Keen to set up on own

Alf71

Free Member
Feb 18, 2008
6
0
Evening everyone. Like the look of the forums.

A quick intro to myself.
My name is Al and I'm 36, married, 2 kids, based in Lancashire, worked as a plastics process/project engineer since an apprentice and I'm fed up with the daily grind. I currently work for a CD manufacturing firm but it's a declining market and I'm ready for pastures new. But I want that pasture to be on my terms.

So my plan is this. Through work a colleague and I have recently been trained in LEV (basically industrial extraction systems) testing and have passed our exams. By law these systems have to be tested every 14 months and through my own research I believe it's a service that can be quite lucrative and lead into other fields in H&S. I sent out an intro e-mail last Thursday to a large local systems manufacturer and on Monday I was sat in the MDs office discussing what I could offer and how he could help me. He even mentioned contracts and prices!! I got the impression that he was quite impressed and I am awaiting his call to go on a job with one of his engineers.
I was flying by the seat of my pants but I got a buzz from that meeting like I've never had whilst working for 'a firm'.

We want to carry on working full-time and build up the testing at weekends/evenings. How does this work? Tax? Insurance? Etc. Any advice on the real basics would be appreciated.

Anyhow thats it so far. I have only the very basic infomation on starting up a business. I have loads of questions. so I'll probably be posting quite a few of those quite soon.

Cheers for now, Al.


 
Hi Al

I found the Business Link site an invaluable source of information when I was starting up :)

Google Business Link...

i'm not allowed to post links on here yet so can't give you the direct link...sorry

I also did some local business start up courses, maybe there are some in your area.

EA :)
 
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Welcome to the forum Al - definately sounds like you're off on the right foot... needless to say its interesting to hear that the rights emails do sometimes get through and don't end up in the spam bin. I'm sure you'll find the forum a wealth of information, so the best of luck!
 
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you say "we want to carry on working full time..." - is there going to be more than one of you in this new business?
 
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Hi,
Yes there are two of us. We have a good blend of skills that I believe will allow us to offer not only the testing but also a repair service. But the repairs side may have to wait until we get more experience under our belts.

Still very early days, we're talking about offering our 'part-time' services in about six months time. We just want to do everything as well as possible and are taking our time.

Well we are engineers afterall...........:)
 
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well the most important thing is to get a legal partnership document drawn up by a lawyer. worth its weight in gold.

My brother is planning on taking the exact same route as you, but in electronic/electrical engineering.

Go see your local business link to get a wedge of free advice and info specific to your own situation.
 
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I wish you the very best of luck in your new venture, whatever you do please do not enter into a 50 / 50% partnership agreement.

I did so and regret it with all my soul, to this day. I went into partnership with my assistant manager (I was the manager) he worked like a horse, he learnt very quickly, he was everything you could hope for in a business partner (or so I thought) and I trusted him completely.

Of course I had, had no financial dealings with him.

Un- beknown to me, he had massive personal debts, he treated the businesses funds as though they were his own and ruined my business (which I had built up and brought him, as my friend, into)

If you must, please involve a mutually trusted friend / collegue / associate as a 5% shareholder, with a casting vote.

First I was robbed behind my back, then to my face and could do nothing, the police said "50 / 50%, all the moneys his (and mine, but he had withdrawn it) , all the debt, if he cant pay it, is yours"

Not something you want to think about in all the excitement of a new business, but NOW is the time to think about it, before you comit.
 
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OK - where's the 'thanks' button gone???

INDIZINE - spot on!!!

Ok guys, sorry...

I've been baking bread and trying to watch Amy Winehead on the Brits.

Thankyou for the welcome and the advice. I feel quite at home already.....;)
 
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Hi Al

Welcome to the forums and goodluck with your venture.
Im sure you will get lots of good advice on here....
 
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