closing a business

dawn_rose

Hiya I'm wondering if you could help me I set up an online shop which hasn't seemed to take off as well as I had hoped and I'm begining to wonder in my postion if it is worth continuing with. I only opened it in April and wondered how I go about closing my business or indeed can you close it within the first year? thanks for any advice.

paddyrg

Limited company or sole trader? Any debts in the business?

niftyone

http://forums.moneysavingexpert.com/forumdisplay.php?f=27

dawn_rose

Hiya I'm a sole trader and no debts.

droopsnoot

I don't know what you were selling, but keep in mind any potential warranty claims arising after you have closed the site. If that's relevant, I'd close the shop section of the site so no-one can place new orders, but leave the 'contact us' section in place, with a form so customers can contact you.

Being more positive for a minute, isn't that a bit quick to be giving up? Again I don't know the business or what you've done with it so far. There's an argument that not taking off in that time isn't a big deal as long as you can afford to keep plodding on (and it's not as if there are business rates and so on), on the other hand if you know for sure it's not going anywhere, good to recognise that and not throw good money after bad.

Al1x

It can take a long time for an online business to take off. I'm sure it took me over 6 months to get my first sale and even then it was only a few a month.

If it isn't costing you any money I'd be tempted to keep it going for a while and see what happens. Keep advertising and get your name out there.

dawn_rose

Many thanks for all your replies it is an etsy shop so handmade jewellery and gifts, I've decided to diversify but still keep my shop open for at least a year. Outgoings are completely minimal and it is really as an outlet for my creativity. I doubt i will ever make big money from it, just having a bit of a wobble. Online is hard to get out there so to speak so I just keep plodding on. Many thanks.

dawn_rose

Al1x what were you selling? and are you still running your business? hope you don't mind me asking.

Al1x

dawn_rose wrote: »

Al1x what were you selling? and are you still running your business? hope you don't mind me asking.

No I don't mind. I sell car accessories and parts. Yes still running the business, not doing great at the moment but there is a lot of competition out there and after having almost a year off after our son was born (just doing the minimum and processing orders) our website has dropped down in google ranks. I'm back to working hard on it again and trying to get more known, hopefully things will pick up.

Do you have a facebook page for your website? also if you add a link to your signature in any forums that allow it can help get your website known.

InsideInsurance

dawn_rose wrote: »

Hiya I'm a sole trader and no debts.

If you did want to stop then you simply close your shop, complete the last orders and inform HMRC that you've ceased trading.

Of cause just because your shop is closed your liabilities remain so you may still get issues with existing customers though with a closed website they may struggle more to get hold of you.

dawn_rose

Hiya yes I have it on facebook and have put them in forums (where allowed) plus it's linked to my blog and also on twitter.