Help needed in setting up a business
Discussion
Limited experience of this, however the advice I was given a while ago, is that one of the major problmes that leads to failure is poor sales/marketing. You;ve got to get your supply cahin from manufacture to paying punter as smooth as possible, and as fast as is necessary. The thing that starts all of this of course is your marketing. If no one knows you are in business, you've a problem..
Apologies if already covered - not read all thr thread but just popped in on my way past..
Apologies if already covered - not read all thr thread but just popped in on my way past..
Yeah, I agree with Gavin. Focus on getting the money in. It sounds like silly advice, but when you're a business owner, you can spend thousands of hours doing things, setting things up (filing, admin, paper work, tidying your desk 
and erm... well, its easy to become sidetracked. I look at people all the time, and watch them fail. It's all very well spending months planning and building something, but suitable time needs to be invested in getting the product or service known, out there, and making money.
re: the accountant, my only advice is go with someone you can relate to, and like as a person. Someone who you understand and visa versa. There is nothing wrong with the 'cheap' accountants who charge £50 a hour... but there are advantages of working with larger organisations as well. Bigger companies will be able to delegate your clerical work to juniors for £25 an hour, wheras one man band accountants cant offer this service.
My accountant is great, I love the guy, he knows what he is doing and relates to my needs well, but imho he talks too much, which becomes expensive. Its a mission to try and get out of his office all the while the £clock is ticking And erm, I would definitaly try and find an accountant who does not charge you for email and phone advice... just dont abuse it, if he/she gives it to you for free. Good luck mate 
and erm... well, its easy to become sidetracked. I look at people all the time, and watch them fail. It's all very well spending months planning and building something, but suitable time needs to be invested in getting the product or service known, out there, and making money. re: the accountant, my only advice is go with someone you can relate to, and like as a person. Someone who you understand and visa versa. There is nothing wrong with the 'cheap' accountants who charge £50 a hour... but there are advantages of working with larger organisations as well. Bigger companies will be able to delegate your clerical work to juniors for £25 an hour, wheras one man band accountants cant offer this service.
My accountant is great, I love the guy, he knows what he is doing and relates to my needs well, but imho he talks too much, which becomes expensive. Its a mission to try and get out of his office all the while the £clock is ticking
And erm, I would definitaly try and find an accountant who does not charge you for email and phone advice... just dont abuse it, if he/she gives it to you for free. Good luck mate Just a thought - why have you gone down the route of a Limited Liability Partnership (LLP) as opposed to the more traditional Limited Company?
At the moment there are very good tax breaks (amazingly) for small limited companies, eg. 0%Corporation Tax on profits up to £10,000 and no Income Tax at all on dividends unless you pay tax at the higher rate (and even then the tax on the dividend is calculated at 32.50%, not 40% - don't ask, there is no logic).
At the moment there are very good tax breaks (amazingly) for small limited companies, eg. 0%Corporation Tax on profits up to £10,000 and no Income Tax at all on dividends unless you pay tax at the higher rate (and even then the tax on the dividend is calculated at 32.50%, not 40% - don't ask, there is no logic).
Well its an LLP as there will be at least two members for the company in the future, with more looking to jump on board, or at least work for me.
Also, don't think the tax break would apply here, as profit lines are set to be around the >£50k region.
Thanks for the help, and all else is appreciated
Also, don't think the tax break would apply here, as profit lines are set to be around the >£50k region.
Thanks for the help, and all else is appreciated
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