Do you own your own business / Self employed?

[koop.]

Well, as the imaginative title suggests, do you own your own business / are you self employed?

 

What do you do?

What do you love about it?

What are your stresses?

What size is your business?

How longs it been going?

Could you ever go back to employment?

 

Really interested to find out

[Christoph]

Just going to slide into this thread and mention that I work for a commercial property company in Leicester. So if anyone is looking for any retail, office or industrial units give me a shout. We also manage properties, deal with rent reviews, sell/let properties etc. 

[koop.]

34 minutes ago, Christoph said:

Just going to slide into this thread and mention that I work for a commercial property company in Leicester. So if anyone is looking for any retail, office or industrial units give me a shout. We also manage properties, deal with rent reviews, sell/let properties etc. 

 Opportunity, it's all about opportunity 

[Jon the Hat]

No

[koop.]

7 minutes ago, Jon the Hat said:

No

Your contribution is priceless

[Strokes]

Yes,

I sell and install IntruderAlarms, CCTV, Ring Doorbells (loads of these atm) etc.

Mostly I just subcontract back to the firms that used to employ me on the books. 
I started in October and it’s been pretty steady until Jan, which has been shit so far.

 

[Rob1742]

Owning your own business can be either very rewarding or very painful. There isn’t an answer on how you feel about it as every business is very different.

 

I owned my own business many years ago, had leases I had to fulfil, wasn’t making any money, having to pay people, and the feeling inside that you get when you realise it won’t work and you will have tons of debt isn’t pleasant. And it doesn’t end overnight as you have commitments with regards to leases etc and so you just can’t put a stop to it. It’s painful, and it can be lengthy. 

 

Then if you get it right the feeling is the opposite. The feeling that you will never have to update your CV is amazing, but then not many get to that point very quickly. I remember after about a year of running my next business I used to have the most fantastic dreams. I dreamt I was flying instead of walking, which I think means you finally feel free and content. They lasted about a year and were fantastic.

 

Running your own business changes you, you have so many challenges and it’s great to achieve. You realise what employers go through and I am so pleased I did it.

 

But like I said, if you get it wrong, which many do, it’s a whole world of pain. Luckily I was employed at the same time so I had income that could sort my losses out. Not sure I would be where I am now if I hadn’t remained in employment. 
 

So no one answer. I personally would focus on whether the idea will work rather than whether it’s the lifestyle you want. Those that think just about whether it’s about being employed or self employed generally don’t have that winning drive. Those that have an idea that they think will work and have thought it through to the last detail are the ones that will have success. 

[The People's Hero]

Hello All.

 

I run my own business; which is an insurance company. An MGA to be precise (Managing General Agent). Essentially an Underwriting Agency to those in the industry, using the old fashioned (and more accurate) parlance.

 

What do you do?

 

Arrange niche terrorism covers for enterprising brokers on behalf of insurers under delegated authority arrangements. Whilst I have a number of areas of expertise and interest, the current project and likely long time specialism and focus will be terrorism insurance solutions in the UK and worldwide.

 

What do you love about it?

 

I like creating creative solutions and solving problems clients have. We pride ourselves on flexibility, service and collaboration so coming up with a bespoke solution for a client and enabling a broker to win/retain the business is satisfying. The people in insurance actually tend to be pretty good as well. I have some excellent friends whom I've met through the industry and I've never even done business with most of them. Its an extremely event focus and contact focussed and people centric industry. Deals can still be done at the cricket, on the golf course and in the pub (although its becoming increasingly more difficult to be fair)

 

What are your stresses?

 

That you can always achieve more and that its hard not to think about missed opportunities. I tend to think of the phrase 'grant me the serenity to accept those things which I cannot change; the courage to change the things I can change and the wisdom to know the difference'. The problem is knowing you can't change something and having the wisdom is one thing, but the serenity to accept the things you don't like and cannot change is very difficult. You can't turn back the clock! (Although with insurance, you very often get another bite of the cherry the next year)

 

What size is your business?

 

Small; maybe £500,000 gross written premium.

 

How longs it been going?

 

11 months.

 

Could you ever go back to employment?

 

Yes; but probably more likely actually on a consultancy style arrangement so I suppose I'd still be self-employed. If the right, exciting role came along, I couldn't rule it out, but only of course once I'd exited this vehicle in the desired way and time.

