Starting a self employed business after going BR

LuckyRedRobin

Hi everyone. I am trying to help my OH get back to work, we are both bankrupt as of last week. Yesterday we went to a seminar to start up your own business with a multi-level marketing company, and we were very impressed with what we saw. There is a minimal outlay (very minimal) to start the business and this buys you the products you need to get started, so the return is fairly immediate. We are going to speak to friends that we think may be interested before we go ahead, but the prospect looks very exciting at first glance.

My concern though is that as we are both now bankrupt, what are our obligations if my OH wants to start up his own business? We didn't want to tell the contacts yesterday about our situation, but are we obliged to? What else do we need to ensure we do? And should I tell my OH to call his official reciever to discuss it, he is currently unemployed.

Edit: My OH is currently unemployed... the official reciever I imagine is very much employed at the moment

It was nice to see something so exciting, I hope that our being bankrupt isn't going to stand in the way :question:

Emby_2

I don't want to rain on your parade but be very wary of MLM companies!

BUT saying that, if you put in a lot of very hard work selling you can make it work as many do as your main income will need to come from recruiting others to join your chain and get them selling.

I do believe you can be self employed doing this type of business without any problems and im sure more experienced people on this forum can point out the legalities and obligations involved.

LuckyRedRobin

Thanks Emby. I am aware that some people don't have a great experience of MLM companies, but I know that my OH will put the effort in to make this work, and we've already got an idea other people that we can recruit to start things growing. We are still researching as opposed to going in blind, but any advice that anyone can give on starting again after going bankrupt would really help!!

LuckyRedRobin

Emby wrote: »

I don't want to rain on your parade but be very wary of MLM companies!

Emby I'd be interested in understanding what reservations you have... just as part of my research before we decide to go ahead or not

Have you heard bad stories, had a bad experience yourself etc.? Just curious!;)

stroppy

Hi my OH and I are in this line of business, he started it 2 years ago when our pubs were struggling.He became BR in September and continued to be self employed doing this plus various other Internet Marketing projects.It is now our only source of income, he works 12-14 hour days but because its from home still gets to spend time with kids, take breaks etc.He really has worked his !!! off to make a success off it and fingers crossed it will continue to work for us.
You dont need to let anyone know you are BR, We havent.
If you start to make money I would let your OR know then
Good luck and any more questions i am happy to answer.
Stroppy x

Emby_2

Hi there,

I think it very much depends on the company you are going with. Just be happy in your own mind that the products are good, that you would be happy to use them and that you are certain other people would aswell. I have heard very bad things about any company related to Amway from friends who have tried it and websites when researching.

I really apologise if I sounded negative as that is not what I was trying to portray. I am certain that with a hell of a lot of these things it all depends on the effort you put in to it. You get out what you put in of course!

I have heard very good things about telecomplus.org.uk for the sole reason their products are easy to sell (Gas, electric, telephone etc) - I have no afilliation in any way!

I think the main problem with MLM companies these days is the stigma many people attach to them for using the people below to make the people above wealthier. As long as everyone benefits I don't have a problem with that as its a viable way to do business but Amway and such like have a reputation for making people join 'The business' with no real support structure or viable products etc.

After saying that, with Due diligence and hard work you CAN be successful with this method.

Good luck,

Martin