Business advice

[..DAZ..]

I know quite a few of you guys own your own businesses so I am after any advice or tips on starting up. To cut a very long story short I am fed up being d*ck*d about by employers. I have been payed of twice in the last year, and I have been prommised things by an employer who has now gone back on what was agreed at interview and job offer meeting. Apart from that I have been struggling financially for the last year and only just managing to keep my head above water for the last year, I am now copletely and utterly fed up with it. In fact I am at the point where I am just about ready to give up work and start scrounging for a living, it would be easier! Only having a familly has kept me going. I am lucky as I have a very broad background but apart from the job I am doing now (fridge monkey) I have been working in laundry and dry cleaning for 10 years. I also have a lot of experience with cookers, grills etc and am a qualified spark (industrial) What I am thinking is to start doing repairs on domestic washing machines, driers, cookers, fridges etc. I know them inside out so it wont be a problem doing the work and I have all the tools. Everybody nowadays is becoming more aware of the cash in their wallet and also not wasting natural resources so repairing as opposed to replacing is a very good idea for most now. What I am after is some advice on starting up, any advice at all. I will be doing this in the evenings and weekend so I still have an income from my day job. The plan is to get enough work in to go full time on my own but I do realise this will take time. Anything would be appreciated
cheers
daz

 

[rtbcomp]

To cut a very long story short I am fed up being d*ck*d about by employers.

You'll get d*ck*d about by customers instead.

If you're going into people's homes & repairing electricals you'll need insurance.

Why not try to scrounge broken white goods off Freecycle and repair them in your own time to sell on? That will fit in easier with the day job and you won't have the hassle of keeping appointments.

You'll still make a profit if you dismantle them for scrap (not fridges though!)

Keep accurate records, a spreadsheet is ideal, and tell the taxman you're starting a business.

 

[..DAZ..]

I already have public liabillity to 10 million, had to get it earlier this year when I got offerd some work just after I got paid off, no I wasn't claiming benefit at the time! My parents were feeling flush and paid it for me, it covers commercial and domestic appliances. I can dissmantle fridges no probs, I have all the gas reclaim kit, but it is extremely expensive to get rid of the gas and I wouldn't discharge it into the athmosphere like some idiots do. I know I have to register with the taxman unfortunately, but a necessary evil I suppose :-(
Problem with freecycle is it's not usually long before they suss you out and ban you but will give that serious thought
cheers
daz

 

[brightspark]

part time buisness

just start part time buisness up doing whatever keep records of your earnings and outgoing expenses and materials then at tax year end submit your tax return form . and the tax office will calculate what u have earned and take acordingly. or get acountant to submit them for u i had 2 part time buisnesses a hire firm and shotblasting buisness both did well but i now just do the one job electrical contracting with a fair few callouts so havent the time for the other 2

 

[the snooper]

as said above register self employed keep accurate records and if you can place a free add in the local paper, broken appliances removed free of charge you could then repair and sell on or use for parts good luck

 

[paulmowers]

Hi Daz

Sounds ok on the face of it, being self employed, you won't get messed about by employers but.........
You will be free to
Find your own work
pay for your own advertising
repair or replace your own tools
chase up late paying or non paying customers
keep all your own accounts or at least all the evidence of expenditure and traceable income..
make sure all your own liabilities are paid on time
organise your own supplies to be there when you need them and budget if you can afford them
Oh and actually do some paying work

some people thrive on it, others can't handle it, my advice is to think long and hard about keeping your motivation levels up, even with knockbacks and cash flow issues which will happen unless you are very lucky.

Your best place for startup advice is probably business link, just do a google search, they will advise on tax aswell.

I started up on my own 14 year ago and still enjoy it now, must be wierd.....

Best Wishes Paul

 

[Welderpaul]

Think long and hard about it. Its hard graft running your own business. Some days are good. Some days you want to pack it all in. On the odd days your not working, your mind is thinking about work. You can't switch off. Not if you care about it anyway.
A bloke i know has run his own business repairing white goods for 30 years+. Up to 5 years ago, he made real good money, he is good at his job, and always did a first rate job for everybody. Now he has nothing. Lucky to get a full days work a week. He reckons its easier for people to just go out and buy a new whateveritis. All too regularly he says, people don't even appreciate that white goods can be repaired.

 

[pidgeon chit welder]

Go to you bank manager or local chamber of commece and ask if they bknow of any EEC assisted start up funding and mentoring etc. .

My lass & I undertook EEC option 5B some 15 yrs or so ago ( we lived in an economically depressed area according to the word of the day ).

