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Thread: graham jumps ship!

  1. #1
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    graham jumps ship!

    ive made mention of this in my race car thread and slightly to my surprise i was asked to start a thread on this so here goes.

    as a fair few of you know i work for a major breakdown company and drive a nice yellow van for them, ive been doing so 10 years now, prior to that other than for the odd spell as a courier ive been working in garages since i was 18.

    ive been quite happy in my yellow van until recently, nothing to do with the company i work for, simply an idea i had years ago has returned, having run for years someone elses garage on a day to day basis, i wanted to open my own garage, i thought about it before i didnt for a couple of reasons, i was nervous about putting the security of my home and kids on the line, plus the yellow van job came along. until recently i thought i would stay in that job, its very well paid and as secure as any job is these days, i have numerous colleges coming up for 30 years service.

    then i had other thoughts, what if my back packed up big time? do i really want to work as many unsocial hours as i do? do i want a new challenge? coupled with a realization that a major reason why i didnt do it before has now gone, my children have grown up, one lives in essex, the other is away at uni but wont be returning home to live when done with uni and in any case wont need my financial support.

    lastly im getting older, i rather feel if i dont make the move soon i never will.

    so thats it i've decided to quit racing (for now) leave my job and open up my own garage. 25 years ago i would of just walked out my job and gone for it with whatever i had in my pocket at the time, but age is bringing a more measured approach.

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    Re: graham jumps ship!

    Well done Graham. Good on you

    I'm sure that you will have no problem securing customers based on the knowledge that you have shown on here. Maybe even a custom engine building service to be offered?
    Last edited by HonkyWhiteTrash; 04-02-2013 at 08:53.

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    Re: graham jumps ship!

    good luck mate,its not that hard if you put the effort in,i have managed 30 years up to yet. just get a good accountant and work hard the rest drops into place,
    EVERY DAY,S A LEARNING DAY

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    Re: graham jumps ship!

    I sincerely wish you the very best of luck Graham.

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    Re: graham jumps ship!

    i can't say i know you well but if it comes down to knowledge, eagerness to help others and if you put as much into your business as you do this site i can see you doing very well for yourself good luck mate

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    Re: graham jumps ship!

    Quote Originally Posted by corblimey3.1 View Post
    i can't say i know you well but if it comes down to knowledge, eagerness to help others and if you put as much into your business as you do this site i can see you doing very well for yourself good luck mate
    Ditto what he said. All the very best with it mate

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    Way too much free time Decade Plus User Retromotorsport's Avatar
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    Re: graham jumps ship!

    Brilliant News, scary times ahead, but its worth it in the end. All the best to you

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    Re: graham jumps ship!

    Good Luck Graham but I doubt you will need it, your work is always well thought out and very thorough.
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    Re: graham jumps ship!

    Best of luck... Location , Advertise and forget "mates" rates ...and you'll do we'll.
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    Re: graham jumps ship!

    Are you starting from scratch ? Or an already setup garage? I am looking to do simular
    Little garage with a couple of ramps and a room for restoration work .

    Best of Luck
    .

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    Re: graham jumps ship!

    Best of luck i`ve been self employed for 15 years now and with the knowledge you have and your approach to work and engines am sure it will be a great success once you found your feet and wish you all the best in your new venture

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    Re: graham jumps ship!

    Good luck with the new venture graham. i have done full circle big company/self employed/big company so kinda know what your going through. look forward to more threads on you work...if you get time.Word of mouth worked well for me and also customer service seems to be the big thing just now but you will already know this i guess.
    track fiesta on all the right bits.....

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    Re: graham jumps ship!

    Good luck Graham, I think you have proved with your efforts on here that you are not only capable of doing the job but you are also a genuine guy who wants to help people. I wish you all the best

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    Re: graham jumps ship!

    Best of luck Graham

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    Re: graham jumps ship!

    Graham I wish you luck mate, it's tough but you can make it work.

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    Re: graham jumps ship!

    Good luck Graham.

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    Re: graham jumps ship!

    Good luck been self employed for 23 years my theory if you are honest with people they respect you most people I think can tell if they are getting ripped off I have never met you but if you lived up here I know I would take my cars to you top bloke

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    Re: graham jumps ship!

