Is now a good time?

[3D_CADMAN]

Apologies if this question has already been asked but is now a good time to persue self employment.

Myself and a colleague have just been made redundant but I have noticed a gap in the market for our service, .

My worry is that due to the recent economic downturn and the tightening of purse strings due to a lot of fear will people still spend the money for our services?

Thank you in advance

Matt.

[Justin_B]

Now is a great time - go for it

[matt.chatterley]

Now is a great time - go for it

I definitely agree with Justin :)

Especially if you are confident that you have identified a market niche, and have the skills and experiences to fully exploit the opportunities which it offers.

[mooredale]

I hope it is because i'm just setting up and am busy researching which I think is important.

[reggiemental]

This is definitely a good time to start up. The skills you learn in a downturn will stand you in good stead for the future. We're in the print business., so deal with every concievable type of business, and so far have not noticed any downshift in spending. In fact the opposite.

[dsigner]

You may want to look a little deeper before you dive in. If you are in a market which is oversubscribed with metoo companies and services then make sure that you are not joining the "metoo" set. What are you going to offer which will make someone choose a business with no track record? Think before you jump not after or as my carpentry teacher use to say "measure twice, cut once".

[3D_CADMAN]

You may want to look a little deeper before you dive in. If you are in a market which is oversubscribed with metoo companies and services then make sure that you are not joining the "metoo" set. What are you going to offer which will make someone choose a business with no track record? Think before you jump not after or as my carpentry teacher use to say "measure twice, cut once".

Thank you to each of you who have responded,

dsigner, thank you for your advice, we are at the moment just gathering information, researching, and planning. We haven't taken the plunge as yet but we are starting to dip our toes to get a feel for the need (if any). As for what we will offer, over and above existing businesses with a track record, this is what we are currently researching and putting together.

To prove our skills and strengths we are thinking of offering something in the early stages to show what we can do but not leaving ourselves short or devaluing our abilities & skills, but at the same time we do need to build a portfolio of clients who over time will get to know us and our performance, allowing us to use that for future growth.

:)

[Cimbian]

Double your projected costs, halve your projected earnings and see if it makes sense.

Also, have you identified a true gap in the market or do you have one or two promising enquiries that may be misleading you?

I wrote a business plan when starting five years ago, I then reviewed it 12 months later and it described a totally different business to that I run now.

Not wanting to pour water on your fire and I hope it is something that works for you, just remember to dot the 't's and cross the 'i's and then get someone to double-check your figures.

[Rhyl Lightworks]

Apologies if this question has already been asked but is now a good time to persue self employment.

Myself and a colleague have just been made redundant but I have noticed a gap in the market for our service, .

My worry is that due to the recent economic downturn and the tightening of purse strings due to a lot of fear will people still spend the money for our services?

Thank you in advance

Matt.

I would say self employment depends not so much on the time, but more on the nature of the person(s) undertaking it. Some people seem to thrive on self employment, and for others it is most unsuitable. You must be highly motivated, prepared to work long hours, do mundane tasks that you don't enjoy, and above all know your area(s) of expertise inside out.
I would also be wary of starting off with a partner. You must be able to trust him/her completely, and feel he/she has these qualities as well as you.
If you are this type of person, I would say go for it anytime, but if not, don't let economic factors force you into a situation that could end in failure.
Barrie