Just set up on my own- going to see the BANKS!

[MarkAqua]

Hi, Im just after a bit of advice, more from the experienced self employed persons if possible

Obviously I dont expect your own secrets to success, however just a bit of setting up advice would be highly appriciated.

Okay so- after a long 4 year apprentership and one years "out of time" experience I feel the time is right to set up on my own. I am going to see the banks today/tomorrow to see what advice they give and see what finances I can get out of them.
What sort of costs am i looking at for initial set up? Obviously I already have my hand tools, blow torch, bender and all that basic stuff.

So far I know that i need:

• Van + Sign writing
• Van insurance
• Liability insurance
• Business cards
• Power drills 240v electric such as Bosch Multi drill and a 18V battery screw driver/drill I think are the basics to get going.
• Powerflush equipment

Is there anything else that I am in need of for initial start up? Also any other advice that you can spare will be greatly appriciated.

Thank you in advance,

Mark.

 

[grahamgas]

Would also be advisable to see an acountant.They will tell which business structure(ltd or sole trader), to set up and what you can claim for etc etc.
They will probably tell you that if you are planning on getting a newish van, then it is beneficial to lease one.I didnt I bought one, but that was my personal choice.

Graham

 

[MarkAqua]

Thanks Graham. Yeah I forgot to mention i have got an appoitment with the accountant next week. I have already set my company up- as a limited company. I wasn't sure what to do with the van side of things- whether to go for a new one or just something like an 05-06 Vauxhall Combo.

Got an appointment with Lloyds Tsb on wednesday next week. Who do you bank with?

Has anyone got anymore advice?

 

[russblade]

Hi Mark, not expert but someone might confirm with me ???, you buy a van on your own and then lease it out to your company,that way you don't loose out iether way, - thats what I've been told !

 

[wnjswozo]

dont buy powerflush equip,yet,get decent hand tools,get a reserve fund
to at least cover overheads for 3 months

 

[MarkAqua]

Yeah to be fair not buying the powerflush equipment is maybe a good idea. I've got all my hand tools though to be fair. Also if I were to fit a boiler to an existing system then manufactures require you to powerflush?

 

[Guy]

Mate i did the same thing went to the bank but they're not interested in helping anyone set up at the moment. They told me (after being a loyal customer for 15 years) that i would need to set up a business account then start trading and only then would they look at lending money. That's no good when you need the money to start up in the first place.

In the end i went to the Princes Trust, a charity that teaches you business skills, helps you build a business plan then lends you the money and also gives you a business mentor (from your sector) for 3 years. They help you with anything from marketing to tax returns.

 

[newbie1]

the training companies have sold people the dream and ime afraid guys for a lot of you it will turn into a nightmare
not wishing to rain on anyones parade but you had best have a second job lined up because unless you have very good contacts the first couple of years you will prob go out of business if you have a mortgage and familly to support you will never make any profit and likely saddle yourself with debt

 

[heatserve]

Why on earth have you set up as a limited company?

 

[PlumbBobBob]

i was thinking that as well