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Thread: Anyone Run their own small business or setup recently?

  
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    Anyone Run their own small business or setup recently?

    Hi guys and girls,

    Basically im after some advice, me and a friend are looking to start our own small business dealing in consoles and games, found a few premises that would be suitable and got details of suppliers to get the items etc however just wondered where you begin? At present im unemployed on JSA so will be seeing if the Job Centre can grant or do anything fund wise. its only going to be small shop but will trade online also, as i will guarentee i will be able to undercut 99% shops, as i wont be aiming for MASSIVE profit to begin just to tick over and build. Just wondered if anyone had done this or anything similar and how you went about it?
    Thanks

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    Have you negotiated prices with the manufacturers yet?

    The best bet is to contact the MANUFACTURERnot the supplier, the better discounts are available there. Work out how much you will need to be able to stay afloat, always over estimate bills etc then you won't get into trouble.

    Good luck


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    Get a decent accountant - they will be able to set the company up, do all the paper work and find out about any grants you can apply for.

    That will leave you and your friend to do the most important thing - concentrate on the day to day running of the business and keeping your new customers happy.

    Thats the best advice I can give you on the subject.
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    Hi few things to be aware of is business rates and refuse collection, Business rates are a real bind and with it being central government money they will hound you for payment. Look into getting a small business reduction which can reduce your yearly payment by half but you must appy for it. And Its different in differnet areas but you must sort out your business refuse collection properly you cant just take it home and put it in your household waste that is illegal and they will pounce on you and give you a heafty fine. regards Chris (atlanticcobra)

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    when I started my business I went to my bank (Barclays) to see their business advisor, who has lots of useful information to help you out (well it is in their interests to help you make money, not loose it ) The best thing they did was put me in contact with a local independent business advisor, who, with money from the government to help new businesses start up, provided invaluable advice, help and support to get me started.

    The independent business advisor (Wendy) also put me in touch with a fantastic accountant who shared premises with them, who was wonderful at finding all the tax deductible things I could claim back, and on my first year I even got a refund from the inland revenue thanks to my accountant, which covered the cost of the (very reasonable) accountant's fees, and gave me about £200 cash back too

    Wendy sourced grants and assistance available to me (the government paid her fees for helping me for a year), and she even got me an interview on the local radio station business programme where I talked about valeting cars correctly and what customers should look for, while I valeted the car of the radio station's business correspondent, which was a fantastic bit of free advertising for me She was also wonderful at getting me new customers through word of mouth and reccomending me to her other clients, friends and family, in fact Wendy, my accountant, and Wendy's brother, a very successful financial and business advisor, became my best customers and gave me very regular work, as well as lots of useful advice on business planning.

    My business was going very well thanks to all their help, but unfortunately my accident and back injury put an end to it all so I had to close the business, but if it hadn't been for that I know it would have continued to go from strength to strength.

    My best advice is to see your bank's business advisor and ask if they can refer you to a local independent business advisor like Wendy, ask about the government funding for start-up businesses and listen to their advice - they've been there and done that themselves for many years, and helped out many other businesses so they know all the pitfalls and useful tips from many other businesses as well - and it will help you to avoid the same pitfalls and make use of the same tips without learning the hard way. it really was very easy and it stopped me from making rookie mistakes.

    Wendy and my accountant also helped explain all the financial stuff very easily (considering I have dyscalcuila) and it was very easy with their guidance to have all the information required to simply hand over to the accountant to do my tax return and it took all the worry and hassle out of it for me. Basically keep ALL your reciepts for EVERYTHING - petrol (and a note of mileage) for meetings or business travel, car tax, insurance, repairs and MOT (all tax deductible running costs ), work wear clothing, purchases of ANYTHING for your business including the tea and biscuits LOL in one folder, then a list of all money made in another, every transaction, keep it in date order and your accountant will not only love you but will charge you less for making their life easier

    You'd be amazed at what they can claim back for you tax wise, heck you can even claim back tax on dog food and vets bills if you have a guard dog for your premises!

    Hope this helps a bit, and good luck.

    Kirsty

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    Many thanks for that, Kirsty - Alot of usefull info in there and iv got an appointment for Friday at the bank and the Job Centre so fingers crossed its usefull. One thing i have been looking at is Business plans, i was going to give it a go myself and see how i got on, just wondered if you had anything i could maybe take a look at as an example? or if you used one maybe delete your info so i have kind of a basic template to work with?

    Looked online but their either poor looking or people trying to make me pay £30 to download software to "Edit" them lol.

    Again many thanks

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    Tbh I didn't need one as (1) I wasn't borrowing money from the bank to start the business, my mum invested in me by giving me the money (about £1100) to buy the van, tools and some products from a friend who was selling his valeting business due to getting a better job down south and moving away.

    When I was thinking about starting my business I had gone to him for some advice (as we wouldn't be working in the same "territory" as I'd moved south of his area.) A few weeks after talking to him he got in touch and offered to sell me the business. Unfortunately he'd wound it down so there wasn't a customer base left to work with so for that I was on my own.

    (2) my business "plan" was fairly simple and straightforward so I just did a verbal one and discussed it with the bank and the advisor. Wendy the advisor did the application for me for the funding to pay her, as she knew how best to put it into words,so I never needed to do one.

    The Barclays business advice pack (which was free) did contain all the information needed to formulate a business plan though, and that is what the advisors are there to help you with

    Kirsty

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    Will you be going ltd company route or as a sole trader (partnership).

    If its a partnership get a basic contract drawn up by your solicitor, may save trouble in the long run (I know this from expierence).

    Also apply for small business rates tax relief, drops your business rates by about 50%

    Try and predict your yearly turnover as you may require going VAT registered, to save money here you could also go on the VAT flat rate scheme, this does make managing VAT very easy and saves on accountants fee's.

    When we took on our shop, we managed to neg 50% reduction in the montly rent for the first 6 months to heolp us out with shop fitting / startup costs. We are now looking at a 2nd shop and have asked this company to do the same. As there are many empty shops available.

    Also as you are dealing in 2nd hand you will need to create a process to check that the items being sold to you are not stolen etc. CCTV would also help incase.

    Good luck and you will not look back, it's hard at the beggining but worth it in the end.
    54 Plate GSI ZAF fully loaded CS1 Quad 250cc blinged to the max Honda RR3 FireBlade with extras Mini Cooper S Cabriolet

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