Reply to: When plan B becomes plan A

[Lewis]

Good luck oliverson.

I'd throw myself into Plan B but keep a bit of time aside to keep looking for a contract. If a contract offer comes up then assess what you want to do then. If not, not much time wasted and you can continue with Plan B.

[oliverson]

If you really want to start a new business, you would have ben working at this in the time you have had on the bench, and every waking hour you have. Simply drooling over someone elses accounts is not the same thing as starting a business.

Are you sure you're cut out for entrepeneurialism?

At least I know how to spell it.

Life isn't all about black and white.

[v8gaz]

These are real figures from the annual accounts purchased from Companies House.

The big player in the industry is turning over around £ 1.5m.

The reason I haven't pursued this at the 'expense' of contracting is that clearly it's going to take a couple of years before the income is anything like and, whether right or wrong, my warchest just won't bridge the gap and I have significant outgoings. The only real course of action, to my mind these last 3 months, was to land a contract and then continue with the other business on an evening/weekend. Stop the rot. Pay the bills. Only landing that contract isn't as easy as it used to be and days become weeks and then months very quickly. Hindsight is a wonderful thing. If I'd known I'd be on the bench for 3 months I would have done things differently. More time on the other business and I wouldn't have been consumed with finding a new contract.

Sods law isn't it that I've been called in for a face-to-face for another bank. No doubt a wasted of time and money but I have to go.

If you really want to start a new business, you would have ben working at this in the time you have had on the bench, and every waking hour you have. Simply drooling over someone elses accounts is not the same thing as starting a business.

Are you sure you're cut out for entrepeneurialism?

[oliverson]

Ah, a dragons den valuation.

These are real figures from the annual accounts purchased from Companies House.

The big player in the industry is turning over around £ 1.5m.

The reason I haven't pursued this at the 'expense' of contracting is that clearly it's going to take a couple of years before the income is anything like and, whether right or wrong, my warchest just won't bridge the gap and I have significant outgoings. The only real course of action, to my mind these last 3 months, was to land a contract and then continue with the other business on an evening/weekend. Stop the rot. Pay the bills. Only landing that contract isn't as easy as it used to be and days become weeks and then months very quickly. Hindsight is a wonderful thing. If I'd known I'd be on the bench for 3 months I would have done things differently. More time on the other business and I wouldn't have been consumed with finding a new contract.

Sods law isn't it that I've been called in for a face-to-face for another bank. No doubt a wasted of time and money but I have to go.

[BlasterBates]

The difficulty with trying to offer a service is how do you advertise yourself so that people know you exist. Success is 99% marketing and 1% good product. Your product just needs to be good enough.

The quickest way into a successful business would be to buy one and then improve it. Then you would have the marketing machinery in place.

[JamJarST]

Because that's his potential competitors income and profits not his.

They already exist he just wants some of the action.

Ah I see, I didn't read it properly and thought he had bought the competitors business and not just his accounts ...... Doh!!

[eek]

With figures like that, why isn't it you Plan A already?? Why continue contracting at all?

Because that's his potential competitors income and profits not his.

They already exist he just wants some of the action.

[JamJarST]

It's not your run of the mill offering. It's a far improved offering over what a small number of businesses are already doing. I bought the accounts of a 'competitor' (not the market leader by any stretch) and they make contracting rates look paltry in comparison:

Year | Turnover | Profit
==============
1 | £31k | £23k (8 months trading)
2 | £193k | £81k
3 | £355k | £245k
4 | £650k | £448k
5 | £727k | £452k

These are very encouraging figures. Question remains why haven't I committed to this already? Answer - lack of funds in warchest and the 'easy' £ 150k that is just one contract away. Only now it ain't that easy anymore!

With figures like that, why isn't it you Plan A already?? Why continue contracting at all?

[Sands of Time]

£125,000 for 30% of the business but as long as I don't have to go in with Deborah Meedan (sourfaced witch).




Tone

[thunderlizard]

I must have missed something. What does this business do?

Sells copies of its accounts to wannabe entrepreneurs, apparently. Clever.

[MarillionFan]

It's not your run of the mill offering. It's a far improved offering over what a small number of businesses are already doing. I bought the accounts of a 'competitor' (not the market leader by any stretch) and they make contracting rates look paltry in comparison:

Year | Turnover | Profit
==============
1 | £31k | £23k (8 months trading)
2 | £193k | £81k
3 | £355k | £245k
4 | £650k | £448k
5 | £727k | £452k

These are very encouraging figures. Question remains why haven't I committed to this already? Answer - lack of funds in warchest and the 'easy' £ 150k that is just one contract away. Only now it ain't that easy anymore!

Ah, a dragons den valuation.

[northernladuk]

I must have missed something. What does this business do?

and how does your code work, and how did you market it, and who are your customers.....

[Taita]

It's not your run of the mill offering. It's a far improved offering over what a small number of businesses are already doing. I bought the accounts of a 'competitor' (not the market leader by any stretch) and they make contracting rates look paltry in comparison:

Year | Turnover | Profit
==============
1 | £31k | £23k (8 months trading)
2 | £193k | £81k
3 | £355k | £245k
4 | £650k | £448k
5 | £727k | £452k

These are very encouraging figures. Question remains why haven't I committed to this already? Answer - lack of funds in warchest and the 'easy' £ 150k that is just one contract away. Only now it ain't that easy anymore!

I must have missed something. What does this business do?

[oliverson]

Talk about out of the frying pan and into the fire.

Best of British though!

It's not your run of the mill offering. It's a far improved offering over what a small number of businesses are already doing. I bought the accounts of a 'competitor' (not the market leader by any stretch) and they make contracting rates look paltry in comparison:

Year | Turnover | Profit
==============
1 | £31k | £23k (8 months trading)
2 | £193k | £81k
3 | £355k | £245k
4 | £650k | £448k
5 | £727k | £452k

These are very encouraging figures. Question remains why haven't I committed to this already? Answer - lack of funds in warchest and the 'easy' £ 150k that is just one contract away. Only now it ain't that easy anymore!

[ChimpMaster]

Good luck mate. It's getting tough out there and if I had a Plan B I would certainly feel a lot better for having it to fall back on.

My Plan "?" at the moment is to stop contracting once this current one ends later this year. I've ridden the wave to the shore for this technology and there's no more work out there. So then I'll either:-

- try go permie and learn new skills over the next 2 years.
- or take the money I've saved and invest it somewhere. BTLs are OK but boring (I have a small portfolio ticking over) so perhaps another business of some kind.

Personally the idea of staying in IT - for the money at least - is not attractive to me any more. I need to be pushed, challenged and to show people what I really can accomplish (and I don't mean just earning £800/day!).