[Closed] what happens if you screw up being self employed?

What do you mean "screw up"?

How do you mean screw up?

EDIT: Funky Monkey - SHNAP!

You go & do something else?

as in have no work, and so no money, which would mean not being able to pay bills, and a loan etc...

Umm...short answer...find work!

That's what the rest of us have to do. Or be creative and find a stream of work. What do you do?

Would also depend on your dependents. I live month to month, travel when I want and have somehow managed to do that for five years. But if I had children I think I'd make different decisions.

Get a job.

Don't fancy it myself though.

I have work , but it really is week to week at the moment... I'm an electrician, so there is alot of competition for work, especially as I'm only just (I hope) starting to get a good rep, which will hopefully lead to reccomendations, Im spending ages looking for work at the moment...

Broaden your horizons. That's what i've been doing for the last few years in the trades.
Every time i've had a slow patch, i've taken on something I wouldn't normally do, learned as I went and did it at a big discount for the customer. Now I do pretty much everything except roofing, (although i'm doing my own shortly), gas(no interest) and certain electrics, although i'm doing a full scope part p at the end of march.

Lyons im in the same situation,just carry on looking for work,thats it.

If you want a salary, get a job working for somebody,

if you want a well paid job, free travel, and meals,have no ethics or morals, become an Mp or a banker,and we the public will support you.

[i]what happens if you screw up being self employed?[/i]

...well I ended up going bankrupt!

Bit of an extreme case but ultimately thats what happens if you have no work, no money coming in and can't pay the bills.

you run away to live with the GF in germany........

Sack yourself?

Sorted out your cambelt yet Lyons???

Surely if you screw up the same thing happens as if you were a salaried employee: You get promoted to somewhere where you can only cause offense instead of do any real harm.

Thats what they mean by 'being your own boss' isn't it? You get promoted to 'boss'

Please tell me thats true otherwise I'm f*cked.

Once you go self employed the worries about losing a few quid here and there tend to slowly diminish and you take a longer term view on your income and prospects.

In a year, you'll wonder what you were afraid of.

Sometimes its better to put in a low price just so you keep work coming in.At least it keeps some money coming in.

You want the full list of screw up consequences or the short one? 🙂

Just have to save for a rainy day don't you? Don't take all the money out of your company account at once...

Start a cult and allow nubile 19 yr olds to pay to have sex with you. Worked for me 😆

Get a job?
My old man went from running a "1 man band" with 150k turnovers, to having to take a job @16k for a year while business picked up again. He *hated* it so quit as soon as he could. But it was better than racking up personal/business debt to get through the storm.

You end up like me..

Rich penny has the best idea... Although i think i will be more inclusive and let any fitties of over the age of 18 join my cult... And any guys can just pay me money. But they aint getting no sex.

Any pointers to starting this new escapade?

oh, and yeas Hora, the cam belt is replaced, although i ended up having to get a ball join, and some bushings done as well. Are you still thinking of buying one of the toyotas?

Been there done that self employed electrician doing agency work etc

IT IS NOT WORTH IT

Got a job back on the cards

Have you got a JIB card? C&G 236pt 1 & 11, 2391, 2380 and ECS card

Here is a list for you to think about Part P, NicEic,liability insurance, test kit and calabration. Van and insurance (scary) no sick pay, no holiday pay, folk not paying up ( happens)etc

sorry to sound negative but it is all stacked up against you and the tax man does not help at all( just done my tax returns)

Be very carefull

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