For those who run a business - what kind is it?

Roxy's Mum

Roxy's Mum

New Member
Jul 21, 2009
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I guess this is rather nosey of me...

... but following own from the thread re starting one's own company, which is something I have thought and do still readily think about, who on here owns their own company - and doing what?

I have seen an internet company for sale I'm very interested in - just wondering how everybody else started out?

ETA: And how did you get started? (If you don't mind my asking :biggrin:)
 
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My family runs a tax advisory service for merchant Seamen. Basically guys that work out of the UK at sea can be eligible for tax relief so we sort this out for them and claim it back.

I'm still learning the ropes so don't run the company yet but my Dad is wanting to retire soon so my sister will take the helm as the overal boss and I'll be second in command and taking over her role as general HR manager type person as well as tax advisor.

My dad used to be a director of another tax company doing the same thing but got sick of all the BS and so set up on his own (taking most of his clients with him from his previous company!:giggle) and literally set up an office in the dining room of our old family home with just him and a receptionist! 15 years later we work from an old pub building and theres about 16 staff in total and we have around 3500 clients which is still constantly growing!

Good luck with whatever you decide to do!
 
I am a self employed adult placement carer (like fostering for adults with learning disabilities) and we have 3 ladies who live with us as part of our family. We sub contract to social services effectively.

I also am a partner of www.bournepursuits.co.uk a day service for adults with learing disabilities, which I hope will replace the adult placement long term. I am really fond of the ladies, but would like to get my home back eventually - i fantasise about a 2 bed cottage with just me and hubby instead of the 6 bed sprawl with the 7 of us and various boy/girl friends. Cant moan too much as it pays my bills and for Rosie :tongue:
 
We have a Home Improvements and building company. Was started nearly three years ago.

I am also just starting in making and selling jewellery and may possibly outbranch to selling beads etc next year too.

Previously (in what seems like a past life!) I also ran and co-owned a falconry business.

I have also been a self employed registered childminder in the past.
 
We had an ISP and Telecoms company which we sold in 2007. We had over 50 staff :help:

We have now set up to do the same again (started trading early 2009) but plan not to expand too much staff wise LOL.

We had other shareholders etc last time but are going to try and keep things a bit more simple this time, if that's possible.
 
I have a marketing and design company. We also do PR but I hate doing that so try to avoid it if possible.

I started as the company I was a marketing consultant for was going into administration and my biggest client asked me if I would go freelance for them. I also had an offer of a good job in London but my family has always been in business so it seemed like a good opportunity. I really just thought it would last a couple of years and then I would take my money and go back to Oz but we are still going 8 years later.

Never intended to start a business and have been very, very lucky. Rubbish business plan as I only have one major client and never had time to get others without getting lots of staff. But as my plan is to go back to Oz I don't want to spend a lot of time expanding when I am busy enough with what I have. And because my client was used to paying agency rates I have good margin.

My client is a huge multi-national and I worried about getting paid on time which would be a pain with paying freelancers. So I got an agreement that they would pay on 30 days - only once have they been late - 3 days! We are more like part of their company really.

Obviously, if they go I won't have a business, but I am planning on going anyway and I use a team of freelancers (one full timer) and they all know the score.

It would be weird working for someone else now. Particularly as I would have to explain why I am leaving the office in jods at 2!
 
I don't own a business but I am aiming to get as many buy to let properties as I can and I manage those. It would truly be a last resort for me to go back to working for somebody else again.
 
Saddlery. :)

I have always dealt in used tack and riding-wear, and taught freelance in the UK (back in the 'pre-sue for anything days!). I used to 'source' equestrian things for people - back in the Pre-eBay days (can anyone remember that far back?!) For example, a mother would call me and say that her 3 kids aged 5, 7 and 12 were off to PC Camp in 4 days' time, and they each needed a hacking jacket, boots, and jods! She'd give me a budget, I'd find them, and deliver them! The customers paid for the privilidge of not having to traipse around saddlery shops or car-boot sales! :D I really enjoyed doing it. :)

I also started my saddlery training alongside my business.

Paul started his business 18 years ago. When we came out here, we wound his business up. We never planned on doing saddlery again!

But hey-ho....we are, so I had to set up another business. :)
 
Gosh what a varied type of businesses!!

Sorry to ask but did you all have pots of money to set the business up? I have so many ideas of how to run a cafe and additional things to make extra income but i dont have spare cash or property ....

My dad said today 'well Hazel people with money make money' i refuse to believe this. I have determination and am prepared to work hard just because i dont have money doesnt mean i can set up and run a business or does it?
 
cobmum said:
My dad said today 'well Hazel people with money make money' i refuse to believe this. I have determination and am prepared to work hard just because i dont have money doesnt mean i can set up and run a business or does it?
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In a lot of ways, your dad is right! :( We don't make massive money at all. It puts food on the table. That's it. People see our KV stuff on the forums and think that because lots of people order, we must make a fortune. We don't. If we did, we wouldn't be living in a house with no heating, with termites eating their way through the walls! :eek: :(

If we HAD plenty of money, then we could afford to buy the leather in large quantities at a discount. We could buy 1,000 buckles at a time, rather than 100. Because we DON'T have the money, we lose out on saving a lot on our outgoings and expenses. It cuts our profit a hell of a lot. :(

You DO need some serious financial backing behind you, or at least a plan on what you will live on for the first year or so. Don't expect profit for a LONG time. :(

But yes, if you are determined and work hard, and have some financial backing, then there's no reason you can't make a go of it. :)

Good luck. :)
 
cobmum said:
Gosh what a varied type of businesses!!

