Starting off a business
Discussion
Hey, i am still in full time education but really want to start a business. Just want to know if anyone has enough experience to answer a few questions?
Not got many ideas as of yet, so cant say anything about area but is getting legal advice a must do first?
Also is it too difficult to write up the balance sheets and work out taxes ect without any accounting knowledge.
Moreover, what about terms and conditions, liability issues or the like.
I am in the fortunate position that I dont need to do this for money or anything, i have the option of going into full time employment, but would love to run my own business/life.
I know there are a lot of people who have started with nothing, so i am presuming it is not impossible, just wanted some advice!
Cheers
Not got many ideas as of yet, so cant say anything about area but is getting legal advice a must do first?
Also is it too difficult to write up the balance sheets and work out taxes ect without any accounting knowledge.
Moreover, what about terms and conditions, liability issues or the like.
I am in the fortunate position that I dont need to do this for money or anything, i have the option of going into full time employment, but would love to run my own business/life.
I know there are a lot of people who have started with nothing, so i am presuming it is not impossible, just wanted some advice!
Cheers
If you have a read through this section of the forum you will find a great deal of advice that will answer most questions you probably will have.
There are several government sites that contain information about businesses, they are a good starting point too - and as Ted said, idea is probably the most important
There are several government sites that contain information about businesses, they are a good starting point too - and as Ted said, idea is probably the most important
Scotmove said:
Hey, i am still in full time education but really want to start a business. Just want to know if anyone has enough experience to answer a few questions?
Not got many ideas as of yet, so cant say anything about area but is getting legal advice a must do first?
Also is it too difficult to write up the balance sheets and work out taxes ect without any accounting knowledge.
Moreover, what about terms and conditions, liability issues or the like.
I am in the fortunate position that I dont need to do this for money or anything, i have the option of going into full time employment, but would love to run my own business/life.
I know there are a lot of people who have started with nothing, so i am presuming it is not impossible, just wanted some advice!
Cheers
I started with nothing... well in fact even less than that as I had all of my student and uni debts around my neck when I started my company straight after uni!Not got many ideas as of yet, so cant say anything about area but is getting legal advice a must do first?
Also is it too difficult to write up the balance sheets and work out taxes ect without any accounting knowledge.
Moreover, what about terms and conditions, liability issues or the like.
I am in the fortunate position that I dont need to do this for money or anything, i have the option of going into full time employment, but would love to run my own business/life.
I know there are a lot of people who have started with nothing, so i am presuming it is not impossible, just wanted some advice!
Cheers
Legal advice is only really necessary when you start to finalise what you are doing, the same with liability issues and T&Cs.
To be frank, my business degree was only really the 'theory issues' behind the scenes, of course what a P35 form is and how to fill it in was learnt 'on the job' as I went along. Funnily enough I have found some of the tax departements most amiable when you are making their life easy - if you actually want to pay them on time then they are more than happy to help you to check that you have filled in the forms properly!
Compared to my school friends who are now all but one 'wage slaves' I can honestly say I have had a better bite of the cherry, and don't regret it one bit.
As has been said, start with the idea, and run it by some knowledgable people to start developing the idea into a proper plan and then onto reality.
If you need to find people to work with; business associates and so on, try to find successful people, cos success breeds success, and if you mix with the right movers and shakers, it'll do your business no harm!
And don't be afraid to aim big!!
And don't be afraid to aim big!!
Edited by RichBurley on Monday 8th October 21:44
RichBurley said:
If you need to find people to work with; business associates and so on, try to find successful people, cos success breeds success, and if you mix with the right movers and shakers, it'll do your business no harm!
And don't be afraid to aim big!!
Agreed. Getting a good mentor, someone to learn from and aspire to helps you no ends.And don't be afraid to aim big!!
Edited by RichBurley on Monday 8th October 21:44
Re: accounting etc. I agree with teh others, get an idea, use the free Government Business Link website for checklists and get a good accountant. I looked at several and was glad I went on a recommendation as some can be less than ideal.
mcflurry said:
Scotmove said:
Hey, i am still in full time education but really want to start a business. Just want to know if anyone has enough experience to answer a few questions?
Number 1 - get some experience first...I started my company 6 months after leaving uni because at that point in my life I had no family to support, no mortgage to pay, no pension contributions to make etc. Effectively I used the opportunity to take the minimum risk - I literally had nothing to lose if it all went wrong. Six and a half years later and it's still going strong and I've gained experience on the job. :-)
As Ted mentioned you need an idea 
After that you need to find out if your idea will work. The best way to do this is to do a business plan. It dosent need to be massive but getting something down in writing will help you undersand wether you are on to a winner or a loser. There are plenty of resources on the internet about how to write a business plan. Also have a look at the Business Link website www.businesslink.gov.uk and speak to your local office as they can provide support and advice.
After that you need to find out if your idea will work. The best way to do this is to do a business plan. It dosent need to be massive but getting something down in writing will help you undersand wether you are on to a winner or a loser. There are plenty of resources on the internet about how to write a business plan. Also have a look at the Business Link website www.businesslink.gov.uk and speak to your local office as they can provide support and advice.
plasticpig said:
As Ted mentioned you need an idea
After that you need to find out if your idea will work. The best way to do this is to do a business plan. It dosent need to be massive but getting something down in writing will help you undersand wether you are on to a winner or a loser. There are plenty of resources on the internet about how to write a business plan. Also have a look at the Business Link website www.businesslink.gov.uk and speak to your local office as they can provide support and advice.
