Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: SJKOO01 on 28 January 2011, 21:31:35
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Like a lot of people out there, I'm getting little worried about if I'll still have a job soon and like a lot of places they're making cutbacks, so it's going to be an interesting next month or two :-? :-/ .
I've been trying to think of some ideas perhaps working from home self employed.
However, never having worked for myself before, wondered if there any members on here that do work for themselves who could advise if it's worth it, or a lot more hassle in the long run?.
Not sure what I'd do yet, as I've had ideas about some computer design work, also about building things to sell, and a few other ideas.
I'm not after building some mega empire, but something where the overheads could be low, but whereby I could make enough to live comfortably (as in pay the bills and not worry debt collectors are going to be knocking on my door!).
Any advise would be appreciated.
Or would I be better off moving abroad and starting a business of my own there, because this country has gone to the dogs too much now ::)
Cheers :y
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If you're young enough & have a bit of Capital as a standby, emigrating is a strong contender imho! I wish I knew 25 years ago what I know now! There'd be another 'Wingeing Pom' in Oz, that's for sure! ;D
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OK........have been self employed before for a lot of years, so.............
firstly, exactly how much do you really NEED to make each month to be "comfortable"??
You need to earn for instance £100 pw if you require £70 pw to live on, because of tax and NI (national insurance stamp).
FURTHERMORE.....dont forget if you earn £100, use £20 to get there in fuel, and do an 8 hr day, you have really only earnt £40, because of wear and tear, (£10) tax and NI (£30) fuel (£20)!!!!
Think hard before you do this, as you really have to earn about £150 per day minimum (at £20 fuel per day example) to earn a reasonable (low wage) weeks work of £400 after all disbursements are removed!!
If this is ok for you, its a go-er, but if not........................
Just a bit of friendly advice.
Mike.
Oh, and remember, ONE breakdown from your car, or a tool needed, or a week out of a month with little or no work and it all goes Pete Tong.................................. :y
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Not sure what to say as i've never worked in an office at a desk & don't posses the pc knowledge to do so. Sixstring should drive to Immingham & give me free guitar lesons on my Yamaha accoustic as i only take home about £4/450 a week...hint hint!!!
Joking aside i hav'nt had a pay rise in 7 years but am grateful to still be in work so i wish you all the best. Guy. :y
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other than the money there is the affects it has on those in your household.
going from out the house and out the way to "under their feet" in quiet times can be a bone of contention especially as they were not 100% happy with the decision.
saying that. once you have "escaped" its very difficult to go back.
as mentioned age experience and enthusiasm comes into play.
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I've worked from home for years and love it. Could never go back to an office.
That said, it can be worrying when business is flat. However, if you can survive financially, it is excellent. :y
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as a stop gap i would look at maybe courier work?? it did me for a while back in the 90`s and i did earn a bit off it.... hth :y
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OK........have been self employed before for a lot of years, so.............
firstly, exactly how much do you really NEED to make each month to be "comfortable"??
You need to earn for instance £100 pw if you require £70 pw to live on, because of tax and NI (national insurance stamp).
FURTHERMORE.....dont forget if you earn £100, use £20 to get there in fuel, and do an 8 hr day, you have really only earnt £40, because of wear and tear, (£10) tax and NI (£30) fuel (£20)!!!!
Think hard before you do this, as you really have to earn about £150 per day minimum (at £20 fuel per day example) to earn a reasonable (low wage) weeks work of £400 after all disbursements are removed!!
If this is ok for you, its a go-er, but if not........................
Just a bit of friendly advice.
Mike.
Oh, and remember, ONE breakdown from your car, or a tool needed, or a week out of a month with little or no work and it all goes Pete Tong.................................. :y
Hang on, its not quite as bad as that. All reasonable expenses incurred in doing your work, as a business can be used to offset profits. Eg, taking the above figures, £20 per day fuel, well at £5 per gall and 30mpg that suggests 120 miles a day. You can claim 40p/mile for running the car from your office to the place of work, so thats £48 per day. Plus you can get a dispensation from HMRC so can claim a reasonable lunch of say £15, so the amount due to tax becomes £100 -(48+15) = £37. You would only end up paying about £12 Tax and NI, assuming 30%.
Sixstring is right, if the car dies you can't take a holiday, you will upset your clients so have to get there somehow. Plus holidays and being ill, no money comes in. Plus if you find work through agencies, some of them are right crooks, spinning stories to reduce your rate etc, plus clients taking a while to pay invoices etc.
Having said that, it can be quite fun, and challenging. All depends on your skill set and whether you can market yourself effectively.
Cheers Ken
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i quit a my job a year and a half ago to go self employed and theres not one day i've regretted it - i'm my own boss....of course the loss of the monthly pay cheque, no paid holidays, no paid sick days, no spare time, tax returns - still - wouldn't have it any other way now..plus i never work Mondays :y
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first thing you do is take stock of all your out goings eg rent,council tax,gas.electric,food.credit cards,loans etc then you know the minium you have to cover.this will give you a idea on how much you have to earn.
