The Great 'Working for Yourself' Hunt

bev79

Its easy to while away hours on things you have no experience of ie computers, phone packages, etc and then faff on the internet for a bit, then before you know it you're behind witha bill. You have to be more motivated, focussed and disciplined than in any paid employment you'll ever have done.

Nursenerys

PS Vista print do really cheap business cards (about £2.50 postage for 250) and they are good quality - we always leave some with customers so they can pass them on, and it saves a fortune on advertising.

www.vistaprint.co.uk

Don't buy anything else when you first buy the cards, though, even if they offer you a discount, because once you are registered they will send weekly emails with far better deals.

olly300

Middlestitch wrote: »

If you don't want to use a home address (and in these days of identity theft it might be a good idea not to have too much personal information floating around on advertising material), a PO Box number gives some protection and also looks a bit more 'professional'. Full info at:

http://www.royalmail.com/portal/rm/content3?mediaId=600006&catId=5200019

If you are a limited company under the Companies Act it is now a legal requirement for you to put your company's registered address and company number on all forms, emails, marketing material and websites. Therefore don't waste money on a PO Box. If you don't want to use your home address as a registered office or can't for various reasons then you can either use a virtual office company or your accountant may allow you to use their address for a small fee.

A good accountant can also set up a limited company for you making the process simple they will either charge a fee for this or you will be in a contract with them for at least a year.

To find a good accountant use word of mouth recommendations and question the accountant yourself before using them.

Wooleycats

I am in the process of setting up my own business and I have just read a book called 'Start your own business Week by Week' by Steve Parks.
I bought it for less than a tenner off Amazon and am finding it really helpful.
You have set tasks to do each week and it takes around 24 weeks from starting to your first week's trading. I am quite far down the line but have still found it great as a guide.

I am also working with Venture Wales. I was lucky enough to be accepted for funding from the Welsh Assembly Government - so all the support is free. I have a mentor, free courses, accountancy advice, marketing advice and my mentor even arranged the bank meetings at his office and did them with me.

It's still very scary though!!!!!!!!!!!

anna77_2

A lot of very good advice has been given on this already, and the point about credit has been touched on but would like to stress the importance of it when you run a business.

Do not give credit if you can help it - and start that from the very beginning. Bad payers are a crippling cost and can sink a perfectly viable business, so be very very careful who you give credit to. If you sell goods ask for payment with order. If you run a small business yourself you will often be asked to do so there is no reason why you should not ask for the same from your clients. You should trust yourself and your product enough to believe that you will not lose the business if you don't give credit (or you should not be in business in the first place) and the only customers you will lose are the ones you don't want in the first place. The only exception to this is when you sell to very large companies but the same system that prevents them paying you in advance also means that they pay promptly at regular intervals, normally at the end of the month following the date of invoice - and in this case make sure you invoice on the 30th of the month, and not the 1st).

If you sell a service ask for payment on completion of the job or receipt of the invoice, and insist on being paid promptly - don't be shy, be polite but firm, and remember it is your money you are asking for, not theirs.

Make life easier for yourself by setting yourself up to take payment by credit card - it is well worth the hassle and this means that those people who want to buy on credit can still do so, but without you having to take any risks on them.

If you issue invoices for the work you do, do so regularly, at least once a week - this is a priority job, this is not just "paperwork" to leave for when you have a bit of spare time - the sooner you invoice the sooner you will get your money. And check regularly what invoices are outstanding, again at least once a week, and take action promptly if they are not.

If in spite of the above you have still managed to get some clients that don't pay promptly, don't waste your energy and time chasing them up - give them a warning and then get a debt recovery company on the job right away: they will charge a fee but this is added to the amount to be paid by the client. I have had to do this only once and it was amazing how quickly that particular client found her cheque book when she realised that I was not a pushover and I meant business!

And in reply to someone who mentioned this before, please don't claim unemployment benefit why you are setting up a business - if you have children you are entitled to Working Family Tax Credit and Child Benefit, as well as housing benefit, if your income is low why you get started - you can do so on an estimate of your earnings. Apart from anything else, the last thing you want when you have the stress of starting a business is to have to watch over your shoulder in case you get caught.

I thoroughly enjoying being self-employed, but I am the toughest boss I have ever had - I am generaous with the flexibility and the rewards but I don't allow myself any slack. Being self-employed is not a cushy number and it is very hard work, but I would not have it any other way.

Patrick_Harvey

Some great advice I received is to make certain you do something you enjoy doing. Don't just go for the money (or where you believe the money is). I know you've got to make money but you will be much better at what you do if you enjoy it at the same time.

eric_the_red_5

If you are in any business which can be run from a computer and / or telephone, with infrequent live meetings, leave the EU area and do it somewhere else such as the Channel Islands, the Isle of Man, or if it is a real money-spinner, Iceland. They are not far away. You have three months to play with in the UK each year , if you need it without becoming domiciled again. Check it out. If you have a business which is anything like successful then rip-off Britain will hammer you. The other places have clear and simple tax regimes, without the mounds of red tape.

ks62uk

Look at tips.hrbs.biz , a blog style site with lots of hints for new and existing businesses by HRBS a firm of accountants.

Other tips : try and save upto six months salary as a cushion before you start so that you can focus on your business. Keep a close eye on your cashflow. Open a second bank account for business use to keep your business and personal transactions separate. Keep accounts, a spreadsheet will do (eg diyaccounting.co.uk), or use online services such as winweb.com (I use this via HRBS) which is free.

Get an accountant who knows about new and small businesses, not a large firm who are more focussed on large clients and auditing regulations. If possible choose an accountant with fixed fees and email support/evening/weekends service. If you are working during the day you will need to concentrate on your business and so an accountant who is available "out of hours" is useful. They will help you start your business on a firm foundation and save you time and money.

Stay focussed on your business ... don't get distracted by TV, sunshine, a lie-in etc,

K

debbie_b_4

:T You can gain free advice and support for self employment from help to preparing a business plan to funding that may be available to accountants infact all you need from different agencies depending on if you are male or female and where you live. In Rochdale area there are the Princes Trust, Enterprise for women, Inbiz and you could also look at website www.cids.co.uk/start for a poss £30,000 non repayble funding and many more. Maybe you can do a search on the internet under help for self employment to find what is available in your area. Hope this has help you

olgacrackcorn wrote: »

Hi out there to all MSE budding entrepaneurs,
im looking to jack my day job in at the end of march to start up on my own painting & decorating.What i need to know,is it possible for me to claim housing benefits & uneployment benefits for a short while,whilst i try to get established & get a run of work in.I really need to know this,as i have no cash to fall back on as i live week to week on my wages,& also i have a very very bad credit rating,plus three children & a wife to support.
All replies will be very gratefully received.

mdavis1982

I have just started my new business, without any money in the bank, and so far, things seem to be going really well.

I started a web design and development business, having done lots of work in that area previously (I was part of a time that won a BAFTA for writing the software to some of the learnDirect courses and stuff for Channel 4), and so far, I'm not regretting it one bit.

I've almost finished my first paying job, and have landed a contract from a USA-based DVD company who required a new web site.

Maybe I could do a deal for anyone who is starting up in business who needs a new web site from MSE? I'm not sure if I'm allowed to post links to my web site, but it's website address removed. If you mention MSE when you call I can offer you a good discount on my usual prices! Maybe that'll be of help for anyone starting their new business?

I've been reading MSE for over 3 years now, and I've found lots of good help and advice. I thought it might be my turn to give something back!

Thanks...

Matt