Ducati Sporting Club UK > General > Idle Chat > Running your own business Good or Bad

[YMFB]

We started a phoenix company from one that went phut in 1999 and its hard work but very rewarding, just getting to the stage where we need bigger premises and more folk. Having been responsible for ten other peoples income and well being previously I can tell yo thats the worst bit. We have found that using specialist consultants/sub contractors for evrything is the cheapest way, dont spend vast amounts of money on new furniture & fixings you can get used stuff at a fraction of the cost.

Above all I will do my best not to work for someone else ever again despite only having had two one week holidays a year for nearly seven years.

Good luck

[Jon]

Sometimes you just have to weigh up the costs. You might get job satisfaction; you might even earn a lot more money. You might even be able to retire early leaving some one else to run the business and take directors cut. But you will always have the burden on your shoulders that the buck stops with you. You have the responsibility of making sure every one is paid including your creditors.

Then there is the taxman, he wants you to pay him 50% of last years tax bill paid in advance. Then the following year if you didn't hit the same profit margin, he will let you have some of it back. If you are late in paying, he wants to charge you interest. He wants to look through all of your accounts and if he does see that you have claimed anything that is not a business cost, he treats you like an axe murderer.

Then there is the Vat man. You really don't want to mess with this guy. He can send the bailiffs round and clear you home of everything of value to clear the debt. Remember if you fail to pay your tax bill, its tax avoidance. Fail to pay the Vat man, its fraud.

Then there's sickpay, holiday pay, this is what you will have to pay, not get paid. Nic contibutions, maternity leave. insurance, public liability, security.

But it’s a great life really


[Edited on 14-3-2006 by Jon]

[nelly]

Go for it!! I did

The satisfaction of knowing you're doing it all by your self is priceless. Concentrate on keeping the business running and turning over. If you need any help with accounts, advertising etc. no matter how much you think you know or think you can do, ask someone or pay someone to do that for you. Concentrate purely on what you know and nothing more.
You need to be prepared to work every hour god sends, and work every one of them as hard as possible. You won't make any money for at least a couple of years. I still only draw as much as I need.

The words of wisdom from Jon on the tax man and VAT man are well worth taking on board.

The only thing I'd be sure of with taking on an established business, is that the existing customer base will keep coming to "you". Many small businesses do what they do because of who runs them, not because they offer this or that.

[uncle porry]

I have been self employed for over ten years....and one thing i have learnt is that the only real mistake is the one you dont learn from.
good luck

[955matt]

I'm convinced, spoke to the guy today and made him an offer,which he has accepted.



So on my way to poverty and late nights by the sound of it!!!!!!!!!



Thanks for all the reply guys will keep you informed of the progress

Matt

[domski]

Good luck Matt, I hope it works out for you

[Ozz]

Blimey good luck!

[phoenix n max]

Good Luck. I've been doing it for 15 years. Not always easy but worth it in the long run for me. Motivation can sometimes be a problem and keeping up with rules and regs but with the right thinking it's much better than 9-5 for me

[955matt]

Any one know of a good solicitor for business purchases

Matt

[Ozz]

Only one in my area which is quite a way from you.

The offer of any help with the set up etc is still there - and free!