[fuchsntf]

Yes I did...!!

1) m/c Engineering,Trouble Shooting & Finishing Off projects in Troubled countries..

2) Gastronomy...Events-management

3) IT- Network Consultant/Troubleshooting Problem projects World-wide..

 

## Returned to 'employment'....was head-hunted. Enjoyed the work,except last 5 years before retirement...

 

What do you do?

What do you love about it?  The same What One could find in " employment" if supported & it  Not OTT controlled by point scorers. Clean Finish to projects..

What are your stresses?     People playing politics instead of concentrating on Major Technical issue & Problem.!!

What size is your business? 1-20 .personelle

How longs it been going?  Varied..3-5 years

Could you ever go back to employment?     I did.   I Let others & Business Take the strain...!!

[Izzy]

4 hours ago, koop. said:

Well, as the imaginative title suggests, do you own your own business / are you self employed?

Yep, self employed, limited company. I only employ one person though - me 

 

4 hours ago, koop. said:

 

What do you do?

Trainer/coach/consultant in the area of management/leadership development

 

4 hours ago, koop. said:

What do you love about it?

I get paid to tell corporate managers that they're bullies and tyrants and then coach/train them to improve their behaviors. I also love the time freedom to do what I want when I want to a certain extent. I'm nobodies bitch/slave (apart from the wife)

 

4 hours ago, koop. said:

What are your stresses?

The diary is only ever full up to three months in advance. No definite long term security or guarantees of work. Cash flow/getting paid on time/up front. The stress of not living up to mine or clients expectations. 

 

4 hours ago, koop. said:

What size is your business?

Just me. Mainly work as an associate for other training/consultancy companies. 

 

4 hours ago, koop. said:

How longs it been going?

Since 2007 on and off. Nearly went bankrupt and lost the house at the height of the recession. Went back to my old job cap in hand for 18 months and hated it. Started up on my own again in 2012 and haven't looked back since.

 

4 hours ago, koop. said:

Could you ever go back to employment?

I ask myself this regularly. I keep saying only if it was the perfect job in the perfect company that gave me complete autonomy - but that's just unrealistic. Funnily enough I was offered a job last week by a client who's one of the biggest/famous tech companies in the world who were offering to pay ridiculous money. I turned it down because it would have meant re-locating the family to Dublin 

 

4 hours ago, koop. said:

 

Really interested to find out

I love working for myself but it's not all it's cracked up to be. No paid holiday, car allowance, sick pay, pension etc. but I can't put a price on the time freedom. Saying that, I'm always thinking about my business but because I love what I do and don't have a boss, it doesn't feel like work - if that makes sense? 

[Jon the Hat]

4 hours ago, koop. said:

Your contribution is priceless

Well you did ask?

[Alf Bentley]

What do you do? - Self-employed translator, working from home (translating docs, not verbal interpreting - Fr/Sp/Pt->Eng)

 

What do you love about it? - Satisfying to produce a good translation (though some jobs are dull); not having a boss on your shoulder giving you instructions you disagree with; flexible working time - major bonus when kids young

 

What are your stresses? - Isolation, Isolation, Isolation (hence why I'm on here chatting shit so often!); Used to work excessive hours but not any more

 

What size is your business? - Was always small (only me), yielding enough to support a family, not to get rich; I used to service 7-10 regular clients but now just 4, through natural wastage & non-replacement for family reasons. I need more for income to be viable, but despite lack of marketing this year is somehow set to be the best for 5 years, though still well down on previous 15 years.

 

How longs it been going? - 21 years

 

Could you ever go back to employment? - Have a big decision to make in next 2 years: either get 2-3 more regular clients or close business & take employment, but at my age (57) I'd only get low-grade jobs.

[Crinklyfox]

18 hours ago, koop. said:

Well, as the imaginative title suggests, do you own your own business / are you self employed?

 

What do you do?

What do you love about it?

What are your stresses?

What size is your business?

How longs it been going?

Could you ever go back to employment?

 

Really interested to find out

I used to, I'm retired now.

 

I did quality, health and safety and environmental management system consultancy and audits.   I specialised in certain regulations.

