General Chat Thread, Starting your own business in General; Anyone got any advice on this?
found businesslink.gov.uk which seems to have a load of information which is ...
24th July 2011, 10:50 AM #1
Starting your own business
Anyone got any advice on this?
found businesslink.gov.uk which seems to have a load of information which is so confusing that I don't really know where to start..
24th July 2011, 12:01 PM #2
- Rep Power
Pros would be that you have much more flexability, you choose how to run your business, you choose when to work, you choose who you work with.
Cons: If you were a sole trader, you'd get little time off, it's time consuming, risky, high startup costs.
They're just ones I can think off of the back of my head.
Thanks to TheMan100 from:
24th July 2011, 12:05 PM #3
Yeah had a few of those running round my head too
I really dont know where to start with it all.. :-S
24th July 2011, 12:21 PM #4
Start with some research...
- Is there a market?
- do you have customers/income ready to take you on?
- How much reserve capital/ savings/ time do you have?
Actually starting a business comes down more to you deciding to do it, than paperwork but if I had just a few pieces of advice they would be to:
- get at least 50% up front
- get it in writing
- assume cost = original estimate * 2 + 2
- trust is earned, not guaranteed
- friends in business are not friends
It'd help if you could provide a bit more info on what you'd be doing, rough turnover, rough plan...
24th July 2011, 12:26 PM #5
Thanks @contink, these are the things I really need to think about before commiting to anything
I'm really sorta looking at a mix of PC installation/Repairs, SOHO installs...
At the moment I would have to admit that I have no real plans in place as Ive only really just started thinking about the possibility
24th July 2011, 12:55 PM #6
To be blunt I would seriously think twice as those sorts of service are two a penny. If you have a unique angle or service it's a plus though.
I would definitely:
-check what's already available
-see you can identify any holes in the market
-check range of prices and the quality received at the price level.
-look hard at ALL the costs for those services and be honest in whether they are sustainable
Basically be brutally honest with yourself about whether you would have a workable, profitable business or a money pit.
Perhaps it's worth noting I got out of schools because I realises costs were increasing along with competent competition, while prices were dropping
24th July 2011, 06:44 PM #7
- Rep Power
The same can be said for setting up a Limited Company, however the risks are reduced if the business fails.
Originally Posted by TheMan100
Not all businesses have high startup costs, depending upon what you sell or what services you provide, could cost you next to nothing.
24th July 2011, 07:04 PM #8
Worth talking to an accountant early. Could save you oodles of cash, and stop you making silly mistakes.
24th July 2011, 08:25 PM #9
It could be really good! Obviously weigh up the pros and cons but if you already have contacts that could get you work then it's worth doing. Every successful business had to start somewhere. It would be hard and risky, you just have to decide whether it's worth it.
Start up costs don't have to be high either. Advertising can be cheap as I'm guessing you'll be starting local and you could prospect local business and see how you get on.
Good luck with it!
24th July 2011, 08:29 PM #10
Yeah I'd be starting local, and prob just as PC Install/Repairs.. gonna have a reckon up as to who else does what in the area, though not really seen many doing it...
24th July 2011, 09:17 PM #11
Get quotes from the companies around you and use that to gauge the prices for your area also. For example where I am its about £70 an hour to look at pcs and laptops but I charge £40.
Also build up a customer base by word of mouth, along side flyers and a newspaper article. For a one off business expense do a full page article, you'll be surprised at the amount of business you can get from it!
Thanks to featured_spectre from:
24th July 2011, 09:18 PM #12
Also, if you get registered, its worth signing up to computer2000 for cost price components and software.
2 Thanks to featured_spectre:
bodminman (9th August 2011), Gatt (24th July 2011)
24th July 2011, 09:36 PM #13
Yeah need to look into all these things and get some sort of ad done..
Thanks for the ideas guys
24th July 2011, 09:39 PM #14
C2 are massive and do pretty much everything however, they give you pricing depending on how big you are, how much you spend and your partner status. Obviosly when your starting out, it might be hard to get a decent credit limit too which is why I'd recommend using a reseller like me. I can get you better pricing than what C2 can get you and you'll find the level of service much better as distributors tend to only sign account managers to larger clients.
Originally Posted by nephilim
I'm not just saying this to drum up business either .
If you need any info or whatever, just let me know
3 Thanks to Millgate:
bodminman (9th August 2011), featured_spectre (24th July 2011), Gatt (24th July 2011)
24th July 2011, 09:40 PM #15
Add on top of this that you will need to register with Company House and get a letter head sorted for your business....however if you rent your property you cannot use that as your business premises (I got turned down by Company House for this reason) so enjoy! lol
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