Hello all, first post introduction with advice

[sam.32]

Hello all!
I've wanted to work for myself for a while now and have finally saved up enough capital to by myself a decent WFP round and equipment. I'm fully committed to making this work for myself as I have no commitments (kids or partner) so will be willing to start earlier/work later and work 6 days if needed, hard work and long days doesn't faze me as I'm already used to this with my current job.

I've been researching the basics such as: round pricing, distribution of the round, customer drop off, how long the seller has had the round.

Just a few things that I would appreciate some input on:
Turnover > Profit, this is linked to how well priced the jobs are?
Transfer of ownership, GDPR regulations, basic contract and receipt of sale
The seller shadowing or working with me for 1-2 weeks to help me get started
Filling the van up with water every day

My biggest worry is handing over large amount of money to someone and then them coming back to 'poach' everything, I understand that I'm basically buying goodwill and nothing more

Thank you

 

[ched999uk]

Welcome.
Have a search (top right) re buying a round.
Turnover vs profit all depends on overheads so not really relevant.

Handing over money is scary, maybe try spreading it over a few months.

Filling a van should be something you can find out about on here. All depends on if you process your own or buy.

Personally I would say read the entire forum and make lots of notes.

 

[Part Timer]

Unless you can get a contract for them not to work in the area for 2 years then you will be paying your money and taking your chance.
Your percentage profit margin will depend on your area and prices.
After your 1st year with all you write off costs, then you should be making, before tax, around 80% of turnover, on the basis of at least £800 a week turnover.

 

[PC]

Morning Sam
Where are you based?
To be perfectly honest with you it is a minefield buying a round. As it also can be for someone selling a round. They have to trust that you aren’t going to be shown all the work and then instead of buying it potentially try to poach it for free. You are both going to be entering a trust agreement which is extremely difficult as you both probably won’t know each other.
I’ve been buying and selling rounds for over 30 years and really just rely on gut extinct after so many years of experience. I can just tell after the first meet whether I can trust the other person. And I take it from there.
Signed this and that will not protect you from the other guy coming back and taking all the work back again. Ultimately you are buying into an agreement with each and every single householder not just the person selling the round.
They can do whatever they want and no ‘contract’ etc will affect that.
HOWEVER - it can be done and is done all the time.
The best advice I can give you is to insist on working with the other person on the work until each and every customer is completed. Get them to introduce you to the customers as you go round as ‘the guy who is taking over from me because I am scaling back, retiring, moving into a new career etc etc’.
It would be difficult for them to then come back after you’ve bought the work and say they aren’t leaving after all.
Also get them to pen a letter explaining why they will no longer be working the round and in it they should also introduce you as ‘a friend/someone they’ve known through window cleaning etc etc. you also pen a letter introducing yourself. Sell yourself to your new customers.
Both of these letters go in the same envelope and are handed over to the customers as you go round or posted through the door if the customers aren’t it.
There are several other ways you can protect yourself. Not paying all the money up front is another one. Half before you’ve started all the work and the other half at the end. Some people won’t entertain this some will.
There are as I say more ways of protecting yourself but I would be writing for another hour and I have to start work myself.
I’m sure others on here will share their knowledge and experience with you.