New Start-Up

[GarethE]

I've been on this forum a while ago asking for advice when I was offered a Directorship in the company I have worked at for many years, I never took what was offered...thankfully (read on).

And now? The company is soon to be going into liquidation/insolvency. (Phew, dodged that bullet!!!)

I've been given a heads up before everybody else, rightly or wrongly.

I'm looking at starting up Myself.
I can go one of two ways...go it alone and be a man in a van carrying out repairs on-site, and doing the odd bit from my garage (after checking relevant rules/regs regarding this), or, I can try and start at a slightly reduced capacity to what we are now, convincing staff, customers and suppliers to come with me.

At the age of 37, after 19 years of working here, and it been the only job I've had really...I'm about to take the biggest leap ever into the unknown!!! Wish me luck...and prepare yourself for a barrage of questions, when I come back from spending the afternoon searching in the forum.

 

[GarethE]

I guess I should add that I'm hoping to be able to purchase some of the stock from the liquidators.

 

[bovine]

You have quite a good opportunity here. There are a load of old customers who are going to need help or assistance with their current kit as well as new kit. Make sure you get in touch with as many as you can as soon as you can, to give them your new contact details.
Talk to your suppliers as soon as possible and explain what you are doing and what you plan to do.
Then work out what is best, just you or maybe go into business with some of the other staff. By picking the staff you need, you can probably offer the same service as old co, but without the overheads. Then you can be profitable.
Sort out phones and accounts (voipfone with redirect to mobile, kashflow), email and website and you are good to go. Need more storage/ space? The box stores (safestore etc) are good for this (and can accept deliveries when you arent around.

 

[tony84]

I agree, you have a cracking opportunity to take advantage and have some ready made customers who would presumably rather stick with you because:
a) They know you (and your colleagues)
b) It is easier than finding a new company.

If its not something you could manage yourself, you could maybe try and get one or 2 of the others to come in with you. It might help to reduce the initial expenditre (ie wages).

 

[Deleted member 268094]

Exciting. Do keep reminding yourself that what you will be doing whichever option you choose is different to what you where doing before. Whilst the work, cleanest and possibly even staff may be similar you'll be in it from a different perspective and your priorities will change. Have you fully considered that and are you going to be happy with that? There's no wrong answer as long as you are prepared for that reality. I'd definitely be looking to take on as much as the old business as possible assuming the model was right and you can identify where things went wrong and how you can avoid the same fate yourself. Good luck.

 

[Mitch3473]

Looks likes you have the age, the experience, the business contacts, the nouse and the back up if needed. What are you waiting for.

 

[myself]

Yes, I think this is exactly right time to do it

 

[David G Rees]

Sounds like a great opportunity, good luck, im sure you will be fine as you already have a lot of experience in your field..

 

[GarethE]

Thanks everybody.
I've been working away busily, doing things in the wrong order no doubt, but I need to act quick and be ready to pounce when the plug is pulled...