More jobs than a one man band..... anyone else have this much on their task sheet.

Danny1969 · June 2018

I've been running my own business since I was in my early twenties. First building and decorating business, then computer company, then recording studio and now inventing and selling Dr Watson products. I doubt I could actually work for anyone else now, it would be like being back at school being told what and when to do

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As I write this I'm covering a mates shop and it's a complete ball ache as I have to be here at 9 in the morning and stay here till 5:30 !! .... I generally like to start to start at the crack of 10:30 \ 11 ish and knock work on the head about 3 in the summer

Low overheads is the key to happy self employment. When I was a partner in Clones UK we had to make something like £500 profit a day just to pay the bills. You can be a busy fool in business, better to find the optimum sweet spot of good profit and zero hassle.

octatonic · June 2018

Danny1969 said:

You can be a busy fool in business, better to find the optimum sweet spot of good profit and zero hassle.

Spot on.
It is why I stopped building guitars (some would say I never properly started)- the margins were not there to justify it when I have another business that requires a much small amount of time in order to make a living.

ThorpyFX · June 2018

octatonic said:

Danny1969 said:

You can be a busy fool in business, better to find the optimum sweet spot of good profit and zero hassle.

Spot on.
It is why I stopped building guitars (some would say I never properly started)- the margins were not there to justify it when I have another business that requires a much small amount of time in order to make a living.

Its a fact of life that margin is vital...... takes the magic out of it but.. necessary.

guitars4you · June 2018

From an old TYA Alvin Lee song - you have to work for your pension until your 65 - So whatever you do, try and enjoy it

A plus point in our trade, for many of us 'self employed guys' is that our job is an extension of our hobby - We need no qualification to actually be in business and to carry out the functions that we perform - But we need many other attributes that have been mentioned above in order to survive and grow with a reputation intact

Working for yourself is not for everyone - Granted there are a few like Sugar and Dyson who make millions, but many have a 'life style' business - And unfortunately many don't survive beyond 2 years

JezWynd · June 2018

Do you have to do it all yourself? One of the best skills a self employed person can have is learning to delegate.

AlexO · June 2018

Can appreciate this completely. Myself and my wife opened a physical shop 2 years ago after running a online homewares business and it's the most bizarre love / hate journey working for yourself.
Working with your partner is even harder.

Owning two of your pedals and seeing the recognition and plaudits you are getting in such a overcrowded market place, you're doing everything the right way. Now the big question @ThorpyFX ; when are you making a delay?

ThorpyFX · June 2018

JezWynd said:

Do you have to do it all yourself? One of the best skills a self employed person can have is learning to delegate.

Delegation is something I'm well aware of as a concept. We call it Mission Command in the Army... however it assumes you have people to delegate to lol. In previous roles I've had a team of up to 900 people to delegate to..... currently I have me and me and me and my wife too.

Ultimately, delegation in a company costs a lot of money, so at the moment I'm keeping overheads low and doing as much as i can myself. I am not moaning, its a trade off and cash flow is king.

TateFX · June 2018

You're pretty handy with the camera mate!

guitars4you · June 2018

AlexO said:

Now the big question @ThorpyFX ; when are you making a delay?

I asked him the same question and not had a reply yet - so that is a very long delay !

CHrisP86 · June 2018

I’m an accountant and see lots of small business owners going through this struggle.

Its also easy to get annoyed from an accountants perspective when people bring records in late or don’t send in enough information but I have huge respect for anyone running their own business for all the reasons above. It’s really not an easy life.

I just hope that everyone on here gets enough enjoyment from the core parts of their businesses to keep going. We have a community of some really talented people that it would be a shame to lose.

I also worry about HMRC and the lauded ‘making tax digital’ plans that are starting to phase in soon. I just hope it doesn’t add too much more of a burden on to small businesses. These things are never as simple as made out!

Rabs · June 2018

And yes by the way it is very tough....

The thing is for me is that I spent nearly 20 years in the computer games industry (as well as working in recording studios and as a video sound editor at the BBC).. A certain set of circumstances meant that I left the industry for a couple of years.. When I tried to get work again there was no work (deep recession) and I already had people questioning my credentials despite having worked in the industry for so long. So in the end my options were basically to do something unskilled or re-train and do something like being a plumber or electrician...

As it goes I had started building my own guitar just out of pure boredom after the last redundancy ( I was made redundant like 8 times) and being out of work for a year already... That went better than I thought so I decided that if I was going to have to learn something new I was going to (try) do something I liked.

And id say despite the some of the stresses involved I am a much happier person doing what I do now. Also im in a very different position to most.. I have no debt at all and no wife or kids to pay for or there is no way I would have risked doing this it really isn't easy and takes all you have and takes a LONG time to build up.

JezWynd · June 2018

ThorpyFX said:

JezWynd said:

Do you have to do it all yourself? One of the best skills a self employed person can have is learning to delegate.

Delegation is something I'm well aware of as a concept. We call it Mission Command in the Army... however it assumes you have people to delegate to lol. In previous roles I've had a team of up to 900 people to delegate to..... currently I have me and me and me and my wife too.

Ultimately, delegation in a company costs a lot of money, so at the moment I'm keeping overheads low and doing as much as i can myself. I am not moaning, its a trade off and cash flow is king.

Understand what you are saying but there are some jobs - the videography for instance - where you could very likely find some talented kids who are looking to showcase their skills. They would probably make you very professional pieces for little or no reward just to get experience and exposure. Sure, you would have to spend some time interviewing to get the right fit for your business but contacts like these can grow and be rewarding in the long term. A bit different to the army where bodies arrive and you order them to do stuff. Am I teaching grandma to suck eggs? ;

Rabs · June 2018

CHrisP86 said:

I also worry about HMRC and the lauded ‘making tax digital’ plans that are starting to phase in soon. I just hope it doesn’t add too much more of a burden on to small businesses. These things are never as simple as made out!

I have done the online tax thing the last couple of years... Mostly since my records are so few that I don't really see much point in getting an accountant just yet..

And im really crap at paperwork and figures and I found it VERY easy to use. I have to do it by paper when I send stuff to the council and the DWP and actually the HMRC one is the easiest of all of them.. You just fill in the boxes and it works it all out for you.. Ok granted, theres not much to work out in my case, maybe someone with a much higher turnover and outlays, staff and stuff I don't have to deal with would not find it so easy?

AlexHunter · June 2018

How much time do you apportion to each area and how on earth do you prioritise the tasks? Would outsourcing the supply chain/stock management/pick, pack and ship elements free up enough time to let you offset the cost through a production increase, or just give you more time doing non-business life stuff?

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More jobs than a one man band..... anyone else have this much on their task sheet.

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