Advice for going self employed.

[Pickwickpick]

Yeah that's good advice, no need to rush into anything. Paperwork isn't my strong point anyway so if not going limited saves paperwork then I'm all for it, atleast until I'm more established and got used to running my firm.

Yep if, like myself, you're not the most organised when it comes to paperwork (my filing system generally involves assorted piles dotted around the house, drives the missus crazy) then limited companies are not for you, there's enough bureaucracy involved with self employment! You're going to have so much to deal with when you start out that its important to keep things as simple as possible, even if its not the most efficient/tax advantageous imo as otherwise you're setting yourself up for a massive cockup at some point.

 

[Scott_1979]

All this talk of Ltd etc is too soon he’s only starting up. I made -2k my first year trading

Hopefully things go better for you mate, especially if you’ve got contacts already. I just bought tools as I needed them, my van cost £900 and done me for a year. It was a Vauxhall combo and I was a bit embarrassed of it but no one mentioned anything and I got repeat customers so I really don’t think they care !!

You might have days at home wondering what the hell you were thinking like I did, it was very quiet at times. The internet helped me, I built my own website with the free time and got into SEO. As soon as I got my website onto the first page of google it helped massively, look into it if things aren’t going your way.

 

[Aire]

All this talk of Ltd etc is too soon he’s only starting up. I made -2k my first year trading

Hopefully things go better for you mate, especially if you’ve got contacts already. I just bought tools as I needed them, my van cost £900 and done me for a year. It was a Vauxhall combo and I was a bit embarrassed of it but no one mentioned anything and I got repeat customers so I really don’t think they care !!

You might have days at home wondering what the hell you were thinking like I did, it was very quiet at times. The internet helped me, I built my own website with the free time and got into SEO. As soon as I got my website onto the first page of google it helped massively, look into it if things aren’t going your way.

Tough times, I certainly hope to make more than 2k in my first year though 😱. I do have contacts already and I know a few contractors are keen to use me so hopefully it will all work out. Your probably right about the van, if it's clean and runs that's all that's needed I guess. I plan on advertising a couple months before I officially go self employed so I should get a good feel for what jobs will be coming my way and will buy tools to suit the work.

 

[ShaunCorbs]

Tough times, I certainly hope to make more than 2k in my first year though 😱. I do have contacts already and I know a few contractors are keen to use me so hopefully it will all work out. Your probably right about the van, if it's clean and runs that's all that's needed I guess. I plan on advertising a couple months before I officially go self employed so I should get a good feel for what jobs will be coming my way and will buy tools to suit the work.

He lost 2k in his first year

 

[scoz]

Hi everyone, as the title says I'm looking at going self employed, I'm 31 and worked for 2 companies over the past 14 years so feel it's time for me to take control and be my own boss.

Naturally I'm little nervous about what to expect and my biggest worry is keeping the work coming in. Most people I've told have all given me positive feedback and said they'd throw work my way so that's a good start.

I'm going to give myself around 6 months to get everything sorted, some of the stuff I use like gas analyser, core drill etc is supplied by the company so I would need to get my own, I've currently got the sprint evo 2 which I like, would there be any benefit to upgrading to the evo 3 or pro?

What do you advise regarding vans? I've had mixed responses, get a cheap van that could spend more time off than on the road Or spend more with the hope that customers won't be an issue and the van will pay for itself.

I'm also concerned about my lack of servicing and repair experience, my back ground is predominantly boiler/heating and bathroom installations so when things have failed it's been manufacturers who have done the repairs, not myself.

There's probably loads of questions I could ask but is be writing all night, I would appreciate any advice you guys could give me, things you've learned since you set up, things you wish you'd done differently, any help would be great.

Many thanks

May I point out that the gas safety you have is for carrying out the work on behalf of the company and does not cover you as being self employed. Many people carry out work on the side in their own time but do not have a gas safe for themselves relying on the company gas safe which makes the work they carry it ilegal.

 

[Aire]

May I point out that the gas safety you have is for carrying out the work on behalf of the company and does not cover you as being self employed. Many people carry out work on the side in their own time but do not have a gas safe for themselves relying on the company gas safe which makes the work they carry it ilegal.

I am well aware of that and given I haven't indicated anywhere in my thread that I do gas work on the side I don't see why you feel the need to point it out.

 

[Aire]

He lost 2k in his first year

Yeah just seen he put a - in front of the 2k, how does that work? Surely he hasn't worked all year and earnt nothing.

 

[SlimD]

I got made redundant at end of 2015 so used my payout to retrain, got qualified and GasSafe in 2016. Steep learning curve but if you apply yourself and go for it then it’ll work out. I ummed and aarred about vans. New or old but went for an older van in the end. I found an ex-AA van at auction which has been very good. Had a limiter on it so hadn’t been thrashed and AA meant it had been well maintained.
I got a good accountant who helped me sort out a spreadsheet for my accounts.
As for servicing/repairs get yourself on a Boiler fault finding course. Baxi do a good one for £200.
Best of luck.

 

[ShaunCorbs]

Yeah just seen he put a - in front of the 2k, how does that work? Surely he hasn't worked all year and earnt nothing.

Bet you yep that's normally how the first year goes with all the expenses

 

[Murdoch]

When you go SE the biggest thing you need is cash in your business account ............... and yes, you need to aim to break even in the 1st year ........ sounds tough .......... but if you budget for a "poor" year and do better thats OK .............. budget to make £30K and you'll be very disappointed ......... and very broke!

 

[Aire]

When you go SE the biggest thing you need is cash in your business account .. and yes, you need to aim to break even in the 1st year . sounds tough . but if you budget for a "poor" year and do better thats OK ... budget to make £30K and you'll be very disappointed ... and very broke!

That's disappointing, I was hoping for 50k🙄, to be fair I'll be happy with anything I earn so long as I have a steady flow of work for the first year, it's more my sanity I'm wanting to keep as I'm rapidly losing it working for a unorganized firm.

 

[Deleted member 32524]

Don't need loads in the bank. I started with nothing apart from my old car, hand tools, Gas Safe registration and an FGA. Had about 500 quid in the bank after that. Did have a full bathroom suite lined up first job. Took the money from that and spent it on advertising. 1, 2, 3 Rd years made virtually nothing. However invested in a van and all the power tools, benches, van stock, powerflush machine etc but still very little money in my pocket. Point is invest as much as you can in your business and keep investing in it, be determined to succeed. Make it happen.