I notice you're from Leicestershire; did you speak to the Leicester Skills for Enterprise when looking for support? Just asking as I need to arrange an appoitment with them and was wondering if you had any feedback on them.After that you need to find out if your idea will work. The best way to do this is to do a business plan. It dosent need to be massive but getting something down in writing will help you undersand wether you are on to a winner or a loser. There are plenty of resources on the internet about how to write a business plan. Also have a look at the Business Link website www.businesslink.gov.uk and speak to your local office as they can provide support and advice.
Any advice would be most appreciated
PhilLL said:
plasticpig said:
As Ted mentioned you need an idea
After that you need to find out if your idea will work. The best way to do this is to do a business plan. It dosent need to be massive but getting something down in writing will help you undersand wether you are on to a winner or a loser. There are plenty of resources on the internet about how to write a business plan. Also have a look at the Business Link website www.businesslink.gov.uk and speak to your local office as they can provide support and advice.
I notice you're from Leicestershire; did you speak to the Leicester Skills for Enterprise when looking for support? Just asking as I need to arrange an appoitment with them and was wondering if you had any feedback on them.After that you need to find out if your idea will work. The best way to do this is to do a business plan. It dosent need to be massive but getting something down in writing will help you undersand wether you are on to a winner or a loser. There are plenty of resources on the internet about how to write a business plan. Also have a look at the Business Link website www.businesslink.gov.uk and speak to your local office as they can provide support and advice.
Any advice would be most appreciated
Can I ask why you want to start your own business?
You say you don't need to do it for money? What's your motivation? If it's an excuse not to get a job ( and I'd hope it isn't), working for yourself and running your own company is harder and takes more work than working for someone else, quite simply, you're responsible for your own success or failure. You may not earn as much during the first few years as if you'd got a job, but in the long term it ought to be worth it.
Get a good accountant, they're quite expensive, but worth it in the long run. Also of vital importance is to carefully manage your cashflow. Fail here and you could be out of business before you know it.
You say you don't need to do it for money? What's your motivation? If it's an excuse not to get a job ( and I'd hope it isn't), working for yourself and running your own company is harder and takes more work than working for someone else, quite simply, you're responsible for your own success or failure. You may not earn as much during the first few years as if you'd got a job, but in the long term it ought to be worth it.
Get a good accountant, they're quite expensive, but worth it in the long run. Also of vital importance is to carefully manage your cashflow. Fail here and you could be out of business before you know it.
This type of post makes me feel good, cos there are so many freeloaders out there looking for a handout and all this guy wants is a bit of free advice, he never asked for a get rich quick scheme, he just wants advice. I wish I'd asked someone instead of learning the hard way.
Get/make a Product/service that no-one else sells or not everyone is selling. Try and make a USP - Unique Selling Point from it.
Identify a Sales Mentor, Legal Adviser and Financial Adviser.
Patent it if possible. (In the first instance all you need to do is send a dated letter in a sealed envelope never to be opened to your lawyer with a cover noted letter explaining that there is contents in the letter not to be read at this moment)
Prepare funds, by forecasting your "startup costs" + "operating costs + sales costs(salary, tax, expenses and maybe more things)" = "Total Expenditure"
Revenue - Total Expenditure = Profit
Have a good life and enjoy your success and wealth.
Get/make a Product/service that no-one else sells or not everyone is selling. Try and make a USP - Unique Selling Point from it.
Identify a Sales Mentor, Legal Adviser and Financial Adviser.
Patent it if possible. (In the first instance all you need to do is send a dated letter in a sealed envelope never to be opened to your lawyer with a cover noted letter explaining that there is contents in the letter not to be read at this moment)
Prepare funds, by forecasting your "startup costs" + "operating costs + sales costs(salary, tax, expenses and maybe more things)" = "Total Expenditure"
Revenue - Total Expenditure = Profit
Have a good life and enjoy your success and wealth.
CIS121 said:
RichBurley said:
If you need to find people to work with; business associates and so on, try to find successful people, cos success breeds success, and if you mix with the right movers and shakers, it'll do your business no harm!
And don't be afraid to aim big!!
Agreed. Getting a good mentor, someone to learn from and aspire to helps you no ends.And don't be afraid to aim big!!
Edited by RichBurley on Monday 8th October 21:44
plasticpig said:
PhilLL said:
plasticpig said:
As Ted mentioned you need an idea
After that you need to find out if your idea will work. The best way to do this is to do a business plan. It dosent need to be massive but getting something down in writing will help you undersand wether you are on to a winner or a loser. There are plenty of resources on the internet about how to write a business plan. Also have a look at the Business Link website www.businesslink.gov.uk and speak to your local office as they can provide support and advice.
I notice you're from Leicestershire; did you speak to the Leicester Skills for Enterprise when looking for support? Just asking as I need to arrange an appoitment with them and was wondering if you had any feedback on them.After that you need to find out if your idea will work. The best way to do this is to do a business plan. It dosent need to be massive but getting something down in writing will help you undersand wether you are on to a winner or a loser. There are plenty of resources on the internet about how to write a business plan. Also have a look at the Business Link website www.businesslink.gov.uk and speak to your local office as they can provide support and advice.
Any advice would be most appreciated
I'll report whether it's fruitful or not
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