Sticky work situation - what would you do?

[Jimbeam3678]

If you are self employed its better to be like that than have lots of spare time on your hands!! Really pleased for you

 

[mattyprice4004]

If you are self employed its better to be like that than have lots of spare time on your hands!! Really pleased for you

Thanks mate.
True, it's good to be busy - just really felt the potential bad side yesterday and thought I'd add it to the thread for balance.

Not all beer and skittles...

 

[mattyprice4004]

Just a quick update, hit a milestone today.



Just over 4 years in, estimated there's another few years left yet - I haven't quite taken as much as I'd like for myself, but hopefully that'll be good when it comes to the next few years - selling all the goodies I've accumulated.

 

[Dup]

Well done Matt!

What's next though, and what contingency have you got for things dying off quicker than expected? Mazda parts?

I hope there's been a decent profit from that milestone, although I assume you invested most back into buying up remaining parts?

 

[mattyprice4004]

To be honest, I've invested most of it back in - that helps with the tax side of things too, meaning over the next few years I can slowly release the money I have tied up in the stock I've stored.
Profit on the whole is very good - there's a lot of work, testing and whatnot involved (mainly 12-14 hour weekdays at the moment) but it pays off well enough.
Just about to buy my first home in cash, so that's something to take with me when it's all done.

The plan going forward is to crack on for another 1-2 years, including keeping buying parts to stockpile - and then to start working our way through it all, slowly removing products as they sell out.
I've put this down as another 3-4 years realistically, so in theory I'm half-way there now.

I always knew this was a limited-time deal, and I'm fine with that - I feel absolutely worn out, and can't wait to have a sabbatical after I'm done.
I won't be doing anything similar for Mazda bits - I've been incredibly lucky with this, and don't fancy my chances again!

 

[TS7]

This is weird because you're a stranger on the internet who I have never met or even previously interacted with on the forum but reading this thread I feel a sense of pride.

Really, well done! It's amazing what you've achieved.

 

[mattyprice4004]

Thank you, that's great to hear. It's not been easy, but it's proof that anyone can get up and make a change if they really want to.

 

[mattyg]

Running your own business can be rewarding. I went to new york for 4 nights over easter this year......Last holiday was the Maldives..............................In 2011
I have over 40 drivers and have just spent over a month away from home getting our southern routes sorted hopefully new managers in place will help me have some down time.

Chuffed a local lad has had a good run.. I assume your by the sea....Sorry, sand the sea's a bit further out

 

[grudas]

Imo expand into other makes etc.. British cars will by around.

Mg, Jag etc.. do it! You might not have the knowledge now but it's something you can learn.

Good going tho!

 

[Tunney]

Congrats. Always lovely to hear a success story inn OCuk.

 

[mattyprice4004]

Thanks chaps.
After this I'm done, I appreciate I could probably do something similar - but it's an absolute nightmare.
Not being able to take decent length holidays, always having work on your mind - I've done over 4 years, in another 4 I'll be insane.

I'm planning to use the money left at the end purely for investments - spread over a few different areas to make sure I always have something coming in.
It won't be a champagne lifestyle, but means I'll be able to live in relative comfort while having a bit of time to do things I enjoy.

 

[mattyprice4004]

Just another update, completed on the house on Friday with the proceeds from the business.
If you're debating going self employed in something you KNOW you can do, I'd recommend it.

It's been very difficult, but I'm glad I did it. I have a Cornetto and a beer while working right now, so it can't be all bad!

 

[terley]

Basically, as a lot of you will know I used to have my own laptop repair / refurb business, before dropping it due to the incredibly slim profit margins and supplier issues. I then went back to work in retail part time for a few months, and then back to call centre work in November.

I scored a job in Burnley, around 40 miles from home. As I'd planned to move there in the future this wasn't too bad, the area has a good few ISPs and call centres I could work in so this seemed the logical idea.

Since then, however, I've had a lot of family illnesses and have decided to stick to my roots. This means 40 miles each way, I leave the house at 7:45 and get in at 19:00. With the cost of fuel removed I take home around £800 a month after tax etc.

I also run my own part-time business selling Rover parts, which actually makes a similar amount, but of course takes a lot less time and I don't have to travel for it.

Long post short - do I scrap my job to keep my Shop and focus on that, enjoying the extra time I have with my family?

Thoughts appreciated.

Edit: The parts business is busy and suppliers are stable. I have many sources for parts, so supply isn't going to be an issue. I also have a good and expandable customer base.

I also want to go into teaching, so I'd have the time to start my course for this.

Thanks guys.

Arriving at this post late, but i left a 40k a year job to do a 12k a year job, just so i could spend time with my dad after he was diagnosed with cancer.. Best decision i ever made, because he sadly died 11 months later.. I don't regret anything.

 

[Nitefly]

I’d be cautious of making a big change without a small nest of emergency funding saved (even if it’s just a few thousand).

If you have an adequate emergency buffer - follow your heart!!

Edit - oh man I really should read the whole thread.

 

[MassiveJim]

Edit - oh man I really should read the whole thread.

yes, yes you should.

Well done Matty btw, would be interested to have a chat with you if you ever have any free time.
I am in a similar, but not quite the same position that you were in..

Currently earning a good wage in my main job, with a side business repairing computers/tablets/phones/etc and trying to decide how to go forward.
Would be interested to hear what went wrong with your laptop business

 

[dl8860]

I’d be cautious of making a big change without a small nest of emergency funding saved (even if it’s just a few thousand).

If you have an adequate emergency buffer - follow your heart!!

Edit - oh man I really should read the whole thread.

Great story, congrats on your success OP

 

[wesimmo]

If you did look to evolve the parts business, I'd look at Facebook groups and the like to see where there might be demand and a gap in the market.

I'm a member of MX5 groups and RenaultSport groups and there are a lot of members of those who do driveway maintenance and modifications so there is a massive market for parts.

However I know both those communities already have their trusted specialist breakers so you might struggle to break into those, plus they have bought up a lot of the stock out there so parts might be harder to come by anyway.

I'd look for the next one of those, Vauxhall VXRs for example, where the price will drop to the £1k to £3k bracket and attract people who will be prepared to work on their own car to modify, repair and upgrade.

 

[mattyprice4004]

Hello all,
Just popped on this thread by chance - of course if any of you have any questions / would like advice from my own experiences, you're more than welcome to message me in trust

 

[ci_newman]

Hello all,
Just popped on this thread by chance - of course if any of you have any questions / would like advice from my own experiences, you're more than welcome to message me in trust

Give us an update then Have you wound the business up yet, or moved into supplying something else?

 

[mattyprice4004]

Give us an update then Have you wound the business up yet, or moved into supplying something else?

Far from it - we now import a lot of the spare parts for the cars, have started our own successful line of parts (focusing on quality) and hopefully at the end of July there'll be a rather large deal on the cards that will certainly change how the business operates.

Can't say too much, but I'll come back in August when it's all settled (with any luck) and spill the details.