lots of sensible advice here.

I know there's a common perception that self employment is more 'risky' than being employed but I would challenge that. When employed you're whole income is completely dependent on one source and in many cases you have little control over that. My gf was recently laid off by a big company 'cause thats what they do every year.

With self employment you can not only mitigate that risk by having more clients (assuming this is a client style business), but also by being able to create diverse income streams which if designed well can give pretty good income resiliency.

Saying that, for sure it's not for everyone. As others have said, getting new clients, chasing debt and managing the bureaucracy can be a pain in the ass. Learning to shut off at the end of the day is super important too. FL2 2011 SD4 XS in Galway Green

I think downtime is the most difficult to acheive. My son has many a row with his wife for constantly checking emails all times of the day/night/weekend. He has learned a lot in a short time and is much less trusting having been taken for a financial ride by one or two clients. My experience was such we had a very rich client who owed my Architects practice £60k (in 1995) and knew we simply couldn't afford to sue him. However I still hope my new business works especially after the week I have had with the Director i work for not having a bleeping clue about my work and getting yet another blasting in a supposed blame free culture......but hey, thats the public sector for you. eh tu?

a architect, might have to add you to my memory bank for a planned house extension  Former Mod/Member, with the most post & Chicken George Arch nemesis

Wow, thank you everyone, what great advice. Many thanks

*Decho- yes, ltd company, I know of a locum who has just done this... not yet sure as to how this would benefit me yet... I have an accountant lined up and I hope he'll be able to advise me.
*Nairbr- insurance- we are protected by the Veterinary defence society- so when you work for a practice you are put on the policy in place of the member of staff you are replacing that day
*npinks- I'm hoping to set up a locum contract with at least two practices. I've worked (salaried) for both before so know how they work and I'm hoping the 2 or 3 days away if I take a "week" off will not affect my prospects (although I wont be paid).
*CG- Pension... Lol!!! one day I'll start a PP.
* AIiEEX- correct, I am a vet, although I'm seriously thinking about doing an LLB in a year. One of the reasons why I'm going self employed is to give me some breathing space after a personally and professionally stressful time. I need to decide whether I want to go full time salaried/locum/start my own practice or do law and seek to combine the two.
*Mona Geeza- £100,000! I'm lucky if I have a tenner in the bank at the end of the month. I'm paid less than a bin man!
*snappa- Mr MM is always nagging me to switch my phone off! I'm often in contact with clients OOH and you do become so involved/drawn in/feel incredibly responsible for.
I'm hoping that the practices will pay promptly because I know them so well and they've a good reputation for paying on time

thank you all again
MM

get a pension sorted, sooner the better. even a small one. Ive been paying £100 a year into one since i was 16. to start a pension now giving the same returns would cost a ridiculous amount At work
At home

"I can't always believe facts I read on the web" - Charles Dickens

winner by default of the tractor vs caravan race

CG- I know what you say makes sense but its another field where I think "where do i start?" and "who can I trust?"
MM

chicken george wrote:

.......Ive been paying £100 a year into one since i was 16....

Thanks npinks, you know where I am! Nothing to be lost in talking now  eh tu?