New Businesses

ggosl021

I was laid off yesterday from my job as a property Loss Assessor and am considering setting up my own company. Any advice on how to go about it and more importantly AM I MAD

conolan

If you have contacts, why not. No major setup costs. Presume you have a computer and printer. Basically you're selling your time and expertise. Go sole trader for now. keep it simple and tell everyone you ever did business with.

ggosl021

My big fear is if it is a flop i won't get welfare

TheCostumeShop.ie: Ronan

Make the plans, test the market, find our who will be willing to hire you and do all the necessary work required prior to deciding to actually leaving the welfare system. That way you can limit the downside.

I can't think of a worse reason not to start in business than worrying about not getting welfare if it doesn't work out. Really the worst case scenario would be that you take a job instead of welfare that your not mad about for a few months. Best case scenario - well you imagination is your limit.

Go for it!

suey71

It all depends on wether the OP has a family to worry about providing for.
The Social welfare can be a safety net. Also depends on his/her savings, rich parents to fall back on etc.

I'd say sign on and then set up the business.
There are schemes available from the Social Welfare that pays you your benefits while you set up as a new business for 2 years I think.

There is a past thread on it somewhere.

Best of luck.

Donagh_mc

I have to agree with Fancy Dresser. See how viably the busniess could be. Do a bit of research and have a look at the costs of going it one your own.

kitesurfingbum

:Dggosl021

Do you want to work in the same area, if so you have to compete on service and price.
c

• Even though property is in a bad place right now, if you keep your costs low(one man operation etc.) you will undercut the competition.:D
• The top 10% in every business sector will succeed even in a down turn, can you provide that service?

or start something new
Get down to your local enterprise board,

• they have plenty of advice for setting up
• they are a good sounding board for business plan
• lastly you may be able to get a grant

Again you are not mad, you are finally free of the PAYE:D:D:D:D:D:D:D

dave

Of course you're not mad.

I hate this line as it's so bloody overused but Life is too short. It really is. Think about it. You'll be dead in what 50 years or at least on your way down...you can't take money to the grave with you so you may as well enjoy your life as much as you can, do what you enjoy and do what makes you happy. You just got laid off, don't let it affect your confidence, be proud and take a chance. Don't settle for being average - average is so boring.

Obviously, if you have a family of your own, you have responsibilities but it still shouldn't stop you from doing what you want to do. Business is a game, jump in there and play the game !!!!!

I can't wait to get started - if it doesn't work out - big deal, I gave it 100%, yeah if I lose a bit of money it's annoying but I'll just find something else to do - opportunities are endless once you decide to work for yourself.

Fu*k it and go for it. - this line can apply to any aspect of your life - just don't be Mr Average with his bald head and red BMW, wife and four kids living the boring life. Be smart, confident and take your chances = happy life.

stepbar

Deleted User wrote: »

Of course you're not mad.

I hate this line as it's so bloody overused but Life is too short. It really is. Think about it. You'll be dead in what 50 years or at least on your way down...you can't take money to the grave with you so you may as well enjoy your life as much as you can, do what you enjoy and do what makes you happy. You just got laid off, don't let it affect your confidence, be proud and take a chance. Don't settle for being average - average is so boring.

Obviously, if you have a family of your own, you have responsibilities but it still shouldn't stop you from doing what you want to do. Business is a game, jump in there and play the game !!!!!

I can't wait to get started - if it doesn't work out - big deal, I gave it 100%, yeah if I lose a bit of money it's annoying but I'll just find something else to do - opportunities are endless once you decide to work for yourself.

Fu*k it and go for it. - this line can apply to any aspect of your life - just don't be Mr Average with his bald head and red BMW, wife and four kids living the boring life. Be smart, confident and take your chances = happy life.

Some people are happy with average. Average pays the bills, pays the mortgage, gets the kids through school. It's ok to be like that when you are young and single but remember this is wishful thinking for a lot of people.

OP, you have to weigh up the pros and cons of both and take a calculated risk. It's no use going head first and then discovering that there isn't a market for your service. You might be better bide your time and enter the market when conditions pick up (that's if things pick up soon at all). It's happened plenty of times before where people used their redundancy money to set up a business and failed big time.

Anyhow, the point is that you must mitigate the risk as much as possible. You'd be certainly mad if you didn't think about the risks involved.

Totally agree with you Stepbar. I doubt I'd have this attitude if I was 40...but we'll see

When I say Average - I don't mean financially or whatever - That was more so targetted towards quality of life. No disrespect to anyone intended.

But OP, you have got to remain a proud cock. Don't get down and insecure over losing the job and don't let it affect your thinking. Always be positive.

