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hora - you encouraging me to go ahead and do this?
Treat it as a 'hobby' for now, halfway through your research you might actually summurse its the wrong business or time to go into it.
Plus it will take you AGES to find the right spot. Probably upto a year+ but imagine you find the premises, its ideal but you've no idea on all the other bits? Get the groundwork in now IMO- and keep looking for sites.
I want you to succeed as I love fish and chips!
ivantate - it's a succesful proposition where I live. Mrs North still kicks me for not letting her do it when she wanted to. Now there's *another* place opening up this week....
cheers hora - tell me where your latest whim for living location is, and I'll site it near there. 😉
Oh, and the thought behind a chippy is that it's a feel good purchase at a time when people aren't dining out.
Hmm, maybe it's a regional thing, and maybe I'm spoiled by the vast choice here in That London's famous London, but I and most folk I know wouldn't go out of their way for fish and chips when there are more 'exciting' things available. Maybe something to give it a twist, fish'n'chips with an edge? Special unique beer batter? Exotic varieties of fish? I dunno. Just a thought.
doing something loads already do but [s]better[/s] [b]cheaper[/b] is usually the best route.
It may change....very soon.....
If it actualyly goes through I 'may' need the services of an exorcist as the previous owner sadly died (and lay) in the kitchen...
Oh, and if you know any students, go and buy them a pint. Near enough every uni has access to Mintel, and the better ones will have Euromonitor and Keynote.
Its true that once you've made the move, you CAN'T go back. I wrapped by business (limited company) up but I'm still self-employed. No option
And to be honest, its all fairly academic. in the same way you won't to work for anyone else, they won't want you working for them either.
When they see 'running my own business for X number of years'. An employer will enterpret this as
a) Couldn't really be arsed working for a living, so bummed around mainly, but picked up the odd piece of work to keep the wolf from the door
b) I'm so anti-social and offensive that people can't bare to be in my company for more than an hour. And frankly I don't blame them
or most likely:
c) I've got the measure of this capitalism lark. I have a deep-seated resentment to working for people i generally consider beneath me.
alright I was unlucky this time, but given the first whiff of an opportunity, or a bit of an upturn in the economy, I'll be out of here like a Polaris missile to do it all again. And I'll probably take half your clients with me 🙂
doing something loads already do but [s]better[/s] cheaper is usually the best route.
There goes a man who's not studied business 😀 . Altering prices has a hugely disproportionate effect on profits. Not a viable proposition for small business who can't exploit economies of scale.
That kind of scenario planning is so easy to do now with the likes of Excel (ie, profit margins at various prices) that you'd be insane not to do plenty of it.
Binners you terrible old cynic, you... 😀
I've had quite a few tempting offers.
a) Couldn't really be arsed working for a living, so bummed around mainly, but picked up the odd piece of work to keep the wolf from the door
b) I'm so anti-social and offensive that people can't bare to be in my company for more than an hour. And frankly I don't blame them
Do you know me??? 😯
Can't stand working for others. having some clueless **** as my boss, getting credit for my ideas and then giving me shit when things aren't going well. Nah, bollocks to that. Rather be poor.
tron - good plan. Mrs (Dr) North works at a university. She might know someone who knows.
Oh and you seem to be getting yourself closer to unpaid employment doing my research.... 😉
It's top of the head stuff. I'm up to my arse in a business master's, and did a massive business planning exercise earlier in the year 😯
I also reckon you take max of a year off your job as a 'sabbatical' with the view to taking staff on and a supervisor who is effectively up and running with the business. Anymore than a years sabbatical and you'll loose touch with your profession?
(Sorry just throwing ideas into the mix)
Myself and a friend are currently trying to get a small media business going, just doing low-end stuff for clients who are yet to make use of things like websites, corporate video etc. This is because it's seemingly impossible to get into the "real" tv and film industry even with a 1st Class degree in Media Production as I have. It's all about who you know and not what you know and all seems a bit cliquey. If this works out it'll be pretty good as I'm enjoying being my own boss and the money is better than runner positions!
Just to get a quick plug in, the website (currently being updated) is meadowsmedia.co.uk 🙂
Offer what you do freelance to companies who may not be able to afford a full time 'OMITN' but could use you for one day a week etc. You may find three days a week at a consulting rate is all you need. Mate of mine does this as a financial director, another as an office manager, I've done it before as a marketing advisor. There could well be enough clients within a mile of where you live, it's about how you present your service to them.
idave - my profession doesn't really allow for this under its rules. Bit of a PITA.
could you not do something [i]slighty[/i] different though? maybe market it as a contract advisor, compliance type of person thingy??
EDIT - on second thoughts, they sound really dreary - just become a local novelty
Was thinking of something along those lines. Would ahve to be careful not to hold myself out as a solicitor.
