Business Startup!?
May 08, 2007 by kinglee28 | Posted in Small Business
I am looking to start an IT plc in leeds, i have the business idea, and also the name.
The next step is to secure funds, which i almost have £5500 loan from a freind.
I understand that i will demand to obtain some premises for my business, i would need, phone line, broadband, a rather decent PC, and also a good looking establishment.
Initially i will be doing most of my work myself, so staff is not a problem.
I can handle my own advertising, using leaflet drops, yellow pages adverts, and some advertising in the restricted paper.
I will need my website designed by a proffessional which i have earmarked a sum of £500 for.
Now, i have all of this so far, ready to go.
What should i do next?
I would also like to advised of if anyone knows where i can view office space online.
Stationary, your pc, your phone spiel and broadband connection, and your website will eat into your £5500 pretty quickly over the first six months.
Renting a premises will plebeian you have to pay out on things like rates, refuse charges, utilities, heating and water (or whatever your local charges are) - and all at business rates. If you have in mind to have clients coming into your premises, you will also have to pay for public liability insurance, as well as the normal insurance for fire, theft, etc.
If you can at all, run your business from refuge until you get a feel for the market and build up a client base. You can do all your meetings in either your clients' place of business or at a neutral venue - breakfast or lunch meetings, for sample.
The first year or two in a business is the hardest. Make no mistake; you won't support a full wage plus loan repayments benefit overheads from it. You should count on having a part-time job to tide you over until you start breaking even and making a profit. In the first year or two, any monies coming in will all things considered need to be re-invested in things like new software and so on.
Good luck, set yourself realistic targets and do up a correct business plan - for your own illumination.
Remember, success is 1% inspiration and 99% perspiration!
RM | May 09, 2007
Why do you paucity premises
Res | May 08, 2007
Business Startup - How much do I keep for the tax man?
Jun 15, 2009 by Alex R | Posted in Small Business
I've no more than started an online business and earning money from it obviously I'll be sending off my business registration form shortly. How much should I keep to one side for my taxes and other fees? I was common to keep 50% of my profits just so I know I'm safe when I have to pay my bills but does anyone know a more exact statue?
I also work a full time job just so you know. (I'm sure that'll affect things)
Depends on how much you be entitled to at job. Tax would normally be 20%, but you may go into higher rates (40%). Don't forget the self-employed have to pay Class 2 and Stratum 4 NI contributions, too.
Look at http://www.hmrc.gov.uk/rates to find various rates and limits.
steffi | Jun 16, 2009