I think you'd be absolutely barmy to leave a stable job on that money. I'm self employed and have been for 2 years but I am carrying on my dads business which has been established 20 years and that I have been working with for 7 years.
He previously worked for british gas for 28 years and after I finnish my gas nvq level 3 around May I'm sure I'll apply for british gas.
Reasons being:
EXPENSES! Ok so for one I contribute 240 pounds a month into a personal pension fund, thats probably only to retire on 12k a year if I'm lucky. Working for british gas I wouldn't have to invest so much.
Advertising. Our website has a great google ranking but we spend around 250 a month on advertising in the local papers, which do bring in a lot of work, as does the website but the competition is very high.
I need a new van if I carry on my dads business after the summer, oh and obviously have to pay for insurance and expenses on top of that.
He's 65 so I will also have to hire an apprentice soon, there goes another 400 a month plus I'll need employers liability insurance on top of our public liability.
I have built up all my tools and qualifications now which cost around 3k altogether in the last year. I only got a cheap van for 800 quid and my next one would only be between 3-5k.
STRESS! Long working hours, being self employed is not a 9-5 job it feels more like an 8-8 job minimum, as after I've finnished my main work for the day I have to do break downs, estimates, invoices, research etc. So that means I don't have much time for sport and going to the gym which I love.
I'm saving up for a mortgage, I need 2-3 years of good accounts before I'll get one self employed and can only borrow 4-5 times my average net profit, first year was 8 grand, second year around 15 and I'm sure it will be more like 20-30 once my dad retires. But if I got a 30k job for BG I could borrow 150 grand once I had the deposit.
When work dries up and I have rent and bills to pay and a holiday booked, what do u do, put more into advertising, do leaflet drops, all you can do.
Ok yep being your own boss can be extremely rewarding and flexible, if an important personal issue come I can always attend to that rather than being told when I can and can't work, I can earn a good weeks wage in just a few days then make time for the weekend (except in winter)
More than anything I'm really proud of how we've built the business up, I built and written our website myself, oh thats another cost, plus I want a professional logo designed, then that needs to go on van, clothes, adverts etc. But anyway the business makes me feel great most of the time and is very rewarding, I can potentially earn more money self employed and the trade is an exciting one to be in with renewables and super efficiency systems etc but to me there are more important things in life if you are already earning 40-50k like you claim. Thanks for reading sorry it's long, I just can't make my mind up what to do and I've thought about it almost every day the last few months.
www.ainsdalegas.co.uk