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Do-It-Yourself (DIY) Question & Answer Forum
Any Guidance for going Self Employed
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<blockquote data-quote="SPECIAL LOCATION" data-source="post: 72444" data-attributes="member: 250"><p>Been reading through this thread and there is a lot of very good advice.</p><p></p><p>but I thought I would add these few bits cuz I think they haven't been mentioned so far.</p><p></p><p>1/ If you are employed the cost to your employer are far higher than the actual wage they are currently paying you. (they have various legal obligations and associated cost to incur due to their duty of care to you as an employer)</p><p></p><p>2/ If you are sub-contracting, the responsibilities &amp; costs incurred by the main contractor alter..... so you existing employer may be interested in using you as a sub-contractor rather than an employee, still on rate that is reasonable to you.</p><p></p><p>3/ When going self employed you MUST have some financial reserves to call upon in the event of quiet or dead times. as an absolute minimum you should be able to cover 2 or 3 months of your regular outgoings without any new work or money coming in!</p><p></p><p>4/ Most small businesses that fail, do fail within the fist 5 years of trading!.. FACT! so be prepared for some hard graft working and building up a customer base for at least 4 or 5 years before you can ease off on the gas pedal!</p><p></p><p>5/ If you are looking at domestic work, 90%+ of domestic selection of contractors comes from word of mouth or past experience recommendations.</p><p></p><p>Most people don't like asking strangers into their home to work!</p><p></p><p>6/ Even if you have a go but fail.. you will know that you at least gave it your best shot!</p><p></p><p>7/ If you never have a go or leave it too long, you me be regretting for many years.. I wish I had tried that earlier!</p><p></p><p>8/ NO job is secure.. employed or self employed!</p></blockquote><p></p>
[QUOTE="SPECIAL LOCATION, post: 72444, member: 250"] Been reading through this thread and there is a lot of very good advice. but I thought I would add these few bits cuz I think they haven't been mentioned so far. 1/ If you are employed the cost to your employer are far higher than the actual wage they are currently paying you. (they have various legal obligations and associated cost to incur due to their duty of care to you as an employer) 2/ If you are sub-contracting, the responsibilities & costs incurred by the main contractor alter..... so you existing employer may be interested in using you as a sub-contractor rather than an employee, still on rate that is reasonable to you. 3/ When going self employed you MUST have some financial reserves to call upon in the event of quiet or dead times. as an absolute minimum you should be able to cover 2 or 3 months of your regular outgoings without any new work or money coming in! 4/ Most small businesses that fail, do fail within the fist 5 years of trading!.. FACT! so be prepared for some hard graft working and building up a customer base for at least 4 or 5 years before you can ease off on the gas pedal! 5/ If you are looking at domestic work, 90%+ of domestic selection of contractors comes from word of mouth or past experience recommendations. Most people don't like asking strangers into their home to work! 6/ Even if you have a go but fail.. you will know that you at least gave it your best shot! 7/ If you never have a go or leave it too long, you me be regretting for many years.. I wish I had tried that earlier! 8/ NO job is secure.. employed or self employed! [/QUOTE]
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