Self employed GTP Members.

[Mark T]

Thought I would make a new thread as I'm in the final stages of opening my new business. It's taken a approximately three months to get the business plan together which has been approved by my bank Lloyds TSB. Funding is on the way and I may have a grant to help out at the start as well.

It's been tough, I've been backwards and forwards, came close to scrapping the idea all together but now I'm there. My web design team are on the case and I should be able to start testing soon.

I can't give away too much at this point, but it does involve the sale of prestige cars and I believe there is a huge gap in the market for what I'm offering.

It's crunch time now, I can't really go back as it has taken up so much of my time.

Just wondered if anyone else has had the experience of opening a new business or becoming self employed. I'm sure it's going to be very rewarding but I'm so anxious it's unreal. I'm really interested in hearing about the following:

-- how old you were
-- what it was like in the first year and whether you had any regrets.

All comments appreciated especially those that say I will succeed.


As soon as it's up and running I'll post the link to the site to see what everyone thinks.

 

[Dave A]

Good luck with that I would say it sounds promising but theres not much given away about your business in there, but I'm sure it is promising. I've been self employed twice now, currently I'm in a partnership running a mobile phone dealership from home (mail order) and I work for a big telecommunications company part time, because theres 3 of us were not as overworked as some self employed people are. We spread the load efficiently.

The first time I tried running my own business it lasted about 6 months and then fell through (another mail order mobile phones company). This time we've been going for a year now and were going strong. The key is self motivation, you haven't got anyone prodding you with a sharp stick, you have to almost prod yourself from time to time, you can't afford to take the "I can do it later" attitude just because your incharge. My business was a minimum investment one, we work from home, we don't over stock, we use premicells when we call mobiles from the landline ect. Hopefully we'll be able to expand this year, maybe move into an office and get 3 or 4 sales people in for us, it's exiting for us.

At the end of the day, if it doesn't go as well as you hoped, you've tried, you've gained experience and you can do better next time. But as long as you know your market and have the right attitude you should do great.

 

[Mark T]

Good luck with that I would say it sounds promising but theres not much given away about your business in there, but I'm sure it is promising. I've been self employed twice now, currently I'm in a partnership running a mobile phone dealership from home (mail order) and I work for a big telecommunications company part time, because theres 3 of us were not as overworked as some self employe people are. We spread the load efficiently.

The first time I tried running my own business it lasted about 6 months and then fell through. This time we've been going for a year now and were going strong. The key is self motivation, you haven't got anyone prodding you with a sharp stick, you have to almost prod yourself from time to time, you can't afford to take the "I can do it later" attitude just because your incharge. My business was a minimum investment one, we work from home, we don't over stock, we use premicells when we call mobiles from the landline ect. Hopefully we'll be able to expand this year, maybe move into an office and get 3 or 4 sales people in for us, it's exiting for us.

At the end of the day, if it doesn't go as well as you hoped, you've tried,you've gained experience and you can do better next time. But as long as you know your market and have the right attitude you should do great.

I can't really say too much at this point about the business. Once it's up and running I'll post the website and everything. I'm going to be working from home for the 1st two months and I have office space lined up in my home. Nothing too big, just enough to hold everything I need.

I also don't want the distractions that I'll get at home (PS2, HL2, GT4 etc). Motivation is the hardest part. I'm currently a manager for a lettings agency so I have to motivate myself all the time (excellent experience). I haven't told the bosses yet, so it's going to come as a shock to them aswell. You should see some advertising if you live in the UK. It's going to be in several high street magazines.

 

[Scaff]

Once it's up and running I'll post the website and everything.

Fully applaude amyone with theh motivation and courage to set up there own business, and I know the pressures of trying to work from home as when I'm not training I'm home office based and its very difficult.

One thing with regard to the webite, please ensure that you don't fall foul of the AUP here at GT Planet, specifically this part

You will not post advertisements, chain letters, pyramid schemes, or solicitations, all of which are inappropriate and prohibited in the Forums. This includes any solicitations to buy or sell a product or service of any kind.

Regards

Scaff

 

[Dave A]

Cool, I hope it goes well. I'll look forward to seeing what your all about 👍.

EDIT: On the note Scaff made, it's best to put your website in your signiture it won't be looked at as advertising then, and just let people know that it's up and running.

 

[Mark T]

Fully applaude amyone with theh motivation and courage to set up there own business, and I know the pressures of trying to work from home as when I'm not training I'm home office based and its very difficult.

