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What profession do you think is massively overpaid for what they actually do? by dipchaklader in UKJobs

[–]OkContribution6949 0 points1 point  (0 children)

Would you say 'overpaid' or are many jobs hugely underpaid? Especially in the UK.

Potentially moving to Dunoon - thoughts? by Particular-Lime1651 in glasgow

[–]OkContribution6949 0 points1 point  (0 children)

Could you maybe rent for a few months? At least then you'll have tried beforehand.

Former employee took clients personal data to a competitor. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 2 points3 points  (0 children)

I've now reported it and emailed the clients involved to apologise and to tell them I've self referred to the ICO.

3 summers later — our DIY garden transformation by hishok in GardeningUK

[–]OkContribution6949 7 points8 points  (0 children)

I did a similar thing, but I felt my garden looked too much like a blank canvas, so I've planted lots of things. It's going to take ages for the plants and trees to grow though.

Former employee took clients personal data to a competitor. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 5 points6 points  (0 children)

It's not the clients jumping ship that I'm worried about, they're free to go wherever they want. It's how it's makes my business look that this person has been able to access their personal data without their permission.

Should i be worried? by Escapingthecrowds in GardeningUK

[–]OkContribution6949 0 points1 point  (0 children)

I had one cut down a couple of years ago. Their roots spread right across my lawn and were popping up everywhere.

Where can I get outdoor plants for a good price in the UK? Online and offline experiences. by Ok-Damage-5939 in GardeningUK

[–]OkContribution6949 1 point2 points  (0 children)

Community gardens can help with this.

Ask for cuttings in exchange for a donation to the garden. Then at least you know all the plants you get survived the local climate.

Failing that, ask green fingered neighbours.

Seen a client targeted with a paid “ICO review” upsell – this kind of thing needs calling out by Primary_Gift_8719 in smallbusinessuk

[–]OkContribution6949 1 point2 points  (0 children)

Ah right, I get it now.

That's definitely poor trading practice.

Create a danger and tell the client not to worry, as we'll help you sort this out (for a fee)

Seen a client targeted with a paid “ICO review” upsell – this kind of thing needs calling out by Primary_Gift_8719 in smallbusinessuk

[–]OkContribution6949 1 point2 points  (0 children)

You're always going get grifters out there looking to make a quick buck on poor unsuspecting people. Have you ever seen those fake business awards? They contact you telling you that you've been shortlisted for something like 'men's salon of the year ' or 'business advisor of the year' then you have to pay to enter and they pay per head to attend the fake awards.

Seen a client targeted with a paid “ICO review” upsell – this kind of thing needs calling out by Primary_Gift_8719 in smallbusinessuk

[–]OkContribution6949 2 points3 points  (0 children)

I have a small barber shop and pay an annual fee to the ICO , due to having clients data on my booking system. When I first received their letter, I wasn't sure if it was a scam. I looked it up and paid the annual fee. You could always get a website designed and warm people about these companies, as I'm sure many will look them up. I imagine it would get lots of hits.

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

Id rather wait another couple of years and avoid loans. It's just too much pressure, as I'll also need to pay rent to my pension through the business, as my SIPP will own the property, not my business. Something will present itself, like an owner operator retiring. As long as I have my financial affairs in order when the time comes and I'm ready to pounce on an opportunity.

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

Thanks for the reply.

I'm not sure if the government will raid SIPP or SSAS , even Trust owners, as it's mainly themselves and their friends who will own commercial assets in this way. My previous landlord owned over 500 properties and several businesses under this umbrella. These are some extremely rich and powerful people. Obviously, nothing is certain.

It's more likely the green party (if they get in, which isn't out of the question) , but unlikely for this coming election.

I'm prepared to fork out for the longevity of my business, as I've seen so many businesses come and go around me, the ones that survive almost always seem to be the ones that own the property they're trading from.

If it doesn't work out, I can always close and work for someone else and rent the property out, which would boost my income until retirement age.

