Setting Up A Business

  • Thread starter Thread starter solerina
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I'd recommend watching a few episodes of Channel 4's Risking It All before setting up a business - so many people go into business without taking everything into account & it all goes belly-up.
 
That's a good point Melendez. We were thinking that you would have to hire extra help over the summer because (hopefully) you would have a glut of work there. What Brian said about the dead season is very true also but that coincides nicely with the NH season :lol:
 
I think, Sols, that if you get the seed capital right, trim the overheads you will soon see the green shoots of recovery and your business will flower and grow.
 
On the insurance side of things (as I do insurance for a living), get yourself a decent Insurance Broker, and discuss all your options. Don't do the insurance yourself, pay the extra to have someone do the work for you, and to get you the proper and most efficient cover available on the market. In your industry the best cover to take would be personal accident, as life insurance, unless you are seriously an office worker, is not worth the dollars. Only good thing about life insurance its not cancellable, whereas personal accident is.

Then there is the insurance to cover your business needs etc.

Definitely do your research, and rememeber do not purchase insurance without the help of a broker.
 
Have done this myself and the only advice I can give is:

1. Do not worry about the Tax/Accounting side of things too much, a small business such as the one you are proposing is very simple and consequently does not require a significant admin.

2. Factor bad debts into your pricing as if you are working with a small customer base, one non-payee can throw your whole cashflow.

3. Ingenuity in your marketing can save you a lot of cash. Articles in the local rag about someone with a story to tell who also happens to be setting up a gardening business will ensure a helluva lot more coverage than a paid for advert.
 
differentiate yourself , have a burning desire to reach your goals and never give up.everyone has within them the seeds of greatness.believe.
 
Originally posted by betsmate@Oct 21 2005, 12:57 AM
1. Do not worry about the Tax/Accounting side of things too much, a small business such as the one you are proposing is very simple and consequently does not require a significant admin.
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I'm not sure that I agree with that one, Betsmate. I don't have the experience that you do of setting up a business but I have been PA to a few small businesses & I don't think that you can over-emphasise the necessity of keeping accurate, up-to-date accounts. You're right in that they won't be complicated or difficult to keep, but I feel that it is imperative to keep well on top of your book-keeping.
 
500 NTSC VIDEOS AS A STARTER PACK

A SHOP

CUSTOMERS

VIACOM-to provide the New Videos AND a line of credit.(formerly Shantronics)

Lots of hard work and BINGO 4 shops open in 18 months.

All messed up when the wall came tumbling down,but i was still financially happy.(within my context)
 
In most new businesses there are always those days where you feel "is this really worth it?" especially if you are working long hours for little reward in the early days. Sometimes, circumstances outside of your control dictate whether the business suceeds or fails, but being brave enough to try is always a good first step. Many new start ups fall at the first hurdle, many fail within the first few months, but with some capital, some good ideas and sound business advice, some understanding friends and family, and sheer hard work, it could be the way to your first million. :)

Never be omeof those that say... "if only"......
 
Originally posted by rumoursabound@Oct 23 2005, 11:23 AM
All messed up when the wall came tumbling down,but i was still financially happy.(within my context)
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You should have checked your builder out in advance...
 
Correct,i could have moved a couple of shops down to Kaiserslautern but big fish in small pond was better than small fish in very large pond.

Closed the lot in 1990 and sold the Pornos and brought the rest back to Lakenheath and Mildenhall.Sold up in 1995 and bought myself a house in East Dereham.

Doubled my money by 2001 and off back to Germany.
 
Originally posted by Shadow Leader@Oct 22 2005, 01:57 PM
I'm not sure that I agree with that one, Betsmate. I don't have the experience that you do of setting up a business but I have been PA to a few small businesses & I don't think that you can over-emphasise the necessity of keeping accurate, up-to-date accounts. You're right in that they won't be complicated or difficult to keep, but I feel that it is imperative to keep well on top of your book-keeping.
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Sorry, my point was not well made and I echo your sentiments exactly. What I meant was that are lot of people are put off by this side of the business and in truth it is not rocket-science.
 
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