Going it alone, with large capital cost?
Discussion
Morning all,
I keep having "dangerous thoughts" with regards to my job.
Currently I frustratingly grind an average-level job for a huge, very regulated company in a very regulated industry. I've been here a few years and am one of the most experienced and capable on the team, but I've had several attempts at forward progress stymied by "we need you where you are at the moment due to flux of other staff" [and that's my problem because?......]
Even if I did manage to progress to the role I want either inside or at another company, a salary of 1.5x "not much" is still not much. I'd have to grind (and study) and work my way up the tree for decades to serious levels of responsibility to make what PH would define as proper money.
Having known a few friends in the last few years stick it to the man and go their own way, all of them have had a good level of success - be it from happily chugging along with a specialist whisky bar to making a killing with a high-level web design company.
With several hobbies and lots of contacts involving vehicle restoration and heavy engineering etc, I've been intrigued by some new technology that promises to do a traditionally expensive, messy job in a fraction of the time and cost and mess, and with much greater ability to be a "mobile service". I could see myself setting up as a one-man band to do this, I even already have a suitable truck and a lockup that I keep my current vehicle collection in.
However...... The capital costs here are large. The "baby size" version of this kit costs £100k. The full-fat versions range up to £500k. It's sufficiently new and specialised that despite extensive searching, I've seen none available secondhand (plus I suspect I'd want the manufacturer support of new kit).
I am assuming that no bank is going to give a £200k loan to someone they dont know from adam, no matter how promising the business plan. The only asset I'd have is the kit itself, which I'm suspecting the bank wont want because it'd be very hard to auction off - and even if my house was worth anywhere near that, I dont really want to use it as collateral.
Thus, I'm a bit stuck for ideas here.
Secondly.... as an employee of a multinational, I'm used to the warm blanket of 25 days holiday, fuss free PAYE, paid sick leave of several months, company-matched contributions to a decent pension, BUPA health insurance, and a smorgasbord of other benefits. Obviously, holiday is easy if working for myself but the thought of having none of the sick pay or especially the pension worries me rather, let alone the hassle of paying a huge lump sum of tax that I've had to self assess.
I'm assuming again that it's not really viable to set up a self employed business in a way that I could pay myself PAYE, and a new business has no chance of being able to arrange sickness/health insurance benefits without eating all its profit.
Whats the thoughts of PH please?
I keep having "dangerous thoughts" with regards to my job.
Currently I frustratingly grind an average-level job for a huge, very regulated company in a very regulated industry. I've been here a few years and am one of the most experienced and capable on the team, but I've had several attempts at forward progress stymied by "we need you where you are at the moment due to flux of other staff" [and that's my problem because?......]
Even if I did manage to progress to the role I want either inside or at another company, a salary of 1.5x "not much" is still not much. I'd have to grind (and study) and work my way up the tree for decades to serious levels of responsibility to make what PH would define as proper money.
Having known a few friends in the last few years stick it to the man and go their own way, all of them have had a good level of success - be it from happily chugging along with a specialist whisky bar to making a killing with a high-level web design company.
With several hobbies and lots of contacts involving vehicle restoration and heavy engineering etc, I've been intrigued by some new technology that promises to do a traditionally expensive, messy job in a fraction of the time and cost and mess, and with much greater ability to be a "mobile service". I could see myself setting up as a one-man band to do this, I even already have a suitable truck and a lockup that I keep my current vehicle collection in.
However...... The capital costs here are large. The "baby size" version of this kit costs £100k. The full-fat versions range up to £500k. It's sufficiently new and specialised that despite extensive searching, I've seen none available secondhand (plus I suspect I'd want the manufacturer support of new kit).
I am assuming that no bank is going to give a £200k loan to someone they dont know from adam, no matter how promising the business plan. The only asset I'd have is the kit itself, which I'm suspecting the bank wont want because it'd be very hard to auction off - and even if my house was worth anywhere near that, I dont really want to use it as collateral.
Thus, I'm a bit stuck for ideas here.
Secondly.... as an employee of a multinational, I'm used to the warm blanket of 25 days holiday, fuss free PAYE, paid sick leave of several months, company-matched contributions to a decent pension, BUPA health insurance, and a smorgasbord of other benefits. Obviously, holiday is easy if working for myself but the thought of having none of the sick pay or especially the pension worries me rather, let alone the hassle of paying a huge lump sum of tax that I've had to self assess.