EDIT: But as long as you're not married, you're still free. I wouldn't let a girlfriend stop you from following your dreams. Hope my one doesn't read this.

betonit

Deleted User wrote: »

just don't be Mr Average

I believed this before I had kids. But Id take an average life so as to give my kids the opportunity to have a great life.

stepbar

Deleted User wrote: »

Totally agree with you Stepbar. I doubt I'd have this attitude if I was 40...but we'll see

When I say Average - I don't mean financially or whatever - That was more so targetted towards quality of life. No disrespect to anyone intended.

But OP, you have got to remain a proud cock. Don't get down and insecure over losing the job and don't let it affect your thinking. Always be positive.

EDIT: But as long as you're not married, you're still free. I wouldn't let a girlfriend stop you from following your dreams. Hope my one doesn't read this.

However, I'll add that my Da started his business in 1986 after being made redundant. He was 32 and married with 2 kids. Mortgage to pay too. However things were probably different then in the sence that things were pretty bad then. Things couldn't get any worse. He was lucky that there were hardly any electricians in the area and most of them were nearing retirement anyhow. So as the years went on he picked up most of the business they left behind and added a few more customers (private and business) along the way. Whilst things were good during the boom years (but this was debatable having seen profits etc), business is now way down and all the workers he had during the boom times are now gone. Back to himself and another chap, like the early days.

Something to think about.

Fair play to your dad. That wasn't easy to do.

It's stories like that which inspire me. I reckon I'll always be this way being honest. I'm an eccentric* individual and I can't see myself changing.

* I'm intelligent though too, not just a mentalist.

stepbar

stepbar wrote: »

However, I'll add that my Da started his business in 1986 after being made redundant. He was 32 and married with 2 kids. Mortgage to pay too. However things were probably different then in the sence that things were pretty bad then. Things couldn't get any worse. He was lucky that there were hardly any electricians in the area and most of them were nearing retirement anyhow. So as the years went on he picked up most of the business they left behind and added a few more customers (private and business) along the way. Whilst things were good during the boom years (but this was debatable having seen profits etc), business is now way down and all the workers he had during the boom times are now gone. Back to himself and another chap, like the early days.

Something to think about.

Something else to think about.....

My brother and I used to travel all over my county (and the ones beside it) with my Da when we were young (summer / weekend etc). People would ask "So johnny, what do you want to be when you grow up?" and before a word was said the old man would interject "I want to get a pen behind their lugs!"

I think he understood the difficulties of being self employed. I certainly don't think he would have gone down that road unless he was made redundant. And he certainly didn't want to see the children be self employed either. I mean why would you put in 16 hour days working at something that barely paid it's way? Granted he doesn't do those hours anymore but that's because of old age / less work.

I'm not saying no one should become self employed, it can be a very rewarding job. A lot of my neighbours are self employed and are quite successfully. But at least they should know the pros and cons of each (PAYE vs. Self Employed).

Axwell

stepbar wrote: »

But at least they should know the pros and cons of each (PAYE vs. Self Employed).

Definitely agree with this, you dont say your current situation with regards housing/accomadation but for example if you are in PAYE getting a mortgage (assuming the banks have cash) isnt a huge deal once you have income to meet it etc, being self employed and trying to show the banks 3 years accounts etc etc is tough going, you need 3 good years in business and theres no gaurentees of that, also theres a lot to be said for a weeks wages coming in gaurenteed. Self employed is great when things are good but when things are bad its a tough place to be.

maxwell smart

I'd advise you to go for it. Thats what I'm doing. Made redundant 1 month ago and have done 2 main things:
1. Found out how I can do the job I was doing by myself only better. In other words, I'm doing the same thing I was doing, just making all the money for myself.
2. Doing something I always wanted to do and starting an internet business.

I feel Liberated!!! (If I was a woman, and wore a bra, I'd burn it)

And I am married, mid 30's, 2 very small kids, mortgage etc.
But if I don't go for it now, I can't see what I would do. So go for it.

true

ggosl021 wrote: »

I was laid off yesterday from my job as a property Loss Assessor and am considering setting up my own company. Any advice on how to go about it and more importantly AM I MAD

Are you mad ? - Yes. I know hundreds of people who are self employed, and hundreds who are in the public sector, and the public sector people are much better paid, with paid holidays, subsidised pensions, paid sick days, less pressure + stress, the dole if it does not work out etc etc. Get a public sector job. Or start a business in a country which is not financially drained by its public service, and which has prospects.

BizTalker

I would think twice before starting up a business especially nowadays,cuz only thinking of a big cash and success is pink dreams before the real challenge of being into the shyte (bank borrowings,debts e.t.c.).It's encouraging to hear about someone's business success, but good business needs a lot to be explored in advance + banks do not lend easily right now. Successful business requires big capital investment and fresh cash flow.
But thorough business planning would bring you on track if you really strive for entrepreneurial success. Good luck to those planing to start up today!:D

DubTony

true wrote: »

Are you mad ? - Yes. I know hundreds of people who are self employed, and hundreds who are in the public sector, and the public sector people are much better paid, with paid holidays, subsidised pensions, paid sick days, less pressure + stress, the dole if it does not work out etc etc. Get a public sector job. Or start a business in a country which is not financially drained by its public service, and which has prospects.

