Starting your own business

[Andrew 4666]

little rule of thumb one of my business teachers gave us was to ask an accountant how many times they'd had the inland revenue write to them in the last year asking about their clients

 

if they say none, they’re lying. If they say 2-3 they are perfectly acceptable, if they refuse to answer or say any more, leave.

[Gemmill 42987]

My mate set up a recruitment firm in the last couple of years in London, and they're flying, but it's marketing and advertising recruitment. I'm assuming that it's the industry that you're recruiting to that's important, rather than the fact that you'd both be in recruitment.

[McFaul 35]

Do you know of anyone else in your industry who has gone solo? How have they done?

Yes but we fell out and I don't want to speak to him. I know they're doing OK though, there's two of them started together. Shinton would be able to help me but he's never fucking here!

 

Cheers Gemmill I'll give them a ring.

[McFaul 35]

My mate set up a recruitment firm in the last couple of years in London, and they're flying, but it's marketing and advertising recruitment. I'm assuming that it's the industry that you're recruiting to that's important, rather than the fact that you'd both be in recruitment.

Absolutely. Knowledge of the industry is absolutely everything, reading the trade journals, understanding clients, down to the fact the MD is a mug and they operate a revolving door policy, understanding the projects they have on, and matching that up with new candidates, who need to be 100% spot on for the clients needs, and it's a lot more difficult than it sounds. It's a job not everybody could do, even when you're feeling shit and can't be arsed you have to be on a charm offensive the whole time, which obviously I find difficult sometimes.

[Park Life 71]

It's an option for me this year, and I'm swaying towards doing it. Haven't made me mind up yet, but has anyone started their own company on here?

 

What do I need to know? Would I register myself as a Ltd, and pay me a wage from the business? I'm not going to be Saatchi and Saatchi or fuckin Exxon, I'll have a turnover of between 60 and 100k if I get it off the ground probably, anyone know any good people I can talk to at length about this. Any advice appreciated.

 

You have the ideal characteristics to go it alone. Do it and you won't look back. Means throwing everything into it, but it really is fun. I've travelled the world at others expense and developed 10 fold as a person. It rubs off onto other aspects of your life and what you thing is achievable.

The easiest thing is to make yourself a dir and pay yourself as you need it. In Eng its pretty relaxed scenario as a Ltd.

 

My turnover in the first couple of years was about 200 to 250k.

 

Get a company bank account (a basic one which you can op from the internet with a couple of clicks).

 

Make the accountant the secretary and get someone who you respect the chairman (he can vote too if it comes to it and he can stop you doing silly things).

 

There will be grants available in your area if you employ just one person...Look into that.

 

Get a cushty website knocked up by someone on here but make it snazzy as that is part of your profile.

 

Pay yourself in such a way that the Ltd don't show profits...

 

I would bet money you wil succeed.

 

If you need any more advice, just pm me.

Edited January 30, 2012 by Park Life

[McFaul 35]

It's an option for me this year, and I'm swaying towards doing it. Haven't made me mind up yet, but has anyone started their own company on here?

 

What do I need to know? Would I register myself as a Ltd, and pay me a wage from the business? I'm not going to be Saatchi and Saatchi or fuckin Exxon, I'll have a turnover of between 60 and 100k if I get it off the ground probably, anyone know any good people I can talk to at length about this. Any advice appreciated.

 

You have the ideal characteristics to go it alone. Do it and you won't look back. Means throwing everything into it, but it really is fun. I've travelled the world at others expense and developed 10 fold as a person. It rubs off onto other aspects of your life and what you thing is achievable.

The easiest thing is to make yourself a dir and pay yourself as you need it. In Eng its pretty relaxed scenario as a Ltd.

 

My turnover in the first couple of years was about 200 to 250k.

 

Get a company bank account (a basic one which you can op from the internet with a couple of clicks).

 

Make the accountant the secretary and get someone who you respect the chairman (he can vote too if it comes to it and he can stop you doing silly things).

 

There will be grants available in your area if you employ just one person...Look into that.

 

Get a cushty website knocked up by someone on here but make it snazzy as that is part of your profile.

 

Pay yourself in such a way that the Ltd don't show profits...

 

I would bet money you wil succeed.

 

If you need any more advice, just pm me.

Thanks for that Parky, I was considering paying myself a wage from the business rather than just taking the lot. My plans are very much in their infancy so any advice is gratefully accepted.

