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HappyHeart

Running your own small business

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For anyone who's done it...pro's and con's...obviously you don't get holidays and you must work to keep the business going etc, make a small profit...how hard is it?

 

Has anyone experience of running their own small business and is it more trouble than it's worth?

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Hi

 

Having run my own business in both the Uk and in Aus, I've found that once bitten with the working for yourself bug, it's pretty difficult to get rid of it.

 

I've found, once you get your head around how things are done over here, the actual keeping up with the bookwork is easier, as you are forced to do it quarterly ( as opposed to yearly ) but employing people is much more costly and certainly not as straight forward as the Uk.

 

Pros are nobody bossing you around. More money. A certain satisfaction of being able to not only support your only family, but also your employees familys.

 

Cons are for me, at the moment, no holidays. No holidays. I want a holiday. Please, please I just want a holiday. Ok, I'll settle for a day off.

 

Chris x

Edited by crispysince70

Tassie Rules OK

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Thanks Crispy...more money? Really? I expected just to break even and be able to pay bills? suppose all depends on the business...what do you do? Do you have any business quals..are they essential?

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I had a barbers shop in the Uk and now also own one here. No business qualifications needed other than the trade qualification.

 

Chris x


Tassie Rules OK

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Guest Guest40285
For anyone who's done it...pro's and con's...obviously you don't get holidays and you must work to keep the business going etc, make a small profit...how hard is it?

 

Has anyone experience of running their own small business and is it more trouble than it's worth?

 

You have to really want it, its not easy at all, I mean really want it, To me there is way more pros than cons, Im a sole trader but love working for myself, its mine and all mine, Nobody telling me what to do, yeah long hours working and at home working more, often sh!te pay, but you put as much in as you take out, I dont earn that much but I work for me, I can have days off whenever I like. Its really hard work and lots of people cant handle it, others strive off it and it drives them, Im driven by it and cant imagine ever working for the Man again, Had my own business for a long time, always looking to better it and provide a better service. To me its never more trouble than its worth, but it really does take hard work,more hard work and will to succeed.

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so..how do you go about obtaining finance (thinking of buying established business) and how hard is that to do?

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Thanks for this thread HH, I was wondering the same thing.

Will be watching this thread with interest.

 

Metoo x


Flights booked for Sydney 29/09/2015 :cool:

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Guest Guest40285
what do you do Matt?

 

I am a Horticulturist / Nurseryman by trade, I do soft landscaping, landscape maintenance, acreage mowing / Slashing, Fruit tree grafting for nurseries and farm work, also contract conservation regeneration.

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Guest Guest40285
so..how do you go about obtaining finance (thinking of buying established business) and how hard is that to do?

 

Get copies of all accounts and go see an accountant, Also need to ask why they are selling ?? I sold one of my mowing runs a few years back, Guy buying took a copy of everything I had to his accountant it was a good run and I sold it cheap, but you have to look into lots of things, How established is it ? why are they really selling ? At the end of the day lots of the time business's are sold as wiwo and they are really only selling the good will ?? and how much is that worth ??

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For anyone who's done it...pro's and con's...obviously you don't get holidays and you must work to keep the business going etc, make a small profit...how hard is it?

 

Has anyone experience of running their own small business and is it more trouble than it's worth?

 

 

I run my own small business , have done for 20 years , here in the u.k ...out of necessity , not desire

 

To succeed ,you have to be very disciplined .....determined ....and stubborn

 

After 20 yrs , would I work for myself , or take a well paid job , working for someone else .

The well paid job everyday of the week ...that way you can structure your life ...super ...holidays ...pension .

 

we have had some great holidays on the back of the good times ...but you can have loads of ups and downs ...

 

your pay can go something like this week to week

 

a bit ....nothing ....a bit .....brilliant ....great ...nothing ....

 

as an example I spoke to a bloke in the gyn this morning , hes a self employed architect .

Hes just had someone go bust on him for £33k ......

 

if I was you in Australia , with a decent , secure job, never mind the salary ...STICK


BUT I DONT FEEL AFRAID

AS LONG AS I GAZE AT

WATERLOO SUNSET

IAM IN PARADISE

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The biggest gripe in this state seems to be the amount of red tape you have to put up with. Am not sure if this is true of other states also.

Your WA Department of Economic Development - or whatever the equivalent is called - should have information, and maybe even courses and mentoring, for people considering or embarking on a small business for the first time.

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Guest Andy
Bumping this...any other experiences?

I have run my own building business (bricklayer by trade) for donkeys years, I have become institutionalised if you like when it comes to working for myself, I love the freedom. Thre is no way I could work a 9-5 job and be told what to do. There are obviously down sides as sometimes its a real struggle if work is tight, for instance I am earning the same as I was 10 years ago but things do seem to be on the up so hopefully I can cash in. I personally would not have it any other way.

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I ran a small business for a while, and am thinking of going back to it/something similar at some point. I found that this forum http://www.flyingsolo.com.au was a great resource for information.

