Business help

Hi all,

This is not a sex question, hence it's in the off-topic section. I hate my job. I really. Hate, my job. And have had ambitions to start my own business for some time. Now I feel it time to make a start. It would be a small coffee / pizaa tpye thing, but i'm not sure how to start it. Do I get a street traders license, and a cart, or go for a pop up shop?

If anyone has started their own business, or has any legal / business experience then please get in touch. I require your help.

Love n hugs.

SORRY , I can't be any help , but good luck with it :))

I don't know much about it, but there's loads of useful on the web, this is the government site https://www.gov.uk/browse/business/setting-up or the good ole taxman http://www.hmrc.gov.uk/startingup/

Not sure how old you are but http://www.princes-trust.org.uk/ offer help and advice too.

These might have info, or they might be more for when it's up and running http://www.fsb.org.uk/

Perhaps your local council has some help and info too?

Hope that helps a little, good luck with it.

Hi brockleyfox

I work in retail on the shopping centre landlord side and gave seen plenty come and go, some making 'same old' mistakes.

All comes down to product, business plan, marketing and finance costs.

Whereabouts in uk are you?

I'd be happy to give any tips or answer specific questions.

Mr wc

I dont mind running the numbers with you, my excel foo is strong.

A proper roast bean coffee machine is a licence to print money, on its own, but the building around it is pricey.

Have you been to catering school?

I have many ideas, but like you, am entirely unsure how to go from idea to profit.

Brockley Fox, no experience in coffee shops but you will need to find out about:

Hygiene certs

Trader's insurance

Register as self employed with HMRC, remembering that you still need to pay tax and national insurance

An accountant, is a must have especially if turnover goes anywhere near £73k in a 12 month rolling period - then you get to register for VAT as well

Trader's licence if you are mobile

Employers insurance, even if your member of staff is not being paid

Cant think of anything else at the moment but will come back if I do

xGGx

Had another think and you also need to source supplies from a reliable supplier.

Check out which banks offer free accounts for small businesses but read the T&Cs carefully, we are with Santander but get hammered with fees if we pay in more than £2k cash in a calander month, cheques are fine but they dont like cash.

For card payments you could set up with streamline ( which is expensive ) or someone like IZettle where you can take card payments via an android phone ( check which are compatable first )

xGGx

Remember to keep every single bit of paperwork and receipt right from when you first start planning and always ask for VAT receipts even if you don't register to begin with

If you're going to start a business you need to have good answers to these questions:

Why would someone buy what you're selling?

Why will they walk past the competition and buy it from you?

If you go in to catering you have an answer to the first question as people have to eat but it's a crowded market so you will have a lot of competition. You may want to consider buying an existing business rather than starting from scratch as you will get infrastructure and customers. Beware of what you take on though, particularly with leases and employees as you may inherit commitments that will break you if the business runs in to trouble.

I have had my own company for years and often come across people who 'want to be their own boss' but that's a bad reason to set up in business. You're there to make money by extracting profit from expanded turnover or building value for an exit (selling the whole thing). In many ways it's more stressful than a regular job and being the boss can be less fun than it sounds.

Best of luck if you do decide to do it and I hope it works out well for you.

Register as self employed with HMRC, remembering that you still need to pay tax and national insurance

there is some leeway with this. Profits have to be over a certain amount so if you do have a tough first year, you can get some breathing space...

i wish you the best of luck and if your anywhere in Berkshire i'll pop by on openning day!

Little Strummer Boy wrote:

Register as self employed with HMRC, remembering that you still need to pay tax and national insurance

there is some leeway with this. Profits have to be over a certain amount so if you do have a tough first year, you can get some breathing space...

i wish you the best of luck and if your anywhere in Berkshire i'll pop by on openning day!

No there isn't you need to register within 3 months but I would recommend talking to them much earlier. They can be very helpful and it will stop you from making mistakes which could see you fined

xGGx