 

I definitely need a website like, could probably get one up and running for £250 eh? I think Ant does them.

Edited January 30, 2012 by McFaul

[Park Life 71]

Stevie, I'd be happy to proof read any business plan you come up with. Not saying you'd need that but a fresh persepective can sometimes help.

 

I found that the business plan was next to useless. Out the window after 6 months.

 

Thing is once you hook into the game, so many things change and there are that many surprises, all the plans are redundant or have evolved hugely as to make them useless.

 

Me and my partner wasted about 10k in the first year on an office (which no one ever had to come to). Axed that as soon as the contract finished.

[Guest alex]

Stevie, I'd be happy to proof read any business plan you come up with. Not saying you'd need that but a fresh persepective can sometimes help.

 

I found that the business plan was next to useless. Out the window after 6 months.

 

Thing is once you hook into the game, so many things change and there are that many surprises, all the plans are redundant or have evolved hugely as to make them useless.

 

Me and my partner wasted about 10k in the first year on an office (which no one ever had to come to). Axed that as soon as the contract finished.

Aye, I doubt you ever stick to those things. However, if you'd read the thread you'd realise it was in relation to possibly attempting to get a grant to get the business off the ground

[ewerk 29594]

Also, depending on your circumstances it can often me more tax efficient to pay yourself a low basic wage and take profit out of the company by issuing dividends to yourself.

 

Any accountant worth his salt will be able to explain it to you properly.

[ewerk 29594]

Stevie, I'd be happy to proof read any business plan you come up with. Not saying you'd need that but a fresh persepective can sometimes help.

 

I found that the business plan was next to useless. Out the window after 6 months.

 

Thing is once you hook into the game, so many things change and there are that many surprises, all the plans are redundant or have evolved hugely as to make them useless.

 

Me and my partner wasted about 10k in the first year on an office (which no one ever had to come to). Axed that as soon as the contract finished.

 

Aye, but any bank/grant issuer will require one.

[McFaul 35]

Also, depending on your circumstances it can often me more tax efficient to pay yourself a low basic wage and take profit out of the company by issuing dividends to yourself.

 

Any accountant worth his salt will be able to explain it to you properly.

I can live on 30k a year, and that was my intention for the first two years, and hopefully I'll have 100k plus tied up in the business saved in 2 years time.

[Park Life 71]

It's an option for me this year, and I'm swaying towards doing it. Haven't made me mind up yet, but has anyone started their own company on here?

 

What do I need to know? Would I register myself as a Ltd, and pay me a wage from the business? I'm not going to be Saatchi and Saatchi or fuckin Exxon, I'll have a turnover of between 60 and 100k if I get it off the ground probably, anyone know any good people I can talk to at length about this. Any advice appreciated.

 

You have the ideal characteristics to go it alone. Do it and you won't look back. Means throwing everything into it, but it really is fun. I've travelled the world at others expense and developed 10 fold as a person. It rubs off onto other aspects of your life and what you thing is achievable.

The easiest thing is to make yourself a dir and pay yourself as you need it. In Eng its pretty relaxed scenario as a Ltd.

 

My turnover in the first couple of years was about 200 to 250k.

 

Get a company bank account (a basic one which you can op from the internet with a couple of clicks).

 

Make the accountant the secretary and get someone who you respect the chairman (he can vote too if it comes to it and he can stop you doing silly things).

 

There will be grants available in your area if you employ just one person...Look into that.

 

Get a cushty website knocked up by someone on here but make it snazzy as that is part of your profile.

 

Pay yourself in such a way that the Ltd don't show profits...

 

I would bet money you wil succeed.

 

If you need any more advice, just pm me.

Thanks for that Parky, I was considering paying myself a wage from the business rather than just taking the lot. My plans are very much in their infancy so any advice is gratefully accepted.

 

I definitely need a website like, could probably get one up and running for £250 eh? I think Ant does them.

 

Ant will do it...Think there is someone else on here as well. Get you partners (firms you will be servicing to advertise on there for free to start with). This is a goowill gesture and later if you go to the next level you might be able to charge some other mugs for it. Makes the site look more business like and you can adv on other peoples sites in return...Think like this all the time. It is a tree and the roots should shoot up all over the place.

 

Register for vat and buy all the shit you need and slate it to the ltd...Inc car, all travel, computers and so on...Mrs P even gets money back for shit she buys on amazon if they are books...They are business tools.

