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Post Info TOPIC: Giving up the 9 to 5
kjmcculloch


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Giving up the 9 to 5
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Well, I started KM Bookkeeping back in September last year.  I'm now in a position to break free from the rat race and go it alone 100%.

I thought with two young boys under 3 and a mortgage I'd feel scared, but I don't at all.  It feels so right now.

I'll be cutting my wage in half (slightly under) but I feel without breaking free from my security I cant put the amount of effort into my business that I need to.  So hopefully a step back to take a leap forward.

And I'll have more time to drop in here during the day.

D-Day is 7th May.  Can't wait.

Kris


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Kris McCulloch 
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The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
RobH


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Well done Kris, I'm sure you will be able to build the business much faster now. Good luck, Rob

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Rhianrach


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Awesome, it definately sounds like the way forward, no doubt soon all your 9-5 time will be taken up and you will be earning better money than before.

Good luck

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Steve
attilabenko


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Hi Kris,

Good luck with your business! I really like your web site.

Attila


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chellawson


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Good luck Kris, Im sure it will be the best decision you ever make. The only way to make money these days is to work for yourself.

Well done!

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Michelle
Wella


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Wondered why you had gone quiet, just too busy building your business

Good luck

Bill



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Terri


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I wish you lots of luck - I am sure that it is a decision that you won't regret

Terri

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littlebookkeeper


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Good luck Kris. hope it all works out well for you.smile

Carole

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lor


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Well done Kris, it sounds like a really good idea, it will give you more time to grow your business also. I'm pleased for you!

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Alison


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You are brave taking such a pay cut. Do you think it will take you long to get it back to what you were getting?

Ali

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Shamus


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Hi Kris,

Don't forget that if your salary falls working family tax credits is likely to increase so you may find that some of the shortfall is made up whilst you get your bookkeeping business up to speed.

Just thought that might help.

All the best,

Shaun.

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Jane


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Good Luck

jane


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kjmcculloch


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Thanks Shaun,

I actually looked into Working Tax this morning and found that because I have taken voluntary redundancy and not just left working tax will kick in straight away, and instead of losing a fortune I'm going to be £100 per month worse off.

It's no wonder so many people dont work, the government are paying me almost the same as I currently earn for doing....erm.....nothing. Shocking! (not that I'll complain too loudly while it helps me out)

I was actually going to walk away from work in the Summer, but it's come a bit early when the offer of voluntary severance reared it's head. With that and a house I recently sold I would have enough to keep us for a year, it's the breathing space I need to make the leap.

I guess I'm just confident that if I need to make it work, I will. I was hitting a glass ceiling with my business while I was working full time too. I guess although I pushed the business, I never pushed too hard. It wasn't my main income. I also feel doing it full time will allow me to get a bit more structure to it.

Who knows, it could all go badly wrong, but I'm at the stage I need to try or I think I'll regret it. The only think I think I'll miss is working in a large team.

Kris

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Kris McCulloch 
Tel: 01563 370123

The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
Alison


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With working tax/family credits will this still be the case after the election (I am not really paying much notice to the politics but sure that one of the party is supposed to be doing more for families financially if they get elected and another party trying to make it worse if they get elected).

Do think the government are quite tight at the moment with child benefit being only £20 a week.

Alison

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RobH


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On the working tax credits side, theer is currently a 25k disregard, so if your income increases by upto £25k next year, you can still use this years figures (Crazy isn't it!)

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stephen72


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Hi Kris,
Good luck with your business i'm sure that everything will work out fine for you.
All the best
stephen

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semsley


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I also wish you all the best with the business I'm sure you won't regret it.

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Advice from beyond the grave!!!

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AngelaWBS


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I wish you all the best too.

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Ann-marie


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Good Luck and well done for making the brave move. Please keep us all posted with how things are going :)

Ann-marie

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kjmcculloch


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Thanks to everyone for their kind words. I'm sure it'll all go well. I think I'll be taking a leaf out of Robs book and offering more than simply bookkeeping to build up the client base a bit quicker.

Kris

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Kris McCulloch 
Tel: 01563 370123

The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
Marky65


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Sorry this is a bit late but well done Kris and good luck for the future. It will be great to hear how things progress for you as I am sure it will be of great interest to those still employed and running their own bookkeeping businesses part time

Regards

Mark

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kjmcculloch


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Thanks Mark.

Well I'm now actively planning how its going to work practically. I've been working from home so far, but it's getting increasingly difficult, there are so many distractions it's difficult to concentrate at times. Especially as I'll need to be working while my kids are up and about whereas previously I've restricted it to their bedtime hours with the exception of visiting clients.

I've looked at renting office space and serviced offices, but they're working out very expensive at the moment, so I've decided to spend a few grand and get an office built in the garden. I can save on thinks like rents, phone line rental and broadband access. I'm also far enough away to be able to clearly define my work space.

I've also made a timetable of my core working hours to clearly define when I'm working. This is probably second nature to you guys who have done this for a while, but these are issues I never really gave much thought when I started.

anyones experiences of this leap would be helpful, any issues encountered that you didn't anticipate?

Kris

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Kris McCulloch 
Tel: 01563 370123

The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
Alison


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Hi Kris

It is good to work outside the home. I worked from home from August 2006 - December 2008 then in December 2008 to November 2009 we were running an internet/gaming cafe and IT franchise and I did my bookkeeping work from there. I actually got much more work done then I do from home.

With building an office in the garden have you looked into the complications with your council tax or if you will end up having to pay business rates. Also if you come to sell your house would this be an issue with Capital Gains Tax.

Alison





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kjmcculloch


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Hi Alison,

As the property is below £10,000 my understanding is that I would get 100% business rate relief but I will confirm this.

I also understand that if I can take my office with me when I move (disassemble and reassemble) then I wont be selling it so save on CGT.

But thanks for the thoughts I will investigate more thoroughly.

Kris

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Kris McCulloch 
Tel: 01563 370123

The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
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