Starting in Business info - part1

[kme]

Get comfortable - make sure you`re awake and alert!

Lets ease into this with some "first steps".

Feel free to tack on any I miss guys, this isn`t exhaustive.

1. Visit the various government and official websites, to get extra or specialised info. Links further down.

2. Work out how much money you need to earn from your business ( per week).

3. What large expenses will you incur in starting ( vehicle, meter(s), signwriting, tools, business loan etc)?

4. Are you a sole trader or partnership?

5. Is your maths good enough to do your own books? If not, allow for the cost of a book keeper.

6. Do you want to be VAT reg`d? If turnover >

 

[binky]

What's a Goverment gateway KME ???

 

[The Godfather]

Thanks KME, nice opening thread on the unknown venture.

Don

 

[davetheglitz]

Thanks KME,

Good advice and nice links that I will be checking out!

I'm new to this (probably starting out as a partnership in October) but I would recommend anyone starting out doing a realistic business plan as it really focusses the mind. There is lots of advice around - and it's worth doing even if you don't need to borrow to set up - as you have a bench mark to compare your performance against.

I can't work out the ins and outs of VAT registration. If you are not doing 64K but are setting up on a domestic market are there any benefits in being VAT registered?

Love this forum!

Dave

 

[kme]

1. Gov`t gateway - access to various government services via website. Apply, card is sent out with your code on it - high security. Also 1st step to online SA with taxman!!

DTG - for a small business dealing with (primarily) domestic, vat is a BAD idea. You HAVE to have outside book keeper / accountant, you have to ADD vat to your prices; with the resultant less of custom. Advantage - you can reclaim vat on your materials and outlay. If you deal with many VAT reg`d firms, they will want you to be vat reg`d, so they can reclaim the vat from you. HTH ??

 

[baldelectrician]

I would be inclined not to start a business now. I am established 5 years and have noticed the slowdown, still booked up for my usual 2-3 weeks in advance

I have also noticed that a lot of small businesses have gone by the wayside.

I wouldn't suggest a partnership until you see how things go. I know 2 guys that are both sole traders. They put adverts in alternate weeks.

They have 2 X

 

[kme]

I`m a partnership with the missus. She doesn`t work otherwise; so we use her tax allowance. She also gets a wage, as she is the book keeper & clerical person.

n.b. part 2 - which will cover, amongst other things, advertising, is coming soon.

Baldie - I`m not advocating anyone starting at the mo.......If I don`t get some work soon, I`ll be a goner too!!!