I'm assuming again that it's not really viable to set up a self employed business in a way that I could pay myself PAYE, and a new business has no chance of being able to arrange sickness/health insurance benefits without eating all its profit.
Whats the thoughts of PH please?
If you're in a frustrating grind, but the smartest person in the room - tidy up your CV and get out there talking to your network. I'm not 100% sure what it is you do, but the market is hot in many areas at the moment with people getting great uplifts moving roles.
Personally, as the country plunges into the cost of living crisis - if you're not providing a necessity, you're going to find yourself in trouble very quickly setting up a new business now, with no client base or reputation to drive revenue day-in-day-out. All IMHO of course.
Don't forget that every corpse found on Mt. Everest was once a highly motivated and self-assured individual, absolutely convinced they could reach the summit, no matter the weather.
Personally, as the country plunges into the cost of living crisis - if you're not providing a necessity, you're going to find yourself in trouble very quickly setting up a new business now, with no client base or reputation to drive revenue day-in-day-out. All IMHO of course.
Don't forget that every corpse found on Mt. Everest was once a highly motivated and self-assured individual, absolutely convinced they could reach the summit, no matter the weather.
krisdelta said:
If you're in a frustrating grind, but the smartest person in the room - tidy up your CV and get out there talking to your network. I'm not 100% sure what it is you do, but the market is hot in many areas at the moment with people getting great uplifts moving roles.
Personally, as the country plunges into the cost of living crisis - if you're not providing a necessity, you're going to find yourself in trouble very quickly setting up a new business now, with no client base or reputation to drive revenue day-in-day-out. All IMHO of course.
Don't forget that every corpse found on Mt. Everest was once a highly motivated and self-assured individual, absolutely convinced they could reach the summit, no matter the weather.
Cheere,Personally, as the country plunges into the cost of living crisis - if you're not providing a necessity, you're going to find yourself in trouble very quickly setting up a new business now, with no client base or reputation to drive revenue day-in-day-out. All IMHO of course.
Don't forget that every corpse found on Mt. Everest was once a highly motivated and self-assured individual, absolutely convinced they could reach the summit, no matter the weather.
Without giving too much away I work in quality control in the field of pharmaceuticals. I have very much been actively looking at other companies and my polished CV is doing the rounds of recruiters. However the issue is that at this level of the job, the vast majority of openings are on a temp contract, and having bought a house last year I am absolutely not jacking in a permanent tenure where I am for a 12 month position with no guarantees at the end of it. The other issue is that, despite pay not being stellar where I am, it's a whole lot worse at some other places. I may get the more senior job role, but at a several K pay cut to my current position due to my yearly increases over starting wage. Thus, I am being picky and biding my time for the right opportunity with a large and well-funded enough company (of which there are several locally, but who dont hire very often).
I'm not sure on the necessity of the startup, it depends who I aim at but I wholly take your point! It's basically a surface finishing process that uses high power lasers instead of strong chemicals or physical contact that normally does the job.
Hobby restorers, probably the first people who'd tighten their belt.
Industrial companies doing large infrastructure repair or refurb jobs on buildings, structures or marine items - probably always going to be an "essential works" market (especially for a service thats easily mobile).
Looking at it from an investors POV
- How many jobs would you have to do to make back the £100k ?
- What is the market size in your area (assuming you are not going to be driving 200 miles for one job)
- How is the market affected by hard times/recession
- How long before someone can manufacture the machine cheaper, depreciating your investment and increasing your competition
Whatever you forecast jobs/sales/profit I normally chop in half to take into account ramp up and unexpected things that can hinder you starting up.
Will be following with interest and Good Luck!
- How many jobs would you have to do to make back the £100k ?
- What is the market size in your area (assuming you are not going to be driving 200 miles for one job)
- How is the market affected by hard times/recession
- How long before someone can manufacture the machine cheaper, depreciating your investment and increasing your competition
Whatever you forecast jobs/sales/profit I normally chop in half to take into account ramp up and unexpected things that can hinder you starting up.
Will be following with interest and Good Luck!
ChemicalChaos said:
krisdelta said:
If you're in a frustrating grind, but the smartest person in the room - tidy up your CV and get out there talking to your network. I'm not 100% sure what it is you do, but the market is hot in many areas at the moment with people getting great uplifts moving roles.
Personally, as the country plunges into the cost of living crisis - if you're not providing a necessity, you're going to find yourself in trouble very quickly setting up a new business now, with no client base or reputation to drive revenue day-in-day-out. All IMHO of course.
