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Starting your own Company

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By *a Luna OP   Woman
9 weeks ago

o o OO o o

Anyone got any words of encouragement?

I’m being made redundant and have decided, due to my total inability to seemingly even get a response for any job I’ve applied for, to (rather rashly I have to say) start up my own business. I won’t give details, but, isn’t it daunting!?

I’m terrified of failure, being broke and just feeling a lot of imposter syndrome.

So, if you did start up your own business, how’s it going? Any words of advice?

I will be working from home and it will just be me, no employees.

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By *avenNightsMan
9 weeks ago

Canvey Island

I started my own about 2 years ago, the easy part is website & logo, the hard part is marketing, SEO and finding clients.

Best thing I did was to write down exactly what it was I was offering, what made me stand out to the competition and why clients should choose me over the others.

The other thing to consider is whether to go Limited or Self-employed, both have different liabilities and tax liabilities, so look into them and decide carefully.

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By *ecretSearcherMan
9 weeks ago

Reading

100% do it.

I was self employed for 13 years, gone back to employment now by choice. My mentality was a simple, what have you got to lose?

If you need some money while your getting going, just pick up a boring temp job and focus on the money.

If you're careful money wise, the worst that can happen is you end up back where you are now.

Go for it, the worlds your onion.

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By *a Luna OP   Woman
9 weeks ago

o o OO o o

Thanks guys! Loving the positivity 😍

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By *enda83Man
9 weeks ago

newcastle

I’ve worked for myself just over 20 years now, I’m in building trade so a lot of my experience may not apply but I’ll list them anyway

Don’t be discouraged at first, only a lucky few hit the ground running the rest of us have to slog it out, take the shit jobs, work for less money ect till get established

Expect to work harder than would as an employee, never off duty can never ignore phone (although I do now have) having to do the mundane unpaid work in free time pricing ect

Never give up it’s your dream and sometimes need to move mountains to make it happen but it will all be worth it

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By *rHotNottsMan
9 weeks ago

Dubai & Nottingham

I had a manufacturing business in New Zealand and an IT consultancy in the UK,

Interestingly the very first assignment I had for my IT firm in my 20s taught me a lot about business I was working on a clients annual Christmas card marketing campaign we had spreadsheets full of his clients going back years and each one was being categorised as either a physical handwritten card, an e-card, a bottle of wine or a case of wine. We did this campaign each December and January was flooded with new leads and orders . Customers like to feel special & not forgotten about

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By *lowupdollTV/TS
9 weeks ago

Herts/Beds/Leeds/London

Quite a few friends have stated their own businesses and the one thing they all say, without exception…

Why didn’t I do this years ago?

Work out what you need to earn from it and work backwards from that how you get there. Pay yourself only the income tax allowance limit as salary and top it up as dividends as this is much more tax efficient.

Nervous and excited often feel the same. Go for it

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By *aramel.desiresMan
9 weeks ago

Laleham

Put your idea and plan into Chatgpt and ask for a business plan. See what you get.

The more information to given it the better the result will be.

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By *a Luna OP   Woman
9 weeks ago

o o OO o o

Great to read the advice and positivity, it’s boosted my confidence - thank you x

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By *uffolkcouple-bi onlyCouple
9 weeks ago

Between Sudbury n Haverhill

Happy to have a chat privately if you wish but I’ve advised hundreds of micro business owners on starting a business and what to look out for.

You dot have to answer to me but answer to yourself the following questions. If you don’t have an answer, you’re not prepared yet. Fail to prepare and prepare to fail. In no particular order….

1. Why should anyone choose to do business with you over any other option they have, including not buying at all? This is called a USP. You don’t have to have a unique product or service but if you don’t have a unique proposition you’re gonna be just one of many and your marketing will be expensive

2. What is your route to market? In other words, how will you tell people about our business.

3. Based on the above, have you estimated the cost of acquisition? In other words, how much you’ll spend on average to acquire a customer. If you have, what would the financial consequences be if it’s double what you expect?

4. Who is your market? In other words, who is your customer. If everyone is your customer then nobody is. For example a wedding cake makers customers are people who are getting married. Spending money on marketing that isn’t targeted at just those people would be an expensive waste of time and money.