I liked being my own boss and got a real buzz out of making things better for my clients.  Plus I got to experience different environments as most of my clients were in continental Europe.

I usually had deadlines which were occasionally stressful, and also had to deal with certification bodies, some of which were more reasonable than others.  I was less stressed when self employed that when in employment.

My business was two people, myself and my wife - I did the work, she did the money.  It was essentially a one man business but I registered her as a Director.

My business is no longer operational.  

I did temporarily (for a couple of years) go back to employment as there was a specific challenge I wanted to achieve, however I stopped again soon after I'd achieved it.  It was pretty stressful work and I went for early retirement after my GP advised me that if I didn't pack it in my body would do it for me.

[koop.]

19 hours ago, Rob1742 said:

Owning your own business can be either very rewarding or very painful. There isn’t an answer on how you feel about it as every business is very different.

 

I owned my own business many years ago, had leases I had to fulfil, wasn’t making any money, having to pay people, and the feeling inside that you get when you realise it won’t work and you will have tons of debt isn’t pleasant. And it doesn’t end overnight as you have commitments with regards to leases etc and so you just can’t put a stop to it. It’s painful, and it can be lengthy. 

 

Then if you get it right the feeling is the opposite. The feeling that you will never have to update your CV is amazing, but then not many get to that point very quickly. I remember after about a year of running my next business I used to have the most fantastic dreams. I dreamt I was flying instead of walking, which I think means you finally feel free and content. They lasted about a year and were fantastic.

 

Running your own business changes you, you have so many challenges and it’s great to achieve. You realise what employers go through and I am so pleased I did it.

 

But like I said, if you get it wrong, which many do, it’s a whole world of pain. Luckily I was employed at the same time so I had income that could sort my losses out. Not sure I would be where I am now if I hadn’t remained in employment. 
 

So no one answer. I personally would focus on whether the idea will work rather than whether it’s the lifestyle you want. Those that think just about whether it’s about being employed or self employed generally don’t have that winning drive. Those that have an idea that they think will work and have thought it through to the last detail are the ones that will have success. 

Some interesting points, I certainly agree about the idea 'vs' the lifestyle. I certainly feel that if you don't believe in your idea/service/product 100% then it's time to walk away as you just won't be successful or certainly have any longevity in what you're doing/trying to do.

 

I started my business at the end of 2016, the first six months were tough and a huge learning curve but since then I haven't looked back and although owning your own business brings a whole different set of challenges and stresses, they're good challenges and stresses to have (if you can get it right)

 

For me, year 1 was all about seeing if my business model worked and attracted revenue, year 2 was to see if it was sustainable, year 3 to really establish that model and move toward growing it, and now year 4 I am concentrating on growing the business. 

 

Very easy to run before you can walk isn't it, in the early days i found myself wanting to do everything really quickly, but i think slow growth = less risk and hopefully more longevity  

[koop.]

3 hours ago, Crinklyfox said:

  It was essentially a one man business but I registered her as a Director.

 

definitely the way to do it

[koop.]

20 hours ago, Strokes said:

Yes,

I sell and install IntruderAlarms, CCTV, Ring Doorbells (loads of these atm) etc.

Mostly I just subcontract back to the firms that used to employ me on the books. 
I started in October and it’s been pretty steady until Jan, which has been shit so far.

 

Do you have a website? 

Very early days and January is generally are rocky month for sales

[koop.]

19 hours ago, The People's Hero said:

 

 

What do you do?

 

Arrange niche terrorism covers for enterprising brokers on behalf of insurers under delegated authority arrangements. Whilst I have a number of areas of expertise and interest, the current project and likely long time specialism and focus will be terrorism insurance solutions in the UK and worldwide.

 

That's really interesting! 

[Strokes]

28 minutes ago, koop. said:

Do you have a website? 

Very early days and January is generally are rocky month for sales

No I’ve not got a website yet. It’s really my fault Jan has been so bad. I wasn’t prepared and should have cast the net further for subcontract work before Xmas, I should have really acknowledged the warning signs. For my own work I will just rely on word of mouth, and base myself as primarily subcontract until it grows, if it ever does.

