Setting up on your own

dodgy_Dave · 15-04-2009, 11:37 AM

Supposedly loads of successful businesses are started up in a recession, taking advantage of opportunities whilst others flounder.

I work with some great people but at the same time have to work with some complete idiots (the ones we haven't managed to fire yet, anyway) and even worse, have worked under some complete oafs as 'managers'.

The last car I bought wasn't a Ferrari so I've got some money saved up, just wondering whether to bite the bullet and do all this for myself. Anyone else got experience of this?

Start up costs aren't high I think (a phone and my endearing personality) but I'm thinking there will be a lot of wining and dining of potential clients at the start which could hurt my balance.

Rather than taking 20% of the margin I make I'm wondering whether I should take 100% for all my hard work....

dodgy_Dave · 15-04-2009, 11:43 AM

http://ukrecruiter.typepad.com/uk_recruiter_blog/2009/04/recruiters-slow-to-embrace-social-media.html

Funnily enough, this is one of the reasons I'm thinking of doing my own thing. I had an argument in the office the other day about Twitter.

I don't get it on a personal level ("I have just had cereal for breakfast", "I have just taken a huge dump" etc.) but from a business point of view it has potential. Post up the latest role that you desperately need filling and loads of people can view it for free.

And for what effort? Someone taking one minute to update the company Twitter account.

But supposedly it would be 'too much work'

Beefy198 · 15-04-2009, 01:49 PM

Not just buying a phone though is it? You need to think of invoice factoring as well... you will pay contractors weekly/monthly whereas the end client might not be paying you for three months. I read once that a lack of cash flow was like a heart attack to a business...

No charge.

The SMG · 20-04-2009, 04:34 PM

Quote:

Originally Posted by Beefy198

Not just buying a phone though is it? You need to think of invoice factoring as well... you will pay contractors weekly/monthly whereas the end client might not be paying you for three months. I read once that a lack of cash flow was like a heart attack to a business...

No charge.

Some agencies have tried to hedge this risk by paying Mr Contractor monthly but invoicing the client after just 14 days - it's quite a common thing to do in the Financial Services industry apparently. I reckon most could setup an agency but it takes a certain kind of individual to 'run a business'. It depends what dodgy wants - a one man band agency breaking even with just 3 placements or a rival for Jimmy Cann from Dragons Den.

G