Career change

DWhite

Thank you Monnagran! This is why I love the oldstlye forum, everyone is so helpful!
I've actually worked out some very rough coatings. It works out to about £14-18,000 outlay to get started. Depending on how much I'd spend on equipment, most would be second hand but not too old as I'd end up paying repairs or buying again.
When the initial outlay is done it works out quite cheap per month, it's the fuel for the van and insurance really apart from ingredients and my time in making things and selling them.
I'd love vintage as a theme, or American diner but I'm less into the American foods tbh.
My USP would be along the lines of something like home made dog treats/healthy options/taking pre orders for things/trying out some old style baking recipes/take home baking kits

I'd have to do some extensive research obviously and get a business plan together but I'm actually quite excited now as I think/hope I'm onto something!

GreenQueen

As part of your research, may be worth looking into business start up grants and any free/cheap training which is available e.g. website/social media/accounts.

Also around us there is a business forum which meets, and anyone with a small business can go to seminars, etc - also good for making contacts. Larger/established businesses see it as part of their role to give back to the business community by encouraging new enterprises, and can also provide mentoring, if that's something you may need. Don't know whether there is anything like that near you?

PollyWollyDoodle

I've never done anything like this, but I did make a big career change a few years ago, so for what it's worth, here are my key bits of advice; I think trailingspouse's post above summarises quite a lot of it.

Work out a budget - the MSE budget planner is, of course, very good for this! Be realistic about what you and your 9-yr old need to live on, you still need treats and holidays and some fun things. At the same time, look at all your outgoings and see what you can trim down - can you switch energy suppliers, for example, or reduce outgoings on anything else?

Then start saving so you've got at least three months-worth of living costs, because when you start your business up it won't pay you back immediately, and you need to have a contingency for when times are quiet. I am assuming that you are debt-free apart from the potential mortgage; if not, then focus on paying off any debt so you are going into this without any additional worries.

Can you fund the start-up from savings or will you need a loan? You need to factor this - and the potential mortgage for your new house - into your budget.

Ask yourself the 'what if ...' questions - what if it all goes wrong, would you be able to go back to your old job or something similar? What if business is slow, could you get casual work to top things up? What if you become ill - have you got any insurance that would pay out (this will need to go in the budget as well)? this should all form part of your business plan.

You are clearly someone with great energy and drive, given the hours you are already doing and the part-time degree, but don't underestimate just how much time and effort you need to put into something like this. If locum/casual work is available, would it be possible to give up the 'main' job and thus free yourself up to be able to do some part-time business development before you step off into the deep waters of self-employment?

It sounds really exciting, please update us.

VfM4meplse

Go for it! But before you do, make sure that your market is not already saturated.

I was chatting to a store owner the other day - his shop filled a very specific need, but was also well sited to capture the maximum business. When I congratulated him on his success, he said "Yes, but rates are killing us". This is so true, make sure your sums stack up and will be resilient to the whims of government.

gt568

Don't forget it you are planning on going to festivals, country shows, etc to do business they will hammer you with an entrance fee for your pitch.

DWhite

Thanks all!

To answer a few points:
I have no debt (£50 on Next account) and savings so far are all for the house deposit. I'm very luck and live rent/bill free other than my car while I'm saving so my outgoings are about as low as they can realistically go. I watch my budget but do have treats for myself and my littly as they keep me sane with my work!
Re: casual work. That should be quite easy for me, I could take on a waiting job part time and do hours that fit around the business, perks of being in hospitality ;-) but that is a good point! Would also help if business was slow and I need extra as very few businesses turn down waiters wanting extra hours. Going back to what I do now should be possible should I want to.
The sickness is something I'd need to look into, I've taken 4 weeks sick in 17 years and that was in one go but it could always happen! Can you get insurance for that?! I'll research.
I know the pitch fees will be high, and it's a risk as to wether it will be busy enough to cover it. I went to a food festival yesterday that I'd say all of the vendors did very well out of, and it was a 3 day festival. So much so that all bank ATMs had either run out of cash (most stalls only do cash) or had queues of 20+ people!
The market being saturated is a concern though I'm hoping the USP I could have would help with that.
I don't mind hard work and time. I'd be swapping one job with that for another and in hospitality it's just par for the course. I don't know how to not be doing something.
As it happens my degree is business management so hopefully I can work it out well enough!
I will work on saving to get some months money saved up as backup for when it starts!

CapricornLass

It may be worth looking at IZettle so that you are able to take card payments (although reception can be a problem at outside venues!). People do come expecting to pay by card these days, and its annoying to turn the business down. You pay a % on the amount paid, rather than a monthly charge.

zippychick

as this has dropped down the OS board, I've moved it the Employment board to see if you get any other input over here. Good luck with your venture!!

Zip

Hi, we move threads if we think they’ll get more help elsewhere (please read the forum rule) so this post/thread has been moved to another board. If you have any questions about this policy please email [EMAIL="forumteam@moneysavingexpert.com"]forumteam@moneysavingexpert.com[/EMAIL].

BalboaThePredatorRevealer

Hi, I would like to help!
My name Rax

I've been where you are!

Have you walked out of your job if you have I can't help you!!!

However, if your still in work, then I can help you kick booty!!!

Here we go
1- join a union independent from your company it's 35 pounds a month

2- befor leaving any job please get income protection insurance that covers unemployment,sickness and accident cover

3, if you have home insurance you should have legal cover on there, if you don't get it!!

Then what to do is ask your company nicely to offer you contract, if they don't comply get intouch with home insurance legal expense team and they will appoint a solicitor to take them to court FREE.

you can get business insurance if you want to set up your own business and you can protect your income on there too if you fail or fall sick

Good luck !!!

lincroft1710

BalboaThePredatorRevealer wrote: »

Hi, I would like to help!
My name Rax

I've been where you are!

Have you walked out of your job if you have I can't help you!!!

However, if your still in work, then I can help you kick booty!!!

Here we go
1- join a union independent from your company it's 35 pounds a month

2- befor leaving any job please get income protection insurance that covers unemployment,sickness and accident cover

3, if you have home insurance you should have legal cover on there, if you don't get it!!

Then what to do is ask your company nicely to offer you contract, if they don't comply get intouch with home insurance legal expense team and they will appoint a solicitor to take them to court FREE.

you can get business insurance if you want to set up your own business and you can protect your income on there too if you fail or fall sick

Good luck !!!

Cannot see the relevance of most of this regurgitated post to the OP's questions.