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Thread: Starting my own company... advice...

  
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    Starting my own company... advice...

    I know theres a few on here who own their own businesses, so I guess its as good a place as any to ask for a bit of advice! basically, whats the best way to go about it?

    I've had a website built and a domain purchased for a while, and basically got everything mapped out in terms of market analysis within my area/cash flow forecasts/business plan prepped etc etc, but physically setting it up.. whats the best way?

    is it just a case of opening a bank account in the company name, and filling out a form on the companies house website? how do I then go about tax etc? I very much doubt I'd be in a position to have to register for VAT (although that would be nice as it would mean profit levels would be fairly healthy ) any other thoughts/advice?

    I have a rather good business/marketing brain as I have run a few ventures before in a variety of fields, and was an A grade Business Studies ALevel student (yeah, I really did pay attention no matter what some may think!!) so I'd rather not do what a lot of new businesses do and go to the bank and get them to do it, because I would imagine they'd charge for the service, wouldn't they..?

    so... any advice?

    thanks in advance
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    http://www.businesslink.gov.uk/bdotg...site=150&r.s=m

    Worth taking a look at Might have some useful info for you.

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    are you going to be self employed or actually start a company? Do you need to be a company or would being self employed be better for now?

    Get an accountant, as they will do the majority of the setting up for a little amount of money. Tax/NI can be a pain to get set up so an accountant would be useful for this.

    VAT - dont rush into it unless you have to, its a pain in the arse and not something that gives you any real benifits these days.

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    I would almost certainly be looking to run it as a limited company rather than as a sole trader/going self employed, reason being the fact I currently have 2 "casual" jobs so-to-speak and its bad enough keeping tabs on tax I've paid with those even though its all done for me.. Trying to juggle self employment yet still be "on the books" somewhere as a second income would be a hassle I could do without! Plus, there's a likelihood that I'd be looking to employ at least one other person within the first six months - although at first he's coming in with me and working self employed to begin with, both he and I would prefer it if we went in as partners or he as an employee, purely for the security on my part that I know he's not going to drop me in it by putting other work first, and on his part he would have a bit more financial security.

    Within the next week or two I should be finishing a MECP course I've been doing so the business would be a two-pronged setup, basically a mobile car-audio/modifications company (ie me) and the other side would be mobile servicing/diagnostics (to start would be mainly my "partner" while I do a couple more courses on the diagnostic side of things).

    General gist is to end up going out to peoples offices/homes to fault find/service/fit things on their cars while they work etc. nothing like it in the area so I'm hoping I've cornered the market in that respect

    With Dad having been a self employed builder for the last 30 years, he's put me in touch with his accountant, so I'll probably take a lot of the hassle to him then
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    I know it's a little premature, but would tinting be among your services??
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    hi, i have alway found "companies house" very helpful with any queries, they are certainly more approachable than the tax offfice!!! Good luck!!! Sounds like an interesting service you will be offering, hope you make millions!!!

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    Quote Originally Posted by Tangoid View Post
    I know it's a little premature, but would tinting be among your services??
    well its not something I have ever tried to be honest, so if I was to offer it then it would only be after I have found a training course etc

    to start with the modification side of things would be things like custom dash work and fitting of parts, s well as the car audio side of things. Servicing would be anything from cambelts to sparkplugs etc, and (once I pull my finger out my bum) Tech2-style diagnostics. I am unsure whether to limit myself on the servicing/diagnostic side of things to just Vauxhalls (seeing as there are about 8 dealerships in the region and they all charge the earth as they're the same two franchises) or whether to open up to all makes. if I were to do that then it would be more initial outlay setting up, but would be better longer term. We'll see nearer the time though.

    Quote Originally Posted by Jaynos XP View Post
    hi, i have alway found "companies house" very helpful with any queries, they are certainly more approachable than the tax offfice!!! Good luck!!! Sounds like an interesting service you will be offering, hope you make millions!!!
    I'm not sure millions ae on the cards mate, but if I can provide a relatively decent level of income then that'd do me fine. The last few months being out of work have made me take stock of things big-time and having gone into things in quite a bit of depth I'm now looking to the point where I want to be providing for both myself & my OH longer term rather than us both living hand to mouth as it is at the minute!
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    As others have said get an accountant thats what i did and she sorts everything for me. I went along the same route as you pete i worked for mercedes benz for 5 years and then they had new management takeover who didnt give a crap about the employees and was making me unhappy in my job so i left there. a few months after there was a local garage and there mechanic was having 4 months off due to an injury so asked if i could work 4 months to cover him so i did, after that i thought i could easly do this on my own have all the tools/skills jsut dont have a place to work. So after speaking to my dad who is self employed he set me up through his accountant and we then built a new workshop for me where i live as had the space to build it on the side of the house and meant i didnt have to pay for premises rent. I get loads of work from people off forums and moddified cars in because alot of garages wont work on them or the lads are scared of them getting damaged plus they like someone with modification knowledge to work on it. Do allsorts servicing (have my own service stamps) brakes, clutches, cambelts, customising parts, fitting aftermarket parts and modyfying, lowering etc... its been great so far. I have made quite a bit out of lowering alt of saxos because the saxo lads struggle to find places to lower there torsion bars as most garages wont touch them.
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