What are you thinking of doing? I started my own business in September and things are going well. Big thing I would say is know how much it actually costs you to do whatever it is your looking to do - know your margins from the start. I would also say never discount, add value to your proposition.
Currently plotting and planning with a mate....need a life change so looking to jack in a great job, which I've done for years, earn great money etc, to start from scratch....we're developing the proposition at the moment, have met up with loads of contacts who've set up on their own, to try and avoid as many of the pitfalls as possible and am quietly sounding out potential clients to gauge whether there is any interest in what we're planning to do...hopefully we'll be in a place to press the start button towards the end of the year...desperately trying to save as much money as possible before then...just in case...
If you are prepared for 24/7 non stop work for some 4-5 years without any spare income, then you can succeed. But it can strain you to the limits, just take all the help you can. You'll make some pretty big mistakes but that's how we learn.
Yeah mate its going really well best bit of advice I was given by someone on here was get a good accountant and put your money aside for your tax monthly
Also - if you start to make a bit of money - start a pension scheme. Not necessarily the best way to save for retirement these days but it reduces your company profit and so reduces corporation tax that you have to pay to HMRC.
Stick to an industry you know - apparently you have a much greater chance of success if you have 10+ years combined experience of the sector within the start-up team. You'll have contacts and know how things work - it all helps to hit the ground running.
I've had my own consultancy biz for over 8 years, and Mr W runs another business which we jointly own - now 11 years old. Helps if you are prepared to take calculated risks and can cope with fluctuating monthly income. Lots of hard work, but much more rewarding (in a general, rather than strictly financial, sense) than being a wage slave. You can always wangle the odd bit of Charlton sponsorship as promotional expense, too, I find!
Have set up 2 business, sold 1 last year and now running my second. It will not be plain sailing all the way! Be prepared to graft and as others have said, be prepared to have very little disposable income for a while. A decent accountant is a good place to start, but the more you can do yourself, the more you can reduce your overheads! What is it your looking at doing? Is it something you have any experience in? If you've got any questions, feel free to PM me and I'll happily help if possible. Best of luck!
I work for myself and its the best thing ive ever done lots of hard work but plenty of rewards it also really helps if your business is your hobby or something you really enjoy which I'm very lucky with.As mentioned above the most important thing iskeeping on top of your accounts.
In business for 20+ years up until a couple of years ago.
Get yourself a good accountant. When I mean good, I don't mean one with swanky offices, wonderful website and luxurious letter heads. Ask around and get recommendations. After a couple of years if he/she ain't saved you a fortune compared to what they charge you, bin them and go somewhere else.
Where is the best place to start? I mean I have an idea for the business and a location, but what are the steps lifers have taken to get where they are?
I have just been doing some websites for someone connected to the local branch of the Federation of Small Businesses. Maybe there is some advice on their website which might be helpful http://www.fsb.org.uk. Apparently there are some benefits if you are a member.
Where is the best place to start? I mean I have an idea for the business and a location, but what are the steps lifers have taken to get where they are?
Where is the best place to start? I mean I have an idea for the business and a location, but what are the steps lifers have taken to get where they are?
Started my business nearly 6 years ago. Now have 17 staff and sold a part of the business at the beginning of this year to some investors to secure our future and hopefully take us to the next level. I didn't stop working, thinking about work or sleeping properly for the first 5 years! Still as passionate about it all too. If you lose that, sell it all and get out.
Have a great team and they were the best acquisitions I made.
There have been a lot of bumps in the road along the way. The best bit of advice I can give you is don't take on any job too big - ensure each thing you do is achievable and slow and steady growth is just fine!
Good luck. PM me if there's anything you want to ask too. I hired an internal accountant after a year - best thing I ever did!
Let me know if you would like to talk to a qualified accountant in Orpington--I'd be pleased to help with the set-up.I specialise in small business tax and accounts.
So admire anyone who has done this/is thinking about if. Have toyed with the idea (including franchising) for a year since leaving the RAF but just don't seem to have the bottle to go for it (weirdly enough). Currently in my second job post-RAF which is well paid and with some perks (except the night stops in Crawley!). However, still want to go it alone doing what I love (and what I am told I am good at!), which is Training, Facilitation and Personal Development (within the Management and Leadership field).
So, good luck to you and hats off to those of you who have done it and succeeded.
Those that have mentioned the importance of a good accountant, can you elaborate? I know it makes common sense, as they professionally manage your money, but perhaps there are other not so obvious reasons that are apparent with experience? Is it primarily that they help properly manage tax obligations?
Accounting is ridiculously important, since you're going to be sinking a lot of the money you make back into the business, you don't want to be skint and have to face a tax bill that's ridiculously big or have to pay a fine or worst case scenario get arrested for not paying tax! Also i'm guessing unless you're trained in finance, accounting isn't your forte. You already know your stuff and will be spending a lot of time and energy on what you're good at, get an accountant so it's one less thing to worry about!
Comments
I started my own business in September and things are going well.
Big thing I would say is know how much it actually costs you to do whatever it is your looking to do - know your margins from the start.
I would also say never discount, add value to your proposition.
Definitely think it's something we'll do in the next 4/5 years and would love to
Have trebled turnover since year one, yet still have no more disposable income as I just plough it all back into the company.
Am now setting up another company that has spun off from the first one.
If you need any tips, just PM me. If you need a website or are looking to sell online, I can help there too.
Get spellchecker on your computer :0)
Worth their weight in gold as they can save you a lot of money, but beware there are a lot of bad ones as well.
I've had my own consultancy biz for over 8 years, and Mr W runs another business which we jointly own - now 11 years old. Helps if you are prepared to take calculated risks and can cope with fluctuating monthly income. Lots of hard work, but much more rewarding (in a general, rather than strictly financial, sense) than being a wage slave. You can always wangle the odd bit of Charlton sponsorship as promotional expense, too, I find!
A decent accountant is a good place to start, but the more you can do yourself, the more you can reduce your overheads!
What is it your looking at doing? Is it something you have any experience in?
If you've got any questions, feel free to PM me and I'll happily help if possible.
Best of luck!
Get yourself a good accountant. When I mean good, I don't mean one with swanky offices, wonderful website and luxurious letter heads. Ask around and get recommendations. After a couple of years if he/she ain't saved you a fortune compared to what they charge you, bin them and go somewhere else.
Where is the best place to start? I mean I have an idea for the business and a location, but what are the steps lifers have taken to get where they are?
Have a great team and they were the best acquisitions I made.
There have been a lot of bumps in the road along the way. The best bit of advice I can give you is don't take on any job too big - ensure each thing you do is achievable and slow and steady growth is just fine!
Good luck. PM me if there's anything you want to ask too. I hired an internal accountant after a year - best thing I ever did!
So, good luck to you and hats off to those of you who have done it and succeeded.