Yes, rightly or wrongly people will think 'so your burnt out as a solicitor' or 'exactly why have you been out of it soo long' (are there skeletons etc)..
There goes a man who's not studied business
Guilty. However, such a policy does mean I get the scrag ends others price themselves out of. Gotta take what's there. Seems to work for Tescos etc. And I know plenty of people who've not 'studied business', but who do pretty well.
No good saying 'I'll only do it for £X' when someone is only offering £<X. Plenty around who will. And they'll eat while you starve.
If everyone is doing it for £X, then doing a better job than them may get you the gig, sure. At the moment though, it's a 'buyers' market.
Going back to the original question, we run some holiday accommodation in the Western Highlands.
We gave up our jobs, sold our house and got a massive business loan 3 1/2 years ago. It's got its stresses and strains like everything else but I'm delighted we did it.
TS
As a sole trader I
a. spend a lot of time wondering where the next few quid will come from. (photographer so, 'anyone' can do it, a [i]lot[/i] are trying... saturating the market, battering prices...)
b. roll around in shock when (this genuinely happened just 3 hours ago), a couple I've never met, who've never seen my work, did not know I existed, and only passed my studio 'cos the co-op truck had blocked the village, stopped by, looked, chatted and booked me to shoot their wedding next year - paying the deposit there and then... 8)
c. get rather bored of the statement 'how much! anyone can take a picture like that, and I can get it printed at boots for 20p....'
d. generally love what I do, just need to be doing more of it i.e. earning more- paying the bills ain't easy - it's getting better though - just entered my 3rd year as a full timer (yep, jacked in the old day job just 3 weeks before the ar*e fell out of the world - timing Chris, timing...!) background was selling welding gases for a living.
e. know that I will (have to..) make it work - can't see I could ever go back to working for someone else...
f. don't regret a moment, though I'd be a liar if I said point 'a.' has not troubled me more than I like recently...
HTH... 😉
I'd love to and have thought about it plenty....
My current favourtite idea is micro-brewery, but the chance of losing a lot of money is high!
Lol @ Binners (not your poor sorry state, but your accurate observations of being a self employed person.)
If you're good at what you do and enjoy the job, then being self employed is a really good move.
You'll care about your work, your customers and probably be a hardworking type.
Remember it's not like being employed. Every holiday or hour off is not being paid. Every phone call, pencil, bit of paper etc is paid for by you.
Customers may not always go for the cheapest option, many will pay that little bit extra for personal attention.
I remember many years ago having to go out and measure a persons lavatory window. The customer wanted a Roman blind. After a full days work I hauled myself into the car and went over to her house. This measuring service is free. The blind was eventually made out of her own fabric and seemed not to be worth my time and effort. However a couple of years later, this same lady phoned me, saying they had moved. She now wanted the whole house curtaining and this place was quite large. I've since done all her other properties, also friends, neighbours and relatives all from her recommendation.
I try to treat every customer the same, whether it be a very weatlthy footballers wife, or the little old lady down the road who's saved up for ages for some new curtains in her box room.
Sorry for the long waffle.
tartanscarf - friend and I have talked about similar type of business in the Pyrennees. Like your website.
marsdenman - I have zero talent in such areas, and I know how hard it can be for friends who take pics for a living (one has packed it in at least twice). My mother also does it (albeit she's otherwise retired) and is yet to make any money..!
supersessions - it's a nice idea, but not money making enough for me. I want cash..!
bunnyhop - so you don't just make posh handbags then..?!
"Alex, how did you go from being a drone to actually selling services? I wouldn't mind making the jump. "
@Molgrips: I was doing that for my old company. Just found myself having more in common with the customers than my own boss! And two of us thought we had a service that no-one else was properly offering, so we started with that.
Amusingly that service never did that well, and we ended up doing anything (and I mean anything "know about 'intelligent buildings' we were asked on a Friday "no but we will my Monday" was our response) that the customers asked us too.
We were good (I hope) at finding solutions to difficult problems and working really hard deploying them to the highest standard. We were useless at strategy, marketing, sales and anything that didn't involve a) clever IT stuff and b) Beer.
Still it was fun until the end. Never go work with a Mate, if you fall out it's ugly.
@NickC - you could never be employed again? That's true, you were borderline unemployable before 🙂
OMITN - Nope main business ( 25 years now ) is specialist curtains, Roman blinds, supplying poles and various window furnishings.
Luckily have many customers in th Hale, Bowdon, Prestbury, Bramhall type areas, some would you believe are downsizing.
Also in my area of work, loads of small business's have fallen prey to the recession so us lucky ones are still around and getting busy again.
Handbags, aprons, bunting, confetti etc. are from my design business, which is new and starting to grow.
Marsdenman- know what you mean about worrying about the money side of things. Keep at it though, 'cos you are a jolly nice and talented person.