    Good luck Graham but like the others have said don't think you will need it. Nothing like being your own boss. Give it another 5 years and I might ask you to finish my duratec for me. Not quite ready to give in yet lol. I hope it all works out for you

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    Re: graham jumps ship!

    Graham,

    Good luck with your new and own buisness. Being your own boss can open up new door and avenues.

    But like has been said, it can be hard work, but once up and running im sure you will make it work.


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    Re: graham jumps ship!

    Fair play of having the balls bud I would like to start my own place bud like you Im in a good job that pays well and dont want to put my life on the line to do so...

    Wish you all the best buddy

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    Re: graham jumps ship!

    Good luck Graham hope it goes well

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    Re: graham jumps ship!

    Wow ............. I'm surprised to read this, but also totally understand your thinking.

    I know guys still working for the breakdown companies and things have changed a lot since i was doing the same in a bright Orange van 12 years or so ago, i got fed up with the un social hours working every Xmas day, bank holidays etc.

    I did a stepping stone approach went to work for someone else 1st then went into the Bmw factory for 2 years before starting up on my own with a bussiness partner, who i ended up buying out some 8 years ago.

    I've learnt a whole host of things since being self employed some of been mentioned above ........ you have no mates rates in bussiness, family will want to use you but will want it dont for the same prices as when you were employed and doing it as a little extra pocket money, i've personally found this to be the hardest part, becuase i spent so many years out on the road helping people in trouble i still find myself feeling sorry for people which in turns cost's me money, however on balance i have found that sometimes doing that favour has paid off for the future in other work and recomendation.

    Im currently sat at home due to illness so had to cancel work for this week, in turn i still have bills to pay but no money coming in until i feel better again, same happens if i go on Holiday, find i work twice as hard before and after just to keep the bills paid !!!

    With all that said i've managed to keep running for 10 years now and although work silly hours sometimes i have generally enjoyed it and only very recently have considered going back into employment or looking for something else to do as im not really enjoying it anymore.


    If i can offer any advice on what i've learnt it's try to stay away from a bussiness partner but do employ someone to help with the day to day runing of things when your not around, make sure you still find time for you and your family, try to find premisis that look professional but not silly cost's as 1st impressions stick in a customers mind, get a decent accountant, i've found my 1 man band accountant to be much more use to me as a small bussiness then the large company we used previously, they are worth their weight in gold.

    Join the FSB ......... they offer excellent deals on banking, credit card payments etc.
    Have a good web presence, a good 3 or 4 page site stating what you do where you are etc is as good as any.
    Stay away from getting into deals with Yellow pages, their free listings are as good as anything, you can do it yourself online, same with Bt
    Flyers printed and stuck through doors still work as do a ad in the local paper or little free mags that come through the doors local customers are better to deal with, if you have a industrial estate near by stick flyers through all their doors, i got my best contract via that way.
    If buying loads of parts look at going Vat reg as you can claimed a lot back.
    Keep receipts for everything you buy even if you used your own cash as you can use them to cut your tax down in the 1st and even 2nd years
    Buy a decent garage software package, send me a email, i can send you something to try if you havent got anything yet.

    Hope i've not blacken the post Graham reading your post and the little i've known you im sure your make it all work, but make no mistakes it's bloody hard out there at present and cost's you wouldnt even think about until your into it come up make sure you budget for these.

    Good luck and all the best for your new venture, if there's anything i can help you with give me a Pm or even a phone call as you can see above im open and honest (maybe too much ?) but have had enough ups and downs to feel i can help others through the process !!!

    Good luck with it
    Autoelectrical & Diagnostics in Oxfordshire www.savvi.co.uk

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  24. #23
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    Re: graham jumps ship!

