Who has their own business?

[vtr02]

hello everyone! im thinking about starting my own business to suppliment my own income...

however im intrested into how many people do actually have their own businesses? most of my mates are at uni and think im strange to want to do it all on my lonesome but i think its pretty exciting and rewarding but hard work :homme:

what do you do? the scale you do it? your reasons behind it? wanting a simple 9-5 life or to sell it in the future?

any help would be appreciated just to make sure im attacking it for the right reasons :zainy:

[ClumpyVtR]

Well first of all you need a business plan/model. Then you need to find investment, market research. If its a product you will need a patent, are you going to hire staff, will you need a warehouse or office? all alot to think about, yes its rewarding but 90 percent of businesses fail in the first two years. What makes yours so unique? do you have the relevant skills. I.e- sales? Its very competitive. As far as im aware you can start your own ltd company at sainsburys for £10, not sure if thats still the case though:y:

[K17NEY]

Self employed and 9-5 dont really belong in the same sentence im afraid, When you have your own buisness you never stop, Wether it be physiclliy or mentally, Youre always on the go.

[saxo-parts]

yes, have done for the past 10 years, motivation behind it is a) money b) can't stand bumholes telling me what to do c) my line of work interests me. however,if i'd wanted 9-5, i'd still be working on the books for someone and being a wage slave

[saxo-parts]

Self employed and 9-5 dont really belong in the same sentence im afraid, When you have your own buisness you never stop, Wether it be physiclliy or mentally, Youre always on the go.

and the mental bit is by far and away the worst!

[K17NEY]

Well first of all you need a business plan/model. Then you need to find investment, market research. If its a product you will need a patent, are you going to hire staff, will you need a warehouse or office? all alot to think about, yes its rewarding but 90 percent of businesses fail in the first two years. What makes yours so unique? do you have the relevant skills. I.e- sales? Its very competitive. As far as im aware you can start your own ltd company at sainsburys for £10, not sure if thats still the case though:y:

No offence, But is this from personal expierience or from a text book? It sounds like a text book tbh which is far from from the real thing.

[ClumpyVtR]

Personal experience mate, i havnt actually been self-employed, but i have however managed a business very closely with the MD of the company. You never switch off, you could be at home eating your dinner then boom all of a sudden you have an idea for the business which you need to get down on paper before you forget. For example i integrated a dialler system which within 3 months increased revenue by 27 percent! little things make a big difference

[J222JRA]

Too many people think self employed just means more holidays......

If you think that youre wrong!!

[Tontsy]

I was going to make a company with my mate... But i ended up getting sick of putting in and in, everything for veery little!
And i got a job

He stuck at it, its aout 3 years on now, and he is turning over around a a third of a million a month.
Hes 21, and puts it all back into the company! So he can get bigger.
36k sqft warehouse, a shop, trying to get another store in the city centre, another warehouse is on the list atm but is waiting for him to get a new contract from the nhs!
Has about 15 employees, and coolest thing of all, a weigh bridge lol. Bazing!

If i ever need a job, i could just walk in. Which is ideal.

But you look at him, with no car, walking to work or bumming a lift of someone who works for him, never goes out. Head in the books 24/7, i only find him at home working, or in the office working.

[jay-vtr]

make a website :hug:

[Giraffe]

I was going to make a company with my mate... But i ended up getting sick of putting in and in, everything for veery little!
And i got a job

He stuck at it, its aout 3 years on now, and he is turning over around a a third of a million a month.
Hes 21, and puts it all back into the company! So he can get bigger.
36k sqft warehouse, a shop, trying to get another store in the city centre, another warehouse is on the list atm but is waiting for him to get a new contract from the nhs!
Has about 15 employees, and coolest thing of all, a weigh bridge lol. Bazing!

If i ever need a job, i could just walk in. Which is ideal.

But you look at him, with no car, walking to work or bumming a lift of someone who works for him, never goes out. Head in the books 24/7, i only find him at home working, or in the office working.

Turnover of £4m a year and can't afford a car and petrol? Lol. Something not quite right there, the amount a car would cost him wouldn't make any difference in reinvestment, and turnover doesn't necessarily = profit. You sure he's even making any money? Out of curiosity, what does this business do?