[Park Life 71]

Stevie, I'd be happy to proof read any business plan you come up with. Not saying you'd need that but a fresh persepective can sometimes help.

 

I found that the business plan was next to useless. Out the window after 6 months.

 

Thing is once you hook into the game, so many things change and there are that many surprises, all the plans are redundant or have evolved hugely as to make them useless.

 

Me and my partner wasted about 10k in the first year on an office (which no one ever had to come to). Axed that as soon as the contract finished.

 

Aye, but any bank/grant issuer will require one.

 

I just started with a couple of credit cards. No noncing around with banks and the like.

[ewerk 29594]

I think I'd prefer to pay the interest rate on a bank loan rather than a credit card tbh.

[Park Life 71]

Also, depending on your circumstances it can often me more tax efficient to pay yourself a low basic wage and take profit out of the company by issuing dividends to yourself.

 

Any accountant worth his salt will be able to explain it to you properly.

I can live on 30k a year, and that was my intention for the first two years, and hopefully I'll have 100k plus tied up in the business saved in 2 years time.

 

The acc will tell you where the money should be/go. Don't make the mistake of thinking the Ltd is an extension of yourself...It's just a tool for legal transactions.

[Gemmill 42987]

Things like being VAT registered - you want to talk to an accountant like that. There are thresholds, and if you don't need to be registered for VAT, then it can often be best not to be until you exceed the thresholds.

[Park Life 71]

I think I'd prefer to pay the interest rate on a bank loan rather than a credit card tbh.

 

Banks want collateral and they also want to be wasting your time with all sorts of other bollocks. Me and my partner had 0 business history and started with just a handful of clients, it wasn't worth all the cinderella dancing banks need. You're right in the sense that the cards need to be resolved with the first year. We paid them off in 3 months.

[Park Life 71]

Things like being VAT registered - you want to talk to an accountant like that. There are thresholds, and if you don't need to be registered for VAT, then it can often be best not to be until you exceed the thresholds.

 

You should be the acc.

[Gemmill 42987]

Things like being VAT registered - you want to talk to an accountant like that. There are thresholds, and if you don't need to be registered for VAT, then it can often be best not to be until you exceed the thresholds.

 

You should be the acc.

 

I know embarrassingly little about stuff like this. I passed my exams, but was only ever working on big companies, so tax rules and all the rest of it fell out of my head the minute I left the exam room, if they ever made it in there.

[Ayatollah Hermione 13627]

Know fuck all about this but just dropping in to say good luck with it all. If for whatever reason, you need a drummer or someone to write your biography when you make it rich, give me a bell.

[Park Life 71]

Things like being VAT registered - you want to talk to an accountant like that. There are thresholds, and if you don't need to be registered for VAT, then it can often be best not to be until you exceed the thresholds.

 

You should be the acc.

 

I know embarrassingly little about stuff like this. I passed my exams, but was only ever working on big companies, so tax rules and all the rest of it fell out of my head the minute I left the exam room, if they ever made it in there.

 

 

It's the best way.

[Park Life 71]

Stevie...Your database of clients? Do you have your own or does your boss and his lot own it?

[McFaul 35]

Stevie...Your database of clients? Do you have your own or does your boss and his lot own it?

My boss owns it, but if and when I do this, I have enough people who will be loyal to me in terms of clients. Officially though if I do leave I can't work that market for 6 months, but I'll cross that bridge when I come to it.

[The Fish 10500]

Stevie...Your database of clients? Do you have your own or does your boss and his lot own it?

My boss owns it, but if and when I do this, I have enough people who will be loyal to me in terms of clients. Officially though if I do leave I can't work that market for 6 months, but I'll cross that bridge when I come to it.

Perfect excuse to take a holday somewhere you wouldn't normally if you ask me.

[Park Life 71]

Stevie...Your database of clients? Do you have your own or does your boss and his lot own it?

My boss owns it, but if and when I do this, I have enough people who will be loyal to me in terms of clients. Officially though if I do leave I can't work that market for 6 months, but I'll cross that bridge when I come to it.

 

Don't sign anything that might give them a legal comeback. If it's just a gentlemans agreement than that's fine, you will feel your way around that (as you say with your regulars). My mate had the same thing in London.

 

But business is business. If it were me I'd hit your bosses database the hardest and straight away while the relationships are warm. They will expect that anyway.

 

I used to stay late at work and stole the whole thing onto me old organiser. That's not advice...It's just what happens when you realise you have to win.