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Squirt

Starting up a business

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Squirt

Good morning everyone :)

I have finally decided that I want to become self-employed working from home creating craft type things to sell on. 

I have done my research online but no one of it makes any sence. I have a few questions to ask someone who has started up their own business of a similar manor;

1) What's the first thing to do?

2) When do I register online?

3) Do I have to have a business bank account, if so, how and when?

4) What records do I need to keep for tax returns?

5) Do I have to take out any kind of business insurance?

6) What's the timeline process?

Any help would be very much appreciated :) many thanks. 

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Juniper

Hi @Squirt I used to run my own business. I'll try to answer some of the questions you asked, I'm in the UK so if you are somewhere else in the world, it may be different.

Q1 First thing to do is check out the competition. Look at what they make and what they charge. Why will what you do be different, and why should people buy from you instead. Try to find a niche place in the market.

Q2 From memory, you must register your self employed status within three months of starting to trade with the tax office/inland revenue.

Q3 I had a business bank account. Make an appointment at the bank with the small business team. It will help you keep everything business related separate from personal, it will be a huge help when doing your end of return books.

Q4 Keep everything! You will be expected to show everything, or you will be fined for what is missing if you are ever audited by the inland rev.

Q5 Business insurance is advisable but not always essential. I had public liability it wasn't expensive, if you can afford it at the start, get it you never know when you may need it.

Q6 Difficult to answer depends on your circumstances. There is a lot of help and advice for people setting up small businesses perhaps go on one of the short courses they are usually free, look into grants too. Also consider getting an accountant to help you with paperwork.

Good luck.

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Squirt

Thank you so much!!!

Yes I am in the UK, South West to be precise :)

If I set up at home, will I have to inform home insurance company, or council. I am living with parents still as can't afford to move out so would it effect them?

thanks again :)

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Juniper

@SquirtYou're wellcome!

I'm at work now and I have a deadline, so give me a little while and I'll get back to you. You've asked excellent and relevant questions but I'd like to answer them in full for you, rather than rush out an answer due to time constraints.

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Juniper

If you're talking about home and contents insurance I don't think you would need to tell them unless you wanted to insure a particular named item, say a sewing machine.  However if you wanted to use for example a welding rig or blowtorch you should tell them for obvious reasons. If you didn't and there was a fire, your insurance would be void. If you were burgled, and I hope you never are, home contents insurance would cover the cost of a phone or computer you need for your business, however they would be treated as personal items, not business items. The loss of any income or lost business due to not having that phone or computer would not be covered, unless you had a specific type of insurance.

You might have to tell your landlord or local authority if you don't own your home, as you may be in breach of your tenancy agreement, you would have to check that.  Get your business  up and running, get a business bank account, tell the tax office what you are doing, see an acountant when you are making money and that's about it. 

I hope that answers what you were asking, if not, ask again what I haven't answered clearly.

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Melanie222

In my opinion, if you want to start your own business, you should think about marketing. First of all, you need a website. There are several ways to build it. Personally I chose one of the catering services wordpress templates and I was pleased witht the result (this is only my opinion, maybe you will find something else). After that you will have to attract customers and expand online. You can start with using social media. Of course, this is a long and complicated process, but I hope you will achieve your goal. Good luck!

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