So Ive Taken The Plunge....

[carbers205 1]

Well some of you may have seen one of my recent posts asking about trade insurance and the like, I am now delighted to say that I have taken out a policy with Tradewise so the fun and games can commence!

Ive read a lot of stories about trading from home and the various problems it can cause so Ive taken the route of making sure everything is out in the open and declared.....Im going for my trade plates interview at the DVLA on Tuesday morning, Ive spoken to my local trading standards officer and he is happy, Ill be getting a cert from them next week, Ive opened a proper business bank account (who have allowed me £8k of borrowing already!) and I will be providing in-house warranties that actually comply with the Sale of Goods Act! Ive got 3 months to let the tax man know whats occurring so he can wait for the time being.

My first purchase was on Wednesday night, an 03 52 plate Rover 25 iL 1.4 with a years test and 60k on the clock. Yes I know about the hg issues etc etc but this one is fine, bit of bodywork to tidy, just changed the cambelt and will be servicing it tomorrow.

I was really surprised at how quick the DVLA responded to my request so hopefully the buying and selling process will get up to at least one a week within the next month. I have a target income for the year, hopefully Ill be able to find the right stock to help me achieve it.

 

Andy

[Daviewonder 533 3 Cars]

I wish I had the guts to try something like this, trouble is it's easier just to get up in the mornings and go to my dead end job. Good luck mate

[Peetypug 5]

good luck to you matey

 

i've been umming and ahhing about starting my own business for the last 12/18 months, but havent really built up the bottle to do it. mainly due to the fact i dont know where to start

[madspikes 41 1 Cars]

Good luck, I wish I had the guts!

 

mAD

[mojo1997 0]

good luck...

 

The only way to make good money is by working for yourself, be prepared for plenty of hard work. I went self employed 3 and a half years ago and have never worked so hard, although you work hard because it's you who see's the benefit not someone else...

Edited February 7, 2011 by mojo1997

[tomcolinjones 26]

Fair play to you! i would love to do something like this, but the army dont like moonlighting!

[carbers205 1]

Thanks guys. I think the only way to set up on your own is by doing something you love, you see business ideas from time to time saying 'you can earn x from doing y' but actually if its not something that engages you then its difficult to keep the motivation up.

Working for yourself has its own set of pros and cons just like working for someone else, Ive set up and run our own property company for the last 5/6 years and without being disciplined you do end up putting far more hours in than those doing 9-5 jobs.

Im too far gone to work for anyone else now, but for those considering setting out on their own I would suggest trying something small scale and part time before jacking in the boring but reliable job, theres no sense in living the dream only for it to go tits up in 6 months time, especially in these troubled times.

[tomcolinjones 26]

is there a danger that your hobbie would just turn into another car to do at work?

i loved working on my old gti until i got a job working on cars rather than HGV's then it was just another car.... maybe i havnt got the minerals!

now i work on boring old Bedfords and Dafs its all good again!

[mainline 2 1 Cars]

Good luck to you, probably a hard time of year to be starting out, but by the time you get into the swing of it the orders should come flying in.

[Simes 248 2 Cars]

A friend of mine did this......

 

Age 16 - left school with little or no qualifications

 

Dad (wealthy) gave him £30,000 towards a house and said he wants it back within 3 years.

Friend gets a job as a Postie

Buys himself a car, drives it a bit, sells it for a profit, repeats the exercise a lot

Cars seem to get more extravagent - this was the '90's

 

Toyota Supra 3.0

Toyota Supra 30. Turbo

Merc SL 300

Merc SL 500

Then we lost touch

Keeps his job as a postie for over 10 years, but still spotted in flash cars.

 

A few years later I spotted a F355 outside his folks house with a personalised plate that could only be his

Then another one different colour

Then a 360

 

Bumped into him two or three years ago

seems he has a portfolio of houses in South London that he rents out and a few more up north (around 28)

driving a Gallardo

just recent got a AM Vantage!

A collection of jet ski's

 

Blah blah....

 

 

Go for it!

[carbers205 1]

Wow thats a good target Simon, maybe a tad higher than I was looking for this year though!

The most important part of the jigsaw has fallen into place this morning, Im now registered with the DVLA as a trader and have a shiny new set of trade plates.

Bring it on!

[Matt205 14]

I went self employed 3 years ago and it's the best thing I ever did. Good luck.

[Edp 67 3 Cars]

I went out on my own 7 months ago and its brilliant. Good luck to you matey.

[samc 1]

A friend of mine did this......

 

Age 16 - left school with little or no qualifications

 

Dad (wealthy) gave him £30,000 towards a house and said he wants it back within 3 years.

Friend gets a job as a Postie

Buys himself a car, drives it a bit, sells it for a profit, repeats the exercise a lot

Cars seem to get more extravagent - this was the '90's

 

Toyota Supra 3.0

Toyota Supra 30. Turbo

Merc SL 300

Merc SL 500

Then we lost touch

Keeps his job as a postie for over 10 years, but still spotted in flash cars.

 

A few years later I spotted a F355 outside his folks house with a personalised plate that could only be his

Then another one different colour

Then a 360

 

Bumped into him two or three years ago

seems he has a portfolio of houses in South London that he rents out and a few more up north (around 28)

driving a Gallardo

just recent got a AM Vantage!

A collection of jet ski's

 

Blah blah....

 

 

Go for it!

 

how much does he charge for an ounce?

[Leet205 48]

Wow thats a good target Simon, maybe a tad higher than I was looking for this year though!

The most important part of the jigsaw has fallen into place this morning, Im now registered with the DVLA as a trader and have a shiny new set of trade plates.

Bring it on!

 

Result. best of luck with it

[Batfink 201]

Nice one. I started my own business nearly 5 years ago now with just the money in my pocket. Went full time 2 years ago and never looked back. Its difficult currently with the stupid recession though but it will be worth it as we come out the other side. You never stop working though...

Edited February 16, 2011 by Batfink

[carbers205 1]

Cheers guys. Yeah my discipline is s*it so I work well random hours. Only time Im not busy is if Im inbetween cars ie if Ive prepped what I have and not spotted any more to invest in. Im really tempted by a little unit just down the road from me and exploding into the market but in these times I suspect a bit of caution at first is advisable!