Expected earnings??

[Colin]

Hi I'm new to the site. I have a good background for a PI 14 years army inc Intelligence in NI, Civvy police and I have completed a PI course by Streetwise. I have always wanted to set up on my own but lack the courage due to mortgage etc. I dont want to leap feet first into the unknown. Is there anyone out there who has set up can give some advice on likelihood of earnings etc?

Cheers Colin

[Heno]

Hi Colin,
Welcome to the site. I would first suggest trying to gain work experience with an established company, you have a good background and it should help.
Get to know how things are done in a commercial environment before you commit to going it alone.
As with any new business venture, you need to have a full understanding of your chosen business, and the way to get that is by going and learning by doing it.
Best of luck.

[celticbodyguard]

Hello Colin,

I agree wholeheartedly with Heno. You sound like you have a great background, but as you rightfully pointed out, you have the realities of everyday life to be mindful of, such as the mortgage. Eventhough I am over here on the other side of the pond, guys breaking into the business have the exact same concerns. I know many former Military and Police who are both employees of investigation firms and who have started their own small companies. At the end of the day, an employee will get a guaranteed pay rate for the hours he/she works, but if you are business for yourself, your pay rate per hour will be zero if you don't have the clients. Like Heno said, get involved in the business and start educating yourself on the side on what is involved in starting and running a business. The money may "appear" to be better, but you put in a horrendous amount of hours that you do not get paid for when you have your own company. You also have to be able to work without anyone looking over your shoulder and there are no safety nets. Having said that, I do not regret starting my own company for a minute. But then again, I have never heard anybody accuse me of being normal.
Cheers mate.

[davew877]

Hi Colin,

All the advice given so far is'on the nail'. Make sure you add up all the start up costs, website, advertising, vehicles, equipment etc, and that you can hit the ground running. Don't advertise services you can't deliver. Check out your competitors and dont believe that undercutting will always win the day, its the result that matters. Reputation for being fair and producing good results is the way forward. Good luck.

Regards
Dave

[conwy]

Hi Colin,

Business skills are vital. Check out any free courses with your local authority. HMRC also run free workshops.

As was pointed out to me, there are three arms to a business, the admin, the ops, and sales and marketing. It you are not doing the latter, the other two dont happen.

You may have the best mousetrap in the world but if you cannot sell to those who have mice, you dont get the business.

Check out the competition, do you have anything unique to offer.

Work out whether you want to be a sole trader, limited company, VAT registered, dont forget data protection registered, personal indemnity insurance.

All the very best.

[andynorris]

mate, i second everything the lads are saying. on a different note though. when i had my company in germany, it was registered as ...ltd. i also had anorris ltd which was a seperate entity. what this means is that your assetts are protected - regardless, as any misgivings fall on your personally registered company. i haven't set up any business's at home so maybe somebody else can shed light - and perhaps look into what i'm talking about for yourselves.

and as far as the own business goes - i say do it. go for it. i've done it twice and there is nothing more rewarding - it is difficult. there were times i opened the fridge and thought fk..!! mustard - again!! then again there were times i went to the bank and it really was happy days..!

it is what you make of it mate, how much effort you put in and of course, luck. another thing. many will say 'now is not the time'... it wasn't 'the time' when i set up, nor was it 'the time' when i bought my 1st house - when is the time then - when you retire..??? do it..!

choooooooo,

andy.

p.s. it doesn't matter how hungry you have to go - pay the boys first!