Will involve a fair bit of retraining on my part - and also I haven't the first clue about how to run a company but I feel this is the right time to do it. I am fed up with office work and office politics and I want to make the rules. I have a little bit in the bank from my redundancy so I now need to get my shit in order and get started - my Dad is going to hopefully be passing me some work as I retrain so that will keep the income flowing hopefully
Anyone on here got any real pearls of wisdom for me in order to make a new business a success! Some recommended reading perhaps or tips on tax and how to save money
Also - any advice on what the best packages are for doing my accounting would be much appreciated
thanks in advance
wish me luck
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Comments
A general tip...cash flow is king. It's one thing doing business, but another getting paid. Work on the basis (that unless your business is a cash on delivery type service) that you'll get paid somewhere between 30 and 60 days after invoicing and in that time you'll have to pay a mortage/council tax and other bills, plus maybe fund advertising/marketing and pay bills in order to carry on working. Poor cash flow kills a lot of businesses.
Get a good business plan and try and have a couple of other revenue producing irons in the fire - even if they don't make much money they will help to keep your head above water, but don't spend too much time chasing small amounts of business. Learn to manage your time as you would your finances.
Particularly watch cash flow ..... if you run out of cash or even credit, you can't trade and you're finished.
Even if you never use it, fix yourself in place a decent overdraft facility, it's your emergency saftey net - then if people are slow to pay you can at least keep going.
Watch your expenditure ...... every penny not spent, is equivalent to a penny earned.
Similarly, at first don't buy anything you don't really need -if you'd like a new desk, then make do with the kitchen table.
And so on. Great advice on the net, seek it and use it!
Good luck!
Radio yes - TV NO!
Don't use your Mobile abroad to keep track of Charlton.
Very good sir - very good!!
I know about this one - I am converting our 4th bedroom so will probably put a time release on the door to only let me out at 5pm
Ha ha ha - I am looking at office desks and chairs right this minute!
thanks for the advice though guys - much appreciated
all good advice above, but working from home myself a fair bit as I do - the above is by far the best !, I've converted the 4th boxroom bedroom at my house into a small office, only got a little radio in there that has TalkSport on it all day. (talk radio passes the time much quicker than music I find)
..........
Have a look around second-hand furniture stores, charity shops and the like. You'll be surprised at what you can buy for a few quid that would cost you ten times the sum or more brand new.
;-)
pay yourself the minimum you can as a wage. then pay yourself dividends on what the company has earned. You dont pay NI on dividends. Also there is a scheme for small companies to pay less VAT you charge the going rate but only pay C+E 12%.
Log off from Charlton Life ....!!!!!
Otherwise, you'll be totally addickted, spend too much time reading and posting - and never get enough work done.
Like me!
;o)
Too Bloody True..........
(Wheres my agent SoundAs when you need him ?).
My Dad's company are hopefully going to pass me some Building Services work whilst I train as an energy assessor. Then I will do some work for him and some for myself.
Always wanted to work for myself as I can't stand office politics and the bullshit that comes with it. Recently got made redundant so figure now is as good a time as any
Nervous and excited!!
Sorry - my house if only 4 months old and the carpets came with the house - I doubt I can justify a new one at this time!! :-)
Sweet - cheers mate
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Have a look around second-hand furniture stores, charity shops and the like. You'll be surprised at what you can buy for a few quid that would cost you ten times the sum or more brand new.[/quote]
With so many companies having gone into liquidation there is a lot of 2nd hand furniture around, which you should be able to get at knock down prices, because nobody is buying it.
Also, there is a guy call geoff keys, who drinks prematch in the Rose of denmark, who trained as an energy assessor (The people that do HIPs right?) he may be worth talking to. let me nknow and I'll introduce you ti him
good luck
Trust nobody in business, otherwise I guarantee someone will bite you on the arse big time.
Good luck mate.
The other piece of advice I would give you is to look into Business Breakfast Clubs. They are a really good way to meet dozens of potential new customers and suppliers in one hit, over breakfast, so you avoid losing time out of your working day.
Good luck!
Absolutely spot on Chizz.
Swiz, you say you've got a spare bedroom to use as an office - it's the best idea (or a decent outhouse/shed/summerhouse in the garden, if you're lucky).
But it's so important to define work boundaries and work times - not only does it help you maintain the necessary seld-discipline and working routine to maintain focus ....... but equally important, at the end of your working day you can walk out your office door and close it behind you - otherwise you will never switch off and find yourself tired and wound up still trying to get stuff done late at night.
You need your downtime, for the sake of your sanity and ..... vital, don't neglect your partner and family, if you have one!
That's the biggest crime of the lot!
It'll cost you dear otherwise - and cause you unimaginable stress as you try to catch up 48hrs before the tax deadline.
I know, I've been there!
And ask and ensure you keep every receipt. Your accountant will guide you on what you can claim for.
You also need to separate your personal bank account from your business, and never muddle through.
Your business bank account, treated as a totally separate entity from your personal finances, should also be a clear back up to your book-keeping, receipts and statements, etc.
And if you run a credit card, ensure you have one only dedicated to your business.
Then you can claim interest, etc as part of your legitimate business expenses.
You'll see the benefits when it comes to filling in your tax return.