5. Who already has access to your customers? And do you have access to them? For example with the cake makers, there’s wedding venues, photographers, dress shops etc. if a wedding venue were to hand out cards for the cake makers, that would be very cheap, very targeted marketing.

5. Where do you want to be in 5 years? You wouldn’t just jump in you car and start driving, you have a destination in mind. If you’ve never been there before, you’ll program your sat nav and follow its directions. For your business, your sat nav is your business plan. You’ll need to set out 1,3 and 5 year goals and have a plan as to how to achieve those goals. This will start out as pure guesswork, but as you go along you can tweak the numbers based on your experience.

There’s more but this will get you started.

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By *randMrsShebaCouple
9 weeks ago

Birmingham

You must conduct a swot analysis.

It's really boring hard work to plan a business but if you don't then like most businesses you will fail in the first year.

In the past I supplied restraunts and anywhere serving food with stuff I sourced from farms. I didn't make lots of money but atleast I earn't some profit to live off.

My next plan would be my wife and myself in catering. I have a good idea that is unique but I'd not like to share it.

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By *nSKinkyKentCoupleCouple
9 weeks ago

Medway

I've had my own business for 18 years now but for the first 10 I ran it alongside other things, to keep the income at least a bit steady.

Yes it is hard work at the beginning but if you have the right mindset the payoff is wonderful.

My only advice is don't burn yourself out working 12 hour days, 7 days a week otherwise you don't get the freedom that self-employment can give you

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By *sLillyMrWolfeCouple
9 weeks ago

near you...

Go for it. You'll only regret it if you don't.

It helps to put together a business plan and speak to the bank about a loan (even if you don't need one) as they are then incentivised about giving business advice.

Setting up a ltd company is very easy but you probably won't need it for the first couple of years.

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By *randMrsShebaCouple
9 weeks ago

Birmingham

What is you're online business idea? Do you have an idea?

I feel anxious about taking these kind of risks.

If you cannot get a job I recommend charity work because they headhunt you as a paid employee if you work hard.

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By *inceIlkestonMan
9 weeks ago

Ilkeston


"Anyone got any words of encouragement?

I’m being made redundant and have decided, due to my total inability to seemingly even get a response for any job I’ve applied for, to (rather rashly I have to say) start up my own business. I won’t give details, but, isn’t it daunting!?

I’m terrified of failure, being broke and just feeling a lot of imposter syndrome.

So, if you did start up your own business, how’s it going? Any words of advice?

I will be working from home and it will just be me, no employees.

"

I have run several business, while your not employed you can probably do an entrepreneur course for free locally. Just minimise your financial risk and don't use the house at collateral. Do form a limited company to protect you. DM me if you like.

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By *randMrsShebaCouple
9 weeks ago

Birmingham

When you start out in selling and marketing you're business.

It is humiliating and soul destroying.

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By *eoBloomsMan
9 weeks ago

Springfield

First principle is putting a proper business plan in place including worst case scenarios. Make sure your idea or service is robust enough to justify the time and money you will put into it.

Otherwise good luck Luna ! 🤞

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By *ig_eric_tionMan
9 weeks ago

IPSWICH

Don't spend too much. You can make more profit with less effort if you have low overheads.

Also focus on the profit. Too often you hear about million pound businesses but that's normally turnover. Turnover is vanity profit is sanity.

Be realistic. Don't try and be all things to all men. That only causes more stress than you need.

Get a good accountant.

I'm sure there's more but that's a start. 😉

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By *issilia AmoriWoman
9 weeks ago

St Albans/ North Welsh Borders

No advice but just to say well done! I hope it's every success for you

My Daughter in law started her own business 7 years ago, I was terrified as her and my son had just taken out their first mortgage and he was going to bare the financial burden while she was building it up, he gave her a time frame of 3 years...

7 years later she has built up a successful business and has started branching out internationally and has had to employ someone to help her.

Wishing you all the luck!

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By (user no longer on site)
9 weeks ago


"Anyone got any words of encouragement?

I’m being made redundant and have decided, due to my total inability to seemingly even get a response for any job I’ve applied for, to (rather rashly I have to say) start up my own business. I won’t give details, but, isn’t it daunting!?

