Has anyone started their own small (Ltd) business?
14 October 2003, 10:14 AM
#1
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Has anyone here started their own Limited business?
I'm looking for hints and tips, useful sources of information and anyone willing to share their stories/experience.
So far I've started putting together a BP including:
INTRODUCTION
An outline of the basic facts about this venture.
MANAGEMENT
Including in-house skills, Partners, Directors etc
PRODUCT OR SERVICE
Description of our product/service
MARKET RESEARCH AND MARKETING PLAN
Showing that there is a demand for our product or service, including a SWOT analysis.
PRICING
What is your unique pricing strategy
LEGAL ISSUES
Indicated which trading style our business will adopt
PREMISES
Arranged
TARGETS
Outlined our plans for what the business hopes to achieve
About to start:
FINANCIAL INFORMATION
Putting the figures together including:
Personal survival budget
Cashflow forecast
Cashflow assumptions
Financial requirements
Break even point
Accounts
Profit forecast
Anybody have any advice?
[Edited by ScoobyWon't - 10/14/2003 10:49:02 AM]
I'm looking for hints and tips, useful sources of information and anyone willing to share their stories/experience.
So far I've started putting together a BP including:
INTRODUCTION
An outline of the basic facts about this venture.
MANAGEMENT
Including in-house skills, Partners, Directors etc
PRODUCT OR SERVICE
Description of our product/service
MARKET RESEARCH AND MARKETING PLAN
Showing that there is a demand for our product or service, including a SWOT analysis.
PRICING
What is your unique pricing strategy
LEGAL ISSUES
Indicated which trading style our business will adopt
PREMISES
Arranged
TARGETS
Outlined our plans for what the business hopes to achieve
About to start:
FINANCIAL INFORMATION
Putting the figures together including:
Personal survival budget
Cashflow forecast
Cashflow assumptions
Financial requirements
Break even point
Accounts
Profit forecast
Anybody have any advice?
[Edited by ScoobyWon't - 10/14/2003 10:49:02 AM]
14 October 2003, 10:46 AM
#2
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As posted recently on this bbs...
Pop into LloydsTSB, ask for a business startup pack. This contains a very useful CDROM. Complete business plan guide and finacial guides as well.
You dont need to open an a/c with them or talk to anyone, if u dont wont to.
Barclays offer free business banking for 18 months, if u have a current a/c with them, 12 months if u dont. I didn't. Opened current a/c. Week later opened business a/c.
Pop into LloydsTSB, ask for a business startup pack. This contains a very useful CDROM. Complete business plan guide and finacial guides as well.
You dont need to open an a/c with them or talk to anyone, if u dont wont to.
Barclays offer free business banking for 18 months, if u have a current a/c with them, 12 months if u dont. I didn't. Opened current a/c. Week later opened business a/c.
14 October 2003, 11:21 AM
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Messiah, you're mistaken. You can become a Limited Company whatever your turnover. There is no minimum, and there is no maximum above which you have to do it either.
In practical terms, you are unlikely to see much benefit if your turnover is very small, and for the first period of trading any financial protection you get through being limited is likely to be eroded by the fact that you will normally be asked for director's guarantees on any credit. However, you are still only liable for your percentage of the allotted share capital in the event that the company goes bust (except for those guarantees, of course).
SB
Edites for a silly mistake
[Edited by Sbradley - 10/14/2003 11:22:19 AM]
In practical terms, you are unlikely to see much benefit if your turnover is very small, and for the first period of trading any financial protection you get through being limited is likely to be eroded by the fact that you will normally be asked for director's guarantees on any credit. However, you are still only liable for your percentage of the allotted share capital in the event that the company goes bust (except for those guarantees, of course).
SB
Edites for a silly mistake
[Edited by Sbradley - 10/14/2003 11:22:19 AM]
14 October 2003, 11:25 AM
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14 October 2003, 11:27 AM
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i stand corrected... 
thought about starting up on my own a few times but need a regular income at the moment...
thought about starting up on my own a few times but need a regular income at the moment...
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14 October 2003, 11:31 AM
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Sorry,
Business Links offer services to help your business start up/grow.
The website above tells you everything you need to know on things like registering your company, Data protection act, inland revenue etc. They can help you manage your finances, market your product/service etc.
If you dial the above number it will put you through to your local BL operator.
