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Starting Up A Business - A Guide For Newbies

Discussion in 'Start-ups & Business Advice' started by ladyvgw, Nov 27, 2010.

  1. Gary Buchanan

    Gary Buchanan

    Joined:
    Apr 22, 2013
    Messages:
    86
    Great post really helpful
  2. Martin Ferdinand

    Martin Ferdinand

    Joined:
    Apr 29, 2013
    Messages:
    7
    Wow and you went through all that trouble :) Great job Vicky!
  3. legz90

    legz90

    Joined:
    May 28, 2012
    Messages:
    16

    Hi Vicky,

    I am new to this site and not sure if something like this has been asked already (sorry if it has), but I just wanted to ask.. I am currently working full time, but would like to start buying a couple of small items from wholesalers maybe on Ebay to start off with then if it goes ok maybe opening a shop on there or starting up a website.

    Would I still have to notify the HMRC as a sole trader ? Or does it clasify me as self employed? This is the paqrt that I'm most confusing.

    Thanks for any advice

    Sandra
  4. Cyanna

    Cyanna

    Joined:
    May 30, 2013
    Messages:
    14
    Great vicky, though i am a newbie got so many important thing from your article and it will help me in establishing my small business.

    Thanks
  5. CobraTech

    CobraTech

    Joined:
    Aug 2, 2012
    Messages:
    12
    Hello Vicky, i am still looking in started my own business and your information has helped me a lot, just wanted to say thank you :D
  6. Meme11

    Meme11

    Joined:
    Jun 17, 2013
    Messages:
    11
    Hi there, I may be of the help on sourcing cheap supplies without the need of importing a full containerload of stuff not up to your satisfaction when you start your business. You need to get the feel of the market first, which can sell, which look good but no market at all, at small quantities, before you tie yourself entirely down
  7. Meme11

    Meme11

    Joined:
    Jun 17, 2013
    Messages:
    11
    Hi Angela, why you need to supply your business details when you get the information of products you intend to sell? I can gather information for products without revealing those details.
  8. Meme11

    Meme11

    Joined:
    Jun 17, 2013
    Messages:
    11
    To start up a new business you don't need a huge amount of money to blow - stat small, get the feel, get the confidence, build up the relationships...before you geting something big. What business are you intending into? May be I can share some of my views
  9. Jenny Muruko

    Jenny Muruko

    Joined:
    Jul 10, 2013
    Messages:
    8
    I have just finished reading this post and my gosh Vicky thank you very much been very helpful have taken notes on what it is that will benefit my business. I have a question do you know how I can find suppliers from Italy or Spain in terms of Man and woman fashion designer clothing?
  10. turan

    turan

    Joined:
    Nov 19, 2013
    Messages:
    2
    I am a new starter in UK and have contact with marble quarry firm and marble cutting machine company . would like to import the products. and as for marble cutting machine company, they have sales representatives many key countries in the world except UK. they have given me the opportunity to be their 'Sole agent' on a commission basis of 11.5% where an average machine costs €36,000 have 43 different types of machines. can someone give me an advice on this and if i should negotiate higher terms and what are the risks and opportunities in both machine and marble??

    Would be great if someone can help as i am currently in negotiations with marble machine company? I am also a beginner with an eye for a goal :)

    thanks fellas
  11. wasn't_me

    wasn't_me

    Joined:
    Oct 6, 2013
    Messages:
    5
    Yep as always good info on the forums thx Vicky.
  12. Angeline Thiri

    Angeline Thiri

    Joined:
    Nov 3, 2013
    Messages:
    4
    Thank you so much, Vicky for this informative post.

    One thing I want to be clear about ... Most suppliers say I have to be a registered business to buy from them. I've been registered as self-employed for a couple of years now. I've already been selling things online on a small scale.

    Am I a registered business already? Or do I have to form a Ltd?
  13. UKbuyer1

    UKbuyer1

    Joined:
    Oct 30, 2009
    Messages:
    8,314
    Yes, you are already a business, as you are a self employed sole trader :)

    You don't have to be, in most case, a limited company, I am not and haven't had many problems with this set up.
    ladyvgw likes this.
  14. Angeline Thiri

    Angeline Thiri

    Joined:
    Nov 3, 2013
    Messages:
    4
    Thank you. :)
  15. nytalib

    nytalib

    Joined:
    Sep 5, 2013
    Messages:
    11
    Does anyone know, how long we have to wait to get approval from hmrc to be self employed? I submit my registration on 22nd february but still didn't get any feedbacks from hmrc.
  16. ladyvgw

    ladyvgw

    Joined:
    Aug 14, 2010
    Messages:
    5,097
    Sorry, been a bit slow at replying to some of the questions on my threads. Have you heard back from them yet as you probably should have done by now. If not then I would suggest you give them a ring and see if there is a problem.
  17. mrpotts

    mrpotts

    Joined:
    Aug 13, 2009
    Messages:
    4
    Hi,

    Can anybody help please. I am having issues with the idea of stock taking at business start up. Do I have to write down all the products I have for sale on the first day ? Would I have to come up with a value of said products ? Would the value be how much items are worth or how much I paid ? Do I have to list every single item or how many I have of a certain item, i.e PS2 Games ?

    Thank you.
  18. Kev94

    Kev94

    Joined:
    May 2, 2014
    Messages:
    9
    Hi,

    So I registered (or thought I had) with HMRC on 25th April telling them I was to be self-employed from the 26th.

    I received an email straight after saying HMRC taxes application received with a reference number. 7 days later I have received nothing else.

    Should I of received something else by now (my unique code or whatever its called)??

    Logging on to my HMRC online account it is giving me the option of signing up again for self-assessment but I already have. I don't want to do that again and then find out I have two applications. I haven't been asked for direct debit details for NIC or anything like that yet.

    After you guys signed up what was the process and how long did each stage take? As far as i'm concerned I've did everything they've asked but I know i'm still not confirmed as self-employed.
  19. Reculver

    Reculver

    Joined:
    May 11, 2014
    Messages:
    7
    Hello everybody and thanks Vicky for your helpful post.

    I have one question: I'm going to start a small business on ebay, but at the beginning it is just a "test".
    I need to register as a self employed/sole traders in any case?
    I mean.. if i buy 100 things to sell on ebay from a chinese supplier, just to try, I must be registered as a self employed or not?
    Another thing that I don't have clear is.. there is a difference between self employed and sole traders?
    (Sorry if this is a stupid question, but i'm not british native and this is the first time that I try to start a business at all).

    Thanks in advance.
  20. ladyvgw

    ladyvgw

    Joined:
    Aug 14, 2010
    Messages:
    5,097
    Hello,

    If you buy goods to resell then you are classed as a business and must register.

    Good luck :)
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