We had to attend a set of seminars sponsored by the EEC using seconded bank managers and business developers the scheme was refered to as the " Business Enterprise Trusts . We also got some financial help for start up .

It had a lot of mileage for us , we developed our business on paper for 6 mths , 1 yr , 3 yr and 5 yr projection with reasoned aims and targets.

It also gave us sound insight into our costings and outgoings 7 allowed us to calculate our prices so as to not undercharge and be out of pocket.

Most S/E only last 18 months because they have little or no business knowledge or time planning experiences .

Of those 5% that do survive less that %5 of this group make it past 5 years.
The HMCR are also currently running a series of free courses WRT startup/self employed accounts needed , and basic acounting to run a small business.

 

[bush]

Paul has a very good point about motivation. If you are a person who says 'someone should do something about....' then find another employed job. During the resession, I have not stopped (property maintenance), I've talked to many self employed lads at suppliers saying they have little work on, when asked what they are doing to find jobs, I usually get a funny look - customers always come to them. You need to get your marketing right be it leaflets, newspaper etc. Got a spare afternoon? post some leaflets, expect a 2-3% response, and it could be months later.

It may be different in the line you are looking at but the potential customer is thinking 'do I want this man in my house?'. On first meeting I make sure I've had a shave and don't smell!

 

[rikrobson]

Our washer dryer failed last spring. Didn't bother to find what the actual fault was. I want ti the wee shop in kinoull st and got a set of motor brushed for £20. this didn't fixit. The nest step was a new motor at £120. would have been £££s for a syncro motor controller too. binned it and got a new one. Plus the PA is full of white goods repairers.

Currently watching wheeler dealers. You could try that also.

 

[chunkolini]

.
It is hard work, will drive you mad but working for yourself can be worth the effort.

A thought crops up here, is the massive growth in self employment a credit to the current government?

Chunko'.

 

[rtbcomp]

.
......
A thought crops up here, is the massive growth in self employment a credit to the current government?

Chunko'.

Fault rather than credit.

Another big advantage of being self-employed is that you can diversify quickly.

 

[Chipper]

Many +'s and -'s.
Cashflow rules your life.
Long hours.
Customers can be weird/difficult/clinically insane.
No sick, no holiday paid.
Paperwork.
Can takes longer to get established and paying regularly than you think/hope.

But:
Satisfaction.
Take a pride in quality and service, and no matter what, you know you did your best.
If you're doing well, a quiet day can be spent on your pet project, hobby or whatever.

Good rep is the best thing you can have. But as ^ decent marketing helps a lot. Repeat customers though are the cheapest and best sources of work.

 

[..DAZ..]

Thanks for all the replies guys it's all really usefull. The reason I am thinking about it is I have had so many friends and realtives tell me they have been quoted sums close to £100 just to turn up and then be told "It's not worth fixing, but I can sell you a new one" They never think of me for some reason (yeah I know what you might be thinking) They will eventually call me and ask and I give them a row for not phoning me first, the usual response is "I don't like to bother mates/familly as they don't charge enough and I feel guilty" I have never failed to fix a machine yet and I know I do a good job at a good price. My most expensive repair so far was on a £500 cooker that cost £45 for the parts and I charged £35 for labour, so £75 all in. The company she called first wanted £85 just to turn up!! It didnt include any labour or parts and it had to paid in advance so I know I can beat that as I have very little to no overheads!!! I am planning on doing this evenings and weekends to start, try to build up a customer base and get my name known, I have already started distributing flyers in the local shops, passing them out to friends to put on staff noticeboards and in the places they work. I know a couple of mobile hairdressers that are now passing out business cards for me to their customers. I don't mind the hard work and long hours I do that already and get paid a pittence for it and take all the abuse for other peoples faults and mistakes, I might as well do it for myself! Then the only person left to blame is me.


daz

 

[brightspark]

most round our way charge 50 quid. that covers the 1st hour repaired or not if u start up part time and keep your job word of mouth gets round fast .when it gets 2 much start up full time rep. machines at home dont pay rent work from your van or repair at punters houses try to keep advertising to a minimum. ive never advertised its all word of mouth no name on me van niether. mind u it would help u a lot to advertise on your vehicle ::and fliers

 

[rtbcomp]

When I was repairing computers I used to work on a "no fix no fee basis". Obviously I lost out sometimes, but it got me a good name and saved a lot of advertising costs.

 

[rikrobson]

A guy at work has a British gas care contract thingamy whatsit and his washer broke. British gas sent a guy who couldn't or wouldn't fix it and they turned round and said here's a £250 voucher for comet. obviously the cheaper option for them!!!!