Self Employed DFW

Steel_2

Self employed writer reporting for duty!

Freelance for 4 years now.

Had 5 months off sick with hardly any income in my first year so ended up living off cards, then a further 4 months off sick in third year. Hadn't been able to build up a good stock of emergency money when it happened the first time and by the time I'd paid everything off it happened again.

Bit tough at the end of last year when biggest client liquidated owing me £9.5K, but started to branch out a bit and making back the money.

Couldn't go back to a job now though....just a massive glutton for stress and punishment! :rotfl:

TCM_3

Another self employed DFW checking in!

Been in retail for 3 years now, noticing a huge difference. Its not easy. You try and sit tight with minimun stock levels, keeping stock rotating etc then when you do get that wee bit extra sales you're hit with a bigger VAT bill!! Can't win!!

Here's hoping!!!!
T

Spinaltoad

Hi Everyone,

I am not exactly self employed but i run my own hair salon whilst in full time employment. To cut a long story short a we have been open for 6 months and after a very very long string of bad luck we have been forced into a position to sell it. I have a loan with Natwest and credit cards with MBNA and Virgin. The business has been on the market now for 3 months and is now at 1/2 its original price. Every month that goes on puts us deeper and deeper into debt.

To make matters worse i am now being made redundant from my full time job. My business is a completely diffeent market and i do not have the skills to run it (My orignal partner was the hairdresser however things turned sour and she left) I am having to employee people to manage the place and it is loosing lots of money. Not sure what my options are now. Anyone else been a similar situation? If so how did you get out ?

Would love to hear any stories as i feel i am looking at black hole of debt. If i carry on and hold out for a sale i loose 1000 's a month if i shut it down now i will loose 32k + will still have to pay the rent etc on the lease.

Thanks

TCM_3

Hi Spinaltoad
If you are now redundant is it an option for you to "rent out" chairs to hairdressers and you run the business? You could be in control of it yourself and see where the most profitable things are and what you need to look at to reduce your costs in the meantime until the business is sold? The person "renting" the chair would be paying you a set amount each week or a % of their takings (if they were using products provided by you then you would need to recoup your costs for that) or perhaps both. They would techincally be self employed so you would not be liable for salaries but you would still need insurance.
Just a thought. I am not best qualified to offer advice on a financial scale but if i can help in a business perspective i certainly will.
T

Spinaltoad

Thanks

Have tried to rent shairs out previously however no takers. Will try again with a few adverts in the papers see what i get.

I am still working here until at least June. So at least we can just pay our bills until then.

pjays666

just a few advertising tips for spinaltoad, have you tried getting e mail addresses off your customers and e mailing special offers to them ie 10% off days, ask them for referrals, 10% off their next hairdo and 10% off for who they recommend. There are lots of things to try if you are in a repeat business scenario. I do fitted bedrooms and my referral system works great for me. Good luck

Karmacat

Interesting thread! I'm SE too, have been for a loooong time. My problem is that though my sector is kind of expanding (counselling!) my little niche of it (long term) is contracting in the private sector, and anyway I've been doing it so long I need something different. Nothing springs to mind, I'm pretty much unemployable at anything else.