Don't forget that every corpse found on Mt. Everest was once a highly motivated and self-assured individual, absolutely convinced they could reach the summit, no matter the weather.
Cheere,Personally, as the country plunges into the cost of living crisis - if you're not providing a necessity, you're going to find yourself in trouble very quickly setting up a new business now, with no client base or reputation to drive revenue day-in-day-out. All IMHO of course.
Don't forget that every corpse found on Mt. Everest was once a highly motivated and self-assured individual, absolutely convinced they could reach the summit, no matter the weather.
Without giving too much away I work in quality control in the field of pharmaceuticals. I have very much been actively looking at other companies and my polished CV is doing the rounds of recruiters. However the issue is that at this level of the job, the vast majority of openings are on a temp contract, and having bought a house last year I am absolutely not jacking in a permanent tenure where I am for a 12 month position with no guarantees at the end of it. The other issue is that, despite pay not being stellar where I am, it's a whole lot worse at some other places. I may get the more senior job role, but at a several K pay cut to my current position due to my yearly increases over starting wage. Thus, I am being picky and biding my time for the right opportunity with a large and well-funded enough company (of which there are several locally, but who dont hire very often).
I'm not sure on the necessity of the startup, it depends who I aim at but I wholly take your point! It's basically a surface finishing process that uses high power lasers instead of strong chemicals or physical contact that normally does the job.
Hobby restorers, probably the first people who'd tighten their belt.
Industrial companies doing large infrastructure repair or refurb jobs on buildings, structures or marine items - probably always going to be an "essential works" market (especially for a service thats easily mobile).
QC / Assurance has lots of portable techniques, so could you move into a more lurcrative type of role, away from pharma? Lots of organisations are very poor at gate-keeping stuff and Pharma doesn't have much wiggle room - as the downside of failure is, presumably "a very bad thing".
Starting the business venture sounds a bit "all or nothing" if the buy-in is some very expensive kit. Could you do it like a kick-starter, but get contracts to do work and use that to get funding to buy the gear? If you can't get a contract, then there isn't a market (as yet) ? The nature of large re-furbs etc means months of planning of resources, costs and materials, so it should be a good way of seeing if your market exists.
lizardbrain said:
Is there an interim step you can take? Can you rent the kit?
Good question, I could certainly inquire if they do Hire Purchase or similar SDarks said:
Looking at it from an investors POV
- How many jobs would you have to do to make back the £100k ?
- What is the market size in your area (assuming you are not going to be driving 200 miles for one job)
- How is the market affected by hard times/recession
- How long before someone can manufacture the machine cheaper, depreciating your investment and increasing your competition
Whatever you forecast jobs/sales/profit I normally chop in half to take into account ramp up and unexpected things that can hinder you starting up.
Will be following with interest and Good Luck!
Good questions- How many jobs would you have to do to make back the £100k ?
- What is the market size in your area (assuming you are not going to be driving 200 miles for one job)
- How is the market affected by hard times/recession
- How long before someone can manufacture the machine cheaper, depreciating your investment and increasing your competition
Whatever you forecast jobs/sales/profit I normally chop in half to take into account ramp up and unexpected things that can hinder you starting up.
Will be following with interest and Good Luck!
- Depends on job size, which again depends on client base! Car parts at £20 for 30 mins work wont make much of a dent, but who knows what big jobs might run to. I do have a cousin who runs a business restoring stone buildings which would likely be able to make use of my "services", I will ask him what he'd expect to pay to have me in rather than doing the job with traditional methods
- Again, no idea (I'm aware I'm not coming across as well researched here!). However, again for something lucrative travel might be an option. Plenty of traditional physical/chemical method companies all over the north west but my USP would be to undercut them all on time and cost.
- As in my last post, probably an effect for private users (though there'll always be well monied hobbyists!), my aim would be to find essential jobs funded by industry
- In the 4 or so years the machine has been public, it still seems that only the original manufacturer makes them (unless you count a chinese version on Alibaba for £8k, I'm going to go out on a limb and suggest that this might not work quite as well as a £200K German one... or in fact probably wont work at all)
vixen1700 said:
Sell some of your vehicles? Could you then be nearer the £100k?
Edited to add, forget that, the post above is far more sensible.
