@steven1784 As others have said, this is a big (and exciting) step. There's one thing being self employed and selling your services and time to a reputable outfit, but it's a whole different ball game to run a business.
I don't know you, so I have no idea whether that is something you'll be good at. You have to be good at maths (not calculus, but basically good with numbers) and good at paperwork. If you are not, you need to have someone close (spouse, partner, accountant etc) who can help you.
Here are a few thoughts (forgive me if I'm teaching grandma to suck eggs - as I said I don't know you).
1) Cash is king. It's no good having loads of work if you don't get on top of your cash-flow.
2) Sit down and make a list of absolutely everything that your business will have to pay for. Others can add to this list, but off the top of my head: plant purchase/hire, storage, transport, fuel, repair costs, tools, insurance (plant and people), advertising, bank charges (if you go overdrawn especially expensive), accountancy fees, software (eg quickbooks). There will be all sorts of other bits and bobs - think about them.
3) If you don't get paid, then what is your plan to cover your recurring costs? What if you are sick, or your machine is broken or you are going on holiday?
4) Don't forget tax - the more money you make the bigger your tax bill. It is so easy not to put money aside for tax or to use it to live on. Most business that fail are wound up by HMRC - they don't care if you've got the money coming in August when the client pays you - they need paying on time.
5) VAT - the bigger your plant, the more you will charge and the greater the chance that you will have to register for VAT.
6) build local relationships and keep your ear to the ground. Don't be flattered if a new customer asks you to quote for a big job. Ask yourself why they are going to you and not their regular operators - maybe they owe them money. Ask around. Don't be a busy fool.
7) budget for going to see jobs, quoting for them and not getting them.
8) keep on top of your billing. Agree up front the basis upon which you will invoice and the time for payment. Stick to it. Don't let your work-in-progress build up without billing it.
9) your hourly rate isn't cash in the bank - its all about making a profit when all the bills are paid.
10) Don't burn your bridges - make sure that if you need to go back to driving other peoples plant, you haven't dropped anyone them in the doo-dah. You never know where your future lies.
Finally, working for yourself can be very rewarding or a bit of a nightmare. Make sure you are honest with yourself. Being happy in your work should be at the top of your decision tree!
Good luck - have fun.
