Starting your own Business

[Guest Mickyblueeyes]

Has anyone done it?

I am in the process of preparing a business plan for an idea which I believe will succeed. In my entire life I have never been so excited/motivated to do something, I can not stop thinking about the idea's I have to the point that I spend all my free time on the net researching and drawing up action plans and thinking on how want to start up and where I want to take the business if I am able to succeed.

I know it's going to be a long haul and I am looking at staying in current employment for the next year with beginning set up in the coming months before leaving and putting all my time and energy into this project.

I was just wondering if anyone on here has had any experience of doing it on there own.

Any words of wisdom?

Any success stories?

Any nightmares?

Is it really as good as they say it is to work for yourself?

Need all the advise I can get!

[ithuriel]

Honestly i have thought about this and i have been called quite intelligent but lacking in confidence but in reality i am quite lazy at times and starting your own business needs a lot of work.

I did invest in a business once and got burned so get everything in writing, never just go on someones word even if you really know them and they are friends.

Do a lot of homework into the business and market place you are getting into and actually want to do this.

Good luck in this and i hope things go well for you

[ozleicester]

Good Luck, it is a terrifically exciting time, a few thoughts from my experience,

It sounds as you are on the right path with the research, the more time spent planing the better, however be ready for the dozens of things that will inevitably crop up that you never imagined could happen.

Try to ensure you take time out from thinking about it, your own business becomes a 24/7 reality very quickly and unlike when its someone elses...you are always focussed on the next thing.

Enjoy the benefits that being your own boss provides, if its work from home.. then enjoy the extra time with family, but again separate it from work.

Nightmares - Some people will not pay, no matter what, you will get some people who.. go broke... find excuses not to pay, or just disapear, incredibly frustrating but factor it in.

Success - Make sure you know what YOUR success is, my business failed to make the millions i planned, but it gave me an adequate life for a few years, allowed me to spend some wonderful and important time with my daughter, it also taught me the skills that made my future career possible, so the business itself was not a success...but it was undoubtably a successful experience.

Talk to anyone you can who has or is running a business, especially one like yours, most people are happy to help.

much as it sounds "wanky"... be sure to "network". contacts are so valuable...everyone you meet is a potential client.

Good Luck.. enjoy it.

[Smudge]

I own my own business and wouldn't wish the stress and heartache on anyone.

[SOCCERROO FOX]

Being in the game of liqidating buisnesses.

Rule #1: Don't over capatlize.

Rule #2: Don't try and expand to soon

Rule #3: Be prepared for bad weeks and months

Rule #4: Be prepared to work your arse off

Rule #5: Don't put anything directly in your name

Good luck

[The Year Of The Fox]

Proper Planning and Preparation Prevents Piss Poor Performance

[p_kam]

Good luck in what you do, i am in the same situation, where i am in employment but i am trying to start a business. I starting my business with the aid of princes trust, where they will help you start your business both with a loan and mentoring. even when you have started you will have a mentor that can advice you with problems that can occur. They are very helpful. here is the form you need to complete http://www.princes-trust.org.uk/need_help/enquiry_form.aspx. Also if you need more money than prince trust can give, there business plan goes a long way.

[Big Dave]

As ozleicester said, networking is invaluable. It would be worth joining a networking group (you can often get breakfast network clubs) where you meet with loads of people every 2 or 3 weeks or so, and make invaluable contacts, and will generate business.

Invest a small amount of money in getting a sales contract drawn up. People are really bad at paying, particularly at the moment. If you have a sales contract signed by the customer, you have greater cover.

Join ths FSB - Federation of Small Businesses. Great help and you will make good links with other businesses. If you are a member of the FSB you can also get free business banking with the Co-Op.

[Thracian]

Has anyone done it?

I am in the process of preparing a business plan for an idea which I believe will succeed. In my entire life I have never been so excited/motivated to do something, I can not stop thinking about the idea's I have to the point that I spend all my free time on the net researching and drawing up action plans and thinking on how want to start up and where I want to take the business if I am able to succeed.

I know it's going to be a long haul and I am looking at staying in current employment for the next year with beginning set up in the coming months before leaving and putting all my time and energy into this project.

I was just wondering if anyone on here has had any experience of doing it on there own.

Any words of wisdom?

Any success stories?

Any nightmares?

Is it really as good as they say it is to work for yourself?

Need all the advise I can get!

You can think yourself in circles but the phrase "Just Do It" seems appropriate.

But my oldest son is the real businessman in our family. He got the qualifications he needed for the job, determined to offer outstanding service, treated his employees like valued members of a family, put them on profit sharing bonuses, and has never looked back.

His only serious hiccup has come from the odd exployee leaving and trying to take clients with them and people manipulating employment laws which are specifically designed to ensure that whatever the employer does is wrong and whatever the employee does is right.

By any sensible yardstick he's been stitched up but he's refused to be bitter for all that he has been shafted by what stands for fair judgement in this land - and that does him credit.

Basically he offers an excellent and progressive service, at a highly competitive price, does what he says and does it on time. His additional iinput into those services by way of newsletters, periphery information, budget day impact analysis and legislative updating is constant and he never forgets to treat his customers as individuals.

Finally he is recreationally hands on and the company is seen to serve the community in a wide variety of ways. There are various activities which enhance and encourage employee team spirit and significant involvement with local charfities, the local sporting scene, with school mentoring schemes, business experience opportunities and more.

