Thinking of becoming self-employed

janullrich

I like a few of my colleagues had the horrible experience of getting shafted just before Christmas after almost 2years with a major bank. Needless to say, the shafting came as a shock particularly as we were so busy. With this in mind I am honestly thinking of becoming self-employed or going into partnership with one or more people. I have a bit of money saved and am thinking well why not - nothing ventured, nothing gained..

Some of the ideas that (since I am half German, fluent in the language and worked & studied in tourism & catering) starting a small tourist company starting off small for German tourists coming to Ireland and being shown around various places of interest speaking in Germany. Vice versa I would be looking at Irish people etc visiting Germany and working with partners over there to make the tour successful. Secondly I was thinking re a German styled pub in Dublin with German and international foods. People were advising re funeral undertaking, green energy reliance etc but I have no experience of same.

I know it is a hell of a lot of work and is a big risk but it would be working for yourself and for others who don't value your services. Is there anyone out there who was recently made redundant or let go thinking along the same lines or is there a seminar in Dublin where you can speak to likeminded people? As I say I am only in the thinking phase..

mickdw

If you mean you were let go by the bank,then it sounds like a reasonable plan.
If you mean that the bank didn't pay you your 13th month bonus, and you are giving up the job, it is lunacy.

If you are unemployed, it might be wise to sign up for all benefits and then see what is available for business start ups.
I know being self employed myself, I am a second class citizen when it comes to being short of work. No entitlements.

janullrich

Cheers Mick. No it is nothing to do with bonus. I was completely shafted by people who have not a clue so am now so to speak unemployed. I will be seeking full benefits and looking further into self employment then. I know from working in mortgage arrears that self-employed people get little or nothing if things go wrong which is nothing short of a disgrace.

smcgiff

A business like yours will need to be well advertised - what's your plan/budget re this to get known about?

You could contact German travel agencies, but they are unlikely to deal with someone with no reputation.

bobbytables

OP, what do you know about tourism in Ireland?. Then specifically the market(s) you are targetting?

This post isn't critical of your plans, just a few things to consider. I've seen people hemerage cash up to the point where they finally see the figures indicating potential ROIs to be a lot less than expected.

Look at yourself (fluent German speaker, banker, etc, etc) & the others going in to this. What are your advantages over others. Identify all the problems in as many domains as possible where ye could provide solutions / add value. Then assess the markets.

CSO is a good start.

bobbytables

One other thing. A very common mistake for the newly self-employed is to commence trading as a service provider of their most recent "can do's" & expect that's all that's required to make a living. There's a big difference between being the best at what you do & then running a successful business providing it.

When you're employed by someone else you never have to consider the latter. This IMO is the harshest realization for people getting started.

Being busy does not always mean profit. How will you cope with working your ass off & sometimes not getting close to the cash reward (salary) you're used to? Will it demotivate you?

Inbred

If I can add my two words - Gerry Moan. He runs (ran?) Start Your Own Business workshops, I did one and learnt so much. They're cheap too.
I found him via Local Employment Services in Drogheda, co. Louth, but the workshops were in Navan, co. Meath.

janullrich

Thanks for the replies. I studied tourism when I was younger and worked in a number of hotels etc. I also worked a few years ago for a big tour operator in Dublin and was tour guide, administator etc before being made redundant. As regards starting out it was only a idea. I would love to have my own business and am not scared of the hours or lack of money. What scares the living **** out of me is if it fails and I lose a lot if not all of my hard-earned savings in the process. Guess it is the same for a lot of people in my situation.

Pablo Sanchez

Say you were a PAYE employee all your life (paid your 'stamps' etc) and decided to become self employed, if this does not work out after a year, does that mean that you are still not entitled to unemployment benefits, despite your years of contributions?

I know there are no definitive answers as our benefits system is as clear as mud, but is it generally accepted to be so?

tucked

janullrich wrote: »

Cheers Mick. No it is nothing to do with bonus. I was completely shafted by people who have not a clue so am now so to speak unemployed. I will be seeking full benefits and looking further into self employment then. I know from working in mortgage arrears that self-employed people get little or nothing if things go wrong which is nothing short of a disgrace.

When you are on benefits for a year you can apply for the Enterprise Allowance Scheme which would allow you to keep receiving full benefits for the first year and 75% of benefits for the second year of your self-employment subject to approval of your business. So why not look into this now and use the qualifying year to research your business idea and get it to the point where its ready to go or, as the case may be, to the point where you know it may not be a runner. Who knows, in the meantime you may find a job you really like rather than going for self-employment.

"What scares the living **** out of me is if it fails and I lose a lot if not all of my hard-earned savings in the process."

Fear of failure is normal. All the more reason to plan well and not rush in. So don't panic. Use this as a great opportunity to make a new start.

Inbred

When you are on benefits for a year you can apply for the Enterprise Allowance Scheme which

The trouble is that it isn't automatic and your business idea must get accepted. Not all do.