Looking to start up self employed

[plumb_know]

I am looking to start up self employed in a month or so due to my current employer getting rid of me due to lack of work. I was hoping for any advice on how I do this from plumbers already out there on their own.

Such things as where I Can go for advice on registering and making it all legal, also information on any grants, help I might be entitled to for setting up my 1st business.
How did you or would go about it now, setting up self employed now if you were in. This position?

Basically I am facing unemployment in a month and have a family I need to support and would greatly appreciate any advice/help people could offer. I have never worked for myself so it is a bit daunting and don't really know where to start. I have already got my own van, tools, public liability insurance and business cards. I am based in maidstone in kent.

Any advice/help is greatly appreciated
thanks

 

[gasmanrob]

Hello,

unless you are intending on going limited and employing people grants are going to be difficult to come by,

my advise for your first year would be keep it simple and keep overheads down. I'm guessing you already have tools and everything you need on that side, when buying a van look for something to get started not your perfect van. You will earn the same regardless of driving a 52 connect or an 14 transporter just make sure it's reliable. If you are new to it seek advise from an accountant regarding your tax as they can offed advise on other things too but remember they also want your money so take everything with a pinch of salt. Research it if you are not sure.

i am of the opinion that for the first year or so you are better of as a sole trader rather then being limited. Get the hang of being self employed first.

where possible ride someone else's coat tails it's not ideal but it's work and sub contracting is great until you have had a chance to get your name out there.

to the self employed reputation is everything so pride in your work and confidence is key! Recommendations are better and far cheaper then any advertising you can buy!

dont work for less then you are worth people will always try and knock your prices down but be realistic. You are not a man trying to earn a day rate you are a business trying to succeed.


and everyone on this forum has a different opinion on the perfect business model and how things should be done. Some of it helpful and some of it useless but ultimately it's down to you to choose what steps to take and whose to follow.

and seeing your in the stone get yourself a trade account with our sponsor Williams and co. They have a unit down on quarry wood. And are extremely competitive.

if you would like to speak to an accountant then send me a pm and I will give you contact details for mine (based over in rainham)

there re is work out there it's up to you to chase it don't expect it to find you.

 

[jtsplumbing]

It's always a big risk, only you know what you need to earn, and you have to be quite competitive lots chasing the same job, how meny other plumbers In your area ? If your boss is finding it difficult to get work, with his contacts how easy will it be for you ? Being SE is not all its made out to be ! no more paid holidays, sick pay. Working long Hrs, plenty of days with out work, I have been doing this for over 30 years, and would think twice if I was starting out in the present time but all the best in whatever you decide.

 

[plumb_know]

Cheers for the advice, greatly appreciated. Especially gasmanrob, I may be in touch about that accountant mate. The other thing is do you know any free training/courses there are around, e.i. I have just applied to go on aqualisa refresher to get upto date with their latest showers.

 

[townfanjon]

I have been self-employed virtually all my working life and like JTS, would think twice if I was to chose again. Forget your 40 ish hours a week. If you count up time the office a 11/12 hour day is quite normal. No holiday pay, no sick pay (I am currently off work after a recent opp) I have not earned a penny this week and probably wont for a further 2.
However if its in you to have a go !!!
Blo*dy good luck mate.

 

[Killy Bing]

I am looking to start up self employed in a month or so due to my current employer getting rid of me due to lack of work. I was hoping for any advice on how I do this from plumbers already out there on their own.

Such things as where I Can go for advice on registering and making it all legal, also information on any grants, help I might be entitled to for setting up my 1st business.
How did you or would go about it now, setting up self employed now if you were in. This position?

Basically I am facing unemployment in a month and have a family I need to support and would greatly appreciate any advice/help people could offer. I have never worked for myself so it is a bit daunting and don't really know where to start. I have already got my own van, tools, public liability insurance and business cards. I am based in maidstone in kent.

Any advice/help is greatly appreciated
thanks

wages +mark up+ expenses +profit

Remember those.

wages is what you would expect to earn normally as a day rate

mark up i do at 10% of the material cost to pay for any call backs, most people do 20%

expenses are your national insurance, van upkeep, liability, fuel and so on

profit is the extra you want to make on the job for the hastle of it, you're not going to install a boiler or cylinder on a day rate now are you

How long have you been plumbing sir and are you gas safe?

 

[Killy Bing]

Request a move to the arms btw

 

[kay-jay]

get leaflets printed and delivered asap, dont wait til your job finishes. advertise via facebook do whatever but do it now.

as far as registering a business goes you have 3 months from beginning to trade to notify taxman. just ring em up all done over phone, they send you a tax reference and thats it. set up a dd for your class 2's.

wont get a grant but if you open a business bank account you can probably get a 3k overdraft

 

[Dotty]

Request a move to the arms btw

Done.

 

[Killy Bing]

Done.

Goodie thanks cropp!!

now pricing can be talked about

 

[plumb_know]

Cheers everyone. I am already working 12/14hrs days but for no money, so used to working hard. I'm not gas safe, but I will be looking to get gas safe in the future once I'm up and running. Don't worry I am sorting everything now. Got business cards ordered, hoping to get flyers ordered before end of weekend, have public liability insurance. Got van and tools to get stated with, that's as far as I have got so far. I will look into business bank accounts. Also come end of march beginning of April I will be available, so if any one needs a extra hand pm me. I am based in maidstone but would travel anywhere if I can make some money on the job.

Appreciate all the advice guys.

 

[cr0ft]

If you go into business expecting to continue working long days like that for next to no money in year 1 then you won't be disappointed. It takes a good couple of years to start earning a respectable income I would say.

The only advice I would give is get a very cheap van for year 1 until you know the business is going to work. Lots don't and it's not always down to the owner.

Once things look like they are starting to work, invest in good quality tools (I would argue the best you can afford) and buy a decent van from a good van manufacturer. Can't go wrong with German imo and they hold their value well.

Keep 20% of the profit you make to one side to pay your tax bill at the end of each year. It's amazing how many people don't and then have a big bill they have forgotten about.

Hopefully you have another half that works and/or a good chunk of savings so you have a fixed income to share whilst the business is earning no profit early on??

Best of luck with it.

 

[lame plumber]

setting money aside for tax is the hardest thing, last time I avoided it buy buying my van, then had to pay monthly installments to the bank, but at least I have something to show for it Twas a b*gger spending a week running around sorting the loan and purchase to tie in with my year end in time. But it got the tax bill down to £30.

 

[plumb_know]

Haha nice I will do something similar if I earn enough

 

[Killy Bing]

tis also a good idea to get to know a local gas safe engineer.

in the event you get a boiler swap you can suck upto them to come do the gas and comissioning.

 

[mfgs]

tis also a good idea to get to know a local gas safe engineer.

in the event you get a boiler swap you can suck upto them to come do the gas and comissioning.

You wouldn't happen to know anyone in his area would you? haha.

 

[Killy Bing]

You wouldn't happen to know anyone in his area would you? haha.

no one willing

 

[plumb_know]

Haha beer a sweetener?