Transitioning to being Self Employed

[Dmoney]

Yo.

This year I've decided to make the move into being self employed. It's going to be a transitional process.
Before Christmas a couple of things happened by coincidence. I decided to start an Electronics Course and I also got approached about being one of a few friends to share a workshop close to where I live. I decided that since I do the odd bit of repair work on amps and I've built a few for a couple of people now, I may try and run a business.

I plan to start out by running it while in full time employment, and working on my off-shift days and some evenings. I don't as yet have any products developed, just ideas, but I have other work I can do and invoice for in the meantime. It would also seem better to start prototyping after I set up a business so that I can purchase tools and materials through the business. Although I'm still getting my head around capital expenditure etc.

Just wondered if anyone has some applicable advice. I'm a bit nervous but keeping my full time job for the time being at least gives me a good safety net.

I imagine some people here have done similar. Just wanted to gather some thoughts.

[gordiji]

If it's possible to do your dayjob & the new project it will give some stability. Is it possible to reduce hours in normal job to concentrate on project ?
Early on don't turn anything down workwise (unless you can afford to) and offer as many facets as you can.
I've been self employed for 30 yrs, couldn't do a 'proper' job. You get used to the insecurity but for me the benefits outweigh the downsides, especially if you want time for your hobbies :band5:
Good luck.

[Dmoney]

I think it should be possible. I don't like my day job and I need to remember to maintain a level of work to avoid being fired for not caring. haha. It wouldn't be possible to reduce hours but my plan would be to go from full-time, to part-time (another job) and then eventually to having the one source of income.

The admin side of being self employed is something I need to get my head around.

[CommonCourtesy]

Make sure you register with the HMRC and tell them you're self employed and do an annual tax return. If you don't and they find out you owe tax you'll be in for a nasty confrontation with them!

I've been SE for a few years now and its great. Choose my own hours/holiday, etc etc. There are downsides too and I could do with a p/t job just to tide me over the dark and quiet months.