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.
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!!!
Thanks for your input, some big success stories here.
Good point re taking on new staff. It's vital that the first 1 or 2 are great hires.
It's actually no different to the gamble I took in starting out on my own.
I've done it before, no reason why it shouldn't work.. but... !!!!
I also give up my kushty life I have now! Long dog walks in the middle of the day, Mondays with my lad!!!
It's interesting what pushes us on, often to the detriment of valuable parts of our lives...
Good point re taking on new staff. It's vital that the first 1 or 2 are great hires.
It's actually no different to the gamble I took in starting out on my own.
I've done it before, no reason why it shouldn't work.. but... !!!!
I also give up my kushty life I have now! Long dog walks in the middle of the day, Mondays with my lad!!!
It's interesting what pushes us on, often to the detriment of valuable parts of our lives...
CX53 said:
Toyed with the idea of starting a recruitment business for mainly contractors and also perm staff in quite a niche industry. I'm quite friendly with the director of a company with c.30-40 contractors on their books at any one time, and I could almost certainly be the agency of choice for every new one they have in the door as staff turns over, providing I was reliable with wages etc. Which would be quite easy because this company in particular settle their wages invoices with the agencies weekly not on a 30,60 or 90 day basis!
I don't know the first thing about recruitment from the recruiters side though which is what's stopped me from going for it. The legal side of employing people through an agency and the payroll side of things is all very alien to me... still something Im trying to find out more about!
Fair play OP glad it's working out!! Good inspirational story.
It's maybe harder than you think and in my opinion starting a recruitment agency with no prior experience is a recipe for likely failure. Sounds like a good situation though if you can get some experience, good for youI don't know the first thing about recruitment from the recruiters side though which is what's stopped me from going for it. The legal side of employing people through an agency and the payroll side of things is all very alien to me... still something Im trying to find out more about!
Fair play OP glad it's working out!! Good inspirational story.
Edited by CX53 on Monday 31st July 22:01
Johnniem said:
CX53 said:
Toyed with the idea of starting a recruitment business for mainly contractors and also perm staff in quite a niche industry. I'm quite friendly with the director of a company with c.30-40 contractors on their books at any one time, and I could almost certainly be the agency of choice for every new one they have in the door as staff turns over, providing I was reliable with wages etc. Which would be quite easy because this company in particular settle their wages invoices with the agencies weekly not on a 30,60 or 90 day basis!
I don't know the first thing about recruitment from the recruiters side though which is what's stopped me from going for it. The legal side of employing people through an agency and the payroll side of things is all very alien to me... still something Im trying to find out more about!
Fair play OP glad it's working out!! Good inspirational story.
Er, doesn't it seem like a good idea to pm the OP and make a few suggestions as to how his skills may benefit the both of you? You're welcome. Invoice later this month.I don't know the first thing about recruitment from the recruiters side though which is what's stopped me from going for it. The legal side of employing people through an agency and the payroll side of things is all very alien to me... still something Im trying to find out more about!
Fair play OP glad it's working out!! Good inspirational story.
Edited by CX53 on Monday 31st July 22:01
HugoFastmann said:
A question for the OP: did you have much fallback capital when you took the plunge? Ie. a financial bed to fall into in case it all went tits up?
I think that's the biggest thing holding me from doing the same thing. I've got a very unsupportive bank balance, if the worst came to the worst.
Just an overdraft and a girlfriend who was on good money. I explained to her that she needed to be comfortable with me not earning for 3 months or so which she was, and 3 months turned out to be accurate before I was able to start paying myself.I think that's the biggest thing holding me from doing the same thing. I've got a very unsupportive bank balance, if the worst came to the worst.
You clearly need to be able to support yourself financially for the initial period. So do your sums and if you can, then don't let that stop you!
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