Has anyone started a business?

DampCat

DampCat

DampCat

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I've been doing some googling and have found some useful resources, but obviously the best thing is asking people directly.

There's a lot to figure out. I'll need to lease a warehouse for example, but that's a bit further down. Manchester has a few options for Access to Funding and startups which is great.

Just wondering if anyone has done it and wish they'd known X in advance or found a cheeky hint here or there?
 
My other half started a business 6 years ago I think it was.

There's probably not a lot of crossover with what you intend to do if you're looking at warehouses but.....

Look at what schemes are running for support, for example she got reduced rent and no rates for a period as the council were trying to rejuvenate the high street.

She also got mentoring support via a local authority scheme.

Again, maybe not relevant to your situation, but she joined local business groups on Facebook to advertise the area as a shopping destination with co-ordinated events and promotions.
 
As above, decent accountant, I went LTD just incase things didnt work out and I ended up with a £30k lease around my neck.

It eats your time massively, sometimes things don't goto plan, ive lost money on bad gambles, but made money on some..

Sometimes I think about going back to 9-5 work, but mostly its worth it, just taken on my first employee and had my first taste of profit/vat bills this month so that wasnt nice lol..
 
As mentioned above a good accountant will save you long term.

In terms of leasing a warehouse, get a schedule of condition done before committing to a lease, as it will help to avoid any unexpected cost if you decide to move to another place. I would also recommend professional advice in terms of the content of the lease, the terms (years/rent review periods), the repairing liabilities ect. Within this advice on the lease also ask for valuation to make sure your not getting ripped off with the cost of the lease over its lifetime.

Edit: https://m.zoopla.co.uk/discover/commercial/industrial-units-to-let/#bORDQsvAqQtMRIrF.97
 
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Also agree about accountant, a good accountant will pay for themselves. It IS hard work starting your own business, i've had my restaurant open for 7 weeks now and am working 80 hour weeks, and then on our 1 day off, we are shopping for the business! Another tip, play suppliers against each other, show no commitment to one or an other supplier, they will take the pee! Also, aim for a healthy cash flow, obvious i know but most businesses go bust because of poor cash flow. Finally, check out your competition, what sets you apart from it? What's your USP?

Good luck, it is very hard work, but if it's something you enjoy, it's also rewarding in more ways than one!
 
I started an ran a business for several years full time
It is a lot of hard work, but very rewarding sometimes
Business was doing well but I got bored with it and went back to full time work instead
I still run the business part time now

Was it good experience?, oh yes indeedy

Would I do it again? , no chance
 
when my friend started 18 years ago, he had to apply to the bank with a large business strategy plan.

His done very well at this point of his life does not owe a penny to anyone, his got people working for him its been a long road with a lot of worry.


You know what he said to me the one night out a few years ago. I would not go through this again if i had a second life ,good luck i am sure it can be a easy route for some and not so easy for others, time will tell.
 
It depends on what type of person you are. I'm relatively conservative so took the "cash is king" mentality. Knowing I owed zero money to anyone had allowed me to focus all my efforts into running a solid business - I wouldn't want the threat of debt hanging over me. I work on my own for a couple of years before hiring extra staff.

And get a good accountant.
 
Setup my own business in Jan 2013, i have never looked back. Start small, keep your outgoings as little as possible until you establish yourself and your cashflow.

For example I did not take on a bin contract for 2 years, at £68.00 a month we just used to go to the tip every week. Start with a small yard and move as and when you need to without getting to tied into a lease.

Keep a eye on the markets, I buy and sell plant and machinery, to me currency exchange rate is key for my exports. So brexit is a big deal, initially it droped the currency so exports went mental but now i have risks of border issues, no deal brexit is killer. I have to think of this every day, it is mentally tireing


Customer reviews are a great way of showing potential customers what you can do. Make sure you register with google.

I borrowed money personally to fund growth as borrowing from banks was painful. Luckily I deal with assets so i wasn't just chucking money away with stock It always had a fair value. I then used ESME business loans to borrow money which was really easy with a few years of accounts.

Get a landline phone, it is more professional. Even if its a pocket landline which rings mobiles.

Get a accountant, its worth the cost, even if its picking up the phone for "advice"

Do a very true and honest budget for yourself. Its amazing how costs add up.

Rent
rates
phones
insurance
advertising
water
electric
loans
forklifts etc
alarms
websites
bank charges
merchant terminal charges
accountants
wages
nest pensions
payroll
fixtures + fittings
computers
systems
stock
interest (if applicable)
vehicles

Good Luck. I have never looked back and am much happier in life. The first few years are torture, you do a lot of learning and often can see ways to be better but cannot quite reach it.
 
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One pet peeve I have, and bear in mind that I'm always a customer, is when someone has a @yahoo.com or @gmail.com or similar email address. Nothing says amateur and inexperienced like a crap email client. It would likely prevent me from using that service, to be honest. Domains and an email address are very cheap, and they are likely to be supported by gmail or something similar.
 
I started a business at the start of October. It's tough going doing it part time with a full time job......and having a 3rd job as a dad to twin toddlers.

EORI import number is needed when importing form outside the EU
Dont' spread yourself too thin across multiple social media accounts. Pick a couple and use them wisely -
 
Several. One is even successful!

I am in professional services so a bit different but one thing I would agree with here is decent accountant and if you are numerate the use of an online bookkeeping package like Xero where you and your accountant both have access.
 
Some great advice thanks guys. Still in the very early stages yet, found a couple of startup funds and mentor workshops in Manchester for new businesses to encourage growth so going to make the most of those.
 
I am 2 years in and doing well. Best advice just get on and do it, you learn quickly by being in the game. I just signed up a large PLC as a client and we are still a small business.
 
Skidder said:
I am in professional services so a bit different but one thing I would agree with here is decent accountant and if you are numerate the use of an online bookkeeping package like Xero where you and your accountant both have access.
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Ditto and also a user of Xero, a good accountant is one thing but the ability to keep an eye on them and see/understand what they are doing is invaluable.
 
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