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Discussion Starter #1
Understand there is a lot of work involved- a lot of business's fail so fast within the first year.

Id love to do it but really dont know where to start. Any one tried, failed etc. Got any tips on do's and don'ts.

Not even sure in what sector to look at, obviousley it needs to be a niche market.

Im sick of making money for other people and getting paid bugger all for it.
 

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Discussion Starter #3
I'm a litigation officer, cant really set up on my own in this sort of sector- not a qualified practicing solicitor.

probably just a pipe dream, typical monday thing i suppose
 

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Starting your own biz is really a piece of ****

It just takes a bit of risk taking and a leap of faith / knowledge in yourself that you wont let it fail.

Its easy for me to say this, after having done it a couple of times - but it REALLY isnt that difficult.
 

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Discussion Starter #6
Did you write a business plan, where did you get funding to begin with. How did you convince others your idea would work
 

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gprim said:
Did you write a business plan, where did you get funding to begin with. How did you convince others your idea would work
Business Plan was in my head, but yes, I had to document something for Banks etc to see that we were serious.

We used a VC first time around (Venture Capitalist), then quickly bought him out before it became to expensive to do so - then the businesses generated income to start subsequent one's from there.

You can easily start a business for around £100k, even less if its a back bedroom set up to start off with.

Convincing others was easy, as we had a good track record in the industry we are in, therefore held a lot of goodwill in ourselves, not necessarily employer dependent.

Starting a business from scratch in a completely new sector would be a lot more challenging though.

If you cant start up something along the lines of what you do now, what expertise do you bring to the table ? (not much really) - therefore Banks will see you as high risk and will shy away from you (unless you are going to do something really low skilled like a valetting business etc).

My advice....go spend 12 months learning an industry that you are passionate about (as you will need passion to drive your company if you go it alone) - then look at ways to start up on your own from there.
 

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gprim said:
I'm a litigation officer, cant really set up on my own in this sort of sector- not a qualified practicing solicitor.

probably just a pipe dream, typical monday thing i suppose
Knowing the sort of money some lawyers make, would it not be worth getting qualified? - maybe study part time while you're doing your day job so the cash is still coming in. And while you're doing that you can start building up contacts and potential clients for when you go it alone.

In that sort of business your start up capital would not be high as essentially you're selling the contents of your head. That way you're not answerable to banks or VC's (these boys can drive a hard bargain if you need their money).

TBH the best time to go for it is when you don't have too much to lose and making the jump away from a secure monthly paycheck is easier to make.

Steve.
 

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Dark Destroyer said:
Hmm...also thought about doing this recently.

My starting point would be an advertisement in the local rag for IT support! But where from there...
ditto...to the exact word!
 

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I took a gamble/risk had no backing and didnt have any funds to start it of. It was a case of go for it and see what happens as i was in trouble!

Well i'm in my second year now of SJSdesign, was a struggle last year (at some points i thought bout giving up and had a number of sleepless nitghts!) but i didnt do to badly i was able to live ok with sacrifices, and JUST keep hold of the Evo! (turning it more into a bizz assest than a daily driver like it once was) this year I'm so busy its silly, and looking to employ some help to keep up a good level of service. In just a year Ive built up a good reputation and have people who live in various countries who only want to use SJS! (the internet is wonderful thing) plus i have the same passion as my customers for the product and the vehicles and they like dealing with a fellow enthusiast. Also the contacts i've made has been amazing and I learnt very quickly not to burn any bridges now matter how small. I sat behind a desk as a designer for 10 yrs before doing this now i still do that but i'm my own boss and dont hand over all my hard earned to someone else.

Theres just a little insight where something has come from nothing! the only finacial help i had was 2grand to live on right at the very start and thats it.

Good luck to you which ever way you go, its hard work and LONG hours but i have NO regrets at this point in time and you must have the drive and belief in your self and keep working at it. You also get a great feeling of satisfaction when its something you have acheived from your own blood, sweat and tears.

Si
 

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To be honest its a real gamble and also hard work depending on what you want to do,in the last couple of years i decided that working for myself was the way i wanted to go!
i started on 18k a year working for an employer,i now have 5 houses all 150k each that i rent,i have started an import bizness and have 5 evos in stock!plus 3 other 'normal cars',im also trying to get going on the stainlees steel exhaust side which im in the process of now and after all that none of this brings a wage and im still working for someone else for a living.

Just proves that sometimes theres got to be a little something else to help you get going!
 

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Discussion Starter #14
some really great advice here, some of which i have thought a lot about. To become a solicitor I would need at least 7k for the Law Practice certificate plus a company to learn in for about 2 years earning bugger mone- would be in serious debt within a few months. Not that passionate about the subject either.

Im not really bothered about earning loads of money- just enough to get by and profit to put back into the business.

Think I may stick with my original idea of an officer in the royal marines- then after a few years leave and start a security business or something like that.

Im only 23 so hopefully I have a lot of things to learn and experience. :)
 
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