[vtr02]

Well first of all you need a business plan/model. Then you need to find investment, market research. If its a product you will need a patent, are you going to hire staff, will you need a warehouse or office? all alot to think about, yes its rewarding but 90 percent of businesses fail in the first two years. What makes yours so unique? do you have the relevant skills. I.e- sales? Its very competitive. As far as im aware you can start your own ltd company at sainsburys for £10, not sure if thats still the case though:y:

Oh i know all that im writing my plan at the moment.. And it asked about my motivations which got me thinking, and i have read alot of people on here do work for themselves

Self employed and 9-5 dont really belong in the same sentence im afraid, When you have your own buisness you never stop, Wether it be physiclliy or mentally, Youre always on the go.
Oh i know mate, but currently im a chef so most people i know do its as if ypu are going to work 12 hours you may as well get more than 20k outta it!


Too many people think self employed just means more holidays......

If you think that youre wrong!!

Oh i know, its an idea of owning my own business has been for a year or so itwas about planning well

[Gary-VTR]

I've been self-employed since I left school, doing web development. Always had mad money-making ideas when I was growing up, so knew I'd run my own business eventually.

The best thing you can do is jump straight into it. Overplanning will just kill your motivation and enthusiasm, or even by the time you actually get to putting your plans into action, the opportunities could be gone.

But yeah it is stressful and time-sapping, but it's never dull!

As the saying goes.. "Entrepreneurs are people who are willing to live like most won't so they can live like most can't."

[vtr02]

I've been self-employed since I left school, doing web development. Always had mad money-making ideas when I was growing up, so knew I'd run my own business eventually.

The best thing you can do is jump straight into it. Overplanning will just kill your motivation and enthusiasm, or even by the time you actually get to putting your plans into action, the opportunities could be gone.

But yeah it is stressful and time-sapping, but it's never dull!

As the saying goes.. "Entrepreneurs are people who are willing to live like most won't so they can live like most can't."

best piece of advice yet :)
any advice for advertising on the net? ;) lol

[Tontsy]

Turnover of £4m a year and can't afford a car and petrol? Lol. Something not quite right there, the amount a car would cost him wouldn't make any difference in reinvestment, and turnover doesn't necessarily = profit. You sure he's even making any money? Out of curiosity, what does this business do?

its not he cant afford it, he has two skylines, three bikes, and a merc van lol... just doesnt use them, as its a waste of money.
he wont spend cash, on the unnessecery items in life.
he wont buy designer clothes, he'll just buy basic items etc etc

its a waste / recycle buisness.
got contracts all over the county, from schools, other local business, from hazardwaste, to electrical, and starting with the NHS soon.

iirc there isnt anyone else local, who has the license to take "high grade" waste and dispose of it.
as when i was with him, we used to go to a local power plant and take care of tankers, and chemical containers.

he also rents out land, to the county council.

he also has a license to take eletrical equipment, hoovers, computers, tvs kinda things, repair them and release in batch quantites.

he will dispose of anything, and everything.

people pay him to take their crap, he strips it, does the paper work, and gets money from recycling it / selling it on.
its a win win situation.

[Aly]

My dad and I own a business together, he's just told me that I'm getting over £2,000 this month in unspent expenditures :D :D woop

[ryanmt]

Too many people think self employed just means more holidays......

If you think that youre wrong!!

Self employed basicaly means no holidays, especially in the first few years! Having a few long term goals is good, but the basics of it are to try get started off as cheap as possible (ie no cash + loads of time and effort) and expand from there!

Also prepare for tax returns, complete and utter ball ache at christmas otherwise!!!

[Giraffe]

Self employed basicaly means no holidays, especially in the first few years! Having a few long term goals is good, but the basics of it are to try get started off as cheap as possible (ie no cash + loads of time and effort) and expand from there!

Also prepare for tax returns, complete and utter ball ache at christmas otherwise!!!

Good advice, the number of people who leave it until the last minute and expect it to be done in time is absolutely absurd. Makes my life hell.

[Connor_scotland]

I do buddy.

I sell tuning parts all over the country but run it from my own office. Also work at VW full time.

Its a pain in the hoop sometimes and there is alot more than you think involved. But its worth it for

1 - The buckets of cash
2 - Job satisfaction

[VTSarah]

Self employed and 9-5 dont really belong in the same sentence im afraid, When you have your own buisness you never stop, Wether it be physiclliy or mentally, Youre always on the go.

I agree. The other half is self-employed and works from home. He literally starts work at 8am and sometimes doesnt finish until 2am! The money is good and he can work when he wants but at the end of they day if he doesnt work then he doesnt get paid!

[sexy-silver-saxo]

Self employed and 9-5 dont really belong in the same sentence im afraid, When you have your own buisness you never stop, Wether it be physiclliy or mentally, Youre always on the go.

