[Entrepreneurial career advice] What to do...?

cashelking

Hi,

Sorry for the cr*p title, but it kind of explains what I'm looking for a bit of advice etc. I've read the other forums, I'm sure its been answered before, but I'm in a bit of a jam, apologies while I ramble on...

At the moment I'm gainfully employed, we'll put it that way, but possible won’t move much further up the ladder and I'm approaching the age where I should be. Thankfully I have no kids yet, but am engaged, though I think that expensive day out is a while off yet - Now enough of my personnel muck.

What I want to do is develop a product I have in mind, there is nothing out there right now like it, it would save time, money and take some risks away from the persons who use it - its not for everybody just a certain industry. In order to do this I will need a serious amount of time, time my current employer wouldn’t let me skive off. So, in order to develop this properly I need to make some money on the side, which I have been looking out for, I have identified an area where I think I can do the work but still leave time for my own project. In order to do so I wouldn’t be prepared to take this on a sole trader, to various reasons and my current work contract precludes me from being a director or involved with a like minded company (not stealing my employers work, they don’t operate in that area).

One of the possible contracts I have identified could be lucrative enough and the other possible only 1 to 2 days. In the event I got persons to act as directors for a limited company I was thinking of sub contracting the 2 day work off, supervising it until I have gotten the more lucrative contract. Once my product is developed or I get to the busy stages of it I could again hire someone in to do it.

Or do I just keep my job now, and spend 2 or 3 years trying to develop the idea without giving it enough time or enthusiasm and being half arsed. I'm currently researching grants - flip all besides your county enterprise boards and enterprise Ireland and to be honest, I wouldn’t look to employ huge numbers because once it’s done its done, would only need one or two people to monitor and develop it.

Sorry about the lack of clarity – it’s sort of where my head is at right now.

Any thoughts would be most welcome, on setting up a limited company and not being a director, sub-contracting or hiring under this, risking my current job and anything else people have. Oh and I don’t want to be Taoiseach!

random.stranger

I don't think there's any right answer to this (if there is I don't know it). It might give you a few ideas of how to go about it if you read biographies of people that have successfully brought products to market. Here's a couple that I would highly recommend:

http://www.amazon.co.uk/Clock-This-My-Life-Inventor/dp/0747273812/ref=sr_1_1?ie=UTF8&s=books&qid=1282206366&sr=8-1

http://www.amazon.co.uk/Against-Odds-Autobiography-James-Dyson/dp/0752809814/ref=sr_1_1?ie=UTF8&s=books&qid=1282206472&sr=8-1

No one can give you the right advice because it comes down to your idea and we dont know what your idea is. Your plan might work if your idea is good, it might bomb if its crap.
Assuming its unlikely your going to disclose your idea then it comes down to how much you believe in it, and how big your cahones are

cashelking

What do you mean my idea is crap!!!

Only messing, appreciate the advice, I cant really give up what it is, but google shows up very little on it in terms of people offering the specific product I would and its been searched 56 times in the last month in Ireland.

I have spoken with a few people in relation to it, but its difficult because its not the easiest concept to understand, though the people who need it know what it is.

What i want is to set up a company do a few small bits of work while i concentrate on developing that, but i just do know is it too big a risk (guaranteed at least 2 days a week work well pay - work part is easily done and very good chance of getting more).

Thanks for your help, sorry for being so vague, i would tell what the concept is but it'd probably be more rambling than my last few posts!

SuzieD

Hi,

There are many enterprise programmes around the country which, over a period of about 9 months, enable entrepreneurs to develop and launch innovative new businesses through training, mentoring and sometimes funding. Since many of them begin around October, they may be open for applications now.

Since I'm based in the north-east, the one that I'm most familiar with is run by the Regional Development Centre (RDC) at Dundalk Institute of Technology (DkIT). It's called the Novation Enterprise Platform Programme (NEPP) and focuses on high-tech, ICT and knowledge-based ideas.
http://www.rdc.ie/cms/publish/article_64.shtml

Perhaps Enterprise Ireland or some of the technology colleges would have a full list of the ones that are run around the country?

