SB: Small Business Start Up Discussion

siowenson

I'm going to be starting my own pc repair business and I was wondering how do I make sure my customers pay?
If I am able to sort their problems on site what is to stop them from refusing to pay after I have performed the service?
Also, if I give an estimation of the cost before taking their equipment away and the cost happens to be a bit more by the time I return, I can imaging some (dishonest) people would be a bit reluctant to hand over the full amount.


Thanks,

Si.

jordylass

siowenson wrote: »

I'm going to be starting my own pc repair business and I was wondering how do I make sure my customers pay?
If I am able to sort their problems on site what is to stop them from refusing to pay after I have performed the service?
Also, if I give an estimation of the cost before taking their equipment away and the cost happens to be a bit more by the time I return, I can imaging some (dishonest) people would be a bit reluctant to hand over the full amount.


Thanks,

Si.

Take a deposit.
Overestimate
get a contract signed
send an invoice
take them to court
for computer repairs I would imagine you would get cash on delivery

As an aside if someone was doing work for me, I would expect a ball park figure and to be informed before icurring any further charges, or I would refuse to pay.

hdowling

Hi All,

There are a lot of posts on here about grants and borrowing money and making sure customers pay etc, so I thought I'd give some general advice.

GRANTS - grants are very few and far between these days. Grants are available but only if you tick one of the boxes that the Government are focusing are i.e. sustainability etc. To find all grants that are available, go to www.j4b.co.uk

LENDING MONEY - if you can't get money from a bank for whatever reason, a lot of people are thinking of going to an investor, but that's not always the best option. Instead, there are community loans around which will lend you money if you've been turned down from a bank. Go to http://www.cdfa.org.uk/cmframe.php?prmid=4300 for more details

MAKING PEOPLE PAY YOUR BILLS - this is absolutely crucial if your new business is going to survive. So think about getting deposits up front from people (this shouldn't be a problem if they're serious); reducing your payment terms (i.e. from 30 days to 14 days); giving discounts if people pay you on time. And if all else fails, take them to court!

For a free factsheet on all things financial to do with starting a business, please email me (details in signature).

Hope this helps.
Helen

cosyc

If you need tax advice when starting up, I can recommemend a course run by HMRC aimed at new small businesses and all free of charge.
www.hmrc.gov.uk/bst
they tell you what records you need to keep, when you will get your first bill and how much to put away each week to cover it.

BiggaThanBen

Quick question, - registered a company using UK-PLC.net, checked on Companies House's website it states:

Nature of Business (SIC(03)): None Supplied

I do not remember it had actually asked me to provide this code.

How can I change it ? Tried to google it but no luck at all .. (

Thanks.

smiddle3

Hi All,

I am looking to start up my own football coaching business in the new year. I have big plans of how to move forward but just want to start off small and run it alongside my full time job for the first 6 months or so. I have drawn up a "to-do list" and would like advice on this or any additions you feel i should make:

1. Open business back account - having read other posts I do believe this is not essential if I am to be a sole trader. I do have two current accounts so I suppose I could use 1 as my account but would you advise against this? It is currently dormant.
2. Insurance - I believe I need small business insurance, Public Liability insurance and Employee Liability insurance - are these correct or do I need more. If so, can anybody suggest the best place to look for such insurance?
3. Codes of Conduct/Child Protection Policy/CRB checks - standard for any footballing activity.

I work in the industry at present so am aware of the bottomless pit of dangers in setting up such a business, I'm just thinking out loud and wondering if there is anything I have glaringly missed!

All advice welcome!

smiddle3

Also, in terms of accounting, I believe I will not hit the "VAT threshold" so will not be registering for VAT and feel I am capable of doing my own books. However, I was just going to do these manually. Would you suggest an accounting package (I have heard SAGE mentioned a few times) as a more appropriate alternative?

Mike_by_the_Sea

smiddle3 wrote: »

Hi All,

I work in the industry at present so am aware of the bottomless pit of dangers in setting up such a business, I'm just thinking out loud and wondering if there is anything I have glaringly missed!

All advice welcome!

4. Don't forget to register as self-employed with IR within the first 3 months and check out all the allowances / expenses you can offset against your overall tax bill.

Good luck

Mike

Little_Miss_Moneysaver

smiddle3 wrote: »

Hi All,

I am looking to start up my own football coaching business in the new year. I have big plans of how to move forward but just want to start off small and run it alongside my full time job for the first 6 months or so. I have drawn up a "to-do list" and would like advice on this or any additions you feel i should make:

1. Open business back account - having read other posts I do believe this is not essential if I am to be a sole trader. I do have two current accounts so I suppose I could use 1 as my account but would you advise against this? It is currently dormant.
2. Insurance - I believe I need small business insurance, Public Liability insurance and Employee Liability insurance - are these correct or do I need more. If so, can anybody suggest the best place to look for such insurance?
3. Codes of Conduct/Child Protection Policy/CRB checks - standard for any footballing activity.

I work in the industry at present so am aware of the bottomless pit of dangers in setting up such a business, I'm just thinking out loud and wondering if there is anything I have glaringly missed!

All advice welcome!

Hi,
If you're going to be a self-employed sole trader (i.e. NOT a limited company) you can just get away with using a SEPARATE personal current bank account for your business transactions. However, if your profits are going to be such that a Ltd company is warranted, and you need a business bank account, then try Abbey business banking. It's the best FREE business banking one out there in my experience. The rest of the products in banks termed "Business Bank accounts" are truly rip-offs in that YOU have to pay the bank for each transaction :mad: (cheque paid in etc) - as compared to your personal current bank account where the bank doesn't charge you for each transaction!! These charges would massively eat into your profits. So, your currently dormant bank account (that has no money in it) would suffice to start using as your new business bank account.

As for the public & employee liability insurance - you can try googling it to see where you get the best quote from - there are lots of companies out there. Personally, i've found Fortis to have the most competitive premiums :T .

Hope that helps!

BigRich_2

Hello,

I'm considering trading as a sole trader and would like to know if I've worked out the NI and income tax requirements correctly.

Based on a yearly (tax period 09/10) net profile of £20,000.

Gross Profit £30,000

Net Profile: £20,000

Class 2 NIC £124.80

Class 4 NIC £1142.80 (8% of net profit after deducting £5715 allowance)

Income Tax £2705.00 (20% of net profit after deducting £6475 allowance)


Thanks in advance