How easy is it to set up your own business?

Question

I'm thinking of setting up my own business(es) and have a couple of ideas as to what I would like to sell (clothing/jewellery)/provide (admin from home/support/project management), however wouldn't know how/where to start. Any advice (sensible ones only please) would be greatly appreciated.

Answer 1

First you need a plan. I'd suggest checking out the book: Business Plans for Dummies.

Simple to read, highly effective and covers all your bases.

http://www.amazon.com/Business-Plans-Dummies-Paul-Tiffany/dp/1568848684

They'll pretty much tell you the following:

1. You need to find out the legal rules for setting up a company in your country.

2. Your ideas are kind of varied - admin --> clothing/jewellery? I'd try and narrow it down, and focus it to something really important, if not you're kind of spinning your wheels. You need to make sure you know what you want to do, and have the qualifications for it.

Example: Project management

Are you PM certified? If not, it'd be hard to score a freelance job on that.

3. Get your business name/trademarks, etc all in order. You need to figure out what to call your company, how to handle the books (accounting for tax reporting purposes), your company logo, securing a URL for your company website...

4. Are you going to have employees? How are you setting up your business - partnership, sole proprietorship? After you've focused your business idea and plan, THEN you can figure out how to structure your business

Example: A clothing store has a very different approach from a freelance PM

5. Who are you going to target? Only when you can figure out who you're going to target, and who you're going to get as clients, can you focus your business plan.

Example: Clothing store = teens aged 13-19? Gothic teens? Preppy? Punky? Emo? Or on the PM route, are you going to project manage only in certain industries? IT systems? Retail store projects?

This matters because if you're doing IT systems, you need to find companies who need people like you to PM their IT implementations - like IBM, and other consulting firms. Then you need to figure out contacts to get them to hire you as a freelancer.

6. How are you going to market yourself?

- Business cards
- Signage
- Home business or renting your own place?
- Website so people can go to it
- Business-only phone line (so you don't answer it saying: "Hello?" instead of "Hello, ______ from PMs'R'Us speaking")

Basically, you need to first narrow down what you want to do. Then from there, can you only build out a proper plan of how to attack what you want to do.

Also ,are you only working part-time on this, or weekends only, while holding down a steady job? If not, how are you going to pay the bills? You need financial cash flow contingency plans as well, so you don't end up in major debt and going bankrupt.

Read the book :) It helps.

Answer 2

I am assuming that you are in the UK.
Setting the business up is fairly easy and inexpensive. You shouldn't have to pay more than a few hundred £ to get a registered name and business description, and maybe a bit more to get a PO box / website / email address if necessary.
Go first to companies House to check up on registering, and see the Post Office website about PO boxes.
Running a business - now that's not easy, but it's not so daunting as to be impossible.
Just do it - lots of people do / have. I did it for a couple of years.

Answer 3

There are quite a few things that you need to do to start your own business. After you have come up with what you plan on doing, you have to come up with a name, Need to file in the newspaper a Fictious Business name, that you are planning on naming your business as such, to see if anyone objects to the name. Need to go to City Hall and get a business license. Need to apply with the state (if you have sales tax) for a sales tax permit and tax exempt id#. It is best to request a tax id # from the IRS, so you are not using your social security number as a tax id #. Could register with local chamber of commerce, small annual fee, but is a good resource for advertising and networking with other businesses in your area. Get a new phone for your business. If you get your name on your vehicle, you can use part of the vehicle as business purpose. Need to keep track of miles, what is business usage and what is personal. Get a business checking account. If you plan on doing your own books, Quickbooks has great and easy to use programs, and even has a point of sale program. Wouldn't hurt to go talk to an insurance agent to see if a commercial liability insurance policy would be beneficial to you, you would rather be safe than sorry in case something came up, you would want to be protected. If you will be running your business out of a home office, set this room up as sole purpose being an office, makes for a great tax write off. This is all that I can think of now, wishing you the best of luck in your endeavor

Answer 4

if your store will be internet based it is easier, you just need to get a domain and a web designer.

If you want to start your own store then you have to think of location first, open your business where its needed the most or what has most potential to grow. For example if you want to do project management for consturction, look for a neighborhood that is run down but starting to get remodeled and rebuilt.

also advertising is imortant, people need to know where your company is, start with yellow pages, newspaper and maybe some local magazine ads.

if you want to get into the clothing/jewelry business, find a place with people who are more into fashion (beverly hills for example) get your inspiration by how people dress or what jewelry they wear, try to make a similar style and enhance it.

and always make a good reputation, one of the best advertisments are word of mouth.

good luck

Answer 5

Where do u live. Because I live near Detroit and u gotta be a god damnn reatard to open a retail business in Michigan. Huge layoffs are happening and not many people want to go out and spend some dough on new clothes. If they do, walmart has them covered.

Answer 6

Check with your local community college. Chances are they have a small business certification program, or classes offered by the SBA (small business association)

Answer 7

1st have you sold clothing & jewelery before. If not might try it out at the local Mall. I would think its a tough hard business.

Answer 8

Be prepared to go through countless volumes of tax rules /vat rules/employment law/industry regulations and other red tape. I'm not trying to put you off, just telling you it's very hard work.