Setting myself up in business with £3k?

falko89

Would it be possible? I am getting a £5K redundancy payout but by the time everyone gets there share i'll be left with £3k, not alot but then I am not looking to do anything major.

I have a few skills

Trained carpenter but hate it.
Have worked as an I.T Technician in the past and still do the odd repair occasionally
Aerials and Satellite installs, I did this at Tech and still do the odd install here or there for foreigners.

What do you guys think? Could I set myself up with £3k

scooby088

Depends on what you want to do? You really don't say...but i guess £3,000 might be enough to set up, but you can get all sorts of help from the jobcentre just ask.

dandelionclock30

Ask buisness Link.
This guy put my Mum and outside ariel on the chimney and brought us a freeview box and tuned it in for about £120. He is doing o.k for buisness he said and I see his van around etc. I think there will always be a call for this because pensioners and most people will not know how to install an outside ariel!./dish.
What I would do is see how much other local people charge and undercut them by a good bit to start with .

ILW

If you are looking at doing the aerial thing, I would get around 10,000 leaflets printer up (Very cheap). Spend a week putting them through letterboxes (yourself, don't pay someone to do it) and see what response you get. It is a good way to test the water.

If it looks promising go into all the details of what you need to do.

Notmyrealname

falko89 wrote: »

Would it be possible? I am getting a £5K redundancy payout but by the time everyone gets there share i'll be left with £3k, not alot but then I am not looking to do anything major.


What do you guys think? Could I set myself up with £3k

I set up my first business as a self employed lorry driver with nothing other than the work gear I already had.

I set up my current business selling laptops with £1000 which I used to buy stock to get me started.

I know someone who set up a haulage business with no more than his dole cheque and a silver tongue.

If you are going to do any of the things you listed and you already have the tools then you can do it for next to nothing.

lincroft1710

falko89 - in a previous post you say,

"Not driving is also my downfall, I am limited to my nearest town"

Wouldn't that limit you for aerial and satellite installations and possibly carpentry.

Leemcd_3

I have recently set up my business with around £1800. A van - 1k, various tools - £500, Insurances - £300. Of course, you need more than that to run the business, overheads, petrol, living! I had 2 fairly large jobs promised to me before i went self employed so i could start earning straight away. As an Aerial Installer, u need pretty much the same as me. My friend is an electrician and did the same as me, although his van was no where near as reliable as mine and kept breaking down. He miscalculated his first self assessment and that was pretty much that! You need a bit of luck, patience and good work ethics and you'll be fine!

BigAunty

I've come across a gardener who does his work on a bicycle with a trailer for his tools (he has a relationship with another company that collects the cuttings).

I've always fancied doing something quite light like dog walking/pet sitting or web design - no great outlay required.

I think you need to find websites or buy books which challenge you to think about your strengths and interests. You have probably many more skills than those you mention, just that you've listed the most obvious.

Also, I think it is essential that you produce a business plan that will help you research demand, cash flow, market competitors in depth. The business link website is an excellent source of information to do this.

It always pains me to see people post on the benefit board about setting up a business and all they think they need to do is ring up the HMRC to register and apply for tax credits - it's the minimum thing to get the ball rolling but without planning to succeed, they are planning to fail. Some don't mind this, its clear only want pin money and an opportunity to keep collecting housing and council tax benefit without the hassle of being on JSA, to follow a hobby.

falko89

Leemcd wrote: »

I have recently set up my business with around £1800. A van - 1k, various tools - £500, Insurances - £300. Of course, you need more than that to run the business, overheads, petrol, living! I had 2 fairly large jobs promised to me before i went self employed so i could start earning straight away. As an Aerial Installer, u need pretty much the same as me. My friend is an electrician and did the same as me, although his van was no where near as reliable as mine and kept breaking down. He miscalculated his first self assessment and that was pretty much that! You need a bit of luck, patience and good work ethics and you'll be fine!

What type of insurance would I need for this type of work?

falko89

BigAunty wrote: »

I've come across a gardener who does his work on a bicycle with a trailer for his tools (he has a relationship with another company that collects the cuttings).

I've always fancied doing something quite light like dog walking/pet sitting or web design - no great outlay required.

I think you need to find websites or buy books which challenge you to think about your strengths and interests. You have probably many more skills than those you mention, just that you've listed the most obvious.

Also, I think it is essential that you produce a business plan that will help you research demand, cash flow, market competitors in depth. The business link website is an excellent source of information to do this.

It always pains me to see people post on the benefit board about setting up a business and all they think they need to do is ring up the HMRC to register and apply for tax credits - it's the minimum thing to get the ball rolling but without planning to succeed, they are planning to fail. Some don't mind this, its clear only want pin money and an opportunity to keep collecting housing and council tax benefit without the hassle of being on JSA, to follow a hobby.

To honest tax credits hadn't crossed my mind, I'm also not looking to make mega bucks either, just enough to keep the roof over my head.

ILW

falko89 wrote: »

What type of insurance would I need for this type of work?

Try somewhere like simplybusinessdotcom.

Check out if you can get customers before making these sort of commitments though.