Getting Started in Self Employment

My first post was “The journey to self employment”, So I’ll be stream lined and talk about the first few years of going solo, they were exciting to say the least and only God knows how they weren’t a train wreck, last month I opened my second place in Donegal and thankfully I’ve remembered the mistakes I made and fingers crossed I’ll make sure to keep it that way.

Dealing with the banks back then was hard! I had no history to show how my business ran, and I've never believed in predicting the future and making up figures, I write business plans based on facts and history, its easier now with 6 years behind me but showing a plan based on selling cars from my house after hours was hard, I was winging it but I knew what I was talking about and that helped,  I wont lie though, I got lucky, as it was a case of “who you know rather than what you Know”. I was grateful, but how I got the loan was a miracle, good timing and thankfully a great decision.

Keeping accounts tight was another big mistake and not keeping a close eye on them, Remembering I was only a salesman, I could sell cars and collect a wage, but little did I know what I’d be dealing with; Overheads, taxes and don’t even get me started on Reconciling a bank account! I hadn’t a bulls notation, 13 months in, my accountant asked me for my reconciled bank account for end of year and I told him “ I don’t deal with them I deal with AIB” (true Story) , Deirdre the girl who worked part time with me said “I told you so” but I never heard her say I needed to do it I was too high n my horse I suppose. The bill I got to fix the problem though sure thought me what a reconciled account was let me tell you !

Two things I had to my advantage starting off were age & being new to the seen, I knew what facebook was, I knew what type of website I wanted & I realised great pictures can sell cars just as much as sales person. Also unlike other dealers around me I hadn’t a stale yard full of overage stock, costing too much money that no one wanted, other dealers were too busy liquidating old stock and worrying letting people go, I was at an advantage as I had only myself to pay & could buy what was selling quick and what was popular at the time, buying was simpler back then too, it was a case of going to Carzone, picking a model, finding the cheapest private sale , buying it less & re-advertising for more money with better pictures and warranty, It wasn’t rocket science but it was a business strategy that worked for me.

 Above all this hard work was what kept me going & open , one thing I remember was a Saturday evening, Stacey wanted me home early and it killed me! I hadn’t cleaned the showroom floor and I hadn’t put a trade in up online so I couldn’t settle, I actually got out of bed and went in late that night, I turned on the lights, cleaned the floor and put the Renault Clio up online (its in the picture above) , I loved what I was doing and was trying to be as professional as I could, Sunday Mornings I was consistent in putting up all my Stock on facebook and I didn’t want this to slip , I was the only one doing it at the time and it was working, that Monday I got to work at 8:45 , there was an elderly man sitting by the door , he said “I’m here to see the Clio you have on Facebook , last Tuesday I came up to buy the Peugeot 207 you had and I seen a sold tag on it , So I’m not letting you sell this one on me”, its true what they say “you get what you put in” and that guy sure showed me that , he still has it and was in last month for a service too!

I made plenty of mistakes starting off ( I still do) , but I tried only to make them once and learn from them, working hard wasn't one of them. I’d do it all again of course but I’d change a lot, it's easy to say that now with a wiser head! But starting off aged 26 with only arrogance and determined attitude I haven’t done too bad so far! ambitious plans ahead too.