I am working full time but considering leaving to start my own business

joseph9a

Hi all,

I just wanted some advice really. I am currently working full time but off work with stress at the moment, partly due to personal circumstances but also due to stress at work. I've not enjoyed where I work for several years now, and I've always worked in jobs not because it's what I want to do but because I need a job to pay the bills etc. lately I feel undervalued at my workplace, occasionally I get some praise but I think its time for me to move on.

I am a very passionate person and if I believe in something I will make it work. I am also good at making flyers and would have no problem knocking on doors to promote my business or going round posting information. I am confident that I could push a business myself.

I have several ideas which I would have to research before I made a decision. I'd have to research things like local competition, the demand, and how much profit there is to be made. I was just wondering if there is anywhere that provides help and support to people who are in work but want to leave to pursue their own business. I am 29 now and rather than be unhappy in my job for the next 10 years I feel this may be the right time for me to look to start something myself. I also have a disability so working from home would be much better for me.

Any advice would be greatly appreciated.

Thanks

trailingspouse

Years ago, Business Link used to provide this kind of service - you could go and have a chat with someone who had a bit of real-life experience of running their own business, and they also offered relevant training courses. Sadly, although they still exist, this doesn't appear to be part of their remit any more.

So, my answer to your question is, I don't think there is any organisation giving this sort of advice - but hopefully there will be someone along in a minute who knows differently.

PlutoinCapricorn

Jumping in the deep end seems a little unwise: could you get a part time job while you are building the business? Could you do a bit out of work hours to see how it goes?

Have you got a portfolio of marketable skills and lots of useful contacts?

Researching local demand before taking the plunge is very wise.

You would like to work from home: a lot depends on what you are planning to do there. Customers and deliveries may not be permitted where you live for example.

SailorSam

If you're off work on benefits at the moment check out the Jobcentre / Gov UK. You may get help moving to self employment. There are a few phone numbers depending where you are in the Country wher you may get advice.
https://www.gov.uk/starting-up-a-business

joseph9a

PlutoinCapricorn wrote: »

Jumping in the deep end seems a little unwise: could you get a part time job while you are building the business? Could you do a bit out of work hours to see how it goes?

Have you got a portfolio of marketable skills and lots of useful contacts?

Researching local demand before taking the plunge is very wise.

You would like to work from home: a lot depends on what you are planning to do there. Customers and deliveries may not be permitted where you live for example.

Thanks for the advice, I was thinking about switching to a part time 16 hours a week job whilst I started up just to have a little income still

PlutoinCapricorn

This seems like your best option: half and half. Many people slowly build a business while still on PAYE.

You need to decide early on whether to be a sole trader or create a limited company. The former option is best in theory.

You need to understand the requirements for income tax, NI and other insurance.

DKLS

Validate your ideas, be ruthless, if the payback is equivalent to a Peruvian hill farmer annual salary, kill or modify the idea.


Remember you don't need to have an original idea, you can pick someone else's model that is already working and improve it.

Mistral001

I would think very carefully about doing this. You say you are stressed in your present job. Do you think starting a business is stress-free? No' I will rephrase that. Do you think that keeping a business profitable is stress-free. Starting a business is very easy in fact and not at all stressful in my experience.

DKLS

Mistral001 wrote: »

I would think very carefully about doing this. You say you are stressed in your present job. Do you think starting a business is stress-free? No' I will rephrase that. Do you think that keeping a business profitable is stress-free. Starting a business is very easy in fact and not at all stressful in my experience.

The stress aspect is a really good one, I have come across a number of people who have set up business as they are really good at something say Graphic Design for example, they have the skills and experience to be great GDs, but to be successful in their own business they then have to start learning a whole new skillset:


Billing, Finance, Cash Flow, Credit control
Client management and customer service
Sales and marketing and networking etc


Which is all entirely doable or can be farmed out but does need to be considered carefully in the business planning.

tiger_eyes

Mistral001 wrote: »

I would think very carefully about doing this. You say you are stressed in your present job. Do you think starting a business is stress-free? No' I will rephrase that. Do you think that keeping a business profitable is stress-free. Starting a business is very easy in fact and not at all stressful in my experience.

I found that the early stage was the most stressful - once I had more experience of the ups and downs, plus a reliable client base, and built up savings to take me through the lean times, it all smoothed out. But I take your point about self-employment being potentially very difficult and scary for someone who is already stressed in their regular job.

PlutoinCapricorn

This depends on what sort of stress the OP is experiencing: if it is hot, noisy offices with gossiping colleagues, incompetent managers, pressure to achieve unrealistic targets and never ending interruptions and distractions, then working at home will come as a big relief.