Am I completely out of my vulcan mind? I want to run my own business but....

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What??

I have worked for 15 years as an Executive Assistant for a huge variety of companies around the world. I do enjoy what I do, however, have felt the real entrepreneurial pull for a few years now. I feel like I want to be my own boss and all the skills, organisational, financial, managerial long hours, dealing with challenging business characters etc.., I have developed working as an EA for all these years could be put to work for my partner and I. Our future.

Is this an insane idea in the current climate? I just know I want to work for myself, but I don't know what or where or how. We don't have a huge amount saved up to lay out (partner and I currently work full time so we do have some savings). I know I want to live rurally somewhere, so maybe some sort of online/offline company is the way to go.

My partner would have to give up his job if we moved rurally, however, they do have a back up career that they're very good at and we know if we explored their side of things that could be reasonably lucrative.Their job is fully online, however, could have an offline side to it however, not enough to pull in the ££ and be run as a full time earning for me.

I know this is a bit of a ramble, but I have a real 'sea change' coming on and know I want to, and need to, change but am stuck for what.......

All ideas and suggestions welcomed. The more ridiculous/insane welcomed with glee

Or... tell me I'm being insane to give up possibly two full time jobs?!

Northern_Princess

It doesn't sound insane at all. Saying that, people called me insane last year when I decided to open my own horse livery yard

I do think you need a firm business plan though whatever you decide to do.

We already live on a farm and I've had horses all my life so the stabling etc was in place and just needed upgrading. I also have relevant qualifications in equine care so I didn't just open a random yard lol I still work part time and my husband full time though. I'd have been way too scared to give up work to begin with.

Living rurally has it's positives but there are also an awful lot of negatives as well especially in winter :rotfl:

Tiddlywinks

view wrote: »

........... I just know I want to work for myself, but I don't know what or where or how. We don't have a huge amount saved up to lay out (partner and I currently work full time so we do have some savings). I know I want to live rurally somewhere, so maybe some sort of online/offline company is the way to go.

My partner would have to give up his job if we moved rurally, however, they do have a back up career that they're very good at and we know if we explored their side of things that could be reasonably lucrative.Their job is fully online, however, could have an offline side to it however, not enough to pull in the ££ and be run as a full time earning for me.

You don't know what or where or how? This is the most telling (and worrying) bit of your post. That and your lack of available start-up funds.

We are in a recession, even those with clear business vision and reasonable customer bases are hitting the rocks.

If you do decide to go ahead, I would suggest that, at the very least, one of you should keep the job you already have so that you have some guaranteed income.

Finally, businesses tend have more chance of being successful where the people at the top really have a passion for that field of work. Is there something you are really passionate about where you could follow into that field with your own company?

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Thanks both. I guess the bit about not knowing "what" isn't that scary to me as I see that as a positive thing, ie: I could transfer my skills to a variety of projects/fields. I love hospitality and am engaged in the work my husband does. Perhaps I'm too naive - I feel that strong desire, huge work ethic and drive coupled with extremely high level organisation skills was passionate enough.

I do agree one of us should keep their job. My partner could do either job - I feel their second career (which is fully online however could spill over into offline 'hard' merchandise) could be much bigger and much more lucrative than now, they simply don't have the time to take on bigger jobs nor the time to market their work given they work full time.

I'm not (I think) talking bricks and mortar company - which would attract a huge outlay plus monthly upkeep... thinking more online - marketing, spring into action when (if?!) orders rolled in.....

Yah, probably naive... but what is a life if it is not worth a risk.

Errata

Do you have any idea which sector you would like to work in?

Tiddlywinks

view wrote: »

Yah, probably naive... but what is a life if it is not worth a risk.

If that is really your philosophy in life then what do you want from your question here?

Yes, most things come with an element of risk - it's all about risk (failure) versus reward (success).

Wing it if you like, you might get lucky... that's just not how most people approach starting a business.

edeneve

IT can be done, if you really want to do it. I set up in business last year after being run ragged trying to work around kids to avoid impossible to afford childcare costs and so could be at home for them too. As a single mum I had enough of the crazy juggle and figured that there had to be a way to get a better balance. Near end of year one and its doing well and about to open my second business built on same methods but slightly different area.

