Considering Self Employment

[chazco]

Hello,

 

I've just posted another thread regarding looking for employment in Sheffield. However, if that doesn't work out I'm also considering the possibility of going self-employed.

 

The idea of working for myself is quite attractive, even though it may well be more work and less reward (as in money) than a regular job. I do have a couple of possible business ideas but oddly enough none of them are related to my degree or skill set in any way.

 

Without giving too much away the first idea involves producing a particular type of customised clothing. It's fairly easy for me to do and I can't see anyone else in the UK who is currently doing the same thing. The tricky bit at the moment appears to be finding components.

 

I can't really explain what the second idea is without giving away the full details (which might actually break the forum rules). I know how that sounds so let me assure you it's nothing dubious or of questionable morality/legality. It would basically involve importing products into the UK which are difficult to get hold of here.

 

These would probably be online businesses, at least to start with. I've been teaching myself PHP and have wrote an online store front which should work quite well for my needs. I'd probably also look at listing items on eBay as well - the more places people can buy the better I hope

 

I'm researching how to get started at the moment but would value input from anyone else who has recently started a business from scratch in the Sheffield area.

 

Any advice, hints or tips, thoughts or just general information would be really appreciated

 

Many thanks,

 

chazco

[Chez2]

Why do you assume working for yourself would be less rewarding financially than being employed? I can't help much as I don't know about your industry. I set up my business in February 2009 but I knew the industry already. If you have a good business plan and can ride out the initial lag in revenue generation/salary then I would go for it.

[jazer]

been self employed for over 15 yrs best thing i ever did being your own boss is great no one to answer to but yourself go for it mate you obviously no what you want all best

[TJC1]

All you need is a good idea and £6 million pounds...

 

But seriously, self-employed is the best paying job out there. CEO's of companies earn on average £164'000 a year.

 

Big potential to make a shed load of cash (but not immediately!).

 

edit: I should say 'company directors'.

[sharpend]

You are on the right lines when you say that you need multiple sources of outlets but start off asking just one question.

 

How are you going to motivate people into paying cold hard cash for your clothing?

[chazco]

Thanks for all the responses - very useful

 

Why do you assume working for yourself would be less rewarding financially than being employed? I can't help much as I don't know about your industry. I set up my business in February 2009 but I knew the industry already. If you have a good business plan and can ride out the initial lag in revenue generation/salary then I would go for it.

 

It was mostly just an assumption that small businesses presumably don't have huge turnovers, at least at first.

 

been self employed for over 15 yrs best thing i ever did being your own boss is great no one to answer to but yourself go for it mate you obviously no what you want all best

 

It's something I'm really interested in pursuing. I've recently found out that SHU has an advice and support service for this sort of thing which is open to graduates, so I'm planning on taking advantage of that

 

All you need is a good idea and £6 million pounds...

 

But seriously, self-employed is the best paying job out there. CEO's of companies earn on average £164'000 a year.

 

Big potential to make a shed load of cash (but not immediately!).

 

edit: I should say 'company directors'.

 

I'm not quite at the £6 million pounds figure just yet unfortunately. I certainly agree that there can often be a lot of potential out there for these things.

 

You are on the right lines when you say that you need multiple sources of outlets but start off asking just one question.

 

How are you going to motivate people into paying cold hard cash for your clothing?

 

I'm very confident that demand is there for the products (I've worn 'prototypes' out and about in Sheffield and have actually been stopped and asked where I got them from on many occasions). Obviously advertising would be a good idea - considering my likely target audience I think social media would be an interesting (and cheap) way to start...

[Artofwork]

As you already know, I suggest an online store and if you should need any help designing your website, I just happen to know someone who is very friendly...

 

Video Website Design

[gravity labs]

I was once watching Dragons Den and they said that the clothing industry is one of the most competative in the world. You will need a good brand to have success. Facebook is probably the cheapest way of advertising etc.

[Ha3el]

there are pros and cons of both. I thought by being full time self employed i'd have a bit more flexibility with time and be able to spend a bit more time with my daughter but its sort of worked the opposite way - being self employed i dont get paid holidays etc so i have to work over where most are off for xmas etc for example, otherwise i have unhappy customers and no money. it's hard work, but it is very rewarding knowing that you're working for yourself and not someone elses pocket, there is no limit to your earning potential if you can put in the effort - unlike a paid job with a fixed salary. clothing is very competitive yes, and there is always someone else doing it cheaper and even if you think nobody is doing what you're considering i would look harder as you're probably wrong! that said if you supply clothing you have put your own thought into/made/customised etc and you see people out wearing it or saying how happy they are with it its the best feeling. i love going to events and seeing people wearing things i've made, makes all the hard work really worthwhile.

 

You dont need loads of experience in a field to make money, just common sense. if you know you can make money doing something then do it, but make sure you research and consider everything, and start small and build up to fit demand - not the other way around.

 

whatever you decide to do, good luck

[jobs4everyon]

Hi Chazco,

 

I completely understand the position you are in, 4 years ago I set off on a journey to become self-employed and it wasnt until last week that we officially launched.

 

As a graduate of Sheffield Hallam myself I also went through the SHU Enterprise and can highly recommend it. At the end of the day though a large part of whether you will make it will come down to how much you really want it.

 

I have just written a blog on my experience of setting the company up and how and why it took 4 years, hopefully you will gain some inspiration from it.

 

You can find it here

 

My advice though, is if you really want it and you are prepared to go through the turbulent times ahead (because life will get tougher!) then you should jump in feet first!

 

Good luck!

 

Rich