How to start a business?

lawtz04

Hey all,
A friend and myself are looking into starting a business. Whilst not totally clueless on the matter, I could use some professional help on all the paperwork etc.
The business we want to start doesnt have many outgoing costs or need a large amount to startup, so theres no worries there - does anyone know who I could go to for some advice?

Cheers

tru

Ring your local tax office, they'll send you a 'Starting Up In Business' folder, also they offer a short course for free in book-keeping and filling in your tax return. The course is 1/2 a day long.

Good luck

sablade

I have just started my own business, started looking for premises early 2003 we have been trading for 3 months, extremely hard work but it's a marathon not a sprint good luck

http://www.businesslink.gov.uk/

Top 10 Reasons Small Businesses Fail
About half of all small businesses fail within the first four years -- a statistic that generates a shudder of fear in even the most dauntless entrepreneur. Most of these failures, however, resemble one another in crucial ways. And once you identify these harbingers of failure, you can increase your own chance of success.

Procrastination. When you own a small business, you will find that tasks and paperwork pile up like snowdrifts on your desk. Putting them off is like piling up debt; eventually they could overwhelm you.

Ignoring the competition. Consumer loyalty has declined sharply in recent years. Today, customers go where they can find the best products and services, even if that means breaking off long-term business relationships. Monitor your competitors, and don't be ashamed to copy their best ideas (assuming that doesn't mean violating patent law). Better yet, devote some time each week or month to devising new methods, products or services for your firm.

Sloppy or ineffective marketing. Contrary to the popular cliche, few products or services "sell themselves." If you don't have time to market your product effectively, hire an experienced person to do it for you. Marketing keeps your products selling and money flowing into your business. It's crucial that you do it well.

Ignoring customers´ needs. Once you attract customers, you'll have to work hard to keep them. Customer service should be a key aspect of your business. If you don't follow through with your customers, they'll find someone who will.

Incompetent employees. Hire only workers who are essential to your operation. When you do hire employees, make sure they're well trained and able to complete the tasks expected of them. And remember that happy employees make good workers — try to create a work environment that keeps your staff happy and motivated.

Lack of versatility. You may be great at making hats or painting houses or fixing computers, but that's not enough to make your millinery shop or house painting business or computer consultancy successful. Successful business owners tend to be adept at a number of tasks, from accounting to marketing to hiring.

Poor location. Even the best restaurant or retail store will fail if it's in the wrong place. When you're scouting a location for your business, consider factors such as traffic (how many potential customers pass your business during the course of an afternoon or evening?) and convenience (how hard is it for your regular customers to get to your location on a regular basis?).

Cash flow problems. You need to know how to track the money coming into and out of your business -- even a profitable venture will flounder if it runs short of cash. In addition, you must learn to make cash flow projections that will help you decide how much money you can afford to spend and warn you of impending trouble.

A closed mind. Everyone goes into business with some preconceptions — don't be surprised if you find that many of yours are wrong. Look for mentors who can give you advice and run your ideas by them before you make important financial commitments. Read books and magazines about small business, visit business-related Web sites and network with your peers in the business community.

Inadequate planning. Start with realistic but precise goals for your firm, including deadlines. For example, don't just say that you want to increase sales; instead, decide that you want sales to reach $100,000 by next holiday season. Then write down the steps you can take to meet those goals on time, and set deadlines for completing those steps. Consult your goal list every day, and make sure you are doing what you need to do to meet your objectives.

JayneH_3

Brilliant reply sablade!

You've just about got everything covered. I went on the business link training courses. They are free, and in our area run in the evenings as well as day time. They will help you formulate your business plan, and will give you advice in all areas from book keeping to marketing.

Good Luck

JayneH_3

Oops, forgot to say look at Small Biz and Charity Chat board, because there is loads of useful info there as well!

vansboy

Keep YOUR personal cash seperate from business money.Seperate bank accounts, needed.

Get a reciept for EVERYTHING - if someones sold you something for 50p - then they've had to pay tax on it - so make sure you reclaim it!!

Record ALL your sales.

Pay YOURSELF a proper wage!!

Get an accountant from the start - & use him!! Most offer a first time consultation, freely.

If you're unsure of anything, do what you've done here - ASK!!

& if it doesn't work - well, you won't have found that out, without trying!!

HaveFun

VB

malcolmord

Great info, thanks ;D

bridiej

Definitely get an accountant, even if you just use their services for year end accounts and advice.

Depending on the size of the business they shouldnt charge too much. Mine is a client of mine anyway, and he charges £50 to work out my end of year accounts and sort out my self assessment forms etc. plus advice whenever I need it.

Good luck!

master_blaster_2

50 QUID!!!!!!!!!!!!!!!!!!
mine charges about £3-400 and all he does is end of year returns .... not a bit of wonder hes glad to see me coming !!!!!!!!!!