newb in need of advice

[liam1984]

Hi all im very new to all this so bare with me. I currently work 13-14hr day shifts in a foundry, i also have 3 young children (3-4 & 6months) after just having 4 weeks of work iv relised how much i am missing! Sooo im wanting to start up on my own but i havent got a clue how to go about it! I am thinking along the lines of man and a van or waste tyre disposal, but any feedback from you would be great!
Thanks
Liam

 

[Jac_Morton]

Man with a van style companies are easier to set than others.

But you will still need business insurance, a van and some savings to tied you over if business is slow.

You major struggle will be finding bigger jobs, as they are usually contracted.

I would create some business cards and possibly a website to. Then secure a few smaller contracts with land lords, garages etc. Once you have one or two then leave your Job so you at least have cash coming in.

 

[liam1984]

Thanks for your reply, i think im going to speek to my friend who is a accountant and also speek to the council and also a careers advisor. I idealy would like to get the permits to carry waste and do it all abive board

 

[Keith_m]

Think long and hard about this. You will need to do research as in demand and supply in your area for your chosen business also living costs which you need to meet each month for bills and food.

Get as much advice as you can to be able to make an informed decision.

Keith

 

[liam1984]

Cheers Keith, these are things i worry about with having a young family also my wife is about to retrain so there is no income from her, i need lots of info but tbh i dont know were to go!

 

[DavidCard]

Hey Liam,

I am the founder of Decuture, a strategy and general management consultancy based in the UK. We're just starting out in business ourselves so would love to give you advice free of charge if you are interested let me know on david @ decuture.co.uk.

Thanks,
David

 

[MyAccountantOnline]

Cheers Keith, these are things i worry about with having a young family also my wife is about to retrain so there is no income from her, i need lots of info but tbh i dont know were to go!

Without sounding negative it is sometimes very easy to see self employment as an easier option. Bear in mind you'll be giving up paid holiday, sick pay, security, maybe other benefits you get as an employee. Setting up a new business is hard work and time consuming - can you do that at home with a young family? It can be done and many do but it is hard work and involves a lot of time and commitment. If getting more time with your family is your main reason for going self employed it may not be the right thing for you.

If you want to do some reading on relevant topics here's one you may find helpful -

http://www.hmrc.gov.uk/startingup/index.htm

 

[TODonnell]

Man + Van is a popular niche and quite competitive, from memory. I think the eBay generation believes it can get a house removal done for £50 and a can of pop. And gripe about it online later. So do your research before leaving your job.

 

[liam1984]

I have around £2.5k to start up, i currently work 50-60hrs a week in 5 days. I am open to any ideas tbh, i have also thought of sun bed hire and even a hog roast stall, im not afraid to put the hard work in but i feel i am missing impirtant times with my kids im not going to get back

 

[TODonnell]

.... with having a young family also my wife is about to retrain so there is no income from her ....

I don't like the looks of the above. At all.

Anyhoo:

Here's the big secret of business: Put something in front of a guy that he badly wants.

You need to see where your talents and interest lie in this direction i.e. don't sell loom bands just because every other doofus has cottoned on to them. Don't sell stuff you think people might like. Find what you're happy offering and what enough people badly want for you to make a fat net profit.

 

[liam1984]

^^^ i just need ideas! Lol throw them at me people!!

 

[Aloha Telecom]

Working for yourself can be tough. If not harder than working as employed. You've also got some uncertainty. Do you have any other skills? Maybe put some feelers out there on gumtree. I wouldn't give up your job just yet. However best of luck!

 

[liam1984]

By trade i am a panel beater and painter but to buy into day chips away it is 1000's like 10k!

 

[consulting.uk.444]

When you work for someone else, you just do your job and don't care about rest of the business. When you start your own business you must keep care off all problems.

Statistical fact is, that people who leave their job because they hate working 60 hours a week, will find themselves in situation where they must work 80 hours a week for keeping business going on. And in many cases cashflow is negative during first year, so there is no income for yourself during first year(s).

We read from business magazines about success stories. Someone started ad-hoc business in he's home or garage and became worldwide success. Nobody writes articles about those people who failed to start business, but there is 9999 failures per one success story.

Starting business without proven product/service is equal to gambling in casino. Someone may eventually win, but most of people lose their time and money. Golden rule is: don't gamble with resources you can't afford losing.

 

[TODonnell]

^^^ i just need ideas! Lol throw them at me people!!

OK, well, if you're a panel beater, could you do that for people and be self-employed and work from home or from a lock-up near where you live?

Painting I think is a crowded market but someone who turns up on time and does a good job should be able to get work by word of mouth.

You could try doing X in a small way first to see if there's a demand for it and work out any bugs. I sure as heck wouldn't quit my job and open up a franchise with no income coming in and the wife not working either. You'd need enough dough to last a year and also have a fallback plan. I don't think 2.5k is near enough.

It could solve your family-time problems, however: with no money coming in and bills to pay you could end up getting divorced and then only seeing the kids on weekends. Just sayin'!

You won't get specific great ideas on here because no one knows what would suit you. Also, we all want to get in on the Next Big Thing, a Nice Little Earner, on the ground floor. It's just picking a winner early on is the trick!

It could be as simple as paying attention to what people, especially kids and teens, are spending money on around you that's new and hasn't been featured in the Daily Mail yet.

 

[uksme]

Hi Liam, have you considered a franchise?

If you buy a franchise, you join an established network of small business owners who all operate under the same brand. You're still running your own business, but you are given the support and training you need to start the business - you don't necessarily need to have much prior experience.

You usually have to pay an initial franchise joining fee to get started, then you would usually have to pay a percentage of your turnover after that. The benefit of this is that franchisee businesses have a much lower failure rate, and much better chances of profitability. The BFA website has lots of facts on this if you're interested?

There are a number of mobile and van based franchises currently recruiting in the UK at the moment - many of these franchises advertise on our site.