Setting up Shop

[Peter Loew]

I've been thinking of launching a front facing website and proper business around my existing Ltd company.

I've come to the point where I am now highly specialised in targeted areas involving SMEs, although having come from a corporate background, and I am tired of working 5 days per week. My ideal situation would be running the company and not always working directly with my clients.

I've got the domain name, some freelance consultants I can white-label, and some proper established companies I can partner up with, but I am just wondering if the effort is really worth it. The business will primarily run on a consultancy based model; it's not like I have a product to offer or a niche idea.

I know a number of you have done this and have websites. My question is do your websites and business cards and reputation win you business that you can employ others to work on? Or do you remain having to work a contract for 5 days per week and pretend like you're a real business?

P

[Peter Loew]

Really, has nobody set up their own business and gone for it?

P

[eek]

Really, has nobody set up their own business and gone for it?

P

Yes. There is a simple question you need to ask.

Is the markup you can charge for those white label consultants enough to justify the cost of the salesmen you will need to employ.

[MarillionFan]

I was going to add to this but when I realised it wasn't really a shop then I'm out.

[Bluespider]

Probably the reverse, Isn't this the gold standard for what a consultant should be doing? anything else is a disguised employee surely?

I know I have multiple clients/aras of interest and several streams of income. The master plan beng that one day I can sit back and get others to do the work...

If your business can't make money without you being there, you don't have a business, you have a job!

[Peter Loew]

Probably the reverse, Isn't this the gold standard for what a consultant should be doing? anything else is a disguised employee surely?

I know I have multiple clients/aras of interest and several streams of income. The master plan beng that one day I can sit back and get others to do the work...

If your business can't make money without you being there, you don't have a business, you have a job!

You've probably just described 95% of contractors on this forum.

[Bluespider]

shhh, hector might be reading this...

[d000hg]

Yes. There is a simple question you need to ask.

Is the markup you can charge for those white label consultants enough to justify the cost of the salesmen you will need to employ.

That's why hiring permies on £28k is the way forward but is also a big risk... you have to pay them even if there's no work!

[northernladuk]

That's why hiring permies on £28k is the way forward but is also a big risk... you have to pay them even if there's no work!

Indeed but I am sure the OP's business plan and forecasts all take this in to account......

[Scoobos]

In answer to your question - I think working for 1 client is the starting point for any consulting business - but you build trust and a client base and then can expand. I'm always looking to bring other people onboard.

My advice, which is worth what you pay for it.

1. Set up a new LTD, don't use your existing, unless its got a brand value that I'm missing.

2. If you don't set up a new, consider setting up another as your contracting company. I know most accountants will say that you're having double the operating costs, but as a contracting business you've only really got accountancy fees and it spreads your liability should you plan fail.

3. Try and get a loan and hire some full time staff, if you are going to do this, then IMO youll have to put your money (for the first year at least) where your mouth is.

4. If you have a proper business plan, and you should have - there are incentives in place now to increase lending to small businesses and you might be surprised by the banks.

4. Cross your fingers and jump right in.

Since the UK is stagnating, I reckon anyone whos thinking of setting up anything that might generate jobs is worth applauding.. You've got bigger nads than me.

If anything is patronising then FRO , as I'm just trying to help !