Sarnie Posted February 14, 2007 Author Share Posted February 14, 2007 Then you have the risk of your venture even working? Can you not do both? Start setting up your own business, while working where you are at the moment? Its what i am doing and proving to be quite sucessful Unfortunately not. The FSA state that you can only be registered to one company at a time to prevent a conflict of interests. Ah that changes things. Well there are some things to consider: if the business doesn't go as planned is it easy for you to find a job again? If it is no issue then I would also say to go for it. Otherwise you might regret never having tried in the first place Maybe do something completely different (and less rewarding) on the side to generate a bit of an income (some no-brainer job, part-time (or less) just to get you some cash for that time, heck, working at McDonalds or god-knows-what just to get some money) So if i understand correctly you dont need the Z money to invest in your company but to survive those months. In that case the risk is different imho. Altogether I would give it a shot, and just try to find a way to bridge the period without too much financial hassle (I know its none of my business, but maybe Mrs Sarnie can help out a bit? Surely she'll benefit of it too in the long run if all goes well) Yes you are correct. I don't need to money to invest I need it to cover my lack of salary for potentialy around 6 months Mrs Sarnie has a good job but there is just no way we could survive on her income. I was just wondering whether people would get a loan to cover the period or sell the zed and use that money? Quote Link to comment Share on other sites More sharing options...
Removed Posted February 14, 2007 Share Posted February 14, 2007 ffs with £55k salary just save up for 3 months and then live slightly below your means for the first 6 months of your new business Quote Link to comment Share on other sites More sharing options...
Sarnie Posted February 14, 2007 Author Share Posted February 14, 2007 ffs with £55k salary just save up for 3 months and then live slightly below your means for the first 6 months of your new business Not quite as simple as that though. We have a massive mortgage with massive payments. Also my salary is not £55k. Thats roughly what I earnt last year but bonus' can vary wildly. Just trying to gauge third party opinions as me and the missus keep having divided opinions. Strangely she wants me to do it and I'm the one who is slightly hesitant. I think she has visions of becoming a socialite who 'does lunch' Quote Link to comment Share on other sites More sharing options...
Removed Posted February 14, 2007 Share Posted February 14, 2007 sell the house and buy a smaller one. With the money in your pocket you can survive during the 6 months of your new business... ...and get the mrs back in check too Quote Link to comment Share on other sites More sharing options...
captint Posted February 14, 2007 Share Posted February 14, 2007 Easy, if you are confident in your earning abilities and that you can make a success of it, extend your morgage to cover your salary, + some extra bunce, the once you have started to make some real money, pay it back, hence, no lost Z interest will be less that the loss from the car, plus you break even. If you are not confident enough to do it, then do leave you job. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted February 14, 2007 Author Share Posted February 14, 2007 sell the house and buy a smaller one. With the money in your pocket you can survive during the 6 months of your new business... ...and get the mrs back in check too Easier and less stressful to sell a car than a house Quote Link to comment Share on other sites More sharing options...
Removed Posted February 14, 2007 Share Posted February 14, 2007 that's true Quote Link to comment Share on other sites More sharing options...
ir_fuel Posted February 14, 2007 Share Posted February 14, 2007 If you are confident get the bridge loan, and do not loan too much, keep the car so at least your new potential clients wont see you arriving in some trash bin on wheels. Its all about image Quote Link to comment Share on other sites More sharing options...
AndyC Posted February 14, 2007 Share Posted February 14, 2007 I reckon I'm perfectly placed to give you some advice mate - I've done exactly the same thing (not sell the Z - although I would have, but I mean doing the same thing you are and going employed to setting up a business). The first thing I'd say is reckon on giving yourself 12 months - you aint gonna earn very much at all for the first year. Also where are you going to generate your business? If its all existing active clients (be very careful when you're categorising them - there's very very few I would describe as truely active) then you're ok and likewise if you have some good introducers that would continue to refer to you then you're laughing. Advertising in our game doesn't work unless you're on a big scale, I don't care what anyone tells you other than that cos its wrong. How are you going to grow your business? Whats the plan for the next 2-5 years? I could go on forever mate, PM me if you like What I'd say is in the short term if you can survive its well worth doing, far better earning it for yourself plus you're always gonna work harder when you see the benefits without pumping it all into someone elses pocket Quote Link to comment Share on other sites More sharing options...