Unfortunately I suspect a rotten Green Goddess, a Vauxhall Omega and a dead motorbike are going to scrape up to much Edited to add, forget that, the post above is far more sensible.
krisdelta said:
Good news you've got your CV out there - but recruiters will only be so much help to you. Make sure your network know you're looking and what you're looking for.
QC / Assurance has lots of portable techniques, so could you move into a more lurcrative type of role, away from pharma? Lots of organisations are very poor at gate-keeping stuff and Pharma doesn't have much wiggle room - as the downside of failure is, presumably "a very bad thing".
Starting the business venture sounds a bit "all or nothing" if the buy-in is some very expensive kit. Could you do it like a kick-starter, but get contracts to do work and use that to get funding to buy the gear? If you can't get a contract, then there isn't a market (as yet) ? The nature of large re-furbs etc means months of planning of resources, costs and materials, so it should be a good way of seeing if your market exists.
I certainly have thought of looking outside Pharma, but a lot of the decent positions I've seen inevitably wants some sort of "conversion" 1 year degree course such as Law or FinanceQC / Assurance has lots of portable techniques, so could you move into a more lurcrative type of role, away from pharma? Lots of organisations are very poor at gate-keeping stuff and Pharma doesn't have much wiggle room - as the downside of failure is, presumably "a very bad thing".
Starting the business venture sounds a bit "all or nothing" if the buy-in is some very expensive kit. Could you do it like a kick-starter, but get contracts to do work and use that to get funding to buy the gear? If you can't get a contract, then there isn't a market (as yet) ? The nature of large re-furbs etc means months of planning of resources, costs and materials, so it should be a good way of seeing if your market exists.
ChemicalChaos said:
- Depends on job size, which again depends on client base! Car parts at £20 for 30 mins work wont make much of a dent, but who knows what big jobs might run to. I do have a cousin who runs a business restoring stone buildings which would likely be able to make use of my "services", I will ask him what he'd expect to pay to have me in rather than doing the job with traditional methods
- Again, no idea (I'm aware I'm not coming across as well researched here!). However, again for something lucrative travel might be an option. Plenty of traditional physical/chemical method companies all over the north west but my USP would be to undercut them all on time and cost.
Your responses so far give a pretty good indication as to what you’re looking at and I think you could do very very well from it. The high equipment cost will put off competition as it’s a huge investment, but he who dares Rodders. - Again, no idea (I'm aware I'm not coming across as well researched here!). However, again for something lucrative travel might be an option. Plenty of traditional physical/chemical method companies all over the north west but my USP would be to undercut them all on time and cost.
I wouldn’t have thought you’d need to undercut on cost. Time saved and less risk of damage is enough.
One thing to consider is ongoing costs for the machine, if you’re the only one in the uk who’s servicing/repairing if needed?
With a robust business plan I don’t think you’d struggle to get investors/partners on board.
ChemicalChaos said:
even if my house was worth anywhere near that, I dont really want to use it as collateral.
Secondly.... as an employee of a multinational, I'm used to the warm blanket of 25 days holiday, fuss free PAYE, paid sick leave of several months, company-matched contributions to a decent pension, BUPA health insurance, and a smorgasbord of other benefits. Obviously, holiday is easy if working for myself but the thought of having none of the sick pay or especially the pension worries me rather, let alone the hassle of paying a huge lump sum of tax that I've had to self assess.
I'm assuming again that it's not really viable to set up a self employed business in a way that I could pay myself PAYE, and a new business has no chance of being able to arrange sickness/health insurance benefits without eating all its profit.
These are your big problems - working for yourself requires risk, and that's why the rewards are typically bigger when they're successful. If you don't want to take the risk, you can't expect the bank to take it for you and then you get the upside and they get the downside.Secondly.... as an employee of a multinational, I'm used to the warm blanket of 25 days holiday, fuss free PAYE, paid sick leave of several months, company-matched contributions to a decent pension, BUPA health insurance, and a smorgasbord of other benefits. Obviously, holiday is easy if working for myself but the thought of having none of the sick pay or especially the pension worries me rather, let alone the hassle of paying a huge lump sum of tax that I've had to self assess.
I'm assuming again that it's not really viable to set up a self employed business in a way that I could pay myself PAYE, and a new business has no chance of being able to arrange sickness/health insurance benefits without eating all its profit.
Speak to your friends about how they made the jump, put together a business plan (What will you do with this equipment? What do people currently pay for that service? Why would they use you and your kit rather than what they currently do? How big is the market? How will you find customers?), then work out if the reward will be big enough and whether it's worth the risk.
