Is starting your own business career death?
Discussion
Obviously not if you make millions, buy out your old company and sack the boss it isn't. And I know if it goes tits up after 6 months you can slot back in somewhere. But let's say you fall in the middle somewhere and after a few years decide that you would rather move back to a full time role, how difficult is that? How much value is placed on the experience of working for yourself?
Anyone successfully done so? Or hired someone who has?
Anyone successfully done so? Or hired someone who has?
I'm still enjoying what I do, advancing my skills and making enough - though not millions yet. Mostly idle curiosity.
It's my location I don't see as a long term thing, and when my daughter reaches school age I may well be looking at moving somewhere else.
Obviously in a perfect world I'll sell the business for millions and retire, but it's not a perfect world. I doubt international expansion will be on the cards by then either, so trying to keep half an eye to my "market value."
It's my location I don't see as a long term thing, and when my daughter reaches school age I may well be looking at moving somewhere else.
Obviously in a perfect world I'll sell the business for millions and retire, but it's not a perfect world. I doubt international expansion will be on the cards by then either, so trying to keep half an eye to my "market value."
I guess it depends on the industry. I work in construction and I see loads of CV's (including my own) that go:-
Start at the bottom,
Work way up through various companies / positions,
Start own company,
Close own company, go back to last equivalent employed position.
Of course the recession has badly affected construction, so lots of former Managing Directors now driving diggers or working as Site Managers.
As far as being able to sell a business, again it'll depend on the business type. You'll need to plan the succession management from the off, bringing in a good manager who can run the show, so that when you step back there isn't a massive information / knowledge / management gap?
Start at the bottom,
Work way up through various companies / positions,
Start own company,
Close own company, go back to last equivalent employed position.
Of course the recession has badly affected construction, so lots of former Managing Directors now driving diggers or working as Site Managers.
As far as being able to sell a business, again it'll depend on the business type. You'll need to plan the succession management from the off, bringing in a good manager who can run the show, so that when you step back there isn't a massive information / knowledge / management gap?
Ran my own business for eight years then due to fraud from co-director we went t*ts up. Got a senior position in a company on good salary and perks and you'd think all would be well. But I had, and still have, a major problem in adjusting to not taking every decision myself and having to implement poorly thought out stupid decisions made by half wits, i.e. the directors. Well they call themselves directors but most of 'em couldn't direct traffic in a one way street.
But the money's as good and there's no stress. I work in the office till 5:30, then at home till 7:00 ish then the phone gets turned off. Nice to not HAVE to be working 24/7 and I actually get holidays.
Do I misss running my own show? Hmm, some days yes some no. I'll bimble along like this for the moment and see what happens
But the money's as good and there's no stress. I work in the office till 5:30, then at home till 7:00 ish then the phone gets turned off. Nice to not HAVE to be working 24/7 and I actually get holidays.
Do I misss running my own show? Hmm, some days yes some no. I'll bimble along like this for the moment and see what happens
I've worked with lots of people who used to run their own businesses so I'd say not although it will vary by industy, the role you are after and how long you've been out of the business loop.
As said above, you can find working for yourself makes it hard to switch off but working for someone means you have to put up with idiots. Swings and roundabouts really.
I traded cars from home for a year which was great in terms of not having to commute and being able to come and go as I pleased but I also had to be around during the weekends and evenings to meet customers which was annoying. The big 'win' of going back to work for someone was going home at 5pm and 'switching off'. However, I soon ended up realising I worked for idiots!
As said above, you can find working for yourself makes it hard to switch off but working for someone means you have to put up with idiots. Swings and roundabouts really.
I traded cars from home for a year which was great in terms of not having to commute and being able to come and go as I pleased but I also had to be around during the weekends and evenings to meet customers which was annoying. The big 'win' of going back to work for someone was going home at 5pm and 'switching off'. However, I soon ended up realising I worked for idiots!
I work for a large corporate in recruitment, so I can ONLY give you the corporate view.
We get a number of different types of people.
Starts on business, its effectively consultancy trading the skills they had in the corporate world. – No problem, we’d hire them.
