Idiots guide to starting a business!!!

paulstevens

Let's say I am an idiot (I'm not!!!) and looking to hypothetically start a business (a website, eBay shop or combination of both), could anyone give me a list of must do's before I begin - every book / site / forum has a different way!

For example - Open business account, Register business (who with?), Do I register for VAT? Do I register with HMRC or Companies House? Must I have a unique name? Do I need an accountant / solicitor or both?


AAAAAAAAARRRRRRRRGGGGGGGGGHHHHHHHH!!!!!!

HELP!!!

Mark7799

This is the most comprehensive reference I could find for a start-up. Good luck
http://www.businesslink.gov.uk/bdotg/action/sitemap?r.l1=1073858805&topicId=1073858805

fguk

Hi

Firstly, well done for being brave and just thinking about your own business.

As for my advice. Find yourself a local commercial solicitor or accountant that does free initial consultation. Then get yourself along there, and ask the relevant questions (take notes!). You can also ask them for a referral to other professionals that will do the same consultation in their particular area of expertise. They do this all the time, and will know answers to the questions that you havent even thought about!

Other than that the Lloyds Bank publish a Small Business Guide every year (I think), pretty good from what I remember.

raddy59

All the banks have small business units - most will throw publications and some free advice at you becuse they want your business - especially if you become successful.

You do not need accountants or solicitors when starting out - the initial consultations may be free but you will end up paying in the long term (remember when the accountant/solicitor would charge £100 + + VAT to set up a Limited company - they still do!- now you can do it yourself for around £20). I paid my accountant £500 p.a. for a sterling service on a turnover of over £100k - most of my friends were paying in excess of £2000 for a poorer service. You can easily get ripped off - especially when starting out - and you're going to need all the money you can get and keep hold of.

You may need some legal advice if you are dealing with intellectual/copyright matters, but I would check around to see if you can get help with this from the DTI.

In my experience your business will succeed or fail due to marketing - this is the hardest thing to get right (and the most expensive).

Good luck!

widgetcat

I used to work for a Business Link and i have to say that THEY SHOULD BE YOUR FIRST POINT OF CONTACT!

Check in your local Yellow Pages or yell.com . Your local one will be called Business Link, Lincolnshire Enterprise (for example) or Scottish Enterprise

One thing to remember is they may have lots of funding to throw at new businesses so make them your first point of contact. If you've registered your business first you might not be eligible for any start-up grants.

widgetcat

sorry i forgot, click this link to search for your local business link http://www.businesslink.gov.uk/bdotg/action/directory?r.s=h

raddy59

One further point - you can get LOANS. Grants - forget it, I've tried and tried and Grants there ain't

lday77

There is a grant called creative connections - up to £500 for creative business if you fall into that category you may be eligible, depending on your age (if your under 31 i.e. in your 30th year) and unemployed you may be eligible for the Prince's Trust. They don't hand out many grants but they do a 3% loan.

If you have just found yourself unemployed you may be able to claim job seekers allowance while you set up.

HM Customs & Revenue do free one-to-one workshops to tell you exactly what you must do to trade legally they are help regularly and locally web address https://www.hmrc.gov.uk/bst

www.hmrc.gov.uk/bst

Good Luck

widgetcat

raddy59 wrote:

One further point - you can get LOANS. Grants - forget it, I've tried and tried and Grants there ain't

I was in charge of the 'Enterprise Allowance Scheme' so I know at first hand that there are grants around as well as loans but it all depends on the geographical area in which you will be setting up, and what sort of business it will be and what you want to use the money for. In my own county we get a funding newsletter emailed to us and lately there have been quite a few grant schemes eg free broadband and upgrades to home/premises for your business - it all helps. You just have to ask questions and keep digging. Also contact your local council's 'New Ventures' dept. But first call your Business Link and see one of their New Business Advisors.

observer_2

I'd say if you're going to work for yourself there are a few basic steps.

1. Open a Bank Account as a Sole Trader (if you intend to TO less than 100k). Pay in the funds you are going to use to start the business.

2. Find an accountant / book keeper to sort out the legal / tax issues for your business.

3. Start trading

4. Deal with other problems as they come !

That's really it.

blingal1

Hi there

As a business advisor, and someone who has theier own business. Start with a business plan. It will definately change from week to week. In North Yorkshire you can go on courses run by your local Business Advice Agency ours are called Fit for business, they cover Business Planning, Marketing, Cash FLow, bookeeping, if you are unemployed they are free. Also the Princes Trust if you are under 30 offer loans. There are grants around depending on the type of business, and location, we do have a few small grants which tend to be match funded but a big help when starting out.

I set up a web site for jewellery and ebay shop. Its great fun but no big bucks in the first instance. Get a good website developer. Re VAT the threshold is now £61,000.

If you want a business plan let me know I will email you one.

Blingal1