The Great 'Working for Yourself' Hunt

mtts

Dont forget that some self employed people may be able to claim WORKING TAX CREDIT so don't be proud ... it is money that you may be entitled to.

Why not look at the link below and on the bottom of the page click on "Do I qualify"

http://www.taxcredits.inlandrevenue.gov.uk/qualify/WhatAreTaxCredits.aspx

The government say thousands of people do not claim what they are entitled to .... don't be one of them... click the link or copy and paste it and find out more.

A few minutes checking that link out could mean hundreds or even thousands of pounds extra money for you.

G&M's_Mum_2

What a great thread.

I'm in bridalwear retail and have been established for 18 months. It's a tough one as even when you get the recommendations and referrals, those clients can't come in until the big day is confirmed, so I have a long lead time on getting the word out there and then back into the shop. My four key pieces of advice are:

First and foremost, GET A GOOD ACCOUNTANT or it will complicate your business life unnecessarily. They should not only proactively provide accounts and tax advice, if you get a really good one they can act as a sounding board if you are unsure of where to take your business. Personal recommendation is the key. I've got a wonderful chartered accountant who is an expert in business start-ups - dear reader, I'm also married to him!

Secondly, join the Federation of Small Businesses. They are a national organisation dedicated to supporting 'the little man' quietly contributing to the economy of this country. They not only offer great services and benefits for the modest membership fee of approx. £100 per year (including free legal advice helplines and discounted telecoms, merchant services and banking to name a few). The FSB also lobby hard to protect the rights and economic status of small business owners against the political clout of bigger companies and conglomerates - and they offer a great networking opportunity through their regular meetings and events which can work out much cheaper than usual networking groups.

Thirdly, if you are planning to take credit/debit cards as methods of payment, think VERY CAREFULLY and do not grab the first provider who calls you back, as I did to my cost. I have already posted on this site about my previous Merchant Services provider, Barclays. Many people have absolutely no problem with them, but for whatever reasons Barclays deemed, I was not allowed to access my money for 45 DAYS after the client had paid me in the shop. When on 30 day credit terms with your suppliers, this quickly turns into a cashflow nightmare. I am now with Streamline via the FSB (see above) and they are brilliant, the money is in my account after 4 days. I still have to pay out the rest of my contract with Barclays though as I foolishly got myself locked into a 3-year contract into the bargain!

Finally......hang on in there. We all have days when we think 'Why did I ever think putting all our life savings into this was a good idea?'. Many other posters have rightly said that businesses rarely become successes overnight and you have to dig in for the long term. Sometimes it's a juggling act to pay the mortgage, but if you don't give it time, you'll never know. Keep the belief you had in yourself and your enterprise when you first started and keep evolving to meet your clients' needs. Standing still is not an option!

BEST OF LUCK TO ALL NEW BUSINESS START-UPS OUT THERE ON THEIR JOURNEYS......x

makeupvic

I have been in business for the last 4 years and set up my company as an LLP. This has helped with all sorts of things.
I would recommend only to open a business bank account when you really have to. The bank charges are really high if you go in debt. I have struggled, as my business is really seasonal, so in the Winter my bank balance always looks terrible compared to the Summer, but i get charged £30 for each payment i make or SO that goes out over my o/draft limit. The money that comes in over the Summer helps me to pay for goods i sell and to live, so i have very little to stockpile for the Winter... Although it is too late now, i would prefer to have kept a normal bank account and not have monthly account charges and fees for writing and putting in cheques..these are about 70p per cheque or payment i put in or pay out. You don't get these charges with a standard current account.
I have found Business Link an invaluable source of help. They have assisted me with my website and marketing costs, including paying £4000 to upgrade my webstore. They match what you put in, so if you get a quote for £8000 from a company, they will pay half. They have done this twice for me now and it has helped upgrade and improve my webstore and increase my sales.
The government issues grant funding each year, but it depends where you are and what's available at the time. Check out the best time of year, basically when the new funding arrives. Your Business Link advisor should be able to tell you when this is.
I don't have children yet, but would love to start a family and i have actually put it off for the fear of not being able to afford to bring them up as my husband and i are already struggling.

