A new business

[jevs]

Turnover is vanity

Profit is sanity

 

[The Birdman]

Factor in your pension costs.
my Bank Manager once said the same as the above Jevs as we running around being very busy but not making a profit get your prices right so sometime less customers paying more means more profit. This was the business I started when interest rates went up to 15% plus 3 over base rate 18% on our bank loan so factor in interest rates going up over the next two years. Have weekly or monthly and quarterly reports of all cost against turnover so you can keep an eye on costs it helps focus on all parts of your business and what you need to spend your time on and helps you drive your running costs down.

 

[The Birdman]

Depending on what business you are starting find out the right type of business association you could join to help and network. Some are good and some are a waste of time. Good luck

 

[OzMike]

Think twice mate, Ive been in business since 1989 and believe me those first few years are really tough.
You maybe of a certain age and this may limit your energy levels, you will need plenty.
Have a good business plan and get people in business to recommend services like accountancy etc. as a recommendation could save you a lot of foot work.
I used to use an accountant named Maggie, her company is Evans Barker, in Peacehaven, if they still exist.
She got me out of a hole several times with minimal damage.
Insist on payment when due, as has been said already, cash flow is your life blood.
Remember to treat yourself as an employee of the business, you work for it and not vice versa.
If you have to register for VAT it is not the end of the world, as long as you do your quarterly statements on time and pay what you owe.
There can be benefits in the long term but there are also a lot of sacrifices that will have to be made, you can forget the 9 to 5 and start thinking of 6 till whenever, plus weekends.

 

[Justice]

Think twice mate, Ive been in business since 1989 and believe me those first few years are really tough.
You maybe of a certain age and this may limit your energy levels, you will need plenty.
Have a good business plan and get people in business to recommend services like accountancy etc. as a recommendation could save you a lot of foot work.
I used to use an accountant named Maggie, her company is Evans Barker, in Peacehaven, if they still exist.
She got me out of a hole several times with minimal damage.
Insist on payment when due, as has been said already, cash flow is your life blood.
Remember to treat yourself as an employee of the business, you work for it and not vice versa.
If you have to register for VAT it is not the end of the world, as long as you do your quarterly statements on time and pay what you owe.
There can be benefits in the long term but there are also a lot of sacrifices that will have to be made, you can forget the 9 to 5 and start thinking of 6 till whenever, plus weekends.

I open at 9.30am and close at 5.30pm maybe have a delivery or two on the way home and thats me done, so its not always the case to work 100hrs a week just because you have your own business.

 

[OzMike]

I open at 9.30am and close at 5.30pm maybe have a delivery or two on the way home and thats me done, so its not always the case to work 100hrs a week just because you have your own business.

Granted, 7 till 5 for me now, plus Sat am.
But for the first 5 or 10 years, all the hours under the sun.
It really depends what the business is as to how much time is required.
Some types need the the impact at the start to get known out there, there was no internet when I started so all business contacting was done mostly after hours.

 

[Billy the Fish]

After 32 years of working in the public sector

Don't leave the gravy train, you'll never get back on!

 

[Westdene Seagull]

Decent value accountants can be found at www.crunch.co.uk

 

[Nibble]

I have a whole information pack, containing template business plans, advice on marketing, projections, research etc. It's proved very useful indeed. PM your email address and I'll send you over the documents this evening when I get back home.

Good luck with it.

 

[hans kraay fan club]

Don't leave the gravy train, you'll never get back on!

I think his user name just MIGHT be a clue, as to which part of the public sector he worked in...

(in which case I can well imagine its not something you want to, or might feel able to, do indefinitely.)

 

[Greg Bobkin]

Don't register for VAT unless you absolutely have to.

Surely that would depend on what sort of business is being run. I'm on the flat-rate scheme, and it probably saves/earns about £600 a quarter.

 

[8ace]

Buy HIGH
Sell LOW

 

[Tim Over Whelmed]

Feel free to DM me if you wish, this is what I do .... so to speak!

 

[Alex Alex Dawson oo! oo!]

Surely that would depend on what sort of business is being run. I'm on the flat-rate scheme, and it probably saves/earns about £600 a quarter.

I was about to post something similar; and as you'll know if you're in the FRS you do not have to separately record/account for input VAT so the additional bookkeeping after registering is minimal.

 

[Thunder Bolt]

I think his user name just MIGHT be a clue, as to which part of the public sector he worked in...

(in which case I can well imagine its not something you want to, or might feel able to, do indefinitely.)

Or maybe he's reached the 'retirement age' after 32 years, but still wants to work until the state retirement age?

 

[Addiseagull]

be sure that you are willing to work harder than you have ever done in your life before - take as little out of the business as you possibly can, preferably nothing at all - keep on top of the money you are owed - most important of all be certain that the business you are going to start is something you really, really, really enjoy doing.

that is the life for most start-up owners of new businesses for at least the first few years - the eventual rewards can be very satisfying but they don't normally come easily.

this.

 

[bluenitsuj]

You do not necessarily need an Accountant.Maybe to start but it is quite easy to do your own tax returns online these days. I do after ditching my accountant.