Starts own business in entirely unrelated but “trendy area” – dotcom, property etc. – has a good time, tried new skills, market goes south and they want back into security – usually no problem
Starts own business in related area, tries to scale builds reasonable size but then goes bust – usually more than five years out of “corporate” – touch and bargepole spring to mind.
So – if you are a one man band offering IT skills but self-employed, we don’t care. If you set up an IT consultancy, hire fifty people become a “chief exec” but then want to come back to a middle management role it is unlikely.
The main thing is if you do go out of corporate life, that you can still retain the ability to show blind obedience to the company when you come back. Corporates I am afraid demand that you “buy-in”
We get a number of different types of people.
Starts on business, its effectively consultancy trading the skills they had in the corporate world. – No problem, we’d hire them.
Starts own business in entirely unrelated but “trendy area” – dotcom, property etc. – has a good time, tried new skills, market goes south and they want back into security – usually no problem
Starts own business in related area, tries to scale builds reasonable size but then goes bust – usually more than five years out of “corporate” – touch and bargepole spring to mind.
So – if you are a one man band offering IT skills but self-employed, we don’t care. If you set up an IT consultancy, hire fifty people become a “chief exec” but then want to come back to a middle management role it is unlikely.
The main thing is if you do go out of corporate life, that you can still retain the ability to show blind obedience to the company when you come back. Corporates I am afraid demand that you “buy-in”
I sold a recruitment business in 1999 (just before the IT market crash) after seven years of trading. I worked for the new owners (it was a recruitment plc) for 2 years and hated it almost as much as they hated me. I ended up doing it all over again and sold a second time, I now act as a non-exec for a few days each month to 2 businesses and it suits me fine, no way could I work for a corporate and given the amount of time you spend on here AJS - nor could you!
Oh there's no procrastination going on. I'm 100% in it for the foreseeable future, and I do work hard at it, and the plan is a proper full on business with as many employees as can make us money.
And that despite my prolific posting on here - in my defence that's mostly an evening activity here, which is day time in the UK.
This threat is partly idle curiosity, and partly a view to what happens if we don't have a saleable business in a few years, and I decide that it's something I no longer want to do.
And that despite my prolific posting on here - in my defence that's mostly an evening activity here, which is day time in the UK.
This threat is partly idle curiosity, and partly a view to what happens if we don't have a saleable business in a few years, and I decide that it's something I no longer want to do.
AJS- said:
It' I don't know anyone who has sold their business and carried on working for the new owners successfully, but I'm sure it happens.
Its does indeed but the sellers mostly decide if they can work with the buyers first. The sellers also retain the financial cushion they need so that if it doesn't turn out well they can just walk.After being made redundant from a particular job (the whole company went under pretty much through terrible management), I decided to start up my own company doing much the same. Didn't last too long really, didn't have the money behind me to keep it afloat whilst business was quiet so I packed it in before I got into any debt.
Started trying to find work again and found it tough. The interviews I did get seemed to concentrate more on why I had decided to stop working for myself and I got the impression they didn't trust me to work for them incase I stole their ideas and left to start my own company again.
It wasn't until I took it off my CV and wrote the time off as unemployed that I actually got a job.
Started trying to find work again and found it tough. The interviews I did get seemed to concentrate more on why I had decided to stop working for myself and I got the impression they didn't trust me to work for them incase I stole their ideas and left to start my own company again.
It wasn't until I took it off my CV and wrote the time off as unemployed that I actually got a job.
The old man moved abroad to start his own business many years ago. He didn't do badly out of it but when he retuned to the the UK he found it difficult to get back to a similar level. All the juniors had moved up the ranks and being 'out of the game' for so long hurt his future prospects.
I was self employed and for a while it did pay the bills it hasn't helped my career at all.
Unless your alan sugar or something, then its something I would only consider it again once I've buit up decent capital, knowledge and clients to pay the bills.
I was self employed and for a while it did pay the bills it hasn't helped my career at all.
Unless your alan sugar or something, then its something I would only consider it again once I've buit up decent capital, knowledge and clients to pay the bills.
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