New Here, New Business too!

LBLS

Hi All :wave:

I am new to MSE and I am just starting out in my first business (shoes & bags on own website/eBay & home parties)
Be good to chat to anyone else who is just starting up as so much to learn (my brain is melting with the info!)
I am just in the process of sorting out Public Liability Insurance (for parties) and looking into a PDQ Machine so would be grateful for any advice regarding that!
Thanks for reading, hope to make new friends! :beer:

Tracy

dottygirl

Welcome on board. Sorry not sure what advice I can give you however Im sure the good people on this site will be along soon. I can tell you the HMRC do run good (free) courses on tax etc. Good luck with your business x

steve1980

You don't need a PDQ machine from day one!

Have you registered as a sole trader with HMRC?

paddyrg

I was pleasantly pleased with the liability quotes from Hiscox, good insurer, lovely prices online, no premium for monthly payments, etc.

What is a pdq machine? Is it something you can hire when you need it?

Top tip for startups - CASH! Have cash in the bank, buying 'stuff' ties up your cash, and a late payer can kill your business if you don't have cash to hand to cover crucial bills. Cash is king. Keep a healthy buffer balance to hand.

Take a deposit with bookings, use that deposit to pay for hires, materials etc., then the balance payment is for your profit.

Keep your personal and business cash separate.

There are so many things...but have a good read of this forum for tips galore.