The manufacturer may be able to point you in the direction of leasing companies they use, or even have leasing arm themselves - but you would likely need a decent chunk of equity to qualify.
With interest rates low, could always ask for angel investment from friends/ family for a decent return. However, they may also expect you to put a lot of skin in the game (i.e. at least your house at risk) so that they know you are serious.
Possible to hire/ rent the machine so you can work weekends/ your holidays to test the market, and how you like working for yourself? (plus the lack of weekends and holidays will be a good insight into the future, if you do go solo...)
With interest rates low, could always ask for angel investment from friends/ family for a decent return. However, they may also expect you to put a lot of skin in the game (i.e. at least your house at risk) so that they know you are serious.
Possible to hire/ rent the machine so you can work weekends/ your holidays to test the market, and how you like working for yourself? (plus the lack of weekends and holidays will be a good insight into the future, if you do go solo...)
I leant a life long friend a similar amount (£150k+) to do a similar thing (jack in his corporate job and go it alone), the money was for capital items.
He tried endless commercial routes, but none were available, essentially he was asking for 100% LTV on a deprecating asset for a start up business.
The only options were 60% loans, in some cases with personal guarantees at between 12% and 14%.
The big fear of lenders was he would fail, get boated and return to corporate life having lost little (no skin in the game) and they would be left holding a lump of steel worth less than the loan.
The maths was interesting and might apply in your case, £200k deprecating asset (over 4 years), plus finance fees, plus mkting, fuel, admin, insurance etc essentially came to £4,000 a month to open the door.
He is currently flat out and revenue is around £12k to £14k a month and loving his new job.
As suggested before look to rent or lease it, but if it’s what you want - go for it.
He tried endless commercial routes, but none were available, essentially he was asking for 100% LTV on a deprecating asset for a start up business.
The only options were 60% loans, in some cases with personal guarantees at between 12% and 14%.
The big fear of lenders was he would fail, get boated and return to corporate life having lost little (no skin in the game) and they would be left holding a lump of steel worth less than the loan.
The maths was interesting and might apply in your case, £200k deprecating asset (over 4 years), plus finance fees, plus mkting, fuel, admin, insurance etc essentially came to £4,000 a month to open the door.
He is currently flat out and revenue is around £12k to £14k a month and loving his new job.
As suggested before look to rent or lease it, but if it’s what you want - go for it.
ChemicalChaos said:
Morning all,
I keep having "dangerous thoughts" with regards to my job.
…
However......
Secondly.... as an employee of a multinational, I'm used to the warm blanket of 25 days holiday, fuss free PAYE, paid sick leave of several months, company-matched contributions to a decent pension, BUPA health insurance, and a smorgasbord of other benefits. Obviously, holiday is easy if working for myself but the thought of having none of the sick pay or especially the pension worries me rather, let alone the hassle of paying a huge lump sum of tax that I've had to self assess.
I'm assuming again that it's not really viable to set up a self employed business in a way that I could pay myself PAYE, and a new business has no chance of being able to arrange sickness/health insurance benefits without eating all its profit.
Whats the thoughts of PH please?
I think this is your main challenge tbh. I keep having "dangerous thoughts" with regards to my job.
…
However......
Secondly.... as an employee of a multinational, I'm used to the warm blanket of 25 days holiday, fuss free PAYE, paid sick leave of several months, company-matched contributions to a decent pension, BUPA health insurance, and a smorgasbord of other benefits. Obviously, holiday is easy if working for myself but the thought of having none of the sick pay or especially the pension worries me rather, let alone the hassle of paying a huge lump sum of tax that I've had to self assess.
I'm assuming again that it's not really viable to set up a self employed business in a way that I could pay myself PAYE, and a new business has no chance of being able to arrange sickness/health insurance benefits without eating all its profit.
Whats the thoughts of PH please?
To start your own business you’ve got to be prepared to live with the very real prospect of no earnings or even potential failure. No entrepreneur wants these, but you’ll be living with the risk of them for a long time.
And contrary to popular belief they don’t even go away once you get up and running. Changes in the market, new competition, operational problems, etc etc… you will find that new risks to your business will continually appear.
The rewards of running your own business can be significantly better than employment both financially and in terms of satisfaction. But so is the amount of risk that neither of those happen. That’s why most people stay employed, and why those who do go for it are usually driven by a very strong desire or purpose that carries them through.
