Becoming self employed

QBE

I am looking for some advice from the self employed plumbers on the site.
I finished serving my time in 1996 and have worked in the industry ever since (never self employed) and at this stage of my career I want to make the leap into self employment.
I am time served. I have obtained the gis and gid and a lot more qualifications over the years.
I am looking for advice on process of registering with RGI and oftec and seai and the benefits of been a member. For example will I get a chance to tender work from any these organisations.
Any other info or advice in relation to self employment in this industry. I would be grateful for your opinions.
Tools , van , pi cover and cash flow (iv a years salary put a side) is not an issue for myself starting off. I have built up quite a big plant over the years.

Thanks in advance. Iv always read the posts on this site. However I only joined now . As I think Ill probably be looking for more advice over the coming mounts.

QBE

sorry lads I forgot to mention. I am going to invest in advertising and marketing also. The likes of radio ads, National papers, optimised website , van writing ect. What ever my budget extends to. If anybody has experience in relation to this. Id love to hear from ye.
Im a great beliver you learn something new every day in this industry. But at this stage of my career .my experience and knowledge is the least Im looking for advice. So any info other than experience in the industry ect. Id love to hear anything you may have to ad.
Thanks again

K.Flyer

There is an old saying...
The Self Employed in Ireland Sleep Like Babies...
They wake up in the middle of the night screaming!!.
To be honest with you, at the moment there is a lot to be said for having a steady wage (I presume you are still employed), van paid for, not chasing people for money, pension, sick pay, paid holidays etc etc etc.
but to be honest I would find it hard now to work for someone else again....
So... if I can give one piece of advice...
If you are VAT registered then open two current accounts for your business, put your net sales amounts into one and run your business and drawings from that account and put your VAT amounts from sales into the other and do not touch it except to pay your VAT. If you decide to put more, say 15 - 20% off your gross sales into the second account, then you will have a saving towards your revenue income tax as well as keeping your VAT return straight.

QBE

K.Flyer wrote: »

There is an old saying...
The Self Employed in Ireland Sleep Like Babies...
They wake up in the middle of the night screaming!!.
To be honest with you, at the moment there is a lot to be said for having a steady wage (I presume you are still employed), van paid for, not chasing people for money, pension, sick pay, paid holidays etc etc etc.
but to be honest I would find it hard now to work for someone else again....
So... if I can give one piece of advice...
If you are VAT registered then open two current accounts for your business, put your net sales amounts into one and run your business and drawings from that account and put your VAT amounts from sales into the other and do not touch it except to pay your VAT. If you decide to put more, say 15 - 20% off your gross sales into the second account, then you will have a saving towards your revenue income tax as well as keeping your VAT return straight.

thanks for taking the time to respond. I am in the process of forming a limited company at present. That will be vat registered. The Mrs is an accountant. So I have no real issues on the tax or financial side of things. She has promised to deal with all that side of things for me. Sleep Like Babies...I know what you mean by They wake up in the middle of the night screaming!! iv been running large projects (industrial) for the last 6/7 years and believe me outside been self employed (I was practically self employed. Left to my own devises on the largest of projects looking after a crew in excesss of 20 men at some stages). The stress provided me with them symptoms. yes i'm still employed at present and the stability I dread losing (I start serving my time at 16 years old and have not had a day of unemployment in the industry since. 20 years. I hope I am not to institutionalised for the self employment! ) I handed in my notice and finish up at the end of April. I have 3 sons. The eldest will be 16 next year and he wants to leave school and start an apprenticeship. So that more than anything influenced my decision. And the other two will more than likely follow suit in the near future. I feel there is still a big market out there in the domestic area. Especially for those with a good administration and customer service system put in place (I will not be cutting any corners in this area). I always felt outside the top engineering companies. This let the industry down and the smaller companies that do excel are very much customer service focused. However the quality of work provided is the best form of advertising and the best way to build up a customer portfolio (word of mouth). Which I also think in the domestic market has a lot to be desired. (very rough and ready. supervision , experience / competence and consultation leaves a lot to be desired in the domestic market).
SEAI , RGI and OFTEC are the organisations I am really looking for feed back. I would love to hear from anyone who has any knowledge dealing or registering with (especially) SEAI and OFTEC. I will be registering with them regardless (as customers IMO really appreciate the peace of mind been affiliated with organisations that have some kind of influence in the industry).

I am also thinking about media marketing (facebook , twitter ect) and would also love to hear from anybody in the industry with knowledge in this area. I will not be out to try and make profits in the first year or two (if I do its a bonus). If that involves working for free or at budget prices well below market value. So be it. I really just want to build up a company name with competitive price structure that provides reliability , trustworthiness and a quality service in the market.

shane0007

Getting registered with OFTEC is simple enough. Depending on what you wish to work on, you must be certified in OFTEC 101, 105e & 600a. Generally speaking it is a 10 day course with 12 exams & a final assessment day.
SEAI is simple enough also. You just must be certified to carry out the works you are wanting to carry out, have the required insurances, have a current TCC & work to their code of practices.

Advertising, I would forget about. In Ireland, people only look up adds for break down/emergency works. Nearly all of other works is done through recommendations so always work to your best ability.
I have a saying in business, if I do a bad job, the client will tell 20 people but if I do a good job, they will only tell 1 person, so I have to cherish the 1 referral I do get.

Ltd company has more downsides than upsides. A lot commitment, a lot more running costs & only one upside, i.e. personal protection.
All suppliers will require a personal guarantee to open an account.
I have been self employed since 1996, would I work for somebody else, ....probably not, do I wish I could work for somebody else, ....everyday!

.jacksparrow.

shane0007 wrote: »

Getting registered with OFTEC is simple enough. Depending on what you wish to work on, you must be certified in OFTEC 101, 105e & 600a. Generally speaking it is a 10 day course with 12 exams & a final assessment day.
SEAI is simple enough also. You just must be certified to carry out the works you are wanting to carry out, have the required insurances, heave a current TCC & work to their code of practices.

Advertising, I would forget about. In Ireland, people only look up adds for break down/emergency works. Nearly all of other works is done through recommendations so always work to your best ability.
I have a saying in business, if I do a bad job, the client will tell 20 people but if I do a good job, they will only tell 1 person, so I have to cherish the 1 referral I do get.

Ltd company has more downsides than upsides. A lot commitment, a lot more running costs & only one upside, i.e. personal protection.
All suppliers will require a personal guarantee to open an account.
I have been self employed since 1996, would I work for somebody else, ....probably not, do I wish I could work for somebody else, ....everyday!

Interesting about extra costs if you're a limited company, never knew there was such a difference.

shane0007

.jacksparrow. wrote: »

Interesting about extra costs if you're a limited company, never knew there was such a difference.

Yes & they can be significant. Sole trader costs circa €1,500 PA whilst ltd in the region of €2,500 - €4,000 depending on size/turnover.
If you are late on filing return for ltd, you the director is committing a criminal offence. If sole trader is late, they just squeeze your balls a little tighter but you can recover from it!