the numbers add up, even if it's a different industry/job.
If you have been made redundant, you may have a cushion, but by no means essential.
montecristo said:
How did you have the courage to leave your job? I think that puts most people off.
I was made redundant, otherwise I would never have left.
Agreed. In my case I volunteered to take the redundancy, but if they hadn't started the process I wouldn't have made the decision at that point. I was made redundant, otherwise I would never have left.
As OP says though, it's a great thing to do. 3.5 years in, not yet quite as successful as the OP by the sounds of it, but I wouldn't go back for the world.
Have a go at finding jobs for powerfully built company directors (fees are so much higher and you could recruit a salesperson if you cant do it yourself). Within 10 years you'll sell for millions. I am not joking. Family member left large accountancy firm, started in recruitment getting jobs for accountants, started his own firm, recently finally sold every last bit to an American outfit (he still acts as a consultant) and has property everywhere, including a house overlooking one of the holes at Wentworth. It's great!
JM
JM
DELETED: Comment made by a member who's account has been deleted.
You're very kind.I will likely expand before the end of the year. My only option for expansion is to recruit additional recruitment consultants.
It feels like a big step, being responsible for other peoples' basic salary regardless of how much revenue they bring in to me.
Also the extra expenses of offices, rates etc... Big step!!!
lawtoni said:
You're very kind.
I will likely expand before the end of the year. My only option for expansion is to recruit additional recruitment consultants.
It feels like a big step, being responsible for other peoples' basic salary regardless of how much revenue they bring in to me.
Also the extra expenses of offices, rates etc... Big step!!!
Taking on staff is not just about the extra salary.I will likely expand before the end of the year. My only option for expansion is to recruit additional recruitment consultants.
It feels like a big step, being responsible for other peoples' basic salary regardless of how much revenue they bring in to me.
Also the extra expenses of offices, rates etc... Big step!!!
montecristo said:
How did you have the courage to leave your job? I think that puts most people off.
I was made redundant, otherwise I would never have left.
In the end though, it amounts to the same thing, out the door. I did it thirteen year ago & there are times I really wish someone else was shouldering the risk but then again, I started it with 800 quid & it's bought me a new house & a couple of Porsches over the years, so swings & roundabouts but what I'm saying is if you think you can back yourself to have a go, you'll probably be ok if you do. It always looks scarier on the other side than it is, after all, it's going to work & we all do that anyway. I was made redundant, otherwise I would never have left.
lawtoni said:
can put your new Ipod/PC whatever through the company's books (if you use if for business as well of course!!)
I think you mean 'wholly and exclusively for business use' Ahem ;-)Good post OP. Struck a chord with me as I am in a similar position, own business (IT) for a few years and well paid. Best move I ever made but I am still reliant on my own personal skills and time to generate income and profit (the old 'day's work for a day's pay').
The next step is definitely the hardest, i.e. being able to grow the business's income and decouple that from your personal time and effort. Finding/hiring the right people is key, and not something I've yet managed to do.
I'd posit this is slightly easier to do in recruitment than other fields, if clients are amenable to no longer always dealing with you personally. But that may be jealousy speaking as a friend that went solo the same time as me now has a >£1m recruitment business and I'm still a one-man-band! I guess that shows it can be done anyway - good luck in your ventures
deggles said:
Good post OP. Struck a chord with me as I am in a similar position, own business (IT) for a few years and well paid. Best move I ever made but I am still reliant on my own personal skills and time to generate income and profit (the old 'day's work for a day's pay').
The next step is definitely the hardest, i.e. being able to grow the business's income and decouple that from your personal time and effort. Finding/hiring the right people is key, and not something I've yet managed to do.
I'd posit this is slightly easier to do in recruitment than other fields, if clients are amenable to no longer always dealing with you personally. But that may be jealousy speaking as a friend that went solo the same time as me now has a >£1m recruitment business and I'm still a one-man-band! I guess that shows it can be done anyway - good luck in your ventures
The next step definitely is the hardest. Great people are hard to find. Great people who can deliver billable work and also grow a business are harder to find still. Customers like results so using people who can deliver for them is the key to growing whether that is IT (my field too), recruitment or shipbuilding. Customers also don't fall for the "we have a unique methodology/special sauce recipe". They want good people to work with. I did this with a business partner, grew a business of 25ish in the UK, another 25 over the rest of the world. I sold up and exited the businesses last Friday and in a couple of years will be doing it all again The next step is definitely the hardest, i.e. being able to grow the business's income and decouple that from your personal time and effort. Finding/hiring the right people is key, and not something I've yet managed to do.
I'd posit this is slightly easier to do in recruitment than other fields, if clients are amenable to no longer always dealing with you personally. But that may be jealousy speaking as a friend that went solo the same time as me now has a >£1m recruitment business and I'm still a one-man-band! I guess that shows it can be done anyway - good luck in your ventures
Gassing Station | Business | Top of Page | What's New | My Stuff