P.S. How is little Beatrice?
Make friends with George Soros and shadow his moves...
How is little Beatrice?
Ace! Keeps us awake at night, but I wouldn't swap her for sleep any day (or night)..!
Proper old school toy shop.You know Lego, Britians, Airfix and cap guns.
Can you still get cap guns?
Work hard. Be honest. You get lucky.
We both have ideas for our own businesses, but it's taking that first step that's hard. A secure monthly salary is very hard to walk away from.
My wife's about to go back to work now the youngest is off to school. I'm trying to persuade her that we plough pretty much every penny she earns into the mortgage over the next couple of years, while also minimising all our outgoings. That way, in a couple of years, we'd be in a brilliant position to go for it.
And if we bottle it, we'll have paid off the mortgage before we're 40 anyway 🙂
Her: related to teaching and animals
Me: a way to make dicking about on the internet pay
Rumour has it the owner of our local cinema is considering retirement. Could be an investment opportunity for someone with the right vision (and funds, which counts me out!)
OP, we are in the same line of work and I started mny own firm. It didn't work out but I learned the following lessons:
1. Don't think of starting your own business if you are a worrier / don't like uncertainty. The stress will drive you bonkers.
2. Never borrow / invest more than you can afford to lose.
3. Partners are for dancing.
4. Banks will ask the directors of limited companies to provide personal guarantees against the company borrowings. Going limited is not the bullet proof vest many think it is.
5. Focus, focus, focus. Don't let your own or others emotionality distract you. You have to be more ruthless than I was prepared to be to succeed.
6. Keep your overhead low. No staff or drawings if you can avoid it.
On the chip shop thing, I don't think putting staff in at the start is a good idea. It's a cash business and cashflow is king. You don't want your profits going into someone's back pockets.
Also work out what you need to turn over on a yearly, monthly, weekly and daily basis and ask if that figure is achievable.
deadlydarcy - Member
Work hard. Be honest. You get lucky.
So true, i work by this rule, luck usually finds me.
Be very careful looking at businesses to buy. Been there, done that - usually being sold for a (bad) reason, often have dodgy figures, don't often work out. You pay a lot for old stock/kit and they always exaggerate profits.
If at all possible, start from scratch with very few overheads.
Some friends of ours run their own businesses. I'm sure they started out by going part-time at work. Might be worth looking into going 3 days a week first?
John sells photos at http://www.newfocusphoto.com/ and also helped set up
http://www.helptrainingcourses.com/
Claire-Louise makes jewellery http://www.cielcreations.co.uk/
Miketually has hit the nail on the head.
Set up while still employed, that way you can build up a clientel, see how things are panning out and still have money coming in.
Warning though, this is hard work. When I set mine up, I was working 7 days a week often 10 hour days for 2.5 years. Luckily I was very young and had the energy and no overheads.
Now you probably have no energy and zero hair on your head! 
Warning though, this is hard work. When I set mine up, I was working 7 days a week often 10 hour days for 2.5 years.
Yeah, John told us that working twice as much for half the money is a good guide for the first year or so...
So true, people. Still not put off, though.
It's that or training to be a teacher. Believe me, I'd be more use battering fish than bettering kids.
Trust me. Becoming a teacher will just make you consider the self employed/business owner avenue even more. I'm pretty sure miketually would agree with me on this one - and any other teachers on here!
If setting up/running a business is a decision made just because you aren't happy in your current job, it was almost certainly fail.
You need a spark of an idea/enthusiasm for it to work.
I'd go for it if I were you.
As others have said, start off part time, keeping your existing job, and keep overheads to a minimum. You may well find you can undercut the competitors due to working from a spare room and low overheads / lack of offices/staff to pay for.
Work out what you need to be able to make a year, then add tax, and all the costs involved, plus a bit extra in case of emergencies, and then divide that by 52 - if you think you can reasonably bring in that much a week, then you've got a good chance.
Also, when you start out, doubtless friends/family will use your services/buy your products - discount this from any projections of earnings, as 90% of the time this is them being nice and supporting you, and won't be an ongoing thing.
Look at what your competitors are doing - find ways you can improve on what they are offering. Also work out who your target market is, and how you are going to reach them - contact any potential customers now, and find out the situation with their current suppliers - they might be convinced to use you instead if the service/products they are receiving is not up to scratch.
Oh and get *everything* in writing - no matter how small the order - comes in handy in cases of disputes.
I started doing websites about 12 years ago, did part time for about 5 years, 3 of which I was stacking shelves in a supermarket.. I then left when I had enough work, and things have been going pretty well ever since.
I've never met anyone who regrets having a go at setting up on their own - even the ones who failed are glad they gave it a shot - and as long you don't invest all of your savings in it, and risk everything - then you should be ok.
Hope this helps - all just my opinions