Self employed, why?

[macka09]

Hi all. Why did the guys who are self employed choose that route, rather than to work for a company?

Surely it can't just be the money?

 

[basildog]

A lot of sleepless nights, a lot of am I doing the right thing! Keep telling myself why I'm working for myself and not a company. And I just jumped in feet first!

I have only been up and running since may. Not earning a living wage every week but enough to eat and pay the small bills I have. I have got stressed quite a bit but nowhere near as much as when I was employed.

The one thing I will say is though running a business isn't easy, I can do the hands on part but paperwork etc is a nightmare.

I agree with everything you say and think it is one of those things you either love or hate ?
I loved it until it became a million pound a year monster I no longer had control of and the guys who were once friends became jealous and started taking the michael ,despite trying to get them on board as foremen /managers ,woke up one day and decided to shut it all down still not decided if I did the right thing but I made my choice .

 

[plumben]

Hi all. Why did the guys who are self employed choose that route, rather than to work for a company?

Surely it can't just be the money?

im currently just coming up to working 4 years for a fella, and ive gradually got to the point of hating the way he dose everything, ill be going self employed in the next few years so I can do things the way they suit me

 

[hammers4spanner]

Worked as mechanical fitter doing nuclear reactors on subs got promised grass was greener elsewhere which it wasn't .
decided to leave the subs and go to mates firm on the books turned out it was carp so gunned it alone ever since twas 10 years ago

 

[Barry98]

so i can choose when i work and where rather then some office jockey who isnt in touch with th real world

 

[woodytheplumber]

so when I turn up and the customer is a total tool I can send him a price that will make his eyes water that way I don't have to work for idiots

 

[Meady]

The man. Reason I got into plumbing was because me old man is one. Where he is self employed and I started with him straight from school I set up as self employed from the start.

 

[stevetheplumber]

most site work is now self employed via agencies as well so this is another road you can go down

 

[deandive]

Didnt have a choice really the guy who i did my gas training with wouldnt/couldnt pay me once id passed my ACS, and unless I went servicing boilers day in day out, no firms would take me on without the NVQ, Going well though been tading coming up to two years and the guy I did the gas with Subs to me now ;-)

 

[andyplumber2009]

I am not self employed but here is some figues that i keep in mind

this is a bit top line but hopefully it is a decent topic starter, especially for those people looking to start a career and invest in training courses in the industry
This topic rears it's head on occasion so i noted a few figures for anyone thinking they are going to make their fortune in the plumbing world:
Based on vague assumptions:
You want to work 48 weeks of the year (approx 3 weeks hols plus B Hols)
You want to work 45 hours a week
You want to take home £80 a day in your pocket
Tax approx 40% (NI contrib etc)
Your own van (HP costs and fuel, servicing etc) £100 a week

You then "need" per month:
£112 a day at 20 days - £2240
plus £400 for van = £2640/mth = £31680 per year
Across 240 working days = £132 a day
If you want to get paid for the time you have off then this is £143 per day

Will you be able to bring in £143 per day, day in day out, not including materials for the rest of your working life?

So, if your currently taking home £400 per week is it really worth going self employed as a plumber?

 

[Millsy 82]

I am not self employed but here is some figues that i keep in mind

this is a bit top line but hopefully it is a decent topic starter, especially for those people looking to start a career and invest in training courses in the industry
This topic rears it's head on occasion so i noted a few figures for anyone thinking they are going to make their fortune in the plumbing world:
Based on vague assumptions:
You want to work 48 weeks of the year (approx 3 weeks hols plus B Hols)
You want to work 45 hours a week
You want to take home £80 a day in your pocket
Tax approx 40% (NI contrib etc)
Your own van (HP costs and fuel, servicing etc) £100 a week

You then "need" per month:
£112 a day at 20 days - £2240
plus £400 for van = £2640/mth = £31680 per year
Across 240 working days = £132 a day
If you want to get paid for the time you have off then this is £143 per day

Will you be able to bring in £143 per day, day in day out, not including materials for the rest of your working life?

So, if your currently taking home £400 per week is it really worth going self employed as a plumber?

I see what you are trying to say but I think your way off with figures. You have training, advertising, days that you want to work but can't as there is no work on, all the time spent going round doing quotes, tools, calibration of tools etc. it all adds up to a lot of money. So I would say to earn a decent wage you need to be £200-£220 a day otherwise you would be better off stacking shelves.

And why would I only want 3 weeks holiday when I could have 4 on the books plus bank holidays.

 

[dave1]

I am not self employed but here is some figues that i keep in mind

this is a bit top line but hopefully it is a decent topic starter, especially for those people looking to start a career and invest in training courses in the industry
This topic rears it's head on occasion so i noted a few figures for anyone thinking they are going to make their fortune in the plumbing world:
Based on vague assumptions:
You want to work 48 weeks of the year (approx 3 weeks hols plus B Hols)
You want to work 45 hours a week
You want to take home £80 a day in your pocket
Tax approx 40% (NI contrib etc)
Your own van (HP costs and fuel, servicing etc) £100 a week

You then "need" per month:
£112 a day at 20 days - £2240
plus £400 for van = £2640/mth = £31680 per year
Across 240 working days = £132 a day
If you want to get paid for the time you have off then this is £143 per day

Will you be able to bring in £143 per day, day in day out, not including materials for the rest of your working life?

So, if your currently taking home £400 per week is it really worth going self employed as a plumber?

This is where I'm stuck at the moment, would love to go s/e but earning money at the moment that I wouldn't make straight away.

 

[andyplumber2009]

I see what you are trying to say but I think your way off with figures. You have training, advertising, days that you want to work but can't as there is no work on, all the time spent going round doing quotes, tools, calibration of tools etc. it all adds up to a lot of money. So I would say to earn a decent wage you need to be £200-£220 a day otherwise you would be better off stacking shelves.

And why would I only want 3 weeks holiday when I could have 4 on the books plus bank holidays.

Yep, that was exactly the point i was trying to make but didn't want to start listing all the nitty gritty.
I was thinking of the very basics. Not recouping all the training and tool cost.

Thanks
Andy

 

[southcoastboile]

That's so true, customers especially don't take into account the overheads. Just for one employee I need to make £180 a day from him and that's to break even, day in day out. It's been the most stressful thing I have ever done, I get no time to myself and when I do I'm worried the phone will ring and I can never fully switch off unless I am abroad, I work stupid hours and put up with idiots as we'll as the good ones but it's the best thing I ever did. Most people say you will loose money in the first year but I was really lucky, I started it from scratch and earned a really decent profit, it's so much more hard work and stress though. some days I just want to shut the whole thing down. I don't think some people are cut out for it and I can totally see why because it is pure hassle and it is so much easier working for someone but overall I don't think I would ever work for someone again.