Running your own business Good or Bad

[golfman]

Sorry don’t have much time… writing letters due to red tape!

25% increase in our rates bill! (SHIT government)

35% increase in company insurance.

Staff off sick (sacked one last week and employed a Polish, great worker)

Suppliers letting me down!

Customers moaning!

Two staff taken the afternoon off to drink Guinness with the paddies, so I have to cover for them!

Not enough hours in the day, need more sleep, wife and kids, I think I had some?


Would I change it… no ing way, because like all business owners I am slightly mental and I love it!

[PetrolTed]

hobo said:

...Think of the times you've been declined that 1/2 days holiday because you've not given the boss the 2 weeks notice he made mandatory on the latest memo.

It was being refused one poxy day off that was the straw that broke the camel's back in my case. That's when I jacked in the day job

[CHEVY-STU]

The main downside is as mentioned earlier, If the Sh*t hits the fan and you have to become employed again, you are gonna have a hard time taking instruction from someone else.
Doesn't bother me or most I'm sure, as the plan is to stay self-
employed/Director etc..

[aliged]

Do it.

Do not invest all you have in it though....keep a safety net (house in wifes name etc.)

Don't work for no profit in the hope it will get better...tell the skinflints to F-off....they'll wear you down.

Make your company LTD.

Incentivise yourself with goodies....and pay cash for them when you have it...don't take credit.

Good luck and enjoy it....what's the worst that could happen?????????

[GreenV8S]

aliged said:

Incentivise yourself with goodies

The word you're looking for is 'motivate'. [/campaign for plain English]

[aceparts_com]

Remember that the buck stops at you, so take the good times when you can and remember bad times could be around the next corner.

[superlightr]

Its the staff issues that for me is the hard work, not the actual work itself.

I would never employ someone who has been self employed for any period of time. You mark your cards as almost unemployable.

I love making decisions which if it works its down to me and if it fails its down to me. Little interferance on how I want things done.

Time off - in fact I take less time off as I want my business to suceed so I would say short but frequent hols are the key to keeping the stress down.

If you employ staff, dont take any shit. If You go down the I'll let that problem slide issue it will only gets worse. Dont worry if they leave, let them. Never ask them back.
Put things in writing.

You will love it, it is fun, exciting - seeing the end of year figures are a thrill for me anyway and knowing I have made the firm grow/improve.

[aliged]

GreenV8S said:

aliged said: Incentivise yourself with goodies The word you're looking for is 'motivate'. [/campaign for plain English]

in·cen·tiv·ize ( P ) Pronunciation Key (n-snt-vz)
tr.v. in·cen·tiv·ized, in·cen·tiv·iz·ing, in·cen·tiv·iz·es
To offer incentives or an incentive to; motivate: “That Bugatti Veyron will incentivize me to succeed in my new venture” (Richard A. Gephardt).

(OK so I got one teensy letter wrong....but YOU didn't pick up on that did you Shakespeare?)

[Pot Bellied Fool]

955matt said:

I'm convinced, spoke to the guy today and made him an offer,which he has accepted. So on my way to poverty by the sound of it!!!!!!!!!

Just catching up after a few days away on biz so Well done and welcome to the world of insanity that is self employment!

Just remember, many profitable companies go to the wall through lack of cashflow. Cash is king.. repeat after me... cash is king... cash is...

Build a relationship with your bank but don't rely on them and don't trust them. They have their own targets/agendas to meet & that doesnt always include the best option for your welfare.

Build your own network of professionals (preferably equally self employed, they understand the realities of life imho) such as legal bods, debt collectors, insurance, IT, sparkies etc.

Expect long hours and times when it all feels like sht, particularly when you're ill but there's good times too.

This week, I upped a £13k job to a total of £25k through negotiation & offering a good service. And oh yeah, the first chunk was paid within 10 days of invoice and the remainder is being paid ahead of completion. Remember what I said about cashflow?

But dammit - that felt good!!

Don't fall into the trap of thinking all income is yours, the VAT man will want a chunk (suggestion: open a savings account & put rough estimates of your vat liability to one side as you progress through the quarter) as will suppliers and the overheads of even small premises don't half add up!

Still some ways away from the TVR but just managed something I promised myself years ago when I saw the first Top Gear review of the T5 - "I want one of them" and now I have

[955matt]

Hi PBF,

Thanks for that,just sorting out the new name and the solictors etc!!!!

Should be taking over about the first of may or june depending on the legal side being tied up

Matt