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You could downsize and move abroad.
e.g. Spain. Buy cash a rundown farm well inland. Very low rates, cheap water bills (but make sure the place has access to abundant water), grow your own food, rear pigs, poultry. Cash from the main farm crop. Figs, almonds, asparagus, grapes, olives so you can pay the exhorbitant electric bills. Try and fail to qualify for a fat EU agriculture subsidy. Gather tons of your own logs for next to nothing (except hours and hours of your own time) for your heating.
Never have any money, run an old banger (Omega?)
There you are Juan is your Tio. You'd never look back - too busy going to the next thing that needs doing. ;D
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It's impossible to transfer one person's experience to your situation. I set up my own business 20 years ago and whether you have lean times or never get off the ground will be down to your abilities and the realm you choose to work in.
Ideally, I would recommend that you try to create a plan whereby you start a business without leaving your current job. Then you can see how it's going and decide when one gets in the other's way, which one you will focus on.
Something like web design can be a good one as you can often work remotely from your client and communicate via email. You would have to find a way to cover annual leave as disaster recovery from a lodge on the Masaai Mara may not delight the end user!
I certainly would not add emigrating to the list of unknowns!
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You could downsize and move abroad.
e.g. Spain. Buy cash a rundown farm well inland. Very low rates, cheap water bills (but make sure the place has access to abundant water), grow your own food, rear pigs, poultry. Cash from the main farm crop. Figs, almonds, asparagus, grapes, olives so you can pay the exhorbitant electric bills. Try and fail to qualify for a fat EU agriculture subsidy. Gather tons of your own logs for next to nothing (except hours and hours of your own time) for your heating.
Never have any money, run an old banger (Omega?)
There you are Juan is your Tio. You'd never look back - too busy going to the next thing that needs doing. ;D
land grab :-X :-X :-X
Ken
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You could downsize and move abroad.
e.g. Spain. Buy cash a rundown farm well inland. Very low rates, cheap water bills (but make sure the place has access to abundant water), grow your own food, rear pigs, poultry. Cash from the main farm crop. Figs, almonds, asparagus, grapes, olives so you can pay the exhorbitant electric bills. Try and fail to qualify for a fat EU agriculture subsidy. Gather tons of your own logs for next to nothing (except hours and hours of your own time) for your heating.
Never have any money, run an old banger (Omega?)
There you are Juan is your Tio. You'd never look back - too busy going to the next thing that needs doing. ;D
land grab :-X :-X :-X
Ken
That is primarily only Valencia area. There are also 300,000 illegal properties in Andalucia to avoid! If you stay clear of the coasts. i.e well inland and do your homework no problem.
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FWIW:
I've been self-employed for about 3 years now, and I would NEVER go back to employment.
My kids are grownup however, and my house is rented, so I don't really have anything to lose.
We do OK, actually, cos work pays for the insurance on the van and all the maintenance and fuel, and I NEVER use it for personal use. ;) so all that comes out of pre-tax profits, as does anything else I can get away with :.)
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it could all turn around! I actually work in a very small team (only 5 people) some of our key systems where taken away from us and given to other support departments, was a time when things looked iffy. Several weeks of sod all to do!
But now we have been given two huge projects, team is already starting to grow. If project 2 is the size that its projected to be, could be interesting times ahead!
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FWIW:
I've been self-employed for about 3 years now, and I would NEVER go back to employment.
My kids are grownup however, and my house is rented, so I don't really have anything to lose.
We do OK, actually, cos work pays for the insurance on the van and all the maintenance and fuel, and I NEVER use it for personal use. ;) so all that comes out of pre-tax profits, as does anything else I can get away with :.)
I think it all depends on a whole load of factors, how old, what your skills are, are they getting out of date, what the financial climate is like etc.
I had been contracting for a while, 10+ years, but ran into a bad patch. 10 months of sending off CV's nothing back, watching the bank A/C get lower etc. Then I got this contract out near Liverpool. Rate was OK, and I worked very hard to keep it. They recently offered me a full time job, which I accepted, 'cause I recon things are going to stay rough or get worse for a while. Like in a storm, ships head for a port and anchor up till it blows over.
I am keeping my Ltd company going, just in case. :y
Ken
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Thanks to everyone who has taken the time to reply with their experiences, ideas and other advice. All worth of noting down, which I've done ;) .
Going to be looking at some advice on here about making plans, working out money to live on etc, which all are a good starting point.
Looking into the ideas of working from home, as that appeals more, cuts down on worrying about getting to workplace/car or van breakdowns/extreme weather/property rental and all electric water, insurance, etc.
Cheers once again all :y
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Thanks to everyone who has taken the time to reply with their experiences, ideas and other advice. All worth of noting down, which I've done ;) .
Going to be looking at some advice on here about making plans, working out money to live on etc, which all are a good starting point.
Looking into the ideas of working from home, as that appeals more, cuts down on worrying about getting to workplace/car or van breakdowns/extreme weather/property rental and all electric water, insurance, etc.
Cheers once again all :y
Good luck. There is some sound advice there.
One thing to watch working from home is that you and others respect that. It is all too easy to think I'll walk the dogs/do the washing/ bit of gardening/watch Breakfast TV/etc and before you know it it is time to go on Omega Owners Forum and before you know it it is time to pack up..............
Start your business idea now while you still have your job. :y