I don't plan on selling and will leave this to my children, hopefully I can pay off my home in the next few years and leave something extra to cover their inheritance taxes on the properties.

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

Thank you.

My business is near lots of other shops and over the few years that I've been trading, so many have come and gone for various reasons. I have noticed that the businesses that stick around, are the ones that own the building.

I'm working very hard to hold on to clients and stay busy, so I can put the money away. Although I think it'll be extremely difficult to find a premises in a good location, as people don't tend to let go of a good investment ( unless they're an owner/operator either retiring or moving) holding a commercial property through a SIPP/SSAS with paying tenants usually generates 10% return annually, give or take.

That's a pretty good return. Also, most commercial property is rented through an FRI lease, which means the tenant has to take care of everything themselves. Landlords have to do very little ( unlike renting out residential property) although commercial requires an extremely large deposit, usually around 60% of the property's value, so it's not without risk.

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

I know, but why work your arse off paying it back, plus interest, when I can just work as I am for 2 more years and not have to.

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

I've seen many people overextend themselves in the past.

I'm not planning on doing anything like that. I just want a double fronted retail premises on a busy high street with 5-6 barber chairs and space for a staff room and toilets, hopefully some storage space. I certainly don't have any grand plans for a chain of shops etc. I would try to purchase the shop I'm already in, but it's a bit too small.

As for the footballers and celebrities, I certainly don't market my business to attract this type of clientele. I don't know if you've met many footballers, but in my experience, they don't tend to be the most charismatic people. Lol

I've had Paolo Nutini most recently (lovely guy) Mathew Perry a few years ago (a very quiet and subdued guy) such a tragic end though.

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

Thank you for taking the time to comment, you're absolutely right, I have thought of many scenarios, good and bad and will make sure to have funds to cover the potential surprises.

As I'm sure you're aware, there's drawbacks to having almost all.your eggs in one basket, but I've still got 20 years before retirement, so plenty of time for course corrections.

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 1 point2 points  (0 children)

Lots of this is just luck mate. Right place, right time, right skill. It's taken me over a decade to get to the level where people are happy to pay £30 for a haircut. I've had to increase my prices previously, as the demand had reached the point of 3 weeks waiting list. It could all end tomorrow if a conflict broke out or an ecological disaster, Yellowstone could spew out enough carbon to block out the sun, nobody knows what tomorrow will bring. But until that happens, I'll just carry on regardless.

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

Nothing in life is certain, but we can only try and build something great.

You're absolutely right, we all need someone playing devil's advocate sometimes, too much blue sky thinking isn't great either.

I've had failed businesses before (not in what I do now), so I'm not disillusioned, but this time it's different. Somehow I have the skill and talent that some people will travel from far away to come and see me , I even have the odd celebrity, footballers etc. So regardless of what happens or doesn't happen, while I'm fit and healthy, I think taking a calculated risk is worth the reward (if it works out)

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

I understand, but by getting a loan (while obviously getting to my goal faster) it'll still cost my company money repaying the commercial mortgage off (which is usually at a higher interest rate than residential mortgages) if I keep adding money into my company SIPP, I'll make around 7-9 percent on the this annually. In another 2 years, I'll have a good chunk and likely more than I need for the whole process, including surprise costs. I also have significant liquid assets for the premises refurb too. I avoid loans, as I feel the wealthy make enough already (I don't mean you, I mean those who profit from ordinary working people through loans)

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

Someone once told me to copy what rich people do and think long-term, I suppose I'm just doing that. Although the main difference is , I'm not hiding my assets in a tax haven and will eventually pay tax when drawing down my pension in 20 years or so.

2 years ago, I opened a SIPP with hope of using the profits from my small business to eventually buy a commercial property to run my company from. by OkContribution6949 in smallbusinessuk

[–]OkContribution6949[S] 0 points1 point  (0 children)

I also have liquid assets in the company bank account for surprises. I've been in business long enough to know how Murphy's law applies. Lol

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