I’m interested to see all the replies in this thread because I am in a very similar situation.
I currently have a ‘day job’ (not tree related) that pays £30K/year and the healthcare policy includes free double strength Prozac. Over a year ago I went to see a business advisor re setting up in tree work again after a 23 yr break. His advice was very simple – set up while you still have a day job. This way I can:
• have a safety net for the majority of set up costs
• learn about the marketplace
• learn about business (costing/pricing etc)
• develop a reputation
• develop a client base
• etc.
During this set up period my safety net will be the monthly cheque from my day job. I am currently building up a good reputation and a small client base (one of which has just phoned up to thank me for this years work and put me forward to their land agent to do the majority of next years £20K grant work). I appreciate that this will be different for you as your boss would not be too happy if you did the same thing!
One thing you should do is attend a free business start-up course. We have one being ran by our local business enterprise and I would advise you to do this – there is a lot more to it than us ‘employees’ realise!
I have had an offer of partnership from someone who attended a course with me. I feel the same way as most of the comments in that partnerships will ultimately end in tears. I have however proposed a compromise. The lad in question has his own ground maintenance/grass cutting business so we may be going down the road of ‘association’. If he gets tree work it will go through me and I will pay him as a subby and visa versa with the groundwork etc. This could still work with a group of you doing tree work as opposed to forming a company that employs you all.
Get the best kit you can afford. Any profit out of any of my jobs is going straight back into the business (saws/rigging equipment/blowers/etc). I did buy a cheap Toyota pickup for £450 but so far I have spent over £1000 on the barstuard, so that one is starting to back fire on me – literally!
As far as land goes I believe in buying everything I can as any form of rent is money you will never see again. I am looking for a very small piece of land to buy. Even if thing don’t work out the chances of not getting my money back on it is very slim.
Sorry I can’t offer any real advice bar what I am trying to do, hope it all works out for you:151:. I think the most important thing is to be happy. By being self employed you will stand chance of being rewarded for the effort and dedication you put into your job, but you must also balance this against the possibility of failure and what this will do to you, your family and those around you.
Richard.