Sunday 31 October 2010

Test Trading

It's time to come clean.  I have only just become official...  For the last 6 months I have been working on a Government scheme called test trading.

I lost my job in January (under circumstances I'd love to discuss but can't...) which was a bit of a shock but also a massive relief!  I'd aggonised for a couple of years about quitting and taking the plunge as a full time photographer.  Can I afford it?  What if I don't get the customers?  Will my house get repossessed?!?!  But that decision was made for me at the start of the year so I did it.  OK, not straight away...

With the help of eFactor I went and signed on and got myself onto the Test Trading scheme.  It allows you to continue receiving benefit while starting your own business.  It gives you a chance to see if being self employed is for you, if you're any good at what you do, if you can make any money doing it and generally if it's going to work. 

For the last 26 weeks I have had to check in fortnightly with my Business Adviser who checks what I've been up to and how much I've made (or lost!)  Any profit the business makes has to go into a jointly controlled bank account so I can't get my hands on it (hence still being able to sign on), but the money can be used to buy stock and equipment for the business.  Something I've made full use of!

So now the 26 weeks are up and I'm being let loose into the world on my own.  The profit in the account is now mine to use as I please.  I will still be using eFactor though.  Their advice, courses and networking events are excellent and free!

I need to say a massive thank you to eFactor and especially Judith Hancock who have given me more help and support than I could have hoped for.  I urge anyone who has a business idea or who finds themselves in the same situation as me to get in touch.

Friday 22 October 2010

Houston... We Have an Opportunity!

OK, so I nicked that off a T-shirt. But it says everything I want to say. Problems come along all the time, but it's how we deal with them that makes us successful.

A fresh problem can knock you back and it's a natural reaction to let it get you down. You focus on fixing the issue, minimising the damage and generally getting yourself out of a mess. But that's all a bit time consuming. Which means the things you should have been doing get put off, timelines get compressed and the day-to-day things become the next problem leading to upset customers and unnecessary stress.

So why not flip it on its head? Turn a problem into an opportunity. OK some things need fixing but a bit of bad news can lead to something bigger and better! A couple of examples from me then...

I'd been wanting to start my business for a while, doing a bit here and there for friends and family. Doing a bit of promoting but not really trading and certainly not making any money! I was working full time getting a reasonable, regular salary. OK I hated my job but it was secure and regular and taking the plunge to take pictures for a living was a massive step. Which I was too scared to take. In January I lost that job. It was a huge blow to my confidence and a big worry as to how the mortgage would get paid. Even then I didn't start my business. I was focused on the worry of an income. I got a bit of a payout so I was OK for a few months. So I started looking for another job. Not easy in a small, out-of-the-way town in a recession. In April my wife suggested I went to eFactor to see if they could help me set up my business and do it properly. I registered at the start of May and here I am! From jobless to self employed, working for myself and choosing my own hours (sort of) in less than a year!

The latest "opportunity" came a few weeks ago. My studio in Grimsby is within another business and the owners told me they were selling up. I met with the new owners who told me there was to be no space in the new plan for a photo studio. So did I give up the portrait work completely? Did I find another studio to rent in Lincolnshire? Nope! I went out to find my own premises. I've found somewhere and I'm currently in negotiations with the agent and the landlord. All being well [searches for wood to touch] I should be in for January or February. A bit of a gamble though... It'll cost 3 times as much as I'm paying but I'm confident I can make more than that in the new location! Watch this space...

There's loads of books available about the power of positive thinking. None of which I've read... But it works. Get your head in the right place, know that every problem is just an opportunity in disguise and just do it!