SB: Small Business Start Up Discussion

MartialArtMan

I want to increase my income by starting my own business. I have decided what the business is to be and it certainly seems very viable. I need to take a course to perfect the skill required which will cost me circa £1000, but I am not in the financial position to do so. So what do I do? I feel that this is a great opportunity and I want to go ahead with it but if I take a loan and then nothing prevails from my business plan then I'm just a grand deeper in debt....Although realistically I will probably need circa £2000 or so to start up.

So that's the money side. What else I need to know is how to go about setting up a small business and how to do market research etc to ensure that it is indeed a viable idea.

So are there any entrepreneurs out there that can get me off on the right foot???

Maz

http://forums.moneysavingexpert.com/showthread.html?t=739331

Lots of useful stuff here.

alphason

MartialArtMan wrote: »

I need to take a course to perfect the skill required which will cost me circa £1000, but I am not in the financial position to do so. So what do I do?

Maybe look at a career development loan www.direct.gov.uk

misskool

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to the small business board, where it should get more replies. If you have any questions about this policy please email abuse@moneysavingexpert.com.

MartialArtMan

Great thanks Misskool :cool:

I've had a read through and been looking on the net, Business Link has been helpful, but VAT and Tax issues are completely flumuxing me!

Financing the course has been less of an issue to me now, although I will still have to borrow the money and there is still every chance that I may just end up a grand deeper in debt (scary thought) but it's the ins and outs of starting a business thats the issue now.

What I intend to do is continue working at my place of work which is shift work and do the intended self employment on my days off. This will allow me to ease myself into the market and test the waters before taking the plunge.

I'm very excited, although trying not to be, but it just all seems out of my reach at the moment....

richt71

MartialArtMan wrote: »

Great thanks Misskool :cool:

I've had a read through and been looking on the net, Business Link has been helpful, but VAT and Tax issues are completely flumuxing me!

Financing the course has been less of an issue to me now, although I will still have to borrow the money and there is still every chance that I may just end up a grand deeper in debt (scary thought) but it's the ins and outs of starting a business thats the issue now.

What I intend to do is continue working at my place of work which is shift work and do the intended self employment on my days off. This will allow me to ease myself into the market and test the waters before taking the plunge.

I'm very excited, although trying not to be, but it just all seems out of my reach at the moment....

I'd suggest ringing round a few local accountants as most will give you an intial free consultation on things like tax and vat. You really need to make sure these are set up right for you at the beginning otherwise you could get a nasty bill!

Savvy_Sue

I'll merge you into our main 'Small business start up discussion thread' which will also have some useful tips.

aldridge_pryor

to register your company/ set up VAT at companies house you can use an Accountant
to do this. They should have lots of experience with this, and can arrange it quickly.
As for the bank Account, you can get free banking from many Banks e.g. Abbey Business, as long as you are willng to use their machines to bank cheques and bank online for all other items, i.e. not using their cashiers. This is great if you are simply banking not too many cheques per month and buying within UK. If not you may find it difficult to get any foreign transfers/CHAPS payments arranged with any speed.
For international stuff I would say go for a compettitve traditional Business account, which will involve bank charges at some time down the line
Any help?
cheers

Bob_zodiac

Hi,
I am wanting to set up a shop that sells used dvds and movie memorabilia.
If anyone can help me with the basics of setting up a shop that sells used items it would be great.

do i need to register a name?

what about vat?

i will only be dealing in cash what should i do about bookeeping?

renting a shop,i have no idea about leases and stuff.

anything else would be a great help

i am reading all these business websites already so would like some personal advice from the forum users.

thanks.

SPINKO_2

Hi just wanted some advice please.I have been asked to cater for a friends childrens party.They liked the food I made at my own childrens parties and wondered if I would cater for her.It is only for 15 children so I said yes.However parents are now asking me at the school gates if I would cater for their parties.I am now wondering if I can make this into a business.I am using my own home kitchen for my friends party and I am not sure if I could continue to use without health and safety or food hygiene certificates for other parties.Not quite sure what to do next!Many thanks