Employed v Own Business

[Silkster365]

Ive been employed in a pretty safe office job now for 12 years, worked my way up etc. but becoming disillusioned with working for other people.

Ive been considering buying an existing business for a while, though havent seen one I like the look of yet.

Id be interested to hear if anyone on here has ever done the same? and if so, has any words of wisdom? Am I making a big mistake or is running your own business the best thing you ever did?

 

[Beach Hut]

You are a very brave man, always been an employee which seems to suit me.

 

[El Presidente]

Running your own business has risks (wrong product/service, being in the front line if things go wrong, red tape, bad luck (eg customers going bust) and of course having to deal with banks).

On the plus side you get to back your own judgement, if it goes right it can make you wealthy, and all the good decisions go straight to your back pocket.

I've run a one man consultancy for the past seven years and no grumbles. Treat people like you want to be treated is my approach and don't rip people off.

 

[skipper734]

Gave up working for the Man in about 1978. Worked for myself ever since, haven't made a fortune and strangely enough worked harder than I ever did when employed.
I have never for one minute regretted it. Loss of easy work, company car, money in the bank every month, working with other people and not on your own. Hang on a minute, what have I done?

 

[Silkster365]

Thanks everyone, some food for thought there

 

[jakarta]

You haven't chosen the best time ever to do this have you?

Mind you I started up my business just over two years ago & despite everything I would never go back to being an employee.

Down side is not being paid on time, in some cases not being paid at all and being in the position I am at the moment where there is not enough money in the Business Account to pay my monthly salary for December after everyone else has been paid next month (although I am owed a stack of money & enough should come in to cover it all in the next few weeks).

Oh yes chasing money becomes another thing you spend too much time doing instead of your 'proper' job.

If you go VAT Rated split off your VAT money to a separate account when a payment comes in - its not yours and the VAT man plays rough.

Oh and the High Street Banks are absolute c*nts - 'would you like a 15.9% above base rate for an overdraft facility sir?, by the way you have to personally guarantee it and we can call it whenever we want and yes there will be a small quarterly charge if you use it or not' Pity they weren't so careful when they were pissing away their(our) money on Sub-Prime eh?

And I have had to 'enjoy' a few trips back onto the North Sea again, didn't enjoy the Offshore Survival course too much, getting too close to fifty!

Up side: Virtually no time wasted due to unnecessary paperwork and pointless meetings, no artificial 'targets' to be met, being able to take time off as & when I want, no commuting for hours a day to shitty London and being able to take in lots of post tea sessions at Hove, Arundel & Horsham.....

 

[coventrygull]

My son gave up a management position to go self employed. I really wasn't hapy about it. Especially with a recession looming at the time. It is working out for him at the moment. He said it was something he had always wanted to to do and he was prepared to take the risk.

 

[acrossthepond]

If you go VAT Rated split off your VAT money to a separate account when a payment comes in - its not yours and the VAT man plays rough.

In my opinion this is the single most important bit of advice in this thread (so far). Never be tempted to spend this money, I would guess that more businesses get in trouble this way than any other.

It always used to be that the revenue guy was a bit more flexible than the VAT guy. They're the same outfit now, so bank the money and pay it on time.

 

[Ding Dong !]

I was made redundant from British Airways 6 years ago. At the time it was worrying with home and family comitments etc etc but has turned out the best thing that has happened to me ( work wise ). I am now self employed running my own business earning quite a lot more and doing a lot less hours. The thought of ever working for a company again as an employee fills me with dread and fear.

 

[burrish-gull]

Ive been employed in a pretty safe office job now for 12 years, worked my way up etc. but becoming disillusioned with working for other people.

Ive been considering buying an existing business for a while, though havent seen one I like the look of yet.

Id be interested to hear if anyone on here has ever done the same? and if so, has any words of wisdom? Am I making a big mistake or is running your own business the best thing you ever did?

You don't do it to make a million, trust me, but the freedom it brings is liberating. If you can make a small success of it you'll never go back to all the bullshit and politics a 'nice safe' job brings.

Give yourself at least two years to try and build something up, I freelance and run a small website design business from home, its hard but I enjoy the freedom and things have taken off a bit recently.

 

[Arthritic Toe]

Its a great time to have job security at the moment. Stating the obvious, but Its really tough out there at the moment, and it aint over yet. Any 'recovery' is fragile at best. If it was me, I would wait a couple of years. Timing is everything.

 

[Seecider]

Take pofessional advice about what you are buying. Make sure that any dodgy history is left behind with the sellers, eg if they have been fiddling VAT. You wanyt to get your own new VAT number. I'd think about sticking your new business in a limited company to help protect any personal assets should it not work out.

 

[Del Boy]

I've heard that for the first year of setting up a business / going self employed there is a tax break, something like you don't pay tax on the first 16k you earn, instead of the normal £6,475 (2010/11 Tax year) allowance, is that correct? I'm sure someone on NSC will have the knowledge on this? if correct?

Good luck

 

[hart's shirt]

I've been running my own business over here for the last 3 years and currently have 7 on the payroll.

Don't think I could ever go back to being an employee.

 

[Hiney]

Sounds obvious, but it really depends what industry you are in.

I've had 10 years of being self-employed and I f***ing hate it. Am on the verge of chucking it all in and going back to being an employed person.

 

[jakarta]

Sounds obvious, but it really depends what industry you are in.

I've had 10 years of being self-employed and I f***ing hate it. Am on the verge of chucking it all in and going back to being an employed person.

Forgive my ignorance - what industry do you work in and are you self employed (employee of your own company) or a Sole Trader?

I would have thought after 10 years in whatever it is you do you would be fairly secure - is it anything to do with Construction?

 

[1066gull]

If you don't want your job, there are plenty of enthusiastic starters who would take it you ungrateful sod.

All this 'Has work in the morning (sadface)' gets on my tits! Just think yourself lucky you have a sustainable income!!

 

[bright1064]

If you don't want your job, there are plenty of enthusiastic starters who would take it you ungrateful sod.

All this 'Has work in the morning (sadface)' gets on my tits! Just think yourself lucky you have a sustainable income!!

Bit harsh.

So what if he wants to change his lifestyle, I say good luck to him if it makes him happy.

Doesn't make him responsible or guilty for people out of work, nor should it!

 

[Fef]

I've been a sole trader for the past 4.5 years after taking redundancy - best thing I did. I sure don't miss the office politics.

 

[ofco8]

Went self employed in 1986 and was best move I made. Luckily my line of work has fewer and fewer people capable of doing it so have always been in demand.
Not everyone is so lucky though.