To those who ‘started a little business’

[Liftmyselfupagain]

I often read on MN of people who started a little business and how they’ve worked to have successful businesses often out earning their partners?

im so curious to hear from those of that have done this. Did you get see an existing skill set and network, was it product or service based? I am hoping to do the same but have apparently become very risk averse.!

what did you come up with?

Don’t overthink it. What do you enjoy doing? What are you good at?

Trained in Big 4 Accountancy firm (corporate finance) have BSc Architecture and MSc Economics (Property & Construction. Grew up on an entrepreneurial family, learned to fire fight and negotiate at early age. A people person when I feel competent in what I’m doing.

Personally, creative, artistic, writing painting etc. very into art. But not sure given my background if pursuing something creative is going to get me anywhere.

clearly I’m indecisive too. :)

my husband is Mr Safe and I think it has rubbed off. I used to be full of ideas. But we don’t talk about this together much, he’s not v interested.

If you are risk averse then that will be a problem.
Starting a business requires a great deal of risk and a leap of faith.

One thing you should do once you identify the field you think will be best is a comprehensive business plan. It ensures you think carefully about all aspects and do your research.

Thanks, no actually I’m not risk adverse (I think as an accountant I can see the downside often too much, this conflicts with my left brain!) To me risky is staying in a job that has plateaued and not going after creating something myself. I al perpetually asked how I haven’t set something up myself.

Looking to set something up that does not involved a screen 100% of the time, that gets you out meeting people.

had anyone here started something up?

Personally, I set up my own accountancy practice 25 years ago after working for other private practices for 20 years. Plan was just to do a few small jobs in my spare evenings and weekends, but it took off and I gave up the full time day job within a few months.

As to clients, most of the successful "start from nothings" have been based on their existing hobbies.

I set up my own garden business. I was a keen amateur gardener and before I gave up my job I took a horticultural course. I also read books on starting and running your own business, some specifically related to gardening. I set up my business before I finished the course as I was so keen to start and feeling confident.

Within a few months I was so busy I was turning down business. I could have employed people but was keen to keep it a 'little business'.

I absolutely loved it and would urge you to give it a go. Do your research and go for it. My top tip would be decide what you want to charge and be ballsy about it from the start. Don't take on work too cheaply because you're worried you won't get clients because when you get busy you'll regret it. Finally only do work you want to do for people you want to work for - no amount of money compensates for doing rotten work for miserable people, you might as well be employed.

Good luck.

With your experience and skill set you'd be ideally positioned to set up as a business consultant to owner managed businesses in the construction industry. I started my accountancy practice 10 years ago offering sole trade tax returns and now I mainly do fractional CFO and finance based strategy support services. It's great as I still use my qualifications but I'm also involved with helping many different businesses so I'm in meetings and coaching sessions more than sat at my desk.