As someone's mentioned, it's a 24/7 operation but there's a good team to keep the wheels turning and no-one is saddled with the sort of load that stops them developing their private lives properly.

The rewards for everyone connected with the businesses have been considerable in every way.

[Webbo]

Being self employed isn't for everyone, there are advantages and disadvantages. In my case I'd be better off financially working for a firm but on the other hand I have more freedom to start/finish when I like, I don't take orders from idiots and I don't need to work for people I don't like.

I certainly wouldn't be interested in employing people too much paperwork, expenses and legislation to make it worthwhile for me.

[MooseBreath]

Enough of the fluffy talk, let's get down to details about what these businesses actually involve

[Zingari]

I set up a business doing historical tours. I’ve never looked back

[Fox92]

I want my own business as well.

[davieG]

Mine wasn't very successful because i wasn't a very good networker or salesman, I was fine at all the boring admin stuff.

[ozleicester]

Being self employed isn't for everyone, there are advantages and disadvantages. In my case I'd be better off financially working for a firm but on the other hand I have more freedom to start/finish when I like, I don't take orders from idiots and I don't need to work for people I don't like.

I certainly wouldn't be interested in employing people too much paperwork, expenses and legislation to make it worthwhile for me.

ithought you said you were self employed?

I set up a business doing historical tours. I’ve never looked back

yeh, but theres no future in it

[Babylon]

Well make sure you come to me when you need your logo, business stationery, literature, signage, livery etc etc!!

[Webbo]

ithought you said you were self employed?

Good point

[Saxondale]

The answers to all these questions depend on what sort of business you plan to set up.

My advice is to be very pessimistic about costs / overheads and make sure the margin is still there.

Oh, and definitely buy this book:

http://www.amazon.co.uk/Financial-Times-Guide-Business-Start/dp/0273761994/ref=sr_1_1?ie=UTF8&qid=1338892185&sr=8-1

There's a lot of information packed in there, includinglots of little things that you wouldn't necessarily think about.

[sphericalfox]

As having been self-employed, and the mention of 'breakfast clubs' and the use of for networking, it'll depend on your business and the service you are offering. I attended plenty of these to learn that, and no offense to those type of businesses that were there, that they were not my market, and the cost of attendance and time of the meetings was indeed not worth the hassle. However, if your business is likely to need plumbers, builders, flowershops, and such then it's worth it. All depends on the circle you need to make your voice heard and carried within.

Good luck with it mate. My business couldn't weather the storm of a turbulent market and I got squeezed to the point of having to pack it in, but I have respeck for those going it on their own.

[Bayfox]

Have to agree with smudge on this, the stress is unreal. I assume you have things such as a mortgage, bills etc to pay at home, if you find this hard wait until you have it 3 fold with a business and then chuck in insurance and health and safety. it's a real ball ache.

I took over my families business 3 years ago so didn't have things such as start up costs and had an existing client base, but with times as they are, people are spending less money projects, want the cheapest option a lot of the time, leaving very little mark up.

The best thing you may have on your side is, that if you can make it work at the minute, it should be a breeze when/if the good times return, but unless everything goes well, you find that your life 24/7 can be consumed by thinking about work.

also depending on what business you intend to run and how involved you want to be the hours can be long, i'm sat typing this from work whilst the rest of my employees are entitled to a day off. but i have deadlines to meet so someone has to do it.

The upshots, make a bit of money and the tax free pension contributions help, I have a nice enough car and change it every 3 years and you can take time off to suit yourself when things are running smoothly.

But honestly unless you think that no one else is making a living out of your idea and it is bomb proof, don't risk losing what you already have, the last 3 years have been hard and they aren't showing signs of getting any better just yet.

That said if you do get the capital to get off the ground, you can always try me if you want and signs, banners, digital prints, window graphics etc. Sorry Babylon.

[purpleronnie]

I set up a business once pretty much through ebay....did some research saw a little bit of a niche and little competition and did well...until everyone did the same and suddenly there were 100's of sellers trying to outdo the others making the profit margin get smaller and smaller, added to that the idiots who mess you about and complain when it was there fault in the first place started to grate...I moved on.

But I did enjoy it for the most part...although I would reinvest the profits so the downside is I would rarely see any money...then you'd get yout tax bill.

I do know someone who does the breakfast club thang and it was a revelation for him he gets tonnes of work because of contact he made there.

[Babylon]

That said if you do get the capital to get off the ground, you can always try me if you want and signs, banners, digital prints, window graphics etc. Sorry Babylon.

I'll tell you what, I'll do the artwork side of things and the litho. You can do the digital stuff... everyone is happy!!!!

You should let me have your company details, you Leicester based?

[Daggers]

Well make sure you come to me when you need your logo, business stationery, literature, signage, livery etc etc!!

That said if you do get the capital to get off the ground, you can always try me if you want and signs, banners, digital prints, window graphics etc. Sorry Babylon.

Or, if like most new start-ups you are seeking a budget option, you can get the lot from me.

Apologies Babs and Bay.

[Babylon]

Or, if like most new start-ups you are seeking a budget option, you can get the lot from me.

Apologies Babs and Bay.

FFS... is everyone in print on here

[The Year Of The Fox]

Slightly off topic, but it occured to me that the contestants in the recent Apprentice series (and the one before that) would've been better off going into the Dragon's Den with their business model and requesting the £250k. They'd all have been likely to have had an offer on the table