Tips for starting a business

Brayden

Home business is big business in today's life and times. The appeal of owning and operating an own home business is a tempting dream to millions of people all over the world. People of today crave freedom and control over their lives and a home business is coveted as the alternative to working for others and earning less money than you can generate if you owned a successful home business.

morocha

Hello, great tips here, i am about to start my own business aswell.

property.advert

The biggest thing to remember in starting a business but which can equally apply to personal life, is to think through all your actions as you cannot retract information you give people.

Then you have the know alls and all the books and reference tools which blab on and on about the right way to do this and that. Most is utter nonsense and is written either by people with no knowledge or by those with successful big businesses who are not dealing with small capital start ups or one man band operations.

Income is not profit. Remember that !

Expenses does not mean it is free, only that you are not paying tax on it, were it profit !

The way you start out is totally dependent on whether you are providing a service or in sales or manufacturing. Doing it from home would seem to be a service and if so, then you are basically selling your time. That is totally different to something like opening a shop.

If you are not experienced in Excel, learn ! Keep all records. If your current filing system does not allow you to retrieve a gas bill from 3 years ago immediately, then you need to learn how to file. Get a filing cabinet with A4 or foolscap (better) drop files. Cheap on the net or from about £40 new.

Don't buy any software or any useless crap. If you start a company, running costs are next to nothing.

Without knowing more, it is hard to advise.

debt_free_me

Charco - you found me out, lol.

FerociousDave

property.advert wrote: »

Income is not profit. Remember that !

property.advert wrote: »

Expenses does not mean it is free, only that you are not paying tax on it, were it profit !

property.advert wrote: »

Don't buy any software or any useless crap. If you start a company, running costs are next to nothing.

If I could start over again, this would absolutely, absolutely be my mantra. Write these things down and stick them above your PC.