New Business

[mastermark]

Hello all, I have been a reader of this site for quite some time and thought it was about time I registered!

I have decided to start up my own business which I plan to initially fit it in around my current employer.

I'm looking for some information if possible, I'm based in the East London area and plan to canvass locally before hopefully, branching out into wider areas. I was hoping any engineers who work in London or the East London area could give me an idea on call out and hourly charges?

Also any good, decent competitive parts suppliers locally based? not including Climate Center or Dean & Woods.

And any other issues/items I may have missed would be greatly appreciated

Thankyou all in advance

Mark

[monkey spanners]

Get some quotes on liability insurance first and sort out your premesis code and waste handling licence.

Get a RAC yearbook, had some in my local climate on the counter the other day, this will have a list of wholesalers to call round for prices. You will need to sort out credit references unless you go for a cash account.

Work out how much money you need to live, how many hour you will be working, what all your training, vehicle, tool, insurance, licence, accountant, rent, phone, advertising, work clothing and laundry, parking fines, tax and pension costs etc etc are are that will give you your hourly rates, don't forget to allow for holidays etc and sick days...

Work out a business plan, take it to someone like Business Link to get their input. Set up a business bank account.

If you have an ok paying job i wouldn't bother in todays climate, have been self employed for nine years and this last year has been one of the worst, poor margins, job getting people to pay etc etc.

Good luck :)

[cadwaladr]

think long and hard,if you have a decent well paying job stay there as previous/monkey says too many pitfalls!

[RONB]

As Monkey and Cadwaladar have said think long and hard about giving up what you have got at the moment. I have been a subby for ten years and I have just packed in and gone on the books again. The good days have gone and the margins are getting smaller. Someone will always try to undercut you on most jobs you quote on and in this day and age the main contractor will almost always take the lowest price. I've seen a downward trend over the last three years, the work is starting later every year and I can't see things improving anytime soon. But looking at it from another side if you think you ave a good business plan and if you already have you foot in the door with various clients who you can trust to give you work it might work out for you in the long run. All I can say again is be very careful about jumping in to the self employed game and make sure you have covered all your bases.