Am I mad to go for it again?

[Airgunner]

Right a short intro to what I used to do...
From leaving school I worked in contract interior decorating, eventually having my own business that was essentially a one man band that I pulled in sub contractors for the bigger jobs and when work load required the extra labour. All was good until the recession, luckily I could see what was happening before it was to late so I got out by the skin of my teeth and accepted a job as a fitter for a local company supplying local government.
Recently I have moved firms and now work in contract management but the big company politics are getting to me and I am just sick with other peoples agendas and want a life that I can control (to a degree)
So basically my question is, am I mad to think about going it alone again, its been a long time and contacts are going to be old, bills are bigger and the family is more dependent, although i have had small businesses that i have played with but nothing that has generated more than just spending money or that have been treated more of a hobby.
Do you think the economy is boyant or are we heading towards troubled water again with leaving the EU?

Help either to persuade its a good idea or to sit tight and make do.

I can make any business plan look like it could work but if I can't gain customers its all for nothing.

I'm just nervous to be honest, I'm not as young as I used to be and the consequence of taking the wrong path is daunting.
With what I have just wrote I think I may have answered my own question and that's as Branson always said in interviews "screw it, just do it" or the like. But I'll post anyway and see what you good folk think or can chuck into the mix...

 

[Jim2k]

Fortune favours the brave! If you think there is a client base out there and you can make the figures work then go for it. Who knows what will happen with Brexit etc but if you do a good job, at a decent price then I don't think you can go far wrong.

I started Orbits during the recession because I knew if I could make it work then, we would be setup and good to go when we came out of it. Arguably, we are out of it now and we are now flying.

 

[Ashley_Price]

I don't think there are many successful people out there who didn't have a failure at some point in their business life.

If you have the motivation and will to succeed then go for it. But don't do it half-heartedly, you have to understand there are likely to be problems up ahead, no business is ever 100% fail-safe, and market forces, etc., can make things bumpy. You need to have the determination to work through, or round, those things.

 

[Root 66 Woodshop]

In order to succeed there has to be failures.

Sometimes you might think WTF am I doing... other days you'll be glad that you're your own boss again!

Life can be like a tin of paint and a brush at times... sometimes you'll be able to apply everything smoothly, other times you'll be sploshing everything about.

 

[Milliardo]

I would say to go for it. You have experience in it, so it won't be hard for you to get back into it again. Your first business didn't exactly fail, but was more due to bad timing hitting it. Hopefully now you will have better business with you.

 

[Airgunner]

Thanks for the input, I know what you mean, it didn't fail and I probably could have traded through but that's knowing what I know now!
I think I'm going to get everything set up, sub out what I get in and once it'll justify my resignation, jump!
Its going to be some long days ahead but hey, you only get out what you put in and all that...

Thanks again.

 

[Scott-Copywriter]

I think the UK economy is going to get worse over the next few years (and possibly beyond) due to Brexit.

Whatever happens though, the world is going to keep turning and people will still need decorating services. The market might be a little more difficult, but it doesn't mean that it's going to be unprofitable.

Just make it as easy for yourself as you can by building up as much capital as you can. Then do the maths. If business struggles, how long could you get by before it becomes a problem? How much will you need to make to break even, and how long does that realistically look like it's going to take? How long could you go on for if your estimates are wrong and it takes longer than you expect?

Plan for every eventuality. The most dangerous period is always the beginning where your employee wage stops while you're still building up revenue with your new business. Having money to fall back on to support yourself and your family during bumps in the road will make it a lot less risky and less daunting.

PS: Having a gradual transition period where you build up work whilst still being employed is obviously the most preferable option, but as you say, there will eventually be a jump to take.