So if what you’re basically wondering is if there is a way to be able to start and run your own business, but do it with the low-risk profile and stable financial income of employment, then I don’t think you can.
I’d encourage you to think hard about how much you really want to do this, and how you’ll manage the financial risks before solving for the financing.
The hardest for any business is to find customers wanting your product.
Have you a plan on how to get your brand out there?
Aside from tooling costs what other barriers to entry exist in your market
What will you have / do that no one else can or is it a commodity/but with ample demand in the market
What is your financing options - own cash / bank/ angel investor / partner investor
Have you created a business plan
Aside from getting out of a large company where you feel like a tiny cog what reason do you have to become your own business
Do you have a plan B
Quitting work to set up a company is huge risk
Working as you are on PAYE but then evening /weekends building a business. Then move to part time as business grows then and only when it’s a sure thing leave work (try leaving on a 6-12 month sabbatical to allow a return).
I have 3 friends who have their own business. All three essentially started when late teens/early 20’s. They are now late 40’s early 50’s.
1 the youngest as it happens has properly made it not “worked” for the last 4 years his kids all in private school but it only got to that stage after 15 years. The middle one and oldest is still working and working hard, it’s evident now fruits paying off - but couldn’t afford private school does have a couple of nice cars (nothing above £60k but owned if you get what I mean) has a lot of holidays. However that’s over 30 years and only on the last 5-10 ish is when it got good. The last solid business but from the info he shares he would be far far better off in PAYE - on the annual leave side he personally is a workaholic 10 days off a year would be eye opening
So out of those 3 IMHO one has properly made it, the other PAYE would have delivered the same really and the last one PAYE would have been a far better option (be it £ be it annual leave be it the huge stress).
Also in these three the timescale toget going into a proper business is long. Oh and none foolishly have any pension funds - they state their pension fund is the business as in time that should pay them a dividend whilst they are retired.
Lastly the industry of these three the first used a sitting room in his parents house to start out zero £ set up costs (well safe/IT laptop that’s it) the second a touch more but a couple of £k and the last started buying tool kit and very second hand van and uniform. Point is in all 3 examples the cost of entry wouldn’t be nice to lose but would be small and likely the stuff usable in ongoing life.
Could you sell the kit if it didn’t work/big market for it?
£100-500k is a life changing amount of money to lose & depending on your age irrecoverable
Have you a plan on how to get your brand out there?
Aside from tooling costs what other barriers to entry exist in your market
What will you have / do that no one else can or is it a commodity/but with ample demand in the market
What is your financing options - own cash / bank/ angel investor / partner investor
Have you created a business plan
Aside from getting out of a large company where you feel like a tiny cog what reason do you have to become your own business
Do you have a plan B
Quitting work to set up a company is huge risk
Working as you are on PAYE but then evening /weekends building a business. Then move to part time as business grows then and only when it’s a sure thing leave work (try leaving on a 6-12 month sabbatical to allow a return).
I have 3 friends who have their own business. All three essentially started when late teens/early 20’s. They are now late 40’s early 50’s.
1 the youngest as it happens has properly made it not “worked” for the last 4 years his kids all in private school but it only got to that stage after 15 years. The middle one and oldest is still working and working hard, it’s evident now fruits paying off - but couldn’t afford private school does have a couple of nice cars (nothing above £60k but owned if you get what I mean) has a lot of holidays. However that’s over 30 years and only on the last 5-10 ish is when it got good. The last solid business but from the info he shares he would be far far better off in PAYE - on the annual leave side he personally is a workaholic 10 days off a year would be eye opening
So out of those 3 IMHO one has properly made it, the other PAYE would have delivered the same really and the last one PAYE would have been a far better option (be it £ be it annual leave be it the huge stress).
Also in these three the timescale toget going into a proper business is long. Oh and none foolishly have any pension funds - they state their pension fund is the business as in time that should pay them a dividend whilst they are retired.
Lastly the industry of these three the first used a sitting room in his parents house to start out zero £ set up costs (well safe/IT laptop that’s it) the second a touch more but a couple of £k and the last started buying tool kit and very second hand van and uniform. Point is in all 3 examples the cost of entry wouldn’t be nice to lose but would be small and likely the stuff usable in ongoing life.
Could you sell the kit if it didn’t work/big market for it?
£100-500k is a life changing amount of money to lose & depending on your age irrecoverable
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