If you would like to speak to someone from the DTI/SBS you can dial 0845 001 0031. BUT don't phone on Thursdays or Fridays cos thats when I have to answer the sodding thing!
Business Links offer services to help your business start up/grow.
The website above tells you everything you need to know on things like registering your company, Data protection act, inland revenue etc. They can help you manage your finances, market your product/service etc.
If you dial the above number it will put you through to your local BL operator.
If you would like to speak to someone from the DTI/SBS you can dial 0845 001 0031. BUT don't phone on Thursdays or Fridays cos thats when I have to answer the sodding thing!
14 October 2003, 11:51 AM
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Wen't on a business startup course - once a week for several weeks in Aberdeen. Whole class of people with good business advice. All tutors are successful entrepreneurs and point you in the right direction.
14 October 2003, 12:05 PM
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Yep i work for Business Link in N'pton, each area will have their own start up team and will be able to give you all the info and advice you will need and best of all it's FREE ! You should be able to book an appointment with a Business Advier and talk one to one about your individual needs.
14 October 2003, 02:43 PM
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You need 50K capital to be a PLC (public limited company) but to be a private limited company you dont need anything.
See http://www.companieshouse.gov.uk/ the companies house website for a little more information. Also speak to an accountant.
In theory you shouldnt be liable for any company loans, debts etc as its classed as a seperate entity. In reality nobody will give you money unless the directors agree liability to the loan.
Best thing about being limited is you will pay alot less tax than being a sole trader. Speak to an accountant and he will explain properly.
See http://www.companieshouse.gov.uk/ the companies house website for a little more information. Also speak to an accountant.
In theory you shouldnt be liable for any company loans, debts etc as its classed as a seperate entity. In reality nobody will give you money unless the directors agree liability to the loan.
Best thing about being limited is you will pay alot less tax than being a sole trader. Speak to an accountant and he will explain properly.
14 October 2003, 03:39 PM
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Coopz
Is business link the same a business gateway - their website appears v similar ??
I also went on a start your own business course and would recommend it, it ensures you have considered/covered all the aspects you need to consider without ramming it down your throat...
Good luck, I am also starting my own ltd company and its fun but bloody hard work!
14 October 2003, 03:51 PM
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as long as the bundles are grey in color
it's a dating agency
.Back to the BP...
14 October 2003, 03:57 PM
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And (varying degrees of) blonde. Need to diversify
)
I can think of two names who will get laid in the process
14 October 2003, 04:27 PM
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Barrie,
As coopz says, Business Gateway is the Scottish equivelant of Business Link. Business Connect is the Welsh business service, Northern Irelands business service is Invest Northern Ireland
Business Links operate under the umberella of the Small Business Service (Which is and agency of the DTI). People sometimes get confused and think that Business Links are part of the DTI, when they are actually independant companies operating under the BL brand, produced by the DTI, of course.
Coopz,
I have two different jobs in the SBS! Briefing Team (writing parliamentary speeches, debates, ministers cases etc) is my primary job. Other job is in Channel Management, which, funnily enough, is all about the Business Link brand, perfomance analysis of BL Operators etc (you catch my drift!)
As coopz says, Business Gateway is the Scottish equivelant of Business Link. Business Connect is the Welsh business service, Northern Irelands business service is Invest Northern Ireland
Business Links operate under the umberella of the Small Business Service (Which is and agency of the DTI). People sometimes get confused and think that Business Links are part of the DTI, when they are actually independant companies operating under the BL brand, produced by the DTI, of course.
Coopz,
I have two different jobs in the SBS! Briefing Team (writing parliamentary speeches, debates, ministers cases etc) is my primary job. Other job is in Channel Management, which, funnily enough, is all about the Business Link brand, perfomance analysis of BL Operators etc (you catch my drift!)
14 October 2003, 04:34 PM
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Sorry Dear,
I'm logged in on Johns account doing that job for him, so i haven't seen any emails you have sent!
I've not been on that much. Anyways, fitting in a few posts before I go home cos I know for sure I will get tossed offa the pooter at home!
[Edited by Scooby_Loo - 10/14/2003 4:35:14 PM]
I'm logged in on Johns account doing that job for him, so i haven't seen any emails you have sent!
I've not been on that much. Anyways, fitting in a few posts before I go home cos I know for sure I will get tossed offa the pooter at home!
[Edited by Scooby_Loo - 10/14/2003 4:35:14 PM]