shelovestobuystuff

Make best use of free resources on the web and in your locality.Most areas have business start up advisors.They will help you find out if you can apply for any start up funding and there are often business start up courses run to go over the basics.
The web is great for free software and there are plenty of sites for free logo design etc.Someone has already mentioned www.vistaprint.com
Make full use of those and play around with designs to get it right.Traditional printers still charge hundreds for a design service you can get for free.I made my new ones on vistaprint.The basic deal is 250 business cards and it is free with a small amount of postage.Go via quidco for £2 cashback on your free businesscards(new customers only).

koru

In my experience there are loads of parasites who make a living from offering services to small businesses. I was astonished how many tracked me down when I first started up. They all had a wonderful spiel about how I could not manage without whatever they were offering. When you first start, you are inexperienced, and therefore you wonder whether you really ought to have whatever they are offering. With some anxiety, I said no to them all. Five years later, I now know that I was right to think that I did not need what they were offering. So, be very sceptical about all those calls you are going to get.

This applies particularly to advertising. It depends on the type of business you have and the customers you are targeting, but do not assume that paying for advertising is necessary. My ONLY advertising is my google ad, which costs about £10 a month. This only works for me because I am in a very small niche, so I do not have to bid a high "cost per click", as I am not bidding against lots of other competitors. It does not bring in much work, but for £120 a year, it is worth it. Other than that, I rely entirely on networking, referrals and repeat business.

David_J_3

Networking is one of the best ways to promote yourself and your business. The best referrals come from word of mouth. Ask about your local Chamber of Commerce.
Beware of advertising in directories they can become very expensive. Don't become complacent when you are busy. You still need to be marketing for future work.
The other thing to take into account is the fact that, as a self employed worker, you need to be multi-functional not just good at the main job that you do. You also need to be your own sales and marketing person.

HappySad

Hello all. When working for yourself are you REALLY able to have a balance worklife lifestyle? Able to work flexible and have days off when you choose. Able to take the kids to school and pick them up and work around the family/social life. Or is it the opposite where you are working all hours with little time for your life outside work ....feeling that you have to constantly work because you don't have a regular wage to fall back on.

eposmike

I built myself a web site and put half a dozen adverts relevant to my industry on the first page. I suppose over three years these adverts have paid me about £1,500 for doing absolutely nothing. I simply tell my clients/customers about it. My web site is on my business card. The adverts are all good offers from peole with whom I do business. It's not enough to earn a living but £500 a year for doing nothing is alright in my book.

I won't advertise my site here but if anyone replies and asks for it with their email address I will send them the link.

shelovestobuystuff

HappySad wrote: »

Hello all. When working for yourself are you REALLY able to have a balance worklife lifestyle? Able to work flexible and have days off when you choose. Able to take the kids to school and pick them up and work around the family/social life. Or is it the opposite where you are working all hours with little time for your life outside work ....feeling that you have to constantly work because you don't have a regular wage to fall back on.

Yes absolutely,Its fantastic!!!
I work part-time hours and fit it around the family.I work extra hours in the run up to holidays etc so that I can take time off.You are your own boss,you make your own hours.If you are really busy you still have to get the work done even if it means staying up most of the night.
I have only been doing this for a few months and have already had 2 long weekend away with the family.I could never had done that while I was in employment.I worked in low paid jobs before and always had to work weekends and holidays.
Of course you have to put the hours in, but you say when.You only have yourself to answer to.
I previously had to leave jobs at the start of the summer and look for another at the new school term because of problems getting consistent or affordable childcare.I even lost a job once because my son was ill for 1 week.
I am in this for the long haul.Once the kids are older I can up my hours and grow the business faster but for now this suits me perfectly.

Beancounteronelly

As a newly self employed accountant I can agree with all of the postings so far.
On starting up my advice is to compile a business plan and cash flow forecast - and MAKE SURE that you monitor your actual performance against this; most businesses fail through cash flow problems. Other advice :
The Abbey is currently offering free business banking for life - take up this offer rather than giving away your hard earned cash to the fat banking cats.
The Federation of Small Business includes insurance against a tax investigation for its members - for the £100 p.a. membership fee this is great value as HMRC investigations can cost dearly in terms of time and accountant's fees.
The Government's Businesslink website as mentioned in previous texts is a source of invaluable information.
Get a good accountant !- recommendation is best, but be sure to chose one who specialises in small business startups. Avoid the larger firms where you will not get the attention and service offered by the smaller practice but will certainly pay the price.