Why don't more contractors become Entrepreneurs?

[DimPrawn]

So the jist of it I am getting here is that is is just too much hard work, save divine intervention.

Give it a try and tell us how you get on. Good luck.

[Troll]

Why not set up a recruitment agency?. All you need is a phone and a pair of brass boll*cks

I'm too honest I guess - think most start up a recruitment agent by snaffing their existing clients DB from current employer

[NotAllThere]

I'm too honest I guess - think most start up a recruitment agent by snaffing their existing clients DB from current employer

Step 1. Get job with DA.

[DodgyAgent]

Step 1. Get job with DA.

[Dactylion]

I'm working on plan b so that I can make enough money to move to Spain. I don't expect it to match UK contracting income or make me a millionaire, but fund an early working "retirement".

I heard that Sticky Vicky is thinking of retiring. Sticky Prawn sounds like a plan!

[d000hg]

Interesting point DP. How much would people require to earn through their own plan B in return for total freedom from employment of any type - and how much work would you be prepared to put in day-to-day?

[jmo21]

Because the coding is about 10% of the work required.

This is the answer.

I love the thought of starting some unique (or not necessarily unique) website, that could generate money, but frankly, I have **** all original ideas!

And that is the number one reason most developers do not start their own "real" businesses.

[KentDogWalker]

Interesting point DP. How much would people require to earn through their own plan B in return for total freedom from employment of any type - and how much work would you be prepared to put in day-to-day?

This is the million $ question. I think this could be quite low, for me it would be 1/3 of my daily date, if I could be sure that it would be long term income > 15 years. After all one of the reasons we work so hard is to save for the future and future uncertainty.

[DimPrawn]

Interesting point DP. How much would people require to earn through their own plan B in return for total freedom from employment of any type - and how much work would you be prepared to put in day-to-day?

Cost of living and tax burden is very high in the UK, I reckon a very comfortable life in Spain on £2K a month, assuming property is owned outright (so no mortgage/rent payments).

A plan b that can generate £2K a month should be achievable without being some kind of brilliant Dragons Den type business.

[DallasDad]

Not coding but Cameras
Security Cameras, no moving parts, 360 degree view, Masking software to select and correct the desired view and block off certain areas (bog doors etc).

Lets call him Bob.

Bob has been a one man band designing the electronics, the prototype housings, lens, interfaces, firmware and applications for several years.

He provides customer support, arranges manufacturing (UK and China) employs Sales and Marketing assistance as needed.

Bob does not have kids and loves his work (read that as he does very long days)

Bobs been at it for years and years, it is living and to be honest quite a good one but as posted above perhaps only 25% of his time is in productive R&D, the rest is the associated baggage and that I think is his limiting factor.

To progress he needs premises, more staff and a dirty great loan. I think he is happy where he is. He knows his limitations.

Timing your startup and knowing the market is everything for example once upon a time there was a startup Company called Gigawave working out of a small office in Coggeshall Essex.

When my wife Karen joined them they were 6 month old, with about 4 people. The brain child of an eccentric chap called Henry Barczynski who re mortgaged himself to the hilt to get up and running.

They specialised in miniaturised microwave data transmissions for military and broadcast purposes.
They hit the market at exactly the right time (mid nineties) and grew rapidly, helped by contracts in Camel & Powerboat Racing and especially Formula 1 providing some of the first live car to pit transmission of pictures and data.

I remember the first live in race F1 broadcast through the tunnel at Monaco was tested by said Henry on a Moped with Karen and crew aligning the reception kit.
A couple of years later Karen was doing testing with the Williams team in Barcelona when I had a phone call - announcing she was pregnant with our first son, she left a few month later and I think regrets not going back but we do have three super sons as compensation! If she had stayed I suspect she would have benefited from the companies growing success.

The company went from strength to strength and was bought out in 2011 with something like 100 employees.

Good luck to you that have similar goals it is hard but not impossible