WOW, sounds great ... are they hiring?

true

true wrote: »

Are you mad ? - Yes. I know hundreds of people who are self employed, and hundreds who are in the public sector, and the public sector people are much better paid, with paid holidays, subsidised pensions, paid sick days, less pressure + stress, the dole if it does not work out etc etc. Get a public sector job. Or start a business in a country which is not financially drained by its public service, and which has prospects.

I agree with you to an extent, yes it's nice, very nice in fact to have a guaranteed pay cheque and pension fund all sorted out for you and insurance etc etc but it's the principle that counts. That's all well and good if you're happy doing that. I wouldn't be happy in that role, yes I'd like the benefit but it goes against my way of thinking. I personally think the joy I'd get from building something from the ground up and turning it into a profitable machine would be way more up my alley and that's what I strive for on a personal level. Money is not my main goal, yeah I want to have money because it's a necessity and I never want to be stuck but quality of life is more important. I'd rather work long days for myself than for someone else doing what I enjoy. I also want to inspire people to do things and that's a big part of it for me personally.

I don't know about anyone else - but most job specs I look at, I can do the work involved - I just don't have 5 years experience doing whatever which is a joke because I know for a fact, I could do the work better than people they have currently doing it. For example, I am looking for part time work (20 hours a week) while I get started with my business in the next month and most job specs I look at (minus Accounting and Computer Science related ones), regardless of how senior the position is, I can do quite easily - but I don't have a chance as I don't have 5 years experience. I was even looking at something like Office Work/PA roles etc on a part time basis which I know I'd be good at because I plan everything and am professional etc but I don't have 5 years in an office role to get it.

And think about it, anyone can do office work, or marketing assistant role or even this role for example which is a senior role with a good salary of 60K a year:

The role will involve:
Growth

· Strategically develop the Product Group to achieve brand performance goals across all channels on the Island of Ireland.​
· Lead the Annual Brand Planning Process for the Product Group.​
· Develop 3-year rolling Strategic Brand Roadmaps covering all elements of the marketing mix including Portfolio Planning, Positioning, New Product Development, Pricing, Communications, Activation and SKU Management.​
· Project Manage NPI projects for the relevant brands.​
· Set the framework for execution of the Brand Strategies and Plans through the Channel Marketing Team.​
· Work closely with the Head of Insight & Category to define consumer, shopper and category insight required to fuel portfolio and brand decisions.​
Productivity
· Maximise value from Third Party agencies.​
· Drive cost effectiveness projects to achieve agreed goals.​
Enabling
Control actual DBM spend versus budget.​

The candidate should ideally have:

• At least 4 years experience in Marketing within an FMCG environment
• Proven track record at delivering share and profit goals at Brand Portfolio Level
• Proven track record at leading and developing a team

• Honours Degree in Business Discipline
• Excellent communication & influencing skills
• Leadership ability
• Strategic
• Strong commercial orientation
• Strong financial acumen

Look at that job spec, most people who start a business have to do all that anyway and there's no room for mistakes. Yet you need 4 years marketing in a FMCG environment which is fair enough - but most people with a head on their shoulders could do it just as well. You just have to look at the Irish version of the Apprentice last year when it was on, and there were plenty of so called skilled candidates who made a bollix of the most simple things, there was also a guy who was 27/28 and a brand manager who got booted out the second round, the lad could barely talk let alone answer a question without pi*sing his pants, how in the name of God is someone like that meant to lead a team or give a presentation etc - and yes easier to say it from where I'm sitting but I applied to go on for the craic when in college and didn't get it because I didn't have the experience and I made my application as LOUD and attention seeking as possible to make it sound like a perfect match for TV but still nada.

Who the hell needs experience when you're going to be selling apples on the street, designing brochures, working with agencies on a product etc - Anybody with a clue can do that.

Point is, most people who start a business have to be expert at all those things in their field to be a success and even good ones fail, it may not be their fault, it's just like a war, you lose some good soldiers now and again which is unfortunate but that's life. Could happen to me, hope not but still.

byrne0f56789

Go for it. The reason why so many businesses are failing is that their business model became obsolete. Keep your business lean. It's actually a better time to start up now than during the boom.

Just remember that you will have to make a number of adjustments during the start-up process. It's almost impossible to be right first time. Good luck.

random.stranger

Yes, here is the post Suey was referring to:
http://www.boards.ie/vbulletin/showthread.php?t=2055589197&highlight=enterprise+allowance

Not sure if this will provide a safety net if the business doesn't work out, but might be worth checking out.

Abberry

If you start your business, try to act as self-employed. It's the easiest way to setup, business name will cost you 20 Euro, accountant's fees for self-employed are low. Also, when you decide to act as a company it's possible to restructure to Ltd. In addition you will need a website to atract more customers.