Starting a business

Aruffell · 29 Dec 2006 at 20:46

My cousin hinted at me the other day of starting a business.

Myself - I am sick of my job, sick of the people, and generally bored of my life at the moment, so a search and you can find my latest rant about all that

So this seems a good idea to me, as it's something fresh and new.

My cousin - Is currently unemployed and finding somewhere to live locally with his gf, has had his own spray painting (cars) business before, and has also been a mechanic, window tinter, worked for auto check, and has also worked for Ambrosetti (Kent's biggest car refurb centre).

He has hinted at the idea of me and him starting our own mobile valeting company. This means, we will need a van, drums, cleaning products, mop's and other cleaning utensils etc...

If it picks up, there is nothing stopping us getting a unit and doing it there aswell as mobile. After time we may be able to offer more things such as bodywork/car audio/alarms. Which is all stuff that we have done to his cars/my car and all of my brothers cars (around 50 cars in total) in the past few years.

My questions are -

What do we need to do, to start this legally and properly?
Do we need anyone else to help us? Accountants? Book keepers?
Anyone recommend a decent van

? I was thinking Fiat Ducato
Would you say there is a market for this in your local area? We have done a bit of research and we believe it will work in this area.

Thanks for your time boys and girls

Andy

Adz · 29 Dec 2006 at 20:50

What do we need to do, to start this legally and properly?

As a barest minimum you simply need to register as self employed with the IR. If you're forming a company or a limited liability partnership you'll want to speak to a solicitor or a company formation agent. You also want to look into liability insurance.

Do we need anyone else to help us? Accountants? Book keepers?

Get yourself a good accountant from the outset. They'll save you a lot of headaches and unnecessary worries and will almost certainly save you more money than they cost.

Anyone recommend a decent van ? I was thinking Fiat Ducato

Transit!

Good luck with it. Being your own boss is stressful but hugely rewarding.

iCraig · 29 Dec 2006 at 20:50

How much research have you done?

You need to be sure that their will be enough demand to sustain all your wages. (Unless you're prepared to slum it for a while until the business picks up)

yermum · 29 Dec 2006 at 20:51

There are several small business PC packages available to buy in most outlets - Sage springs to mind but I'm not sure how small a business they cater for.

It may be an idea to speak to acouple of local accountants in your area. Ask for an hourly rate and explain what you want to find out. I know that our library has books on starting a business, including thosae 'idiot' ones, so take a look in yours. There may be a local business network in your area, so find this out from your library too as I know loads of people who have got business this way.

Good luck with your venture.

Pez · 29 Dec 2006 at 20:53

What do we need to do, to start this legally and properly?

Public Liability insurance, and a means to carry out the job. I wouldnt reccomend becoming a limited company until you are established.

Do we need anyone else to help us? Accountants? Book keepers?

Unless you are confident with VAT returns and NI contributions, I would reccomend an accountant, they can save you a lot of money one way or another.

Get yourself to a few banks and see what they offer accountwise. Remember all business banking comes with tarriff charges, and beware banks offering free business banking, this normally means you miss out on something.. like a named manager.

Would you say there is a market for this in your local area? We have done a bit of research and we believe it will work in this area.

Certainly is here, but that means zero unless you are here

Seriously, if you need any pointers on the banking side of things, drop me a line via my trust details, and I will do my best to point you in the right direction

Also check out Startups.co.uk

zain · 29 Dec 2006 at 20:57

Aruffell said:
My questions are -

What do we need to do, to start this legally and properly?

I would recommend sole trader/partnership but you have three months before you have to register so make full use of this.
Get to grips with how much Income tax and N.I you will be paying as this could really put you off once you look at profits.

Do we need anyone else to help us? Accountants? Book keepers?

For below £15,000 and as a Sole Trader I would do it myself but also have it checked over. Depending how skilled you are would depend on what you would do. The price to have them checked over is not exactly high.

Keep a receipt of every single cost - please.

Anyone recommend a decent van ? I was thinking Fiat Ducato

Have a look around - only way you can find out. I would not pay too much just yet.

Would you say there is a market for this in your local area? We have done a bit of research and we believe it will work in this area.

My few tips:

Keep records of money transactions

Please..please research your business, don't just go off a hunch as it could be costly, something you don't look like you can afford right now!

Research the market, costs, estimated profits, etc

Keep costs as low as possible, obviously if you have to dish a bit out for something that gives a decent return then do it but don't be loose with your money.

Have fun

Websites like bized.ac.uk and shell live wire (google for it) will provide some insight.

regulus · 29 Dec 2006 at 21:06

http://www.startups.co.uk/

there you go!

Aruffell · 29 Dec 2006 at 21:38

Just found out that my cousin's girlfriend has a card for Makro, so we can get the clothes/leathers etc... cheaper than cheap.

Andy

rG-tom · 29 Dec 2006 at 22:01

Aruffell said:
Just found out that my cousin's girlfriend has a card for Makro, so we can get the clothes/leathers etc... cheaper than cheap.

Andy

makro isnt that cheap nowadays fella

ironman · 29 Dec 2006 at 22:05

The polish have already beaten you......

Ev0 · 30 Dec 2006 at 00:43

gurdas said:
The polish have already beaten you......

Sadly he's right, the prices they do this type of thing for make you wonder how you could get the business and make enough.

Liverpool-Lad · 30 Dec 2006 at 01:17

Ev0 said:
Sadly he's right, the prices they do this type of thing for make you wonder how you could get the business and make enough.

True enough but invariably they do a poor job. The right people are willing to pay more for a better job but its just whether you can find them, as joe public just takes his car to the local swirl inducer and thinks thats it.

Jambo · 30 Dec 2006 at 02:29

Mobile Valeting = Many hours of constant hard graft

Proceed with caution!