    Well done Graham,you will do well.Let us know where and when you start. Cheers Mike

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    Re: graham jumps ship!

    cheers chaps,

    all advise is welcome being taken on board.

    perhaps i should of titled the tread grahams going to jump ship!

    a lot of stuff needs sorting before it actually happens, not least of all a possible house move/change of mortgage, something that i will have to do before i leave the job. mortgage aside ive reduced my personal debt to very little and will clear that over the next couple of months and have managed to put away a couple of K, though i will need much more.

    initially i had a bit of a scout around for an already established business, but theres non for sale locally and knowing almost every garage near to me neither is there likely to be, plus my other half doesnt want to leave the area and i dont want to travel any real distance to work, i'd rather use time working rather than commuting. plus it seems already established business are expensive to buy and quite a slow return on the investment.

    having had a brief look around at some premises i got a good idea as to the cost, other than diagnostic kit and a 2 post ramp i already have enough kit to start trading, so starting from scratch became my route.

    my original plan was get what i thought would be a years overheads behind me as a cushion and set up as a sole trader and away i go, but its already got much more complicated!

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    Re: graham jumps ship!

    i started from scratch
    will be 2 years in may

    best way to do it in my opinion took about 12 months to get settled into a regular customer base
    recon about 5 years itll be a nice steady buisness
    ive started out small slowly building up
    word of mouth is the best advert all day long

    good luck

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    Re: graham jumps ship!

    good to hear it, you got to have some balls to set up by urself. i'd like to do it with the plumbing 1 day but i doubt that day will ever come with the way i worry about money
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    Re: graham jumps ship!

    Graham, I am interested why you don't just do engines from home ? - your good at it, have a passion and already have a good name.... seems obvious to me...
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    Re: graham jumps ship!

    id like to clint but i simply dont see enough demand to keep me going and earn a full time wage, hense i need to undertake everyday repairs as well which isnt practical from home

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    Re: graham jumps ship!

    my original plan was get what i thought would be a years overheads behind me as a cushion and set up as a sole trader and away i go, but its already got much more complicated!
    pretty soon i realized that i would often need another pair of hands, even if only a youngster to help out, clean, tidy, push, pull, lift etc as needed, no problem you can still employ people as a sole trader, then i thought more add the rent and the amount of money i need to take its going to be difficult avoiding vat registration add in the equipment expenses it makes sense to register for vat first. which can take months to happen!

    a bit more thinking brings you to realizing you don't want to shut a business just because you want a day or perhaps week off, this means not employing a lad but a proper tradesman who can work on his own etc plus being able to raise the odd invoice, deal with customers, order parts etc,

    taking advise from a mate with a lot of business experience (though not in the motor trade) i now realize im going way beyond being a sole trader, i need to set up a proper company, before long were talking going the whole hog and a ltd company, more work to get up and running, but in the long run the best way, in the long run its also the best way for me taxation wise.

    effectively i become a director of my own company, pay myself minimum wage on paye, at the end of the year the business pays corporation tax on its profit, as a director the company pays me a dividend, im not taxed on this because the company has already paid tax on the money, this method puts the greatest amount of money in my pocket for the least tax paid, all i have to do is live on the minimum wage (and my savings) until the company makes a profit which by the end of year two it will absolutely have to!

    so here we are, i haven't quit my job yet and im looking at limited company and several staff!
    Last edited by Graham; 04-02-2013 at 19:39.

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    Re: graham jumps ship!

    I did something similar in about 1984. I found a house with a workshop and worked from there until 1995 when I took up a training job with a local charity. That all went tits up in 2010 when they lost their premises so I, found new premises, employed the same staff and went back into self employment (limited company, mind). Mind you, I could afford to as we paid our mortgage off years ago so didn't have that burden. I still own my original garage that I rent out. (I split the property, sold the house and kept the garage when we moved in 1990). Working for someone or working for yourself has pros and cons.

    You say you are looking for a possible move in the future. Why not try to look for a garage with living acomodation attached? Commercial premises are expensive and rent and rates are a killer. At least if you bought some work/live premises you'll own them and there is the possibility of splitting them if you move on/retire?

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    Re: graham jumps ship!

    Well I have no advice to offer you I'm afraid, but I will wish you all the very best with the new venture
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    Re: graham jumps ship!

    same here no advice...just good luck

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    Re: graham jumps ship!

    Graham. You're getting things mixed up to start with. Be careful who you get advice from. You DO pay tax on dividend payments - it's National Insurance you don't pay on divi's. Also, dividends can't be offset against corporation tax. You pay yourself minimum wages on PAYE (currently £620 per month) and theres no tax or NI or employer NI on that amount. You can pay yourself a dividend payment any time you like - you don't have to wait until the end of the year. Me and my wife take regular monthly dividends as well as the minimum payment. First thing you should do before anythng else is to see an acountant for advice on the best way to structure your company. If it was staightforward, everyone would be doing it!
    Last edited by Pitstop; 04-02-2013 at 21:21.

