making the jump from salary to self employed

[conkertree]

since having ds (11 weeks) and for quite a while before, have wanted to set up my own business. has become more definite since having ds.

i want to run my own business and have ideas for it, but it will involve doing a course which is only offered in one place. there are 5 blocks of 2 weeks spread over a year. i go back to work in april and could only get maybe 3 of the 5 done by then.

just really looking for advice on how others have mananged to do the jump from being an employee to being self employed.

did you make the jump before your own business was up and running or did you do both until you got established? (dh's salary covers our mortgage and all bills, food etc, but theres not a huge amount left for luxuries so my salary has been for that so far).

[sinclair]

Hi Conkertree. I jumped about 18m ago. Planned with military precision - all on ex-employers' time of course - so all the research, business planning etc at work - and timed to coincide with DC both being in in fulltime ed. I had a one day a week training course, and for a term of that I had to pay our nanny to do an extra day - then once DCs were both f/t beg steal and borrow after sch care that day a week. I costed it all out and put aside money in advance to cover the childcare, and the first 3 months of s/e wages (in case I got no work!) - but I was lucky and got work straight away and haven't had to dip into the pot too much since.

So my advice is spend what you have to for peace of mind with the DCs, save up a rainy day pot, and once you are back at work, use every spare minute there for planning etc.

I earn a fraction of what i did but pay way less tax and no childcare bills, flex my hours to suit and do something I love - no contest really.

Can you tell us what kind of thing you are thinking of doing?

[conkertree]

thanks sinclair - dont want to go into too much detail but will involve textiles and so need to go on a specific course first.

i am a solicitor just now and am going back part time in april, but have never been all that happy at work, and this is the first time i have come up with an idea that i could do, and that i know there is a market for (other people do this already but I am certain that the market is no where near saturated).

I dont want to make millions - the main reason is so that i can choose my own hours and be at home for ds and any other children that we have.

i think i need to do as you did and save up some more first. its so hard to not just jump straight in. i need to work out how i can get to do the full course as well, but may be able to take holidays from work at the right times.

sorry to go on - i'm just very excited to be considering something other than being a solicitor for ever.

thanks for your advice.

[conkertree]

what is it that you do sinclair? (if you dont mind telling me)

[sinclair]

Also textiles but quite mundane - I have a soft furnishings business, handmade curtains, blinds, loose covers etc.

I know what you mean about wanting to get going, but as I wasn't launching a new product I persuaded myself that time wasn't of the essence and bided my time and saved up some money.

Going back in as a consultant was also a possibility for me - which was a nice mental safety net - is that possible for you?

[conkertree]

I could go back to work as a solicitor at any time really as long as i kept up some continuing professional development and kept an eye on what was going on, but some employers would probably frown upon too long a gap.

i would probably rather go back to being an employee as something else though if this didnt work out as I really dont enjoy my job enough to do it till retirement.

Work has been really good to me in terms of their attitude to me going part time etc and i would therefore want to go back to work for at least a while anyway. The main thing i need to work out is how to complete the course while still at work, but maybe i should consider saving up enough to stop working before i do the course.

oh so much to think about.

[catz07]

I have recently made the jump from job to full time mum to self employed! I think finding the right work life balance that still enables you to fulfil your role as a good mother is very hard. Being self employed is the only way that will allow me to pursue my career and business interests and still be around for my children. With this in mind a friend and I have created MUMSCLICK.COM a vibrant interactive resource site for the mother who values her own interests and me time, as well as her role as a mother. One of the clubs within the site is musicclub, and as my absolute passion is music and live gigs, sharing and exchanging music with other like-minded women is rewarding as well as working!