Taking the plunge - working for yourself!

[Richie1964]

Well after years of making a lot of money for other people,I have decided to do something just for me. I probably won't even make a lot of money for the first couple of years, but I'll be doing something that I want to do, for me and I will only answer to me. And it's cycling related!

So, the company has been formed. Research has been done, business plan & budget sorted, website is being created, and trading should begin December 1st. How exciting!

I've already sent out an initial HTML mailshot to my main target market and reception has been very encouraging.

Wish me luck guys!

 

[Kirstie]

Good luck.
Sounds like you are wise to the pitfalls - like cash flow problems in the first two years (normally 3). If you are still in business after that time chances are you'll be OK. Just prepare yourself for the horrendous stress of people not paying you on time, having no cash for the essentials, and so on. If you've got a decent buffer of (say) two months outgoings saved up then you should be OK.
From someone who has just been through it!

 

[Richie1964]

Thanks for the encouragement Kirstie!

 

[redfox]

I wish you every success!

I took the plunge ten years ago and could never go back to working for someone else. It will be tough at first all the time, some years will be great and some will make you wonder why you do it, but the effort is always worth it!

Just be prepared to bite you lip when your customers tell you how hard they've been working!

 

[Fnaar]

Good luck...hope all goes well...just read your 'holidays' post, though... hope you can still manage to fit them in!

 

[Richie1964]

Good luck...hope all goes well...just read your 'holidays' post, though... hope you can still manage to fit them in!

The business is holiday related. When things go as they should I'll be spending 10 weeks next year in my favourite country - France!

 

[Fnaar]

Good for you ! Hope it works out well.

 

[Richie1964]

Thank you Fnaar

 

[LordoftheTeapot]

Good luck Richie. Perhaps some time you could inform us as to the nature/type of business you have set up. Sounds intresting

I went self employed in 1990.... Never looked back.

 

[Richie1964]

I will. But will do it in a way that doesn't contravene any forum rules about advertising. Maybe send a few PMs to those that are interested.

 

[LordoftheTeapot]

My PM's are switched off, as per usual.

Wouldn't want you to brake any rules

A rough idea would/should be OK?

Is it like a deliver business or design? A mobile cycle repair?

 

[Richie1964]

No, it's a cycling holiday business that focusses on one unique idea.

 

[LordoftheTeapot]

Always a good thing to have a Unique Selling Point (USP)

I haven't been on holiday* for over 13 years. I get fed up after a few days.

* A week or more. Last time we went away was for one night in Derby, that was around 4 years ago.

 

[MarkF]

I wish you the best of luck IMO you have already done the hardest part, that is walking away from a salary and security, a big step!

I work for myself, I started a business at 21, it failed, I started another at 27, I got ripped off, I started another at 34 and cracked it. Never give up, it's not the money (for me at least) it's being "free", no salary could tempt me back to being a number/employee, not a chance.

If I could give a bit of advice it would be to always keep costs/outgoings to a minimum, even when money (hopefully) starts to come in. I've seen a lot of people come a cropper when after a year or two when things look tickety boo and they think they have cracked it, splash out on new cars, new offices, new laptops, etc and an unforseen downturn of only a few months see's the whole caboodle go belly up!

Hope you enjoy yourself as much I as I do.

 

[bonj2]

No, it's actually a cycling holiday business, with a distinct twist!

what is the twist... ?
don't worry about other people trying to do the same thing.
If it's possible to, and you haven't got patents/copyrights on your idea, then staff at your hosting provider are probably already working on it so you're probably wasting your time worrying about us.