I can't help you with whether to move rural, all I know is working from home does mean you can work anywhere in country, so can move from expensive areas to cheaper areas. I'm looking at moving in next couple of years to certain part of country which has excellent large victorian properties for a song near the sea cheap, low crime, nice place to live, mainly cheap because motorway networks are cr*p but my business doesn't rely on needing close transport links so its a good deal for me. So being self employed does have its bonuses.

2. Research, research, research....I'd been self employed in past so had a lot of knowledge but my business area was new to me so had to do lots of research, project running costs, find suppliers/customers, advertising costs, website quotes etc.

3. Set up costs...how much will you need, I had to invest money initially and run the risk of losing it, but I have now recouped initial costs and made profit, so now monthly income is giving profit and continuous running costs.

There are many benefits with being self employed, I work from home so can choose hours, be there for kids, build my own diary, actually save money as I have no need for the 3 hour commute i used to do, expensive lunches etc. BUT...downsides no sick pay and you are wholly responsible for what you earn, no guaranteed wage each month....

All in all though if you really want it, research it well and are willing to work hard then there is no reason why it wouldn't work.

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Tiddlywinks wrote: »

If that is really your philosophy in life then what do you want from your question here?.

No, not my philosophy... I guess what I mean however is why not try something.. you just might succeed. I'm not that silly to just wing it without a proper business plan, guidance, backup, testing etc..etc..

I guess my question was more to see what others do and if I could glean some info from there.... first time I have actually put 'pen to paper' as such about this, it's all just a wee bit of a ramble at the moment and very possibly pie in the sky!

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edeneve wrote: »

IT can be done, if you really want to do it. I set up in business last year after being run ragged trying to work around kids to avoid impossible to afford childcare costs and so could be at home for them too. As a single mum I had enough of the crazy juggle and figured that there had to be a way to get a better balance. Near one year one and its doing well and about to open my second business built in same methods.

I can't help you with whether to move rural, all I know is working from home does mean you can work anywhere in country, so can move from expensive areas to cheaper areas. I'm looking at moving in next couple of years to certain part of country which has excellent large victorian properties for a song near the sea cheap mainly because motorway networks are cr*p but mu business doesn't rely on needed close transport links so its a good deal for me. So being self employed does have its bonuses.

2. Research, research, research....I'd been self employed in past so had a lot of knowledge but my business area was new to me so had to do lots of research, project running costs, find suppliers/customers, advertising costs, webste quotes etc.

3. Set up costs...how much will you need, I had to invest money initially and run the risk of losing it, but I have now recouped initial costs and made profit, so now monthly income is giving profit and continous running costs.

There are many benefits with being self employed, I work from home so can choose hours, be there for kids, build my own diary, actually save money as I have no need for the 3 hour commute i used to do, expensive lunches etc. BUT...downsides no sick pay and you are wholly responsible for what you earn, no guaranteed wage each month....

All in all though if you really want it, research it well and are willing to work hard then there is no reason why it wouldn't work.

thank you edeneve, great to hear a success story. I am guessing, however, unlike my (current) state of affairs, you had an idea in mind... I have a few swimming about however, guess as this is a very very first tiny toddler step and have not actually done anything about these possibly 'pie in the sky' ideas you were a lot more sorted than I...

I really need to think about what it is that I want to do... PM me if you don't want to discuss your role on this thread, love to hear your stories and well done for making it such a success. Inspiration

Errata

I guess what I mean however is why not try something.. you just might succeed.

You could work as a dog walker in central London and earn a fair amount of money. You could do consultancy work and earn scraps.
You seem to lack focus, and your claim of being an EA and working abroad for a huge variety of companies over 15 years means what? You worked for an agency or you skipped from employer to employer?

Trixi

I don't have much useful to add here but want to throw in a bit of encouragement - if you really know you want this you have to go for it.
The world of start-ups has been changing and it really is very possible to get going for quite a small financial outlay if you are willing to put the work in. I highly recommend a book - The $100 Start-Up for some inspiration (it's basically an account of lots of different successful business that started on a shoestring and still operate on a quite small scale). There are so many opportunities to create your own job and work on your own terms if you can, especially with the internet. I'm pretty passionate about this (can you tell?).

Having given up one part time job, and am hoping to lose the other in the near future, I still don't really have a real 'business' as such but I'm learning every day, I muddle on, and I love the flexibility I now have. I don't see myself ever returning to a job I don't love so I will make this work.

Just make sure you have back-up options if possible - a skill or ability you know you can sell if you need to.