Own business?
16-06-2008, 02:40 PM
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16-06-2008, 02:55 PM
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The best person to speak to regarding tax rules is an accountant as they will be able to guide you through the ropes and what can and can not be put through as expenses etc..
As for a business plan, I couldn't tell you, but again your accountant may be able to help
As for a business plan, I couldn't tell you, but again your accountant may be able to help
16-06-2008, 03:06 PM
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dont worry about that stuff - just get out there and find some customers. paperwork etc can be a real pain particularly if you let it build up but is still much less important than getting the business moving
16-06-2008, 03:10 PM
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business link... speak to one of their advisors.... I did a 3 week night course with then, they go through all the stuff about whats tax deductable and whats not... they will help you do a business plan etc...
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16-06-2008, 08:53 PM
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Suppose it depends what you are doing but my advice is go for it, paid off for me.
Accountants will help on tax, see if you can get one reccomended via a friend or someone in the same business.
Accountants will help on tax, see if you can get one reccomended via a friend or someone in the same business.
16-06-2008, 09:22 PM
#9
Set up eight years ago, and now most of my mates have set up on there own.
My advice is as follows....
MOST IMPORTANT: look into what organsiations are offering grants for small businesses, in Coventry at the moment there are loads, you can get 1500 quid to promote you business!!! Other things that can be on offer are grants to pay half of your equipment costs, ie you need 5k of stuff to set up, they pay 2.5k towards it. You will have to do abit of research in your area, councils will usually be conected to these and places like Business link.
Failing that (if you can) get a bit of cash in the bank, this will help you to:
a) have some breathing time to set up and get work in, takes time
b) will help you buy in equipment
C) will help you with cash flow in the early days ie pay for good before the client has paid.
Speak to an accountant, they will tell you who you need to register with, what you need to keep in terms of paperwork and records, insurances, bank accounts etc etc. They will also tell you what kind of business to set up, limited, sole trader etc
Look carefully at how you will get work in, word of mouth is best, but what other forms of advertsing/ promotion do you need.
Get a look, get a logo created that represents a good strong reliable image, then get some nice cards printed up - try aubergene Print (spelling) dirt cheap, do gloss lamination etc, makes a difference when you hand a card over that looks the part.
Get a website built, even if it is one of these 99 quid home pages, people always look up a firm on the net rather than yellow pages etc etc.
On average it takes a good three - six months to get work coming in so make sure you getting out there and letting people know what your about. Chat to everyone, you never know who they know, or who they might pass your name onto. (I do no advertising as such, ALL work has come from word of mouth).
If this is the case, then every job gets done right, and if it goes wrong, fix it with a confident smile. People will come back to someone even if things went wrong, if it was sorted with no fuss, it makes them feel reasured that you will stick by them and look after them.
Premises, where will you work from, do clients need to come to you, is this going to be possible, is the place of the right image?
As for a business plan, well, most of the above fits in, other than that you have to look at:
Initial out lay
What funds or funding you have
Monthly out goings - break everything down
What you NEED to bring in per month to cover the above
What profit you are looking to run on
How you will develop/ grow the business over the next five years
Remember, Turn over means little, it's what you make at the end of the year in terms of profit that counts because that is what is yours.Your accountant can help you to stay under certain tax brackets.
Good luck with it, just take your time, put everything down on paper and see how it all pans out and see if it can work, that really all a business plan is.
I was told many moons ago that a normal business makes no money in year one, breaks even on year two and turns a profit on year three.
Matt
My advice is as follows....
MOST IMPORTANT: look into what organsiations are offering grants for small businesses, in Coventry at the moment there are loads, you can get 1500 quid to promote you business!!! Other things that can be on offer are grants to pay half of your equipment costs, ie you need 5k of stuff to set up, they pay 2.5k towards it. You will have to do abit of research in your area, councils will usually be conected to these and places like Business link.
Failing that (if you can) get a bit of cash in the bank, this will help you to:
a) have some breathing time to set up and get work in, takes time
b) will help you buy in equipment
C) will help you with cash flow in the early days ie pay for good before the client has paid.
Speak to an accountant, they will tell you who you need to register with, what you need to keep in terms of paperwork and records, insurances, bank accounts etc etc. They will also tell you what kind of business to set up, limited, sole trader etc
Look carefully at how you will get work in, word of mouth is best, but what other forms of advertsing/ promotion do you need.
Get a look, get a logo created that represents a good strong reliable image, then get some nice cards printed up - try aubergene Print (spelling) dirt cheap, do gloss lamination etc, makes a difference when you hand a card over that looks the part.
Get a website built, even if it is one of these 99 quid home pages, people always look up a firm on the net rather than yellow pages etc etc.
On average it takes a good three - six months to get work coming in so make sure you getting out there and letting people know what your about. Chat to everyone, you never know who they know, or who they might pass your name onto. (I do no advertising as such, ALL work has come from word of mouth).
If this is the case, then every job gets done right, and if it goes wrong, fix it with a confident smile. People will come back to someone even if things went wrong, if it was sorted with no fuss, it makes them feel reasured that you will stick by them and look after them.
Premises, where will you work from, do clients need to come to you, is this going to be possible, is the place of the right image?
As for a business plan, well, most of the above fits in, other than that you have to look at:
Initial out lay
What funds or funding you have
Monthly out goings - break everything down
What you NEED to bring in per month to cover the above
What profit you are looking to run on
How you will develop/ grow the business over the next five years
Remember, Turn over means little, it's what you make at the end of the year in terms of profit that counts because that is what is yours.Your accountant can help you to stay under certain tax brackets.
Good luck with it, just take your time, put everything down on paper and see how it all pans out and see if it can work, that really all a business plan is.
I was told many moons ago that a normal business makes no money in year one, breaks even on year two and turns a profit on year three.
Matt
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