I’m terrified of failure, being broke and just feeling a lot of imposter syndrome.

So, if you did start up your own business, how’s it going? Any words of advice?

I will be working from home and it will just be me, no employees.

"

Ah OK, sounds relatively simple.

I work from home, mainly and don't have any employees either, like yourself. But I do collaborate with other people on projects sometimes.

For me it wasn't that much of a risk as I had some savings already and contacts, routes into what I was pursuing and knew that I was good at it.

I don't have any dependents either so the risk of failing didn't bother me so much.

Perhaps start with spending an afternoon looking at different business bank accounts you could open. Some of the online ones that don't have a physical branch I find can actually be really convenient (like monzo).

Good luck.

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By *SAwanted321Man
9 weeks ago

haywards heath

First well done for asking for advice.

1) don’t put all your redundancy into the business , stick a load into a high interest acct ( I chose Marcus from Goldman & Sachsen).

2) money you do put in class as directors business loan so the company can pay you back with a reasonable interest.

3) who are the target clients , so in financial sector a lot of firms only hire inside IR35 and as such it may not pay you to have your own company but instead go through someone like manpower. ( they will also help you get contracts).

4) get a good accountancy package with app so you can scan receipts and will link to the business account and send files to HMRC . Also produce invoices for you.

5) consider going VAT registered , but remember you have to charge VAT on your invoices.

6) even if your paying yourself minimum wage , also do pension and company pension contributions .

7) remember you have to pay company tax so don’t short the company via taking to many company dividends.

8) know what your daily rate should be by dining some research first contract I took was £425 a day, however I learnt from that in that I had under sold myself, contracts I now take based on what I’m doing range from £500 - £700 a day and some times over based on company advert.

Good luck

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By *illan-KillashMan
9 weeks ago

London/Sussex/Surrey/Berks/Hants


"Anyone got any words of encouragement?

I’m being made redundant and have decided, due to my total inability to seemingly even get a response for any job I’ve applied for, to (rather rashly I have to say) start up my own business. I won’t give details, but, isn’t it daunting!?

I’m terrified of failure, being broke and just feeling a lot of imposter syndrome.

So, if you did start up your own business, how’s it going? Any words of advice?

I will be working from home and it will just be me, no employees.

"

Firstly, good luck. Being self employed can be daunting, hard work, terrifying and a joy. Sometimes all in the same day.

Depending on your business, look at business networking groups. Face to face contacts are great and so are the referrals you could pick up.

Sort yourself out a business plan, again, depends on what your offering, there's a good one on the British Business Bank website, free download. You can also use their plan for business loans through the BBB.

Keep records of what you're spending and what you're selling from day one.

Talk to an accountant early on, you'll know how to keep your books straight from the beginning and that will save you a few bob on accounts fees. I'm sure there's accounting apps available to download.

Never be afraid to ask for help.

Start your business before getting your website perfect.

What's your competition, what are they doing that you don't?

Look at what publicity you can get for free, Bookface and insta.....

Guerrilla marketing, friend of mine went into every bookshop he could find, found the section than carried books that related to his business and popped a card inside every one. But be careful with that one.

Take a look at Rory Sutherland on YouTube, he speaks a lot of sense about all sorts of businesses.....

Most important, enjoy it!!!!!

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By *r Man45Man
9 weeks ago

North West

Research, compare your company and products to other suppliers. Try and tap into how they drum up business and get their name and product out there in the mainstream.

Good luck OP, one day we'll be millionaires....

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By *andering Welsh GuyMan
9 weeks ago

All over the place

Be brave.

Don't listen to negativity

But have a clear plan

Expect to work long hours

Don't think you will make money instantly

What are you thinking of doing ?

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By *heGateKeeperMan
9 weeks ago

Stratford

Congratulations, that’s the first thing. It’s daunting but the decision to back yourself is one of the best decisions you can make. As others have said there’s lots to consider and think about. Depending on your line of business that might include:

• What are your own SWOTs?

• Are you clear on what your ideal client looks like?

• What makes you different? Not better but different?

• Who are your competitors?