+1 on that. its work like fuck from like 8 til 5 then paperwork at night. im a self employed fully qualified painter and decorater. and luckily for me i have got in with the council and also have private work. i work with another lad (gay civic driver) and we r both 19. and we both get around 450-500 a week (before tax) so yeh money isnt bad for a 19 yr old. i have my own flat with my misses ( and DONT claim any benifits) and i am not struggeling atall. what is it your planning on doing? (sorry if you have already said i havnt read other comments yet) if the works there you will be fine but you have to get the work first. spend money to make money eg advertisement. im in no debt with bank or parents or anything and have a nice car and my misses has a nice 106 quicksilver. go for it mate if u dont try it you will never no if its going to work .

[vtr02]

+1 on that. its work like fuck from like 8 til 5 then paperwork at night. im a self employed fully qualified painter and decorater. and luckily for me i have got in with the council and also have private work. i work with another lad (gay civic driver) and we r both 19. and we both get around 450-500 a week (before tax) so yeh money isnt bad for a 19 yr old. i have my own flat with my misses ( and DONT claim any benifits) and i am not struggeling atall. what is it your planning on doing? (sorry if you have already said i havnt read other comments yet) if the works there you will be fine but you have to get the work first. spend money to make money eg advertisement. im in no debt with bank or parents or anything and have a nice car and my misses has a nice 106 quicksilver. go for it mate if u dont try it you will never no if its going to work .

basically its a business that is invloved in buying and selling.... dont really want to say what as im not into the whole advertising thing, but im just starting small and i hope to bring it up to holiding my own stock, its just getting it off it feet really :drink:

but im planning on carrying on having a day job until the 'business' can finance it sell and look at moving from home to a small warehouse :)

[potatopete]

The best thing you can do is jump straight into it. Overplanning will just kill your motivation and enthusiasm, or even by the time you actually get to putting your plans into action, the opportunities could be gone.



That has to be the worst piece of business advice I have ever seen. Seriously.

I have owned my bakery for 11 years now, and business planning and strategies, even now, are absolutely vital. You need to constantly be aware of competitors, always be thinking months ahead, thinking of fresh ideas, and yet be in touch with the daily running as well.

As someone said, the mental energy used can be huge, but the rewards (not just the money) can be huge too. If you get it right.

[sexy-silver-saxo]

basically its a business that is invloved in buying and selling.... dont really want to say what as im not into the whole advertising thing, but im just starting small and i hope to bring it up to holiding my own stock, its just getting it off it feet really :drink:

but im planning on carrying on having a day job until the 'business' can finance it sell and look at moving from home to a small warehouse :)

fair enough but i think advertisement is a big part of it. even if you just tell people on here and tell the locals and then word of mouth gets around... so did u not wana say what your buying and selling?

[Giraffe]

That has to be the worst piece of business advice I have ever seen. Seriously.

I have owned my bakery for 11 years now, and business planning and strategies, even now, are absolutely vital. You need to constantly be aware of competitors, always be thinking months ahead, thinking of fresh ideas, and yet be in touch with the daily running as well.

As someone said, the mental energy used can be huge, but the rewards (not just the money) can be huge too. If you get it right.

It's not entirely bad advice, it depends on what kind of business you do... I can see why a bakery would need planning etc, but he does web development, I think IT stuff lends itself quite nicely to stuff like that, as I'd imagine tradesman stuff does, and even some professional services.

[vtr02]

fair enough but i think advertisement is a big part of it. even if you just tell people on here and tell the locals and then word of mouth gets around... so did u not wana say what your buying and selling?

could not agree more mate, well i dont think its right to advertise my site as im not an affiliate, and wont be until i can drive my prices down more

[sexy-silver-saxo]

so how u planning on the selling part of your buisness when no one will no about what you got etc

[vtr02]

oh im advertising on other forums lol just i have respect for this one lol, dont shit on your own doorstep lol ;)

[Robtur]

I run my own business, have done for the last 2 years. Im a professional detailer and the reason I started the business was because im good at what i do and was made redundent....For the first year i feel like i work 24/7 and even to this day when im not working then im self promoting, its very tiring ! The main benefits are, I do something i love and what I earn then im making for my business to build my business and not for someone else, that in itself gives motivation.....

[Hatcha]

I really want to start a business because i think the idea has real potential, but being 17 and a student, there's too much of a risk factor atm to drop that and get stuck in. Think i will after my A-levels..