Starting up on my own

SecureIT

Hi there,

I am a recently qualified Electronic Fire and Security Systems Engineer and often get asked to do work on the side, I am full time employed and feel that I could earn a lot of extra cash if I pursued these jobs.

Eventually I aspire to having my own company and have been thinking of starting as a Sole Trader or Limited Company to get the name out there and hopefully build up a client base until I am ready to reduce my contracted hours.

I understand that I may have a ridiculously low turn over to start with but I am eager to make the move and get the ball rolling.

I am unsure of which of the two are best for me just now and am looking to see if anyone has been in a similar position and are able to offer their opinion?

Thanks.

paddyrg

Sole trader until you have any kind of level of business. Limited company will cost you at least an extra grand a year in accounting costs. Be aware either way you'll need insurances and a business bank account, there are many 12-24 month free business accounts to get you going. I've been happy with Lloyds but there are plenty of options.

These systems are fairly high value, you would be wise to look into VAT registration and if it is going to be worth your while sooner or later. Also depends on whether your customers are generally businesses or consumers.

Be aware that if your current employer finds you taking work on the site they may dump you fast, and it is possibly against your contract, check what you agreed as he may be within his rights to sue.