I hope this is of help and I wish you the best of luck in developing your business idea.

Regards, Suzie.

finisklin

Have you considered taking on a business partner or maybe you have a critical friend that is unemployed, in between roles etc who may be able to help?

It might work may not suit.....try your network of friends, ex colleagues etc.

SusanKCoaching

Hi there,

I am in the same boat, so to speak. I am trying to get a Life Coaching business up and running while also doing the 9-5pm everyday. Unfortunately for those of us who want to create / start up something it is more difficult to get funding. Those who are already unemployed due to redundancy are in a better position to get funding and job seekers allowance allows them to attend courses for free! Ok sorry ranting there!

I did the FAS Course " Starting your own Business" and it was excellent. I got a lot of tips but one thing was clear - if I want to start up and keep earnings coming in I have to do the day job until my business can justify either leaving my current job altogether or cutting back hours (providing my manager would be happy to do so).

Anyway, I reckon you might be best of getting some help from friends or someone you trust to get you started and once things pick up, cut back your hours. There is a lot to be said for just going for it, but I am also realistic in that you need to keep paying the bills (not to mention the wedding down the road).

Hope that helps but do check out the FAS Course - lots of great tips / websites that will help you on your way. I did in loughlinstown by the way

Good luck
SK

Andy_Black

Hi,

It's great having your goals, but they have a habit of being harder to accomplish when you get up close to them.

I went back into permanent employment so I could work on my "own thing" without having to make money from it before it was ready to sustain my salary. There's a lot to be said for a 9-5 with secure wage that allows you to chip away at your own idea.

Not that I'm suggesting you do that, just not to think that you'll get any more time to yourself if you leave permie land.

I know it's my own article, but I still think it's appropriate to so many of the queries raised in this forum:
A Quick & Inexpensive Way To Find Out If There Is A Market For Your Products/Services

56 searches a month in Google isn't much. Consider that a 5% click-through-rate to your website is quite good. That would be 2-3 visitors a month from Google. Then consider that there is a % conversion rate of visitors to sales leads, and then a % conversion rate of sales leads to sales, and you might find it hard to get the sales you want.

Hope that helps!

Cheers, Andy

cashelking

Thanks for all your posts and advice, much appreciated.

Andy, I had read your post previously, interesting and helpful stuff. In terms of the google search I wouldnt base myself on it, its nice to know its being searched, while there would be a web based element to it.

The way I look at it, people arent searching for something when they have something that they think is adequate, but its not, from a legal (just about) or technical sense. I've spoken to people in the area who think its a very good idea and agree that the current state of affairs is far from ideal but people are going along with it because they know no other way.

Its like living on a flood plain with a dam upstream, you're safe enough until someone opens the flood gates, I may just open the flood gates a little or something or someone else could and once the waters reach their front door that would lead people straight to my sand bag shop! (few month late iwth the analogy - hope it makes sense). There are warning signs there for the last 20 years but people conveniently ignore it or simply dont know. Apologies I cant mention what it is, and this all sound up in the air so I appreciate people taking the time to respond and muddle through it

I've looked at the friend aspect, and could possibly have a few potential directors to form the company - a company which would take on the initial 1 contract - 12k approx and then look at the possibility of gaining another which I think would be in the region of 40k ish - this would allow me more time to put into developing my product as I would have less travel and that work is fair less time intensive than my current role. hopefully over time leaving me an opportunity to take someone on to help out leaving me more time to get the product out there and tested once I have the tchnical side complete. Right now I struggle for time, I work a long week and travel between Dublin and Cork a few times a week, and usually thats before or after my work begins not included in my hours.

I've looked at some of the incubation centres in colleges, havent spoken to any yet. What I'd really like to do is perhaps set up with a college, with them possibly taking on some role within the company (know of some schools who have consultancies based within certain faculties, post grads usually man them while doing further studies), conduct my business, give opportunities to the undergrads for work experience and practical experience etc and also help research my product and subsequent ideas which I have for after this (not stupid enough to think that this will make my first billion so have plans for after it!). Not sure if it would be a goer, but I think it would help out both parties.

Thanks again for your help