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As someone who left a very cushy job to start up my own business i understand the attraction.
Lots of pluses but also lots of negatives.
Do your homework and be honest, dont ask family members for their opnions as they dont count, they are biased one way or another.Loads around you will tell you why you cant do something, mainly because you are daring to do what they wished they could do. In fact i was shocked at how much negativity i encountered from people around me when i was setting up.
There are plenty of business forums to get good ideas on many business related subjects you may not have answers for.
Tips for you, dont use a dedicated business account unless you really need a business cheque book, it will save you on banking fees. Later on if it works out you can set up a costly business account.
Try and keep your overheads low and work them all out before even working out your prices. Unless you know what your outgoings are you cant even begin to work out prices.
To put it in perspective i needed to earn £300 per day 5 days a week to cover overheads and earn what i needed to live on. People used to see me take £500 for a job but i may not have even made enough that day to be in profit.
Keep an eye on the finances big time, dont let people put off paying you, its a slippery slope and it put me out of business.
Work out how you are going to get work, its not as easy as you think. Who are your target audience ? who has money and is prepared to part with it ?
There is a rule called the 80-20 rule and in practice it does work that way.
80 % of your profits will come from 20% of your customers, identify these customers and look after them.
Every single person you meet requires your full customer service skills.Even if they dont spend money they may remember you and tell others about you at a later date.
Its lonely being self employed so make friends with others who can relate to what you are doing,they provide support and may help you out in times of illness etc and vice versa.
Finally its better to try and fail than sit at home wondering "what if".
You have nothing to lose just go for it or forever wonder "what if".
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Topic: Self Employed in "Old Age"
