Posted By garyh
I am currently "self employed" (actually I am a Limited Company employing one person - me!) It is much more complicated than I thought eg Tax, Employers Liability Insurance, Professional Indemnity etc. I have engaged an accountant to sort out tax etc although you can do it yourself. I think that you are better becoming a "sole trader".

Check your local Business link for free advice......

Posted By Paul Leadbetter
I echo what Martyn has said. I've been freelance for nearly eight years and wouldn't go back to being an employee. Giving up the security of the regular pay cheque was a big step for me but being in complete control is so liberating.

Don't try and do everything yourself. In particular, a good accountant is worth paying for and you may want to use a bookkeeper to keep your accounts straight as it can be a bit of a chore.

Paul

Posted By Clare Gabriel
I went self employed three years ago and also found it incredibly liberating. I have had years of feast and famine - that's how it goes. Just a few pointers:
- make sure that you have a skill that you can really sell because believe you me there are the £100 a day guys out there who SMEs often go for unless you can show you can do the job and they find you credible
- Make sure your CV reflects how good you are and the amount of experience you have - which guarantees a good daily rate
- dont be too choosy at the start - reputation is the best thing and recommendation
- joint the Federation of Small businesses - they recommend free banking with the Co-op - a real plus, legal helpline and loads more for about £100 a year
- ensure you have sufficient professional indemnity insurance - its expensive but in the type of climate we live in its essential - again the FSB recommends
- before you jump test the market - call up all your old contacts - see what they can put your way - but forget cold calling - its hideous and not worth the effort!!!
Finally dont expect to be ordering a Ferrari!!! Question hard what you want - is it freedom? (but be real the freedom is not really there as no-one like to turn down work!!!) Is it a large salary - again be real!!! Or is it the satisfaction of knowing you have done a good job and you will get paid for it!!!

Posted By 9-Ship
Consultancy retainers usually work as follows

Any company has to appoint one or more competent persons to advise about h&s matters.

This is the role you take on, where for an agreed monthly fee, you allow the company/client to use your name.

Your part is to provide on going services such as answering telephone queries regarding h&s issues, incident/accident investigation (hopefully most months this will involve no work.

Obviously what you provide needs to be spelled out exactly in your consultancy contract.

As regards fee - how much can you get away with?, are you likely to get much 'trouble from the client? i.e. lots of phone calls, how far might you have to travel at short notice? the risk level of the industry? etc etc

Does the work involve written work or just verbal/email advice, how much/depth of research might you have to do? If you specialise in a particular industry sector, your research might be alot less. If you cover lots of industries then you might have to find out about lots of processes/industries etc.

I have seen retainer fees anything from £200 per month to £2000 month.

It all depends...

Posted By Ian G Hutchings
Hi

I would just reiterate all of the above. You need to be good at selling and consultancy skills, as well as being totally motivated and thriving on a bit of risk.

There are plenty of consultancies who do an average compliance job for low fees. Unless there is a larger untapped market were you live, you have to be prepared to travel and show that you are different to the rest of the crowd.

Much of it comes down to how much cash you have to last until you can start to earn and what your existing costs/debts are. In practice it can take months/years to break even and then grow and don't expect anyone to turn up and give you work. For all the money I have spent on marketing I have found that 99% of business has come from referral.

I don't want to sound negative but you need total commitment, a bit of luck and the right contacts.

Good luck

Ian

Posted By MetalMan
Once again thanks for all the replies.The main impression I get from most of the replies is that a consultancy is a viable option and that you can make a living out of it, but, you have to put in the work, and it is no guarantee of a lifestyle of the rich and famous! To be honest if I could make the money I'm on now I would be happy. It's the freedom of choice I'm after, to make my own choices about what and where I work. I have missed so many parents evenings at school, been unable to give my kids lifts to clubs etc, and hate having to cram a weeks worth of catching up into Saturday and Sunday all the time.I just think it would be nice to have the flexibility to be able to take some time out to do these things.