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    Re: graham jumps ship!

    Good on you Graham! ive learned a lot from reading your threads, you certainly know your stuff

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    Re: graham jumps ship!

    Graham it sounds like you have done your thinking and your are right in your train of thought, i currently have a workshop at home which for just me is great, but if employing others unless it was further away from the house i wouldnt go that route, i've learnt the nicer the premisis the better quality of customer you get.

    I rented for years and found just as i got somewhere how i wanted it the landlord stuck the rent up, so i took out a bigger mortguage and bought we we are now, im struggling a bit now in this climate but it would be no differant, probably worse, then if i was still renting.

    It i was brutally honest at this point in time id seriously look at working small from home where overheads are such that you afford to shut when you need to or stay where you are and just do odd jobs as privates as they come up.
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    Re: graham jumps ship!

    Quote Originally Posted by savvi View Post
    Graham it sounds like you have done your thinking and your are right in your train of thought, i currently have a workshop at home which for just me is great, but if employing others unless it was further away from the house i wouldnt go that route ...................at this point in time id seriously look at working small from home where overheads are such that you afford to shut when you need to or stay where you are and just do odd jobs as privates as they come up.
    I'd agree with that 100%. The first time I started self employment I worked for someone and started to build up my client base until I couldn't do both jobs so I took the plunge into self-employment then. In 2010, I ONLY started a ltd company, took on a lease and employed staff because I had the contract for work with the local authority first. No way would I have took on those risks without a contract of work! I'd say forget ltd companies, vat regstration and dividends to begin with. Start small, stay away from long leases and crippling overheads and only employ yourself as you won't let yourself down! It can be a right bugger relying on people - I have a smashing couple of workers now but when I was managing staff for my previous employer, some of them turned out to be right bastards!

    My business now is not like a 'normal' garage as I run a training centre/garage. Only two days per week are covered by the local education department and the rest of the week we do odd pieces of training work and general repairs. It's different!

    www.pitstop.org.uk

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    Re: graham jumps ship!

    I can you you going to do well Graham , one thing it apears you understand well is the pinto head. You have proved you can provide big numbers from minimum spec and as we know this is from headwork. Many other companys out there who claim to have pinto experience get now wear near the power you get.

    I use to use to work for someone for over 10 years operating a RAM 12 Dyno. One thing you will have to do is enjoy what your doing and dont burn the midnight oil also dont turn sat morning into all day lol. In the end i got racked off with doing all the work and he folded the company as he was useless with money. Now for 10 years ive worked for a worldwide HHP engine company so 37.5 hrs a week and unstressed.

    Good luck

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    Re: graham jumps ship!

    Quote Originally Posted by Pitstop View Post
    Graham. You're getting things mixed up to start with. Be careful who you get advice from. You DO pay tax on dividend payments - it's National Insurance you don't pay on divi's. Also, dividends can't be offset against corporation tax. You pay yourself minimum wages on PAYE (currently £620 per month) and theres no tax or NI or employer NI on that amount. You can pay yourself a dividend payment any time you like - you don't have to wait until the end of the year.
    yes i think your right, too many early starts and long days getting the better off me, im looking forward to not getting up at 5 am!

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    Re: graham jumps ship!

    Hi Graham

    Ive never met you, but you certainly know your stuff and give some cracking advice on here.

    I spent 18yrs as a sole trader, driving though, small vans mainly, courier work that sort of thing.. I suppose I finally gave up and went paye because I'd lost the enthusiasm with the whole thing about 8-9 years ago now..

    The thing I strongly agree with others on, is you definatly need a good accountant....

    Im sure you'll make a good go of it mate.

    And the very best of luck to you....

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    Re: graham jumps ship!

    Good luk mate, ive just gone on my own as an electrician due to not being happy with the company i was with. Its a big step as no1 knows the outcome but if u dont do it it will always be a 'what if '
    Once again gud luk pal !

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