Start up own business ?

[justwondering21]

Would I be unreasonable to leave a job within the NHS to start up my own business ?

It's something I've always wanted to do but always get talked out of it by family / friends.

I'm in my 40's and feel I've worked for 20 years in the NHS paying into my pension. Should I just keep going? Would I regret leaving and the impact this will have on my pension ?

If I won the lottery I'd do it in a heartbeat. Is it really hard setting up a business ? Do you have to work 7 days a week 10 hour days at the start to break even ?

Will I get to 60+ and wish I'd just tried ?

Thanks 🙏

If you aren't financially secure and rely on your NHS wage I'd say YABU.

I have ran a business for 12 yrs and completely agree with posters on here warning you about the initial lay out, overheads, how long it can take to establish/turn a profit let a lone make a decent salary and for it to be 'secure'. I agree with the lack of statutory rights and you have no backup in the sense of moral support etc, where as at the NHS you have statutory rights, leadership and peer support, occ health, steady wage etc.
My business has done well, I have learnt a lot and made some money (but not as much as some would expect as its cant always make you rich either!), BUT, it has been the most stressful 12 yrs of my life. I'm proud of my achievements but hate my job and resent the impact it has had on my life.
On Monday I'm starting a new job after an 18 month recruitment process, I did start off in this line of work but left for family and ended up running my business. I would never have forgiven myself if I continued with the business feeling the way I do and feeling as low as I have due to the stress. I'm really excited to have all the perks of being employed the biggest one is being part of an organisation that can support me in various ways and where I can share responsibility with my peers and the leadership team.
Sorry if all of this is not what you were expecting but it is reality.

My husband set up his business on the side while also being an accountant. Then five years ago he took the plunge and quit his full time job. He was making about £500 a month to begin with. He works until the early hours due to childcare. It's only in the last year that he started making quite a bit (£4-£5k a month). It's taken a lot of time and sacrifice to get here.

Absolutely-I was more suggesting ebay as an option. The dream is a shop though!

Have you done a business plan yet?
If not, start there.

Have you any experience in retail? Could you take a part time role in the run up to Christmas, see what it’s like hands-on in the current environment?

My idea is a lovely shop selling local art work, prints, plants, retro toys, small independent jewellers, cards.

Please do not give up your secure job for this!! Your friends and family are right.

I think you’re on a hiding to nothing thinking you can make a living by selling other people’s work. The internet has made it very easy for artists and makers to sell direct to customers, cheaply, so they are unlikely to want to enter into an arrangement with you. A retail unit with all the immense costs involved will not give you any margins for making a profit and therefore a living. If you set up on line you’d essentially be trying to compete with Etsy/Folksy/EBay.

If you make work yourself you might have a better chance, but a shop by the seaside is a poor model for doing so unless, say, you already own a premises outright and therefore need only a small amount of turnover to make a profit.

The alternative might be to cash in everything you have, and buy an existing business so that you already have an established model, suppliers and customer base - but this is massively risky, as all physical retail is in trouble at the moment. I live in a touristy place and all these identikit ‘lovely things’ shops come and go year by year, despite a lot of the owners even owning their own premises. There are lots of them competing for the same limited market and, more often than not, expensively failing.

Business is a harsh bitch.
While it works out for many, quite another many go in with some romantic idea of doing their own, usually cafe or small bar, and I've seen so many of them crash. While people who went in with their heads screwed on and rather pragmatic than romantic, usually did much better.
Of course it can go the other way around and romantic be successful while pragmatic isn't, but from looking around, the romatics have considerably smaller chances. I wonder if it's because many believe that "if hou build it, they eill come" because if they love their tiles/cake/drinks, everyone would?
Not sure, but it needs head on and at least one foot firmly on ground

I think this is highly risky, and I say that as someone who is self employed. All the reasons everyone’s said, high cost upfront (shop lease, business rates, buying in stock - probably at higher prices or paying upfront as a newbie, have to work 7 days a week and too much competition) but I definitely would dip your toe in the water getting a job working in a similar shop will give you so much info on pricing and turnover that you can’t afford to learn in your own business, and doing market stall is also a great idea. Check with your local council if there’s any business start up support…you could still start something, with careful planning, that could enable you to build up and have a second career down the line. I wouldn’t give up the day job without that experience and plan (or only if I were going to do it for a year, without too much upfront cost, and be able to get back into my former career). There are other businesses as well, that you could discover if your plan A doesn’t work out. Good luck!

When you do your market research to see if there is demand for the product(s) don’t ask family and friends. They will always tell you that it’s a lovely idea and they will definitely buy your cakes/cards/jewelry etc etc. In reality they definitely won’t buy it in anything like the volume you would need for it to make you any money.

Similar goes forgeneral public though. "Oooh yes, that sounds lovely, I would visit once in a decade to buy a postcard ". It's really not easy to get real opinions

The thing is that your wages at the moment are pure profit. Think how much you would have to earn to get a similar wage, enough money to put into your pension scheme, the rent on your new shop, council tax on the shop, electricity, water, insurance, advertising... Then think of your artists - as a PP said, they can sell directly on Etsy. Why would they sell to you at a reduced price? What happens if you buy stock that nobody wants to buy? What will you do with it all?

Tbh I think the fact you're even considering this shows that you shouldn't work for yourself.

I went SE in the cleaning industry. Never looked back. Shops aren't the way forward in the current climate. Everyone shops online.

@HollowTalk

The thing is that your wages at the moment are pure profit. Think how much you would have to earn to get a similar wage, enough money to put into your pension scheme, the rent on your new shop, council tax on the shop, electricity, water, insurance, advertising... Then think of your artists - as a PP said, they can sell directly on Etsy. Why would they sell to you at a reduced price? What happens if you buy stock that nobody wants to buy? What will you do with it all?

Tbh I think the fact you're even considering this shows that you shouldn't work for yourself.

Ha ha I love this ! Yep, I've maybe been a bit deluded. Romanticising the idea of my lovely little coastal shop. I've had this idea for so long so obviously something has stopped me.

Do you have to work 7 days a week 10 hour days at the start to break even?

You're underestimating the hours worked and overestimating the chances of breaking even in your first year.

Thanks for everyone's comments.
I've got an idea for an online business so I'll going to look into this and see if I can take this forward on my non-working days.
I'm going to put together a business plan and see what help is out there.

I think your business idea is more of a pipe dream. So many new business go bust in the first year. And shops are so risky. Then there is covid and what it's done to the high Street. Honestly everyone else is right. Side hustle first, the chance of a shop working out is so low and you will have debt from setting up.

It does sound like a very challenging area of self-employment.

I'm writing a five year plan to go self-employed, and I don't plan to make much or any income from it for the first two years - I'm building a portfolio of pro-bono work for referrals first whilst working 30h per week. I also have a huge number of contacts in my chosen consultancy area to recommend me.

I wouldn't be day dreaming about a shop if you want to go reliably self-employed.

You'll never know unless you try! I'm just starting out with my business and it's been a fantastic learning experience, challenging at times but great fun too! The resource that got me moving is this book Screw Work, Let's Play by John Williams. He's got a newer version out now F Work, Let's Play. It's about playing and testing out your side hustle while you're working. I thought it was superb. I'm all set up with my business, website, etc just need more customers now...!!

Thanks @StudentHamperdotcom will check that out.
Great that things going well for you,
Hope next steps are successful.

Thanks @justwondering21, you too!!