Idiots guide to starting a business!!!

pavlovs_dog

the last advice given to us by our a level history teacher before he let us out into the big, bad world:

buy low
sell high
and never bet on a three-legged horse

funkyBase

Hi all,

From being there not so long ago my advice is see your local free business advice. I got free business courses, consultations with financial advisors, marketing advisors, help with everything you can imagine, the complete idiots guide to starting a business (it really should be called that) and it was all free. I just had to take time out and go to the classes. The advisors are still there for me when I need them and I got a business plan at the end of it (you had to create it with the help of the advisors), and a few hundred pounds to start you on your way (it was great, free cash and it wasn't means tested).

Alot of grants out there are means tested, based on where you live, and your standard of education so many people are ruled out to begin with.

The best things I picked up.

• There are people from non-profit organisations to help you on your way with their only agenda to help you succeed. (I've noticed these vary from district to district, you need to check out locally).
• Register for tax within 3 months of starting trading otherwise a £100 fine.
• The tax people are very helpful, there is a helpline for startup small businesses
• You can get bogged down in lots of stuff that you don't even need to be concerned with.
• Rule of thumb for VAT, it's voluntary unless you have a turnover of over 60K a year (that means any 12 consecutive months, some people have been caught out by that). The only reason I would register for VAT if my turnover was less than 60K was if I sold childrens clothes or bakery goods (no VAT charged on these items but you can claim it back off things you buy)
• Business banking is very expensive, best I found was abbey or A&L. You don't need a business account if you are a sole trader. The reason I have one is so I can accept credit and debit card payments. Though best to have a normal current account for your business (keep away from personal finances it can get messy)
• Many people think they need accountants when they don't. Go on a book keeping course (a free one) and keep good books and your tax return will be fine. The tax people will even help you.

I'm sure there is lots more I can think off. Get your idea out there, get all the free help you can, don't make things complex, always do a cash flow (it tells you exactly where you are with the business) and do one regularly and keep your receipts.

Good luck!

Base

paulstevens

Thanks funkybase.

I appreciate it's a minefield out there, and there is certainly a lot of information to sift through. I think it's all about pulling out the bits which are relevant to you,

- doing a business plan
- registering for tax / VAT
- getting the finances in check (cashflow and p+l)
- market your ideas.

Then GO FOR IT!!!

Thanks for your help.

funkyBase

No problem,

Again I would avoid VAT for now as it scares me

Everything else you'll work out as you go. Get as much free advice as you can

Good luck