GC350z Posted February 14, 2007 Share Posted February 14, 2007 Easier and less stressful to sell a car than a house I wish. I could sell my apartment in Dublin in a week. The car could take over a year to sell. Irish people are very slow to buy sports cars unless they are filthy rich in which case it's DB9's all round (or the new Jag). Muppets. Bit of a stereotype I know but you get the idea. Property is gold in Ireland. Everybody wants it and is prepared to pay a lot for it. For cars they want new and cheap. €54k Z doesn’t fit the average criteria. I think I mentioned earlier, the Z isn't really worth that much. Running costs are high but a loan to cover costs and the value of the Z is not an issue in my mind. Tightening the old purse strings is a lot easier then people think and is probably the best thing to do here. I've virtually given up drinking over the last year for no real reason and the bank balance has reached a point where I have to decide what to do with it. I didn't drink a lot it just costs a lot. Night out in Dublin just with mates to a pub/club will leave you with a pocket of coins from €100. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted February 14, 2007 Author Share Posted February 14, 2007 I reckon I'm perfectly placed to give you some advice mate - I've done exactly the same thing (not sell the Z - although I would have, but I mean doing the same thing you are and going employed to setting up a business). The first thing I'd say is reckon on giving yourself 12 months - you aint gonna earn very much at all for the first year. Also where are you going to generate your business? If its all existing active clients (be very careful when you're categorising them - there's very very few I would describe as truely active) then you're ok and likewise if you have some good introducers that would continue to refer to you then you're laughing. Advertising in our game doesn't work unless you're on a big scale, I don't care what anyone tells you other than that cos its wrong. How are you going to grow your business? Whats the plan for the next 2-5 years? I could go on forever mate, PM me if you like What I'd say is in the short term if you can survive its well worth doing, far better earning it for yourself plus you're always gonna work harder when you see the benefits without pumping it all into someone elses pocket Ah, just the man You have PM Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 1, 2007 Author Share Posted June 1, 2007 Just a quick up date I left my company at the end of april! Scary The zed is still here Have been trading now for 3 weeks and it has been a very prosperous time for Sarnie Ltd So much so, that i've already started casting my eye over the gallardo's on Pistonhead's, just don't tell mrs Sarnie sssshhhhh Quote Link to comment Share on other sites More sharing options...
AndyC Posted June 1, 2007 Share Posted June 1, 2007 Nice moves mate, very, very pleased for ya Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 1, 2007 Author Share Posted June 1, 2007 Nice moves mate, very, very pleased for ya Cheers mate, did you get time to look at those links? They have sorted me a treat Quote Link to comment Share on other sites More sharing options...
Andy Posted June 1, 2007 Share Posted June 1, 2007 Sarnie, if you have any advice, I would appreciate it! I have done the same as you and will be starting up in a couple of weeks!! It is indeed scary but would prefer to earn my own money rather than lining others pockets!! Pleased it is working well for you mate! Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 2, 2007 Author Share Posted June 2, 2007 Sarnie, if you have any advice, I would appreciate it! I have done the same as you and will be starting up in a couple of weeks!! It is indeed scary but would prefer to earn my own money rather than lining others pockets!! Pleased it is working well for you mate! Send me a PM mate and I'll fill you in Quote Link to comment Share on other sites More sharing options...
Chris`I Posted June 2, 2007 Share Posted June 2, 2007 Excellent news chap, dont forget the little people when you are earning millions I've been thinking of leaving work too to become a consultant. Currently work for a big IT consultancy who are hell bent on keeping me on grad wages and not recognising the stuff I do as being any where near as expensive as they do in the city. Vey tempted to jack it all in and become a consultant in the city, just dont fancy the commute and lifestyle - atm I get away with doing not a lot. Anyone need a qualified Ab Intiio consultant? Quote Link to comment Share on other sites More sharing options...
Zedrush Posted June 2, 2007 Share Posted June 2, 2007 congrats Sarnie nice move Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 2, 2007 Author Share Posted June 2, 2007 atm I get away with doing not a lot. See, thats the difference in my scenario. I was working 12 - 14 hrs day some days. I was at the mercy of my employers. I had to be at the office for 0930 and then could be sent on appointments all day right upto 8pm at night. Many times I would be sent to say, Telford at 8pm, after a two hour appointment I wouldn't be getting home till after 11pm. I used to get excited if I was home before 8pm Spent three years working like that 'serving my apprenticeship' so to speak. Not anymore. I don't have the security of a salary anymore but business has been very very lucrative in my first month I now work about 4 hours a day and take 100% of the cake Quote Link to comment Share on other sites More sharing options...
lomoto Posted June 2, 2007 Share Posted June 2, 2007 I now work about 4 hours a day and take 100% of the cake less 40% Gordon takes Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 2, 2007 Author Share Posted June 2, 2007 I now work about 4 hours a day and take 100% of the cake less 40% Gordon takes I was paying that anyway Quote Link to comment Share on other sites More sharing options...
lomoto Posted June 2, 2007 Share Posted June 2, 2007 I now work about 4 hours a day and take 100% of the cake less 40% Gordon takes I was paying that anyway get registered in the Channel Islands then Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 2, 2007 Author Share Posted June 2, 2007 I now work about 4 hours a day and take 100% of the cake less 40% Gordon takes I was paying that anyway get registered in the Channel Islands then I fancy the Cayman Islands Quote Link to comment Share on other sites More sharing options...
Chris`I Posted June 2, 2007 Share Posted June 2, 2007 See, thats the difference in my scenario. I was working 12 - 14 hrs day some days. But you were getting paid 2x as much as me. Even after the 30%+ payrise I am meant to be getting, you'll still be getting more than 2x the pay for around the same amount of work Quote Link to comment Share on other sites More sharing options...
Trev-the-Rev Posted June 3, 2007 Share Posted June 3, 2007 Good luck with the new venture matey Quote Link to comment Share on other sites More sharing options...
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