Sorry to ask but did you all have pots of money to set the business up? I have so many ideas of how to run a cafe and additional things to make extra income but i dont have spare cash or property ....

My dad said today 'well Hazel people with money make money' i refuse to believe this. I have determination and am prepared to work hard just because i dont have money doesnt mean i can set up and run a business or does it?
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Agree with KV and your dad in a way. Having money gives you more freedom to take risks and invest in a business. And it gives you the back up. But you don't need money to make a go of it, there's lots of people who have started with nothing and made it. But there's also lots of people who lose their houses chasing a business dream.

I was lucky in that I went from a well paid job straight to a high margin business with a great customer. I also had no kids to worry about. I left my job on the Friday and on the Monday I was in Amsterdam taking work from my client so never had any period without work and money. Because I am selling my time and freelancers time I have relatively few overheads or set up costs. Couple of macs, rent a small office, decent printer, phone and internet and I was ready to go. All my travel costs are paid for by clients.

I have been fortunate not to have a cash flow problem which is the downfall of many small businesses. That is partly because I charge high agency rates and have low costs but also because I am not buying stock (photo images for example) until it is required. In a cafe you will have to buy in food before you have definite orders - therefore you have a risk of not selling it but still bearing the cost. I don't have stock to pay for which eliminates a lot of risk and cost.

But if you do all the maths, work hard and have a certain amount of luck you can do it. Good luck!
 
We didn't have lots of money but borrowed on the equity in our house. Unlike many other people, we have remained in our first marital home rather than trading up as our income has increased.

It's hard because in order to make a real go of it I think the best bet is to pay yourself a small regular wage, even if beusiness is going well, and then reinvest the rest or have it a rainy day money to continue paying that regular wage in the tough times. My houses are a long term investment that simply need to tick over. I take nothing from my house income, it is ploughed back into paying off the loans and improving the houses.

I have seen a number of our aquaintances fall by the wayside because they took more in the goods times and have nothing to get them through the bad times and their businesses have folded as a result.
 
My dad had always wanted me to work for him, and 7 years ago I gave in. 2 years ago, with Dad semi-retiring we took the decision to re-structure making me director and to work from home. We do market research, which covers lots of different types. Last week I was conducting focus groups about home service providers, today I am analysing some data and tables for a major retail brand and starting some end of year reports for a skincare brand.

Whilst I love the flexibility of running my own business, I am getting quite lonely working on my own everyday. My dad works from his home part time and I have a couple of people working part time from home. Work has been coming in at a perfect pace this last year, but I haven't pushed for any. I need to make the decision whether to start selling, grow the business and move into an office, or just be happy with the way things are at the moment.
 
tiga said:
Agree with KV and your dad in a way. Having money gives you more freedom to take risks and invest in a business. And it gives you the back up. But you don't need money to make a go of it, there's lots of people who have started with nothing and made it. But there's also lots of people who lose their houses chasing a business dream.

I was lucky in that I went from a well paid job straight to a high margin business with a great customer. I also had no kids to worry about. I left my job on the Friday and on the Monday I was in Amsterdam taking work from my client so never had any period without work and money. Because I am selling my time and freelancers time I have relatively few overheads or set up costs. Couple of macs, rent a small office, decent printer, phone and internet and I was ready to go. All my travel costs are paid for by clients.

I have been fortunate not to have a cash flow problem which is the downfall of many small businesses. That is partly because I charge high agency rates and have low costs but also because I am not buying stock (photo images for example) until it is required. In a cafe you will have to buy in food before you have definite orders - therefore you have a risk of not selling it but still bearing the cost. I don't have stock to pay for which eliminates a lot of risk and cost.

But if you do all the maths, work hard and have a certain amount of luck you can do it. Good luck!
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Your set up sounds very similar to mine. Although we have multiple clients, which can sometimes cause cash flow problems! Although in general things are ok.
 
MissMare said:
Whilst I love the flexibility of running my own business, I am getting quite lonely working on my own everyday. My dad works from his home part time and I have a couple of people working part time from home. Work has been coming in at a perfect pace this last year, but I haven't pushed for any. I need to make the decision whether to start selling, grow the business and move into an office, or just be happy with the way things are at the moment.
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I know what you mean about it being a bit lonely. I would go insane working from home and would find it hard to be motivated. I have one guy working full time and then lots of different freelancers so there are always people around, but sometimes its lonely making decisions on your own.

Have you thought about sharing office space? I did this when I first started and it was great, although as we became busier we needed more space so got our own office.
 
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