• What do they do well and what gaps have the current competitors left that you could exploit?

• What can you ‘borrow’ from them and their approach (and add your own personal touch to) around marketing, communication, website functionality and useability

• How much can you automate?

If you ever want/need a sounding board I began studying as an executive coach, and always wanted to expand a small area of my coaching to small/solo business owners.

But most importantly once again, well done!!!

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By *hunky GentMan
9 weeks ago

Nottingham and Stamford

Have a chat with a few local accountants.

Many will give free advice.

Initially, your 2 choices of company types are 'Sole Trader' & 'limited'. Each depends on how much you think the company will make and how much tax is paid.

You can register a company (on Companies House) easily and a company bank account once it's registered. You can pay someone to do this, but it will cost more.

Always happy to chat.

CG x

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By *maginitivemindMan
9 weeks ago

nottingham

Go for it believe in yourself and spend as little as you can when you start cash is king look after and it will look after you.

Once you’ve run you’re own business you won’t go back xx

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By *usie pTV/TS
9 weeks ago

taunton

Don't undersell yourself from the word go, I am sure costs will be much more than you realize.

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By *oomerangboyMan
9 weeks ago

Staffordshire

I was made redundant in the 08 crash, unable to find any work and finding out my ex was pregnant with our first child, I had no choice but to go alone, daunting & scary, almost like stepping off a parapet, I took a deep breath and went for it, now 17 years on my business is still doing well, I’ve employed people on and off on a sub contract basis, wouldn’t say I’ll be a millionaire anytime soon but I make an ok living,

Was hard the first year or two but worked hard to get a great customer base,

If you’re focused, hard working and willing to go that little bit further than others, you’ll do well x

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By (user no longer on site)
9 weeks ago

I have no advice I'm afraid but just wanted to wish you best of luck with it La Luna - sounds like you've been going through a tough time and I hope your new venture changes that!

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By *nightsoftheCoffeeTableCouple
9 weeks ago

Leeds

I'm currently in the process of doing the same & totally get the imposter syndrome it's awful.

Mrs

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By *ellhungvweMan
9 weeks ago

Cheltenham

Lots of good advice above. Here is the human side:

I have spent most of my life doing startups and I can only say well done OP. It’s a huge step and you won’t regret it.

Well, actually you will regret it on an almost daily basis. You will have all the crap you had to do in your old job, plus all the crap everyone else has to do in theirs, plus all the crap of dealing with customers and employees and suppliers - everything will be flaky and you will be living penny to penny. That’s the positive stuff. It goes down hill from there.

But just when you think you can’t do it anymore you will realise that you no longer want to work for someone else and you will give it “just one more week”. You are now hooked!

Welcome to the rest of your life!

Cashflow is king. If you have money coming in and you can pay your bills then you live to fight another day and the goal is to live to fight another day.

Don’t spend anything on yourself. Cut your living expenses back to nothing and then half that amount.

Build a reputation for being reliable and honest. If people know they can trust you then they will really value that. There will be times when you think you can cut a corner - don’t. That’s the path to the dark side.

Work out what you don’t know and then find people who can help.

It will be hard. It will be horrible. You will cry. But you will love it.

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By *aughty driverMan
9 weeks ago

Romford

I runa same day couier comoany and storage. I was working in nhs prior for last 8 years just got fed up and with a a little bit of savings decided to set up 3 years ago. I wont lie the risk taking its in my blood especially as i also have 4 kids relying on me. But honestly speaking its extremely hard and stressfull but the thrill of doing something for yourself and beating the odds nothing beats that. even through struggle days theres good days. I will say for the first year i did not pay myself a single penny and now im starting to see good things happen but it will be extremely hard. I feel when you achieve in business you get a different kind of satisfaction. I hope you do forward with it and give it a 100%. If you can find someone to help you please do as no point suffering on your own. In my field i really do enjoy making new connections and possibly getting repeat business through my good service. I know reading this im all over the place so sorry about that but as thoughts pop in my head i write. Good luck with it all if you need any help happy for you to message

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By *ongAndThick123Man
9 weeks ago

Shrewsbury


"Anyone got any words of encouragement?

