Advice needed re: starting up your own business

[SpringChicken]

Posted a few months ago about DP being very unhappy at work and things have now come to a head - he is ready to just up and leave but being 33 weeks pregnant this isn't ideal for us.

We have sat and had long discussions about it and he has decided he would like to have a go at Car Valeting but rather than working for someone we are wondering whether it is a better idea to set up on his own.

However, i do not have the feintest idea about being self employed/running your own business - DP has even less of an idea than i do - basically, just need some advise on things we need to take into account being going ahead, pro's, con's etc.

Anyone?

If you contact the Inland Revenue,they will send out a pack which outlines what you need to do re setting up your own business-what to do about National Insurance,sick pay ect.It is really useful & they are extremely helpful on the phone too.

I went self employed a couple of years back & it is the best thing I ever did.If you are a sole trader,ie not employing anyone else,it is all very simple,no red tape.You don't have to register for VAT unless you turn over more than £50,000 a year.

The one thing I did,before giving up my day job,was to work at my intended career at weekends & evenings for a year,purely to see if it was viable & if I could cope with working on my own.It was very hard working 7 days a week & evenings,but worth it as I found that there was loads of work about & even had a waiting list.

The downsides are,that people think they can ring you at any time of night,no holiday pay & if you are ill,statutory sick pay.Despite that,I don't think I could ever go back to working for someone else.

Is there a local business enterprise organisation nearby?Thet were quite useful too.

Good Luck

Thanks alot Mirage - have just been having a look on the inland revenue website - it is very helpful.

DP fully intends to just work on his own, certainly for the foreseeable futue anyway - would only really look at expanding if the need arises.

We are hoping that we will be able to start of locally picking up bits and bobs and once we can prove ourselves, hopefully get some contracts with local businesses etc.

Thanks for your advice.

Agree with Mirage about evenings and weekends, once your self employed you wont have these anyway!
Is your dp a spring cockrel? Princes Youth Business Trust gave me a Grant and Loan but must be under 25 yrs tho.

Contact your local Business Link, at worst you will have access to an small business advisor who will have overseen many startups. They will let you know if you are eligable for any grants.

Is there much competition in the area?

We had a valet operation in our town which was always V busy until a local dealership opened an all singing American style operation and closed them down in months... They changed their operation to a mobile valet service.. still in business anyway!

DH had a year of attempting to be self-employed and it was awful... not least because in his case he didn't make any money, but still had to dedicate all his time to it. He was on-call all the time.

Friend was overjoyed when her husband finally gave up on Self-employed and got an "ordinary" job (even though it took him away from his family 3 days a week). Even though he was making enough money to support them as self-employed, it was uneven, insecure income, and they often had to rearrange/cancel holidays/trips/etc. last minute because if the work got offered in he couldn't afford to turn it down. I know plenty of people get on well with being self-employed, but I'd be very wary of it.

Can you try and get a franchise maybe at least that way you have some help and back up and usually a recognisable name - they have them listed in the back of the Evening Standard one day a week and have lots of tradeshows where you can go and pick one!!

Just a thought XXX

I had the same thought as twinkie here is one
htis

I bought a franchise and it has been a disaster, subscribing to it + paying the royalties leave a very meagre income, I'm on call all the week so having a place for DS at the nursery is essential, so I pay the nursery then bit my nails praying for somework to arrive so I can pay the nursery.

I would rather suggest to work for somebody in the business you like for some reasonable time, learn the ways things are done and then go on your own.