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Hmmm just spend ages on the phone to the bank exploring various scenarios and looks like bottom line is we don't have enough capital

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Guest Andy

 

Hmmm just spend ages on the phone to the bank exploring various scenarios and looks like bottom line is we don't have enough capital
What sort of business is it, and how much?

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What sort of business is it, and how much?

 

Thats just it, I don't know, it's the very early stage just having a think really but likely to be food/hospitality or retail....small cafe/bar maybe

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Guest Andy
Thats just it, I don't know, it's the very early stage just having a think really but likely to be food/hospitality or retail....small cafe/bar maybe

If you don't mind me asking, how much capital have you got and could you borrow against your house?

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If you don't mind me asking, how much capital have you got and could you borrow against your house?

 

Yeah thats just the thing, the equity in the house in not enough to fund even the cheapest business venture...I'm not quite sure how he number crunched it but basically they would offer around $35000 based on the house:twitcy:......interestingly though, our borrowing power for a new home is much, much more than we currently borrow and potential is there to buy new property with business thrown in.....

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I am a Horticulturist / Nurseryman by trade, I do soft landscaping, landscape maintenance, acreage mowing / Slashing, Fruit tree grafting for nurseries and farm work, also contract conservation regeneration.

 

 

 

 

Hi Mattw,

oooh sounds good what sort of qualifications do you need? i mean if you are just doing private work do you need any? how easy is it to become self employed there did you find it hard to drum up the business?

The sort of thing we do here is landscaping so wondering if you could enlighten me on a few things to do with the business, what would be you top tips please

thanks

Tab


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Guest Guest40285
Hi Mattw,

oooh sounds good what sort of qualifications do you need? i mean if you are just doing private work do you need any? how easy is it to become self employed there did you find it hard to drum up the business?

The sort of thing we do here is landscaping so wondering if you could enlighten me on a few things to do with the business, what would be you top tips please

thanks

Tab

 

Hey @tabitha10 Lots of people ask for trade qaulifications in the landscape side also insurances so you can cover your arse should anything go wrong, Nurseries wont even look at you with out qaulifications, In Aus you need certificates and qaulifications for everything, I have to redo my Chemical application cert every five years. I graft trees part time in a couple fruit tree nurseries so I get paid per tree, the head Nurseryman watches me like a hawk. Becoming self employed is so easy you just get and ABN ( Australian Business number ) also register your business name, accountant can do all this for you, but will charge for it. I advertise around 4 times a year in the local paper and local town magazine like a community rag thing. Most of my work is word of mouth, I pick up new work all the time in the pub and at my daughetrs schools. I Advertise at school as well and sponsor one or two things at the local show. Im no high flying business man at all, I just hate being told what to do and love being my own boss, I dont really have any top tips, but if you put it out there and are determind enough have a positive attitude and provide a really good service at a good rate you will be fine.

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I run my own business. Means my income is a lot more, and I can pay less tax. But I only took 3 days holiday (plus public - some of which I worked anyway) in the last financial year.

 

Pros :-

Money

Multi-clients

Tax advantages

 

Cons :-

Unpaid Holiday

Paperwork

 

It was forced on me though, but I'm 3 years in and enjoying it.

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Yeah thats just the thing, the equity in the house in not enough to fund even the cheapest business venture...I'm not quite sure how he number crunched it but basically they would offer around $35000 based on the house:twitcy:......interestingly though, our borrowing power for a new home is much, much more than we currently borrow and potential is there to buy new property with business thrown in.....

 

I know where you are coming from. I have no equity or funds - just put everything into building a house. At the same time my skills are not wanted by industry due to the mining downturn and are not suitable at the moment for self employment for the same reason. But, that is the very reason I am going to launch me own business. It is scary as hell. But if you think outside the box it is possible. You need to think about what skills or interests you have outside of what you would market yourself for a job and look at them. Then start thinking about how you can apply them within your means.

 

For me, that has led to a food business that I am getting ready to launch. But I also looked at a huge range if things such as market stalls. It has also inspired my wife - she hasn't worked since being in Oz. Then one day she bought some VERY expensive jams and preserves and thought they were disgusting. So is looking to make her own and sell them at market stalls - people make very successful business's that way. My research has found people making six figure incomes from market stalls. She isn't interested in the sort of money. Just enough to be independent.

 

For me, I am taking inspiration from my brother in law. He quit his job and announced he was selling his house in 2008 just after the GFC hit London. He said he wanted to open a restaurant but needed to raise a million pounds. Needless to say we all thought he was mad - heck, this was the GFC, no one was investing in anything, let alone a restaurant by a guy with no restaurant experience. Well, he raised his million, opened, has been voted best restaurant in London, listed by the Times as one of the most influential people in London, launched a cook book that knocked Jamie Oliver off the number 1 spot and opened a second restaurant. That has taught me, dreams are possible. It can and will be very hard work. But, I know if I asked him what his regrets are, he would say not doing it earlier.

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