About to go self employed

[awhitfield]

Yes thats exactly right.

 

[awhitfield]

thanks for all the advice

 

[Ray Stafford]

If he had put the apostrophe in the correct place then I would have agreed.

Could have done with a comma in your response, to be correct. 🙂

Daily Mash

tee hee

 

[bigun]

I'm in same boat

 

[wetdrip]

Could have done with a comma in your response, to be correct. 🙂



View attachment 19422

In my defense, I usually type in the dark🙂

 

[DaveTidy]

As with Ray - Learn your overheads.
Pick every job to pieces - big or small - ( small are easier ) when you get home.
Go through every item you use and work out a cost.
That way you will learn quickly on how to calculate overheads and consumables.

Invoice promptly and as soon as an invoice is overdue - get onto the customer.

All the best

There's a a gas heating business start up list here with nearly 300 items on it, not sure how up to date the prices are but the list is comprehensive. Free download file.

 

[prestigepete]

Hi Andrew,

Have you made the jump yet?

I specialise in helping new start up business in the plumbing and heating world.

Let me know if I can help.

 

[R.Oak]

Never work for more than you can afford to lose. Large jobs materials paid for up front. Maybe even staggered payments for labour if its a very large job.

Always go over your accounts with a fine toothed comb. Bank reconciliation is key. There are plenty of good accounting programmes available for free. I used VT Cashbook when i started out.

Dont always take every job that is available. Some jobs are complete bogey's waiting to happen. Read the signs as they come. "You're the fifth plumber i've had in quote for this but no one gets back to me" What have those plumbers all seen that I haven't?

 

[Millsy 82]

I have been self employed for 4ish months now and what I have found is

1) Advertising costs alot! I really underestimated it. But as a new business you have to advertise more than a business that has been running for 2 years+. Alot of advertising wont pay for itself but it may get you 1 or 2 jobs which may lead to others. Try local parish mags, Local advertisers as they tend to be cheap and 1/2 jobs may pay for 3/4 months worth of advertising. The best I have found is leaflet drops. When I first started I paid a lad to deliver 3000 leaflets the week before I started up, over the next month I delivered a further 2000 and for the cost of the leaflets and delivery I paid back + about an extra £100.00. I have recently just paid for 5000 leaflets to be printed and delivered and again it has paid back within a month.

2) Take great care when pricing. write down everything you need and triple check it then after the job look at what you forgot and learn from it. I messed up the price on my 1st decent job I missed loads of bits and bobs and in the end I earnt £40-50 a day! Luckily enough when you set up you will have plenty of time to price jobs up.

3) Cash flow is a nightmare. This is especially if you work for landlords and builders as they may take upto 30 days to pay and if you do alot of small jobs £100.00 materials here and there can soon add up. If it wasnt for family helping me from time to time I would of had to turn work down as I couldnt afford to buy the bits. (I dont want and probably wouldnt get credit accounts so I know when that money comes back it is mine)

4) Ask for deposits and dont be shy about it. I have had a couple of people quiz me about deposits and all I say is I am a new company I cannot afford to pay for someone to have a new boiler and wait for them to pay me. I think I have lost 2 jobs for asking a deposit but that doesnt worry me. (I only ask for deposits if the parts ore over £300.00 as I dont think it looks good saying I need a deposit of £30.00 for parts)

5) Its boring when you have no work on! I go out delivering leaflets and doing what ever I can really. I do spend alot more time on here as well. Lol

Good luck with your adventure I am loving it although the constant thought of money or lack of it in the back of my head is torture at times. But I am getting busier and busier every month 1st month I turned over £150.00 lol, and now I am usually earning that for myself a week so I'm getting happier or at least I would be if the part I am sat here waiting for would turn up!!!

 

[gmphbrighton]

I have been self employed for 4ish months now and what I have found is

1) Advertising costs alot! I really underestimated it. But as a new business you have to advertise more than a business that has been running for 2 years+. Alot of advertising wont pay for itself but it may get you 1 or 2 jobs which may lead to others. Try local parish mags, Local advertisers as they tend to be cheap and 1/2 jobs may pay for 3/4 months worth of advertising. The best I have found is leaflet drops. When I first started I paid a lad to deliver 3000 leaflets the week before I started up, over the next month I delivered a further 2000 and for the cost of the leaflets and delivery I paid back + about an extra £100.00. I have recently just paid for 5000 leaflets to be printed and delivered and again it has paid back within a month.

How much did you pay the lad to post your flyers? most firms charge about £70per 1000 near me

 

[Ch4 plumbing]

How much did you pay the lad to post your flyers? most firms charge about £70per 1000 near me

Friend of mines son did my leaflets at £40 per 1000, he did a print out of where he dropped too.

 

[Millsy 82]

How much did you pay the lad to post your flyers? most firms charge about £70per 1000 near me

Yeah same. This last lot I got a £50 discount as I have used him before and I had 5000 delivered.

It has paid for itself though. I priced about £18000 worth of work and I have got £3500 booked in. I have also got a fair few little jobs booked in from them even in areas they weren't delivered.