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I'm after some advice................


jimmygreaves
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Should I start my own business?  

18 members have voted

  1. 1. Should I start my own business?

    • Yes
      10
    • No
      8


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Hello Chaps, I need a little help and advice so I the absence of real friends I thought I'd turn to you lot........ :wink:

I currently work for a small design agency doing all the new media, websites, kiosks applications and whizzy computer stuff. I would like to spread my wings and go it alone, start my own company and start to earn money for myself and not my boss.

Trouble is I'm shit scared that I'll start my own business and not make enough cash to pay for important things like my mortgage, food and clothes for my kids.

Do any of you lot have any pearls of wisdom, encouraging words of advice or first hand experience of this. I don't really want to take the plunge and end up in shitty street if you know what I mean.

So any advice anybody?

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Can you not start to develop your own customer base whilst working? I don't necessarily mean pinching clients, but it sounds like a business you could do from home in the evening and at weekends. It's a big step to just completely start up on your own if you haven't got financial backing. My advice would be work out what you need to live on (mortgage, food, bills etc) then see what turnover you'd need to achieve this minimum. Then think about if you have a few lean months, have you enough behind you to see you through?

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Agree with Risso, test the water first,

save up as much as you can to cover say three month's essential bills, just in case, whilst doing one

see about one of the many funding opportunities that may apply

do it - I would if a) i had skill that was marketable B) had the blx as that is what it takes

Good luck if you do and remember us when you make a million

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I've gone with YES, id you are good at selling yourself you'll make an absolute ton, if not you'll get along slowly but it'd have to run along side a current job.

You obviously have the ability GO FOR IT mate

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Easy step into being a failed entrepreneur is to go contracting first. Look at something like jobserve for contract work in your area.

This should give you:

1) a bit of extra dosh;

2) experience of getting your accounts wrong and messing up your VAT returns.

Then after a while, and having mastered no. 2, you may have a bit of cash to give you a bit of leeway for the first couple of revenue free months, and experience at talking youself up.

Golden Rule No 1) The banks will be of no support, use or idea until you are earning more money than you can spend at which point they will become your best friend with nice savings plans and pension policies for you. Trust them as far as you would ellis.

If you want to break out, and you don't you will always regret not trying. Better to try and go through bankruptcy court (after signing the deeds of the house over to your mum or dad) than not try at all.

And when you leave court, just go back contracting but pay all the dividends to your youngest child. or pet rabbit. or go abroad and just leave the bacnkruptcy order behind.

All the rich use the bankruptcy courts as an easy way out of messing up a bit. It's a bit like a red card, you get a little suspension and maybe a slap, but it's not the end of the world.

At all times, food and mortgages come first, leave the credit card bills and the rest of the opportunistic debt generated by the bad lending policies in the bin where they belong.

Feel free to PM us if you want any info.

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