I wondered if anyone could offer some general business advice.
Until recently I have been a sole trader, muddling through on my own, but I've now reached the point where I can't grow things as they are, and I want to go more legit. I don't know anyone IRL who has done this, but as some of you must have been in a similar position at some stage, I wondered if you had any suggestions for where I could go for some pointers?
Most urgently, I need to find an accountant, but there are hundreds in my local yellow pages. I have no idea where to start - what should I be looking for? And is it worth getting them to set me up as a limited, or is it easy enough to do it myself?
Then there's solicitors, insurance, the DPA - too many questions that seem too specific to ask here, but do you know anywhere else I can go for advice?
The bank was useless (although quite happy to talk about a loan I don't need...); citizens advice seems more aimed at, well, normal citizens; and google leads to lots of details that raise more questions than they answer.
One thing i can recommend is joining your local chamber of commerce - i know that the one that i'm a member of is really pro-active in helping you deal with all those issues.
Your local business link (now a private organisation rather than gov't department) will be a lot more help than the CAB.
Going Ltd - its worth reading up on the various types of company, but IMHO yes, although it does mean you have certain obligations regarding filing of returns and accounts etc.
Accountant - ask a few local business who they use, as with most "service" organisatios, recommendation is *much* better than a Yellow Pages. One that can be both auditor and company secretary if there's just you - try getting along to a local or national business networking event, there will enough companies there to advise
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Be very very careful what accountant you pick. They might come across as lovely, and knowledgeable. It means diddly squat.
Don't necessarily go for a local one, you don't need that.
Bad choice in the past has cost me a lot of money.
My best friend is an accountant, covers all INX's accounts, VAT returns, ya-de-ya.
PM if you'd like more info.
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Oliver Warburton
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i know in nothern ireland we have investni and in scotland they have business gateway. These governement run agencies support and in some cases provide grants/low cost loans for small startup companies.
would be worth checking them out in your local area.
Right, one last time: BNI (Business Network International) are much more switched on than anything else. Good luck.
Fabulous if you are an accountant or printing company looking for local leads and contacts, but very little use otherwise in our experience for hosting companies (assuming the OP is setting up a company in this industry).
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Mark Castle Secura Hosting Ltd
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My views are my own and not those of my company.
But seriously, there are two main guidelines I think:
1. Know as much about your financial position as possible, from the start anyway. That means you should try to do some accounting yourself (you can stop that when you are a multi-million dollar company);
2. Networking. The most important thing is selling. Selling, selling, selling etc. If you don't sell anything, you cannot pay your accountant . So, let your voice be heard. It is your main goal (or should be).
But seriously, there are two main guidelines I think:
1. Know as much about your financial position as possible
2. The most important thing is selling. Selling, selling, selling etc.
#1 Irrespective of having a book-keeper and/or accountant you shoudl know how to prepare, read and understand a BS/PL and Cashflow statement - they *WILL* help
#2 Its not how much you sell, its if you make a profit :P I'm fairly sure anyone could sell £10 notes for £5 each all day, but you wont stay in business long ...
#1 Irrespective of having a book-keeper and/or accountant you shoudl know how to prepare, read and understand a BS/PL and Cashflow statement - they *WILL* help
I am sure some will. But my experience with them are not very impressive. Naturally you will have to get someone to guide to further as you grow. Just don't think you never have to look at those numbers again, because they are what makes your business.
Quote:
Originally Posted by othellotech
#2 Its not how much you sell, its if you make a profit :P I'm fairly sure anyone could sell £10 notes for £5 each all day, but you wont stay in business long ...
If you are not selling, you will never make a profit. If one has done it right, the margin you are supposed to make has been set before you sell anything. Having a hosting bizz is more running a business than being a hosting tech. Networking is just very important running any kind of business.
But true, selling should not be a goal but a means to make a profit.
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Quote:
Originally Posted by markcastle
Fabulous if you are an accountant or printing company looking for local leads and contacts, but very little use otherwise in our experience for hosting companies (assuming the OP is setting up a company in this industry).
I'm almost done with setting up my starter business (note, not company):
Qualified Accountant - is my best friend (that was easy) and of course I would recommend him
Business Advice - my accountant and a friend who is a retired business analyst
Phone lines/Numbers/Fax
Logo
Business Cards
Letter heading
Invoice design (this is exceptionally important) ;-)
HMRC forms
Business bank account
The list goes on, believe me!
Techy
Platform design
Billing software chosen
On-line Support Software chosen
Accounting software chosen
Hosting software platform tried and tested for over 9 months
Several clients
PM me if you want, as maybe I can offer a few thoughts/assistance.
Certified Host
VIP Host
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. So, let your voice be heard. It is your main goal (or should be).