I’m being made redundant and have decided, due to my total inability to seemingly even get a response for any job I’ve applied for, to (rather rashly I have to say) start up my own business. I won’t give details, but, isn’t it daunting!?

I’m terrified of failure, being broke and just feeling a lot of imposter syndrome.

So, if you did start up your own business, how’s it going? Any words of advice?

I will be working from home and it will just be me, no employees.

"

My advice is make sure you know what you’re doing. Make sure you want to do it. Do it because it’s what you want, not because it’s easier than finding a job (because it definitely won’t be). Believe in yourself. Prepare to put in more hours than you expect. Always remember you need to prove your value to your clients. Profit profit profit! Make sure you know your market. Always keep your competitors in mind.

I can’t really say more without knowing what the business is.

Good luck!

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By *iltsTSgirlTV/TS
9 weeks ago

Chichester


"Anyone got any words of encouragement?

I’m being made redundant and have decided, due to my total inability to seemingly even get a response for any job I’ve applied for, to (rather rashly I have to say) start up my own business. I won’t give details, but, isn’t it daunting!?

I’m terrified of failure, being broke and just feeling a lot of imposter syndrome.

So, if you did start up your own business, how’s it going? Any words of advice?

I will be working from home and it will just be me, no employees.

"

We grow through failure. We fall so we can rise higher each time in business

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By *ora the explorerWoman
9 weeks ago

Paradise, Herts


"I've had my own business for 18 years now but for the first 10 I ran it alongside other things, to keep the income at least a bit steady.

Yes it is hard work at the beginning but if you have the right mindset the payoff is wonderful.

My only advice is don't burn yourself out working 12 hour days, 7 days a week otherwise you don't get the freedom that self-employment can give you"

I would agree with that last paragraph

Also it’s very hard to switch off. In fact you don’t! Best thing I ever did though.

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By *erry bull1Man
9 weeks ago

doncaster

I started my own in road haulage , I enjoyed it and was doing well but when work started dropping off I packed it in and went back to PAYE , I had a good 15 years at it

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By *layfullsamMan
9 weeks ago

Solihull

Do your research first of your target audience and listen

Sell what the audience want and not what you think they want.

Network and advertise as well, you can have an awesome product but if nobody knows you’re doomed.

Profit is sanity turnover is vanity

Good luck

Get free banking advice as well, your bank will have an information pack

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By (user no longer on site)
9 weeks ago

Get agreements in writing.

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By *orny PTMan
9 weeks ago

Peterborough

Rory Sutherland the big wig from Ogilvy: the advertising agency has some brilliant insights on how to think.

Look for gaps in a market and find your niche by providing a solution...

Edward de Bono, the greatest thinker who's shamefully under-marketed. Thinking out of the box was his phrase.

Learning how to think, not what to think, CS Lewis.

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By *AYENCouple
9 weeks ago

Lincolnshire

Get on top of your day to day book keeping - you need to know where you are financially at all times. Freeagent is a great, free accounting package and fairly easy to learn.

Finding the right clients is, I reckon, the key to (potential) success. Good clients know what they want and are prepared to pay for it.

If you need a website have a look at Hostingers rather than the far more expensive options like Wix or Go Daddy etc., though the learning curve might be a bit steeper.

It's a great feeling to be in control of your own destiny, as long as you're passionate about your offer, work hard and deliver what and when you promise, you'll do well.

The very best of luck!

K.

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By *bztradieMan
9 weeks ago

Aberdeen

Don’t do it . Lol . It will consume your life .

In all honesty get a good accountant , make sure you get that balance of life and work right . Most importantly always get your invoices out asap .

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By *orny PTMan
9 weeks ago

Peterborough

Look up Tesla not TESLA.

Forget Elon Musk and think Nikola Tesla instead.

We owe a lot to Nikola.

Be brave: failure is proof of why something doesn't work. Success is proof of why it does work. Both are equally valid. Sadly bank managers and accountants don't understand.

Good luck.

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By *ittle Miss TinkerbellWoman
9 weeks ago

your head

Go for it. It'll be the best thing you ever do, even if one of the hardest. I loved being self employed.

