Ah, mate.....
I don't know how old you are but i was thinking the exactly similar thing a few years ago.
I was working in the office and suddenly i said "I'm working my @ss of here. If i had a company and done the exact same amount of workload. I would have been earning 10 times much."
So, i decided to open my own company. I applied and open my own company. Then from chambers of mechanical engineers. I collected necessary document to do engineering in the market.
My father is an retired architect so i thought i wouldn't had the problem of finding work.... what a fool i was.
- I went to some big state companies which I worked with in my previous office and said I'm working on my own now, so you can call me to your tenders. (None of them called)
-I contacted with my fathers friends (architects, construction companies ). And the thing is senior architects and big companies don't want to business with the new kid on the block. They want to do business with the guys whom proved themselves in the sector. And some others just don't want to change the engineers that they are currently working with.
- I also contacted junior architects whom are new on the sector. Some them showed interest to work with me. But the problem is they face the same difficulties same as me. We together joined many tenders but failed to make deal. Because some other company always make a cheaper offer than ourselves although we are offering the minimal offer.
So, after 1 year with doing only 2-3 projects which i gained very little money. I concluded that, this won't work. If you want to start your own business, you have to have very very solid connections.
So, i went back to my old company and said "I'm looking for job, i will leave you my CV if some other companies contact you please refer me." And they said "We are giving you a raise, better position and reduced work share, please work with us. Just sit and start to work.
".
See, mate. I'm good at my job. But just being good at your job doesn't cuts it. Think well before forming your own company.