starting a business exicited but scared is this normal

bbabs

Finally got the news that I have secured a shop. I would like to know if it is normal to be scared. I have faith in my skills to do the job but scared that:

1. Wont make enough to live on.
2. I have lots of stuff to sort out.
3. I don`t really know that much about tax site.

Any comments and suggestions to make this a wee bit easier for me. This is a food business so should start to make money pretty quickly. Many thanks in advance.

Savvy_Sue

I think you'd be abnormal if you weren't scared ...

It will add an edge and impetus to your new venture!

Best of luck!

Bennifred

Nerves? Normal!

Lots of luck! :beer:

Mark7799

bbabs wrote:

Finally got the news that I have secured a shop. I would like to know if it is normal to be scared. I have faith in my skills to do the job but scared that:

1. Wont make enough to live on.
2. I have lots of stuff to sort out.
3. I don`t really know that much about tax site.

Any comments and suggestions to make this a wee bit easier for me. This is a food business so should start to make money pretty quickly. Many thanks in advance.

This is all VERY normal. Better this than being complacent and assuming all will be OK without having to do any work towards it. Good luck

DaisyNelson

Best of luck.

innovate

bbabs wrote:

3. I don`t really know that much about tax site.

Get an Accountant [that you trust!!]

bridiej

Yes, definitely normal.

Good luck

bbabs

Thamks so much for all your messages of support. Looking forward to this new chapter in my life and I`ve come to the conclusion that I have nothing to lose and so much to gain. Thanks again.

blacksta

All the best

My prayer is that May God make u stand out amongst the rest Amen.

burbs_2

bbabs wrote:

Finally got the news that I have secured a shop. I would like to know if it is normal to be scared. I have faith in my skills to do the job but scared that:

1. Wont make enough to live on.
2. I have lots of stuff to sort out.
3. I don`t really know that much about tax site.

Any comments and suggestions to make this a wee bit easier for me. This is a food business so should start to make money pretty quickly. Many thanks in advance.

I started up when i was 23 and had the exact same worries as you.

If you did not have these worries then you would be in trouble as you would probably be overconfident and end up getting yourself into trouble.

I would say it is going to be hard work and is going to rule your life from now on but the rewards are so much sweeter than they are when you work for someone else.

Tax really is the hardest part of running your own business and as someone has said if you cannot get your head around it, as i couldnt, get yourself an accountant. Its a weight off you mind and lets you focus on the more important things.

If you love you business then you will have a ball and should be ok. Just dont take on too much risk in the early stages, i think i was told 70% of new businesses fail in the first year, only risk what you can afford to lose. Not trying to be the bearer of bad news, just keep your feet firmly on the ground though.

Best of luck

sertav

I've just started my own biz as well!

Some pointers, from my experience...

1 - Patience, loads of it!, is essential. things usualy don't go as fast as we want them to... especially in the beginning!

2 - Make sure you get all the bureaucracy out of the way first. Sole Trader or Ltd Co.? If the latter, Companies House stuff is a doddle these days but watch out for VAT as it can take some time.

3 - Get insurance(s) for yourself & business. Are you employing someone else? If you are register with the Revenue for PAYE purposes (0845 60 70 143). Employers Liability Insurance is mandatory but make sure you shop around extensively. The quotes I got varied wildly!!

4 - An accountant is a must! Again, shop around. Actually go and meet them. Have a chat to see what sort of experience they have dealing with businesses in your field. Outsource your payroll. Your accountant will usually do this a for a small-ish fee (per payslip).

5 - Still on the accountant check if they have any value-added services available, like personal and business tax planning. Sometimes they have it in-house, sometimes they outsource it.

6 - Time! make sure you manage it properly as it will be your most precious commodity.

7 - Did I mention that you need to be patient?

By the way, you mention a shop. What biz is it?

Exciting times ahead but be careful. Good luck!