[Trav Le Bleu]

6 hours ago, Alf Bentley said:

What do you do? - Self-employed translator, working from home (translating docs, not verbal interpreting - Fr/Sp/Pt->Eng)

 

What do you love about it? - Satisfying to produce a good translation (though some jobs are dull); not having a boss on your shoulder giving you instructions you disagree with; flexible working time - major bonus when kids young

 

What are your stresses? - Isolation, Isolation, Isolation (hence why I'm on here chatting shit so often!); Used to work excessive hours but not any more

 

What size is your business? - Was always small (only me), yielding enough to support a family, not to get rich; I used to service 7-10 regular clients but now just 4, through natural wastage & non-replacement for family reasons. I need more for income to be viable, but despite lack of marketing this year is somehow set to be the best for 5 years, though still well down on previous 15 years.

 

How longs it been going? - 21 years

 

Could you ever go back to employment? - Have a big decision to make in next 2 years: either get 2-3 more regular clients or close business & take employment, but at my age (57) I'd only get low-grade jobs.

[Milo]

On 22/01/2020 at 14:43, koop. said:

Well, as the imaginative title suggests, do you own your own business / are you self employed?

 

What do you do?

What do you love about it?

What are your stresses?

What size is your business?

How longs it been going?

Could you ever go back to employment?

 

Really interested to find out

What do you do? - Limited Company providing food hygiene and health & safety inspections for restaurants. Also deliver Food Safety/First Aid training for catering/restaurant staff

 

What do you love about it? - Actually really enjoy my job, not just the self employed aspect. But the self employed bit is perfect for me as I have young kids so can do school runs, etc. Also like the business side of things and limitless opportunities.

 

What are your stresses? - Losing clients, clients not paying, staff being dicks, no paid holiday/sick days   

 

What size is your business? - Me and a group of about 15 highly talented freelance trainers and auditors! (I once tentatively tried to recruit @Izzy - but realised I would have had to sell my house, business and possibly a kidney to afford his daily rate...) 

 

How longs it been going? - 15 years

 

Could you ever go back to employment? Never say never...but no, not really. I'm quite unmanageable.

 

 

It's not for everyone, and I think it requires a combination of skill sets, as well as luck. I am really bad at some aspects of running a business, so it's important to supplement those bits with access to people who know what they are doing. For me, the good far outweighs the bad:

 

Positives - Set own hours, set own agenda, set own targets, don't get bollocked when failing to meet targets/agenda, see lots of family (but can regularly hide from family citing 'work reasons'), no salary limit, don't have to do stuff you don't want to, no office politics, 

 

Negatives - Little security, quite a lot of tax/financial admin, no paid holidays, no pension, no sick days, possible isolation - @Alf Bentley made a good point about this above. Could also be difficult (or more expensive) to get a mortgage, etc    

I've had a company go under last year owing me £4.5k and have been sued for website content - stolen images that my website developer used on my site...twice!! So not all a bed of roses, but overall wouldn't swap it.

 

[Izzy]

15 minutes ago, Milo said:

(I once tentatively tried to recruit @Izzy - but realised I would have had to sell my house, business and possibly a kidney to afford his daily rate...) 

 

[UpTheLeagueFox]

Don't own a business but am self employed.
Enjoy the freedom of not having a staff job but obviously money is unpredictable.

Somehow still smuggling a living after 30 years and long may it continue.

[The People's Hero]

On 23/01/2020 at 12:48, koop. said:

That's really interesting! 

It can be. It has its good and bad days.

 

Some interesting risks here and there. Very competitive. Too much capacity and as a result a very soft market, so no one is making very much money, I'm afraid.

 

Interesting read though this thread.

[The People's Hero]

Obviously any insurance brokers - feel free to have a look and register/apply for agency.

 

Give me a shout and let me know who you are and I might even be a bit more generous on commissions!

 

www.tristarspecialrisks.com

[Parafox]

I'm too old now, but I really wanted to set up my own entertainments agency on the back of being a "well known" DJ back in the day, having to book acts for the venue I was working at. I was planning to be booking entertainers for shows, starting off small time but then developing to be a main celebrity booker. Sadly life didn't follow my dream. Hey ho. Being a paramedic isn't all that bad. At least I have a decent pension. Must be worrying and tough for those of you that have to make big contributions to secure your retirement.