Second thoughts about starting a business?

Anyone thinking about going into business for themselves should have done all their market research and business planning beforehand.

A surprising number of us don't - I didn't, for example. There was an opportunity and I took it, thinking that if it all didn't work out I could go back into employment wiser and possibly more settled. Learning how to be self-employed after I'd set up my business cost me so much time and so many opportunities.

I'm assuming you feel you're suited to entrepreneurship and you've already drawn up a business plan and discussed it with your bank, business advisors etc?

It is easier to learn about the business of running your own company if the economic climate at the time is reasonably forgiving .... currently it isn't.

You need to ask how are other self-employed plumbers coping during this recession (eg are they doing emergency only jobs, have they got enough of these to keep busy and what's the recession doing to fee levels, slow payment and bad debts?). Forewarned is forearmed.

Good luck!

I don't believe in business plans and banks.

A plumber doesn't need a business plan or a loan if it has a van and tools, either way I am staying put for now

You're very wise.

I disagree. There's a lot more to running a business than simply just replicating the job you currently do as an employee.

Business Plans can be an important tool to help give you a strategy and direction. Numbers may turn out to be pie in the sky 12 months later, but you can revisit a business plan and edit as your experience grows.

It's easy to ignore banks, but imagine you win a lucrative contract, which will require some upfront capital from you, maybe a new van, tools, employees etc. So you may need a short term loan to enable you to take on the contract. In this case a business plan would be essential.

But it's not easy running a business, high rewards come with high risks and responsibility.

Being an employee and letting someone else have all the stress is a lot easier

Yes, you are right about : Being an employee and letting someone else have all the stress is a lot easier


This particular business - plumbing, does not require a Business plan. Banks are bad, they only give loans when you can do without a loan.
Also, you don't get contracts based on what you will invest in your company.

This is the guy who gives you spam for breakfast

Eh? Come again over?

Well I guess do have the opportunity of sticking to the work that you are doing, but aren't you wanting to start a business of your own?
See i feel starting your business has some problems in the start, but later on you get to do what you want.
I feel you should talk to your boss and keep working while you start your business. Get few more people working for you or at least a partner, so that you still have a job, you are doing your business and still have the money.

I am working part time while I set up and get my business off the ground so I have some guaranteed income and also have a back up income from elsewhere. It is tough out there, so if you could have a second source of income as business minds suggests then that would certainly take away some of the stress of setting up for you imo

Best of luck with whatever avenue you go down...