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Bruce
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Bruce is offline
Wollongong, Australia
Joined: Apr 2012
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22-07-2021, 12:02 AM
41

Re: ever thought about or run your own business?

Am not sure if this counts - I did run my own business in the form of a retail outlet in Sydney for a very few years and when I moved down to Wollongong I invested in real estate for many years.

To be honest I enjoyed being self employed in retail but it was a lot of work for limited return and I earned far more employed in industry in my trade.

Real estate was a capital gain which was not taxed when I started so I had a lot of tax free income from the eventual sale of these properties (grandfathered) and it set me up well enough to pay off a wife with a house. It was not a full time job.

I also dabbled in the short term money market for a short while and did well out of that when interest rates were high and i had a decent amount of liquidity.

In my opinion the main failing of my schooling in the UK was the emphasis on academic achievement and "getting a good job" there was never any suggestion that I can recall of starting your own business. In Australia there seems to be much more discussion in schools about this - I didn't go to school here so I can only go by what my children tell me.

Having said all that I am merely comfortably off now (definitely not rich) in my retirement and very glad that I am not renting (the latter makes all the difference).
keezoy
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Australia
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22-07-2021, 10:23 AM
42

Re: ever thought about or run your own business?

I had my own counselling practice for 12 years. I was registered as a soul trader but i did contract out some work when i was snowed under. I had a partner for a while . I started out in general practice but i ended up specialising in a couple of areas. It was a successful career but extremely stressful and i retired gradually over 5 years or so. Having your own business can be very exciting and also very stressful. Golden rule is have good supports and safety nets. DONT cut corners with insurances and look after yourself. Make sure you consult regularly with your association and have good contacts. And pay your tax!
Dextrous63
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Manchester, UK
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22-07-2021, 10:27 AM
43

Re: ever thought about or run your own business?

Originally Posted by keezoy ->
I had my own counselling practice for 12 years. I was registered as a soul trader but i did contract out some work when i was snowed under. I had a partner for a while . I started out in general practice but i ended up specialising in a couple of areas. It was a successful career but extremely stressful and i retired gradually over 5 years or so. Having your own business can be very exciting and also very stressful. Golden rule is have good supports and safety nets. DONT cut corners with insurances and look after yourself.
I don't usually comment on typos and misspellings (for obvious self preservation), but I like the irony of "soul trader" in the context of what you were doing as a "sole trader" keez.
keezoy
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Australia
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22-07-2021, 10:30 AM
44

Re: ever thought about or run your own business?

Haw!...what a cunning linguist you are Dex..
Ile hafta lern to spel a bit gooder.
Dextrous63
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Manchester, UK
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22-07-2021, 10:32 AM
45

Re: ever thought about or run your own business?

Originally Posted by keezoy ->
Haw!...what a cunning linguist you are Dex..
Ile hafta lern to spel a bit gooder.
That's my buoy!
realspeed
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South coast
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22-07-2021, 10:56 AM
46

Re: ever thought about or run your own business?

One piece od advise I would give anyone thinking of running their own business is "watch your back". the number of people we had turning up before the date due back and demanding the money back for the days not used kennel space unbelieveable. so have a clear contract as to terms and conditions and give them a copy and get your copy signed.
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Pixie Knuckles
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Scotland, UK
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22-07-2021, 11:19 AM
47

Re: ever thought about or run your own business?

Good idea about getting everything signed so its clear on both sides....I would recommend watching your back in any working situation though
spitfire
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Warwickshire
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22-07-2021, 11:42 AM
48

Re: ever thought about or run your own business?

50/50 Self and Direct employment works for me, all is good if you don't go in thinking self employment is some sort of Cash Cow.
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Ripple
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22-07-2021, 11:57 AM
49

Re: ever thought about or run your own business?

Yes my husband had building company now run by my son .
There were thin times when I use to worry a lot .
In the big crash of 80s we lost everything !But Mr R always came up smelling of roses He clawed his way back .
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Bread
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Sudbury, United Kingdom
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22-07-2021, 12:04 PM
50

Re: ever thought about or run your own business?

I've been self employed since 2003, working for pharmaceutical companies in IT regulatory compliance, project management, business analysis and quality management. I love it, worked 100% from home the past 5 years and have a good lifestyle.

It was a huge gamble for me when I quit my job with 3 young kids and a big mortgage. Paid off though... done alright
 
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