I haven't used it personally but apparently quick books is great and easy to use. If you're in a position to do all your book work yourself, it'll save you some money on an accountant to begin with.

One peice of advice with working from home if it's possible, is yo give yourself an office space that you can close the door on at the end of your day. Having that separation is so important to help you switch off. I work from home and even though I'm employed now, it can still be tricky to switch off but it was much harder when I worked for myself.

Good luck

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By *exyScientistsCouple
9 weeks ago

Castlebar

Did it for about 10years and yes I enjoyed it but I wish I'd learned to say no and take time for myself. I let it take over for at least 16 hours a day 7 days a week until it was less fun. Back as an employee now and at least I get days off!

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By *elvet RopeMan
9 weeks ago

by the big field

Depends on what the company is.

Unless you can pretty much hit the ground running- maybe poaching clients from your just finishing job, welcome to 6 months of huge hours and effort while watching your savings dwindle.

If You can survive those months, the following 18 months can be similar, possibly just different pain, varying income and expenditure etc.

You need to think about keeping up with your NI, keeping enough cash back for EOFY tax and if you can make enough, things like pension payments. No sick pay, no holiday pay are the negatives, but being able to take off whatever day you want if you can afford it is the upside.

I struggled by doing it for a decade before giving in to the guaranteed income of a wage sl@ve. On the opposite side I know people who have made actual millions building theirs up from scratch and now work part time- spending the rest of their time globetrotting or at their luxury villa, while others do all the work for them.

Best of luck

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By *ansoffateMan
9 weeks ago

Sagittarius A

I've had a few over the years. I haven't enjoyed working for other people or having people work for me.

Being self-employed is definitely where it is at for me. I enjoy it, I make enough to live off. Getting to grips with not having a guaranteed paycheck took some adjustment. Other than that, It would take a hell of a lot for me to take employment again. Even joint business ventures, with people I know and trust, I am wary of. I don't want my boat rocking.

I get that it's not as secure, but honestly these days jobs aren't really all that secure either.

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By (user no longer on site)
9 weeks ago

Had my business 10 years now and it's the best thing I've ever done.

Advice from my own experience is be very aware of every £ in and out, it's easy to feel like you rich at times when the reality is your not

If your needing a website then you get what you pay for, someone who is really good with SEO is worth their weight in gold.

And stick at it through the tough times no matter what, don't give up too easy,my industry went very quiet in the first couple of years I started and I ended up do my business in the day and delivering takeaways at night to keep it going, it was worth every sodding curry I delivered to be where I am now

My response might not be as positive as others but its easy to go.into these ventures with rose tinted glasses on

Good luck with your business!

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By *ermite12ukMan
9 weeks ago

Solihull and Romford

Get yourself an accountant, to keep your accounts squeaky clean with HMRC....and ensure you pay income tax and NI contributions to keep your pension ok for when you retire.

First accountant I had was around £100 per month. Which was seriously good value. Second accountant screwed me unfortunately for £3,000 over a year. Not including costs to HMRC.

Not worth it to go Ltd. company, back in 2017 for the money you get back. But laws might have changed now, making it more favourable to go Ltd. Company and charge VAT.

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By *cLovin2Man
9 weeks ago

London

I started up my business within a couple of years of leaving university. Although it was stressful and it didn't work in the end. In the process, I did learn a great deal about myself and the skillset I didn't have. This is invaluable information for my next business. When I decide to start it.

I'd say do it, but also know when to walk away from it, if it's not working out.

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By *a Luna OP   Woman
9 weeks ago

o o OO o o

Thanks for all the brilliant sensible advice, encouragement and realism. There is loads to reflect on but you’ve all really helped me feel more confident about taking the leap. Nothing ventured, nothing gained and all that jazz!

😱

And Mrs Knights I hope your venture goes well too!

Thank you everyone.

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By *bztradieMan
9 weeks ago

Aberdeen


"Thanks for all the brilliant sensible advice, encouragement and realism. There is loads to reflect on but you’ve all really helped me feel more confident about taking the leap. Nothing ventured, nothing gained and all that jazz!

😱

And Mrs Knights I hope your venture goes well too!

Thank you everyone.

"

Good Luck

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