FORUMula1.com - F1 Forum

[Jamie]

Can anyone please advise me on starting my own business and also buying into a company. As i am looking @ doing this my self soon and am starting to plan things out in depth. I need as much help as possible.

- VB

[bud]

not sure on the rules and regs in the UK so cant really help. Perhaps speak to an accountant.

Here you need an ABN, GST number and a lot of other stuff better left for accountants.

[Jamie]

not sure on the rules and regs in the UK so cant really help. Perhaps speak to an accountant.

Here you need an ABN, GST number and a lot of other stuff better left for accountants.

Well it is more hard than i though. I am doing an online business which hopefully proves allot better than a shop. Also working a full time job

[7UpJordan]

Some useful advice;

1. The best market for first time business owners is the selling of Hookie goods from a suitcase down the market place.
2. Your company vehicle should be a knackered old yellow Reliant regal van.
3. You must expand your vocabulary to use words like "lovely jubbly", "cushty", "would I lie to you?" etc.
4. If you have a dopy younger brother, make him your assistant.
5. Wear a camel-fur coat.

[Gaz]

Some useful advice;

1. The best market for first time business owners is the selling of Hookie goods from a suitcase down the market place.
2. Your company vehicle should be a knackered old yellow Reliant regal van.
3. You must expand your vocabulary to use words like "lovely jubbly", "cushty", "would I lie to you?" etc.
4. If you have a dopy younger brother, make him your assistant.
5. Wear a camel-fur coat.

Great advice there Jonny, i'd also like to add...

Don't Pay Income tax or Vat, don't offer money back or guarantee, too keep your costs down also.

[texasmr2]

not sure on the rules and regs in the UK so cant really help. Perhaps speak to an accountant.

I agree that would be a good start speaking with an accountant. Also VB maybe you should try getting some advice from your local small business owners?

Good luck,
tex

[Selcouth_Feline]

Speak to an accountant. You don't have to use their services, however most will give you initial advice free - such as whether sole trader/partnership/limited company is the best way forward for you. They will also be able to advise the most tax efficient ways of removing money from a company (assuming you go down the company route).

Look into VAT - know the thresholds so you know when you need to register for it.

Be realistic about turnover, business plan & cashflow. Cashflow is most definitely King for start-ups.

Other than that....just do it. Don't be one of these people who reads loads about it - you'll learn best when stuffing up, making mistakes and just doing it.

Good luck

[EwanM]

What kind of business do you actually want to start VB?

Be realistic about turnover, business plan & cashflow. Cashflow is most definitely King for start-ups.

Are the banks giving out the loans these days?

[texasmr2]

What kind of business do you actually want to start VB?

Be realistic about turnover, business plan & cashflow. Cashflow is most definitely King for start-ups.

Are the banks giving out the loans these days?

Very key question and one must also be concerned with their credit rating and what assets they can offer as collateral towards the loan.

[darwin dali]

What kind of business do you actually want to start VB?

Maybe we don't want to know?

[texasmr2]

What kind of business do you actually want to start VB?

Maybe we don't want to know?

See viewtopic.php?f=5&t=8501 , basically the same thread.

[Jamie]

I'm starting a business plan soon. Because of the trade i am in i can easily do a business plan with forecast and the percentage available on certain products. The general public and contractors are my main customers. I will start it soon so that everything is in place.

Anything else any one?

[Hanwombat]

Well my parents have their own business. They own a Equine and Country store. My mum works their full time whereas my day worked both there and as a CSI for the Police.
They only started this business back in October 2008

Def speak to an Accountant

[Jamie]

What kind of business do you actually want to start VB?

Electrical distributor to the general public and contractor. Based on the web, i have major knowledge so it's okay and have predictions on the next products so i can pre apprehend what will happen.

[EwanM]

What kind of business do you actually want to start VB?

Electrical distributor to the general public and contractor. Based on the web, i have major knowledge so it's okay and have predictions on the next products so i can pre apprehend what will happen.

Beverly Hills, that's where I want to be!

Livin' in Beverly Hills.