Bouncy castle business or similar??

saajan_12

phill2-0-0-3 said:

elsien said:

Have you looked into at the market and demand is in your area? Also the  seasonality factors?
 Being self-employed can be very stressful. if you’re off with stress on a five hour week contract, it’s very likely that’s as much related to your personal life as it is to work. Which is not going to change, whichever jobs you do.

But as for locally how much work is about I'm unsure .
He seems to be doing well for himself new van £5k Rolex etc.  
In his 30s . 

I'm sure you're not but this is the very worst way of assessing if a business is profitable.. He could be racking up loans, not paying taxes, inherited money, who knows. 

better research what the going rates are, what the costs are, and how in demand you would be. 

Savvy_Sue

And get the "pay me what you think is fair" mentality out of your head.

I have no idea what's "fair": I may know how long the job has taken but what consumables have you needed, how far have you travelled, how much prep did you do off-site? How long will you need to unload van and prep for next job? 

kimwp

Savvy_Sue said:

And get the "pay me what you think is fair" mentality out of your head.

I have no idea what's "fair": I may know how long the job has taken but what consumables have you needed, how far have you travelled, how much prep did you do off-site? How long will you need to unload van and prep for next job? 

Particularly at the moment - costs are going up so much, everything seems very expensive, so even fair people will probably underpay.

phill2-0-0-3

saajan_12 said:

phill2-0-0-3 said:

elsien said:

Have you looked into at the market and demand is in your area? Also the  seasonality factors?
 Being self-employed can be very stressful. if you’re off with stress on a five hour week contract, it’s very likely that’s as much related to your personal life as it is to work. Which is not going to change, whichever jobs you do.

But as for locally how much work is about I'm unsure .
He seems to be doing well for himself new van £5k Rolex etc.  
In his 30s . 

I'm sure you're not but this is the very worst way of assessing if a business is profitable.. He could be racking up loans, not paying taxes, inherited money, who knows. 

better research what the going rates are, what the costs are, and how in demand you would be. 

Hes a friend . 
He definitely pays he's taxes etc . 
Has a accountant that he was recommending to me .
But as I would be very minimal unsure I would need a accountant to start with . 
He's said it's going well . 
Obviously more in the summer time . 
He was going to sell of part of the work as he has to much and has to start hiring people . 
Still waiting to see if he sells off some of the jobs . 
Hopefully. 

phill2-0-0-3

kimwp said:

Savvy_Sue said:

And get the "pay me what you think is fair" mentality out of your head.

I have no idea what's "fair": I may know how long the job has taken but what consumables have you needed, how far have you travelled, how much prep did you do off-site? How long will you need to unload van and prep for next job? 

Particularly at the moment - costs are going up so much, everything seems very expensive, so even fair people will probably underpay.

Yes I understand I couldn't do that now . 
That was before I had a family etc .

I've looked within the area what big company's charge . 
So would just come in 20% lower . 
Id rather give it a try and fail that never have tried . 

Just trying to go for ones that are most profitable with the least input .

Or any other options people have . 
Even investing or alike . 

But obviously that's higher risk . 

kimwp

phill2-0-0-3 said:

saajan_12 said:

phill2-0-0-3 said:

elsien said:

Have you looked into at the market and demand is in your area? Also the  seasonality factors?
 Being self-employed can be very stressful. if you’re off with stress on a five hour week contract, it’s very likely that’s as much related to your personal life as it is to work. Which is not going to change, whichever jobs you do.

But as for locally how much work is about I'm unsure .
He seems to be doing well for himself new van £5k Rolex etc.  
In his 30s . 

I'm sure you're not but this is the very worst way of assessing if a business is profitable.. He could be racking up loans, not paying taxes, inherited money, who knows. 

better research what the going rates are, what the costs are, and how in demand you would be. 

Hes a friend . 
He definitely pays he's taxes etc . 
Has a accountant that he was recommending to me .
But as I would be very minimal unsure I would need a accountant to start with . 
He's said it's going well . 
Obviously more in the summer time . 
He was going to sell of part of the work as he has to much and has to start hiring people . 
Still waiting to see if he sells off some of the jobs . 
Hopefully. 

If he's a friend, ask him to talk you through the numbers (when do you start making a profit, what influences how much profit you make) and the pros and cons of the work.

elsien

And tax. Don’t forget about putting that aside right from the start. 

phill2-0-0-3

elsien said:

And tax. Don’t forget about putting that aside right from the start. 

Will always put tax aside . 
But that's obviously if I hit the bracket .
Only looking to earn £200 a week profit to start .
My outgoings are very low .
And unlikely I would make any money the first year due to the cost of the equipment I would need . .


 

phill2-0-0-3

kimwp said:

phill2-0-0-3 said:

saajan_12 said:

phill2-0-0-3 said:

elsien said:

Have you looked into at the market and demand is in your area? Also the  seasonality factors?
 Being self-employed can be very stressful. if you’re off with stress on a five hour week contract, it’s very likely that’s as much related to your personal life as it is to work. Which is not going to change, whichever jobs you do.

But as for locally how much work is about I'm unsure .
He seems to be doing well for himself new van £5k Rolex etc.  
In his 30s . 

I'm sure you're not but this is the very worst way of assessing if a business is profitable.. He could be racking up loans, not paying taxes, inherited money, who knows. 

better research what the going rates are, what the costs are, and how in demand you would be. 

Hes a friend . 
He definitely pays he's taxes etc . 
Has a accountant that he was recommending to me .
But as I would be very minimal unsure I would need a accountant to start with . 
He's said it's going well . 
Obviously more in the summer time . 
He was going to sell of part of the work as he has to much and has to start hiring people . 
Still waiting to see if he sells off some of the jobs . 
Hopefully. 

If he's a friend, ask him to talk you through the numbers (when do you start making a profit, what influences how much profit you make) and the pros and cons of the work.

He's a friend . But not a close friend . 

He won't want me stepping on his toes . 
I spoke with him today about potential starting up a business but didn't want to step on his toes . 
He said about part time work with him to start of
I did say I would want to progress etc .
Which he said he understands and can discuss it later down the line . 
But also said about about taking over jobs when he's ready .
Or to progress onto potentially other revenue streams within similar industry. 
AstroTurf cleaning etc etc. 

Unsure if it's just to stop me starting up . 
But seems a good way to start off . 
And he said he can work around my family commitments. 
Obviously on a self employed basics . 

Appreciate all the advice .