One thing with regard to the webite, please ensure that you don't fall foul of the AUP here at GT Planet, specifically this part

You will not post advertisements, chain letters, pyramid schemes, or solicitations, all of which are inappropriate and prohibited in the Forums. This includes any solicitations to buy or sell a product or service of any kind.

Regards

Scaff

Absolutely. I'll post a link in my sig, and make a note in this thread. Just out of interest what hours do you work when your at home?

 

[Dave A]

Sorry wrong thread .

 

[Scaff]

Absolutely. I'll post a link in my sig, and make a note in this thread. Just out of interest what hours do you work when your at home?

It varies as when working from home I'm not time constrained, so long as I can be contacted via mobile.

So I use its as a chance to pick up/drop off my kids from school, cook for my wife, exercise, etc. So days I will start at 6am, take an hour or so to drop the kids off, meet my dad for coffee around 9am, start again around 10am, work through lunch and then take another hour around 3.30 when school finishes, etc, etc.

I'm quite lucky when working from home in that regard, the down side is when I'm training it tends to be 12 hour days at a minimum, with a lot of travel as well.

Regards

Scaff

 

[Famine]

Need any employees? I'm bored...

 

[Mark T]

Need any employees? I'm bored...

Hopefully in around six months I should need three employees. What are your skills (bowstaff skills, computer hacking skills). Seriously though, I'll need a photographer on a freelance basis.

 

[ExigeEvan]

Good luck 👍

I'll be looking out for your company in the back of Evo.... As soon as I know it's name that is.

 

[Mark T]

Good luck 👍

I'll be looking out for your company in the back of Evo.... As soon as I know it's name that is.

If you read GQ magazine have a look in there aswell. It'll be a small advert because a full page is around £12,000.

 

[TheCracker]

If you read GQ magazine have a look in there aswell. It'll be a small advert because a full page is around £12,000.

An insiders tip - phone them close to deadline and you'll get your adverts much, much cheaper

 

[Famine]

Hopefully in around six months I should need three employees. What are your skills (bowstaff skills, computer hacking skills). Seriously though, I'll need a photographer on a freelance basis.

I'm an international jewel smuggler and movie star. Duh!

Imagine... "Famine works for me."


Actually, imagine... "Famine, get off GTP and do some work."

 

[SRV2LOW4ME]

Congrats man, thats a big step. A lot of people dream of having their own business, but few ever work up the courage to do so. Good luck in whatever you do man, hopefully ya become successful and spread the wealth! (specifically, my way )

Pops is a farmer, which is considered owning your own business by the government. Tough work, and a lot of hours but it can be done, just stay focused on your goals and you'll do alright.

 

[CAMAROBOY69]

I am also starting my own business on the side that I have been working on for the last 5-6 months. Been keeping me extremely busy on top of my 50+ hour job. Its not something I would rely on for a full time job but its great for side work and its a ton of fun!!!
Like you said, when you start out you will be going backwards financially before you go forward. Right now I am starting to make a profit on almost everything I do. Been about 6 months so its starting to pay off. Just make sure you add taxes and try to gain at least 10-15% on anything you do. Most of the stuff I do is small and when I started I was doing some of it for very little profit just to spread my work faster. That worked extremely well!!! Name spreads fast when you are way more affordable than anyone else. As your name progresses and your business grows you can increase your rates. Good luck and if you have any personal questions or need advice you can PM me. Congrats on getting started. 👍
Websites help a lot to spread your business!
I even have a dealer too that helps sell some of my goodies!!

 

[Mark T]

I am also starting my own business on the side that I have been working on for the last 5-6 months. Been keeping me extremely busy on top of my 50+ hour job. Its not something I would rely on for a full time job but its great for side work and its a ton of fun!!!
Like you said, when you start out you will be going backwards financially before you go forward. Right now I am starting to make a profit on almost everything I do. Been about 6 months so its starting to pay off. Just make sure you add taxes and try to gain at least 10-15% on anything you do. Most of the stuff I do is small and when I started I was doing some of it for very little profit just to spread my work faster. That worked extremely well!!! Name spreads fast when you are way more affordable than anyone else. As your name progresses and your business grows you can increase your rates. Good luck and if you have any personal questions or need advice you can PM me. Congrats on getting started. 👍
Websites help a lot to spread your business!
I even have a dealer too that helps sell some of my goodies!!

I'm going to carry on my full time job aswell as opening the new business for about month. Just until things start progressing. I've got a secretary (the girlfriend) so I can pass some of the work to her. Then I can go play PS2.