Setting up on your own, how did it go for you?

[jonnyboy]

Its something I'm considering doing in the next 2-3 years. I have a good idea of the type of work I think I can get, but wondered what other peoples experiences were? What are the costs involved in setting up as a Ltd company etc, taxes all the little things you dont think about, would be interesting to hear some success stories too!

[ian.cant]

Its something I'm considering doing in the next 2-3 years. I have a good idea of the type of work I think I can get, but wondered what other peoples experiences were? What are the costs involved in setting up as a Ltd company etc, taxes all the little things you dont think about, would be interesting to hear some success stories too!

53829[/snapback]

Plenty other info on here about that, mostly in the Trade section i would think which is a shame for you!

Go to business link is the best advice i would give you, depending on your age you may qualify for grants. Unfortunatly if your middle aged and white, payed tax all your working life thats all the help you will get, certainly no grants or loans.

If your young, of ethnic origin, etc you will get loads of money in grants (not loans), infact the less likely you are to have payed a penny in tax in this country let alone lived here the better your chances. banghead

[Guest]

The worst thing about running your own business is you dont get paid when your off sick, on holiday (if your lucky enough), bank holiday, Christmas, etc etc

[Rich]

Decide what you want to do primarily as your business, Contact your local business link, start preperation now!

You will need to register with companies house, inform inland revenue, best bet is to find a decent local accountant to look after you , business formation through an accountant would be about £120, through an agent maybe about £60 and £30 ish if you do it yourself.

You will need a business bank account and possibly liability insurance, depends what your doing.

You will need work out your overheads and initial advertising cost, website, directory listings.

So I'd say about £1500 would get you started.

[Woosh]

Sorry to burst your bubble !!!!!!!!!!!! I from PERSONAL EXPERIENCE will TELL you that you NEED 10K insurance public employee vehicle is around 3K also remember you will not get paid unto 30 days after month end and thats only if they pay on time. You must pay your suppliers on time or word will spread about you also there is the small things fuel road tax tools and if your vehicle is on the tick you have to pay that to. I can really say you need 10K

[Nova-Security]

I think somebody decieding to gone on their own would have some money behind them.

Dont be put off...........

Only one tip........get a good accountant,

as Rich said buisness link give out advice and start up loans, i have never tried them they wernt around when i setup.

[ian.cant]

Sorry to burst your bubble !!!!!!!!!!!! I from PERSONAL EXPERIENCE will TELL you that you NEED 10K insurance public employee vehicle is around 3K also remember you will not get paid unto 30 days after month end and thats only if they pay on time. You must pay your suppliers on time or word will spread about you also there is the small things fuel road tax tools and if your vehicle is on the tick you have to pay that to. I can really say you need 10K

53854[/snapback]

You dont NEED 10k, it would be nice but need isnt true.

I left employed work on a friday, no savings or relativly spare cash and started on my own on a monday, pinched the wifes car bought a roof rack and loaded up my tools. PL insurance i payed for monthly, asked to be payed weekly till i got going and worked my tits off for a few wwks till i felt comfortable.

Over time i earned the money to have a everything i need to to make work easier and more profitable, including a fully leased and serviced new Vivaro van.

The downsides are the worry about continous work or the lack of it rather and the worst one of all, paying the taxman a big lump twice a year, you dont notice as much on PAYE.

Like i said 10k ......... nice but not essential.

[Guest RICHL]

what sort of work are you thinking of doing? all your own or subbying for others? just security?

[Rich]

You dont NEED 10k, it would be nice but need isnt true.

I left employed work on a friday, no savings or relativly spare cash and started on my own on a monday, pinched the wifes car bought a roof rack and loaded up my tools. PL insurance i payed for monthly, asked to be payed weekly till i got going and worked my tits off for a few wwks till i felt comfortable.

Over time i earned the money to have a everything i need to to make work easier and more profitable, including a fully leased and serviced new Vivaro van.

The downsides are the worry about continous work or the lack of it rather and the worst one of all, paying the taxman a big lump twice a year, you dont notice as much on PAYE.

Like i said 10k  .........  nice but not essential.

53861[/snapback]

Yeah, and I would like to add, don't go saving £10k ready for the day you want to go self employed and then blow the lot on sign written vans and lots of stuff that isnt really necessary.

I started off with £200 and built up slowly, and I am glad I did, as I know exactly where I spend money and feel I have taken more control over everything finacial. Bearing in mind I had access to a car and already had tools.

You have 2 years, you should be able to build a good enough foundation in that time, its all about research.

Ive done 6 months and expect it to be another 6 months before things are running properly, How long did it take you Ian?

[Woosh]

The best of luck to you all I have 18 years experience working for others and 2 years on my own now SSAIB registered and you will need the 10K as I have allready said materials have to be paid for as do fees and accountants. I run my business that if you cant afford it dont have it. I started off with a 1985 van with 250K miles on it now i have a nice jeep but you guessed it I work 5 days 8am to 10 pm and on Sat doing my own accounts. It is the best way to go but you will need the money to see you through the first months the firdt time you get a suppliers bill at 3.5K and you havent been paid for it yet you MUST pay it. If you dont have the money what will you do. Also you cannot ask to be paid at the end of the job everyone else you quote against will be giving 30 days MINIMUM credit you wont look very professional if you go cap in habd for money on completion. I dont mean to put you off but "I have the tee shirt" and you will need the money.