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Thread: Starting a company

  
  1. #1
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    Starting a company

    At the moment im on work placement in my 3rd year of uni, my current boss has said it would be a good idea if this and next year we plan the company out etc and then when ive finished uni next year, try and go into business. There will be myself and 3 others in total, or maybe 3 in the worst case.

    Ive never really looked into making a business etc, ive read a few things online, and will actually go and see a business advisor at the bank to get more details, but what kind of things do you need for a business, so far im thinking of these things:

    1) Joint partnership agreement
    2) Do you need a main person? As we'd like to split it equally, equal profit, equal wages, equal amount on equipment etc.
    3) insurance
    4) any qualifications needed etc, we were going to do some electrics maybe for another little thing we can offer ( do we need 4 years training, ive read this somewhere?)
    5) Loans for equipment to begin with
    6) transport
    7) premisis, although we'd work from home to begin with..

    Anything else you can think of, just want things i can discuss over with everyone tommorow. Has anyone actually created their own business? How well have you done etc?

    One worry i do have is the wage part, a business of 4 people is going to mean you need to earn a lot to share out a good amount..
    Regal Phase 3.5,VXR Turbo,VXR AFM,VXR Injectors,Courtenay FMIC,Dbilias Flowmaster,Regal Precat,Miltek exhaust,Lightened Flywheel,Uprated Clutch,Denso Plugs,Veccy Pipe,Eibachs,308mm Discs

  2. #2
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    whats the company going to be making / producing?
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    You'll need a sound business plan (complete with SWOT analysis) before a bank will even think about lending any start up money.

    Get in touch with you local Business Link - to get some sound advice, and access to possible start up grants

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    the company will be todo with networking, all of us will be cisco qualified etc, wiring networking components etc, designing, etc etc, loads of stuff really, programming maybe...

    Whats SWOT mate? Never heard of it
    Regal Phase 3.5,VXR Turbo,VXR AFM,VXR Injectors,Courtenay FMIC,Dbilias Flowmaster,Regal Precat,Miltek exhaust,Lightened Flywheel,Uprated Clutch,Denso Plugs,Veccy Pipe,Eibachs,308mm Discs

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    Strengths
    Weaknesses
    Opportunities
    Threats

    It's a standard way of describing how your business will fare in the light of market competition/forces.

    some background reading - click me

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    alright, cheers for the info, ill take a look. Any gen on the 4 years to be able to do electrics for people?
    Regal Phase 3.5,VXR Turbo,VXR AFM,VXR Injectors,Courtenay FMIC,Dbilias Flowmaster,Regal Precat,Miltek exhaust,Lightened Flywheel,Uprated Clutch,Denso Plugs,Veccy Pipe,Eibachs,308mm Discs

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    Don't forget you'll need insurance. Employers liability, public liability (as I'm sure you'll be working onsite, Insurance on your transport (to cover tools inside and accidents relating to public braking a little toe on a network cable that came out of the van or something). Norwich union currently provides mine.

    You'll need to become a Limited company i'm guessing? You will need to get a certificate of incorporation from companies house. Mine cost me £150 but you can get it for cheaper but I spent that money on making sure I don't need to worry about it. Once incorporated buy a domain fast.

    Shop around with your banks as well. Remember they want your money so they can lend it to people. As your a business man you will need to barta with them. They can bend but don't expect miracles. 1 years free banking is standard. After that you'll be charged for having credit cards, making withdrawals, statements, cheques bouncing, paying money in, paying cheques in. Yes they will rob you at every oppotunity. The banks also like you to keep ur business under your control mention backups but try not to draw attention to any contractors you may need to use.

    I'll PM you the number of an accountant. He's my best mate and he'll send you some details of how to get started FOC. He'll also tell you what your gonna need for the bank ect. Just tell him u know me.

    What money you make you must decide yourself how it is split. Suggest you draw up a contract with your business partners get the solicitors involved so no one gets stung. When its in black and white it can't be forgotten. While your there get some T&C's made. You will need them one day.

    Prince of Wales does a scheme offering new businesses (upon sucessful business plan being accepted) £5'000 loan as a business start up loan and its something like you don't need to pay it back for the first 3 years and when you do its a small amount and interest rate is really low.

    Hope this is of some use
    jam
    Its a jam thing

    Haec credam a deo pio, a deo justo, a deo scito?



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    yea mate, very useful indeed.. My mate was on about this today .. once you have registered your company, they give you 1 page for a website listed somewhere?

    We've all got skills in webdesign etc, so we will probably think of a domain name first, then check the company so we can ensure we get the name and domains we want etc, as some of our business will be online
    Regal Phase 3.5,VXR Turbo,VXR AFM,VXR Injectors,Courtenay FMIC,Dbilias Flowmaster,Regal Precat,Miltek exhaust,Lightened Flywheel,Uprated Clutch,Denso Plugs,Veccy Pipe,Eibachs,308mm Discs

  9. #9
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    Once you have registered your company you won't automatically get a domain name. I would recommend www.binasys.com Run by a guy called Dan. He's friendly and will probably ask you to add him to ur MSN list and then u can chat if you ever have any problems. I know you can get names from freenetnames and stuff like that but its the service you pay for.

    jam

    Quote Originally Posted by jonesy
    yea mate, very useful indeed.. My mate was on about this today .. once you have registered your company, they give you 1 page for a website listed somewhere?

    We've all got skills in webdesign etc, so we will probably think of a domain name first, then check the company so we can ensure we get the name and domains we want etc, as some of our business will be online
    Its a jam thing

    Haec credam a deo pio, a deo justo, a deo scito?



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