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This page will be dedicated to giving useful (hopefully) information for those wishing to set up/run a business. It may take some time, so keep checking back!
Getting a website!
Even if you intend to have a proper shop or sell via another method, having your own website is a must. Try to ensure that your domain name is easy to remember and not subject to the usual typos. I prefer a .co.uk, so it tells people I am in the UK, which is especially relevant when doing mailorder, as then at least you have an expectation of likely postal costs. I have always used the company below to register my domain names, they offer hosting too, but you can get that from elsewhere if you choose.
Banking
It is essential to keep your personal bank and business seperate, namely to prevent confusion when you are filling out your tax returns. Currently the Alliance and Leicester offer Free banking, which can save you a fortune over the year. Its worth using a personal visa (as all banks charge if its a business one), but saving it for your business transactions only, and having a different one for personal use.
Keeping Overheads Down
Any business has constant outgoings (overheads) which occur regardless of whether anyone buys your products. If you run a shop, this means rent, rates, utilities, staff etc, and can add up to a huge amount per year, all before you have sold a thing. By keeping your overheads low you will make a profit quicker beacuse you will have less to pay out. Additionally in the start up you may not be selling much at all, and if you are not having to pay out thats a definite bonus! Working from home is the cheapest way to keep overheads to a minimum. Most local councils do not even want to know (but check anyway) provided you are not substantially changing anything about your home, or having huge amounts of visitors which may cause parking issues. If you do not permanently call a part of your home business only, then you will not have to pay any business rates. So if you use your garage during the day but park your car in there at night then you have not changed its use. Similarly, if you use the dining room, but eat your dinner on the cutting out table its still a dining room! If you have visitors to your house then you need insurance, which tends to mean going to a specialist insurer who then insures the whole house (regardless of the fact you may only use one room). This is obviously more expensive, but should still be cheaper than all the associated costs of having purely business premises.
Working from home is extremely convenient, no travelling costs, and when things are quiet then you can always get on with the housework! The disadvantage is the rest of the family will undoubtably be of the mind that you don have a proper job or like mine, they dont think i work at all, which means constant interuptions when they want something! Still dont let that put you off, you can always move out when you make it big!
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