Advice on business start up please?

[Ratel10mm]

Ok, so since moving here I have had 4 employers in 6 years. That's frankly ridiculous. And I'm currently looking for the 5th!
I'm good at what I do, which is climate control - fridge or A/C. But there's little real commercial / industrial gear on the Gold Coast (my background is large commercial & industrial stuff, office blocks, hospitals, cinemas, that kind of thing) and it seems few employers are willing to consider anyone who lives more than a 5 minute walk from site or the office (yet are plenty willing to cry 'no good engineers around!).

So, I'm quite seriously considering self employment.
At this stage I'm thinking sole trader, as employing staff just seems too much aggro from what I've read here & elsewhere.
I know I need $20M public liability as at least one of my target clients requires that.
Income insurance would be a good idea.

The question is, what advice do any of you have for me if I go this way please?

Thanks a lot, in advance.

[Debacle]

Are you looking at self employment because major contractors on sites only want to take on sub-contractors instead of employees. That seems to be the way these days.

Think long and hard about it, self employment isn't what it's cracked up to be. Some thrive on it, others don't.

I spent 15 years self employed and regret it. Have a good think about it and whether or not you want your work to be your focus 24/7.

[THE BOOGER]

Sole trader can be good as you say employing people can be a pain but if its just you, then 24/7 its you who answers the phone. you have to be able to turn the phone off at end of day or very quickly the family will tell you things are not going to plan.You will always be chasing your money its life for you just a bill to pay for the client. If you can handle that then go for it I have been working for myself for nearly 30 years much better than having a boss:)

[spudboy]

I'd say the reverse (to Debacle's point of view). Am self employed, and can't imagine working for anyone else.

I'm 52, so been working for 31 years since I left uni, and of those 31 years only about 3 or 4 employed by someone else (in the early days).

I love setting my own hours, and choosing which jobs I will take or turn down.

But you've got to be disciplined. If you are easily distracted it might not be for you. You have to knuckle down and get started when it would be easy to have another coffee or whatever.

So I'd be leaning towards 'going for it'!

Cheers
David

[OneGoat]

There is truth in what each of the previous comments say. After about 25 years in business I have found that you need to be a self starter, disciplined, chase work and chase your invoices even when the clients would prefer to pay next month etc.

But if you can do that it can certainly be very rewarding.

Two bits of advice:
1. Always get as large a percentage as possible of the job paid up front. Just make it a standard part of how you operate and never worry about clients that don't want to pay deposits etc. Theyre likely not worth having as clients.
2. Speak to an accountant or lawyer and set up a company in a way that protects your assets (Cars, houses and equipment). Never ever go in trading as yourself. You should put a big distance between your business and anything you own.

Whatever choice you make.....Good luck.

Cheers
Ben