Making a new business

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Making a new business

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T & H Plumbing

Hi guys n sorry for the questions I'm asking but you seem to be a good bunch and I've had some good feedback while being here right I'm serious about starting my own business I will generally be a bathroom installer and do some heating ie rads, new pipes and general maintainance my questions are this

Looking at the Company house website when it comes to register a new company it asks

Ltd company
Sole Trader
Sub contractor

What I'm struggling with is what is my best route to take I don't really want to be a subby but if the needs rise due to no work I'll consider it, also what money outlay are we talking to register a new company??

Thanks Tunny :)
 
Your way over the top here mate. Your a sole trader, you haven't got any work and your shelling out like you had a turnover of £2m last year. Hold on to those pennies. A fool and his money soon parted!
 
Start slow, inform hmrc you are going self employed and get your national insurance sorted. Don't be splashing out when you don't know where your next pay day is coming from.
 
Ermintrude said:
What on earth are you employing a solicitor for? That leech will bleed you dry before you've even made £45!
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first hour is free get your info n walk out lol

Now your saying sub contract, I really feel you need to sit down with somebody before you do anymore form filling, yes it`s all exciting but get it wrong at this stage and your in for one big headache.
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Nostrum's advice was sound so i read up on the theory and it works for me, its basically the same thing without having to tie yourself down, if i go **** up theres no ties really is there, this way i can find work on sites and work other places as i find them and build a business up

if someone had explained it better earlier on it might have sunk in :)
 
Ermintrude said:
Your way over the top here mate. Your a sole trader, you haven't got any work and your shelling out like you had a turnover of £2m last year. Hold on to those pennies. A fool and his money soon parted!
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All due respect Ermin, i have spent £47 so far on 3000 flyers, the most i will spend in the next week or so will be PLI, then maybe the website/branding

i can pay for that with the pocket money i saved up in my piggy :)
 
You just seem a bit excitable. I had my first ltd company when I was 18. I wound it up two years later with a loss of £23k and a very annoyed farther!
 
Ermintrude said:
Your way over the top here mate. Your a sole trader, you haven't got any work and your shelling out like you had a turnover of £2m last year. Hold on to those pennies. A fool and his money soon parted!
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Agree, I'd suggest writing up at least a basic business plan detailing things like your formation, services, target market etc.

Natwest used to have some very basic but worthwhile software free to download.

I think it can still be downloaded but they discontinued it - I'll see if I find a link for you.
 
Ermintrude said:
You just seem a bit excitable. I had my first ltd company when I was 18. I wound it up two years later with a loss of £23k and a very annoyed farther!
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Please tell me you have made that back now, and we all know what guys are like at 18 in the pub most days by any chance?

Think you got lawyer/solicitor mixed up with an accountant?
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no a lawyer i wanna divorce :)
 
joking aside i think im getting somewhere now, once my flyers come ill post one up so you can see my artisic and creative brain :)
 
TWD said:
Tunny0,

Here is a link to download that software - It's not on Natwest's site as they discontinued it.

Freeware NatWest Business Software at Download Collection.Com

It was last updated around 2008 but there is a text file in the zip from that link to tell you how to run it in Windows Vista or later.



Hope it helps
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thanks for this but im running windows 8 i tried doing what it asks and when i click properties the box it asks for isnt there :(
 
tunny0 said:
Please tell me you have made that back now, and we all know what guys are like at 18 in the pub most days by any chance?

no a lawyer i wanna divorce :)
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Made it back pretty quick . Most of the money was spent on hotels, drinks and stupid stuff like a £1800 laptop case and a £400 montblanc pen, and some suits.

Bought pen and laptop case in perpetration for a meeting with natwest CBS . Instead of making a solid business plan !
 
Ermintrude said:
Made it back pretty quick . Most of the money was spent on hotels, drinks and stupid stuff like a £1800 laptop case and a £400 montblanc pen, and some suits.

Bought pen and laptop case in perpetration for a meeting with natwest CBS . Instead of making a solid business plan !
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A Parker Sonnet would have been excusable but a montblanc!!! lol
 
Just recieved a phone call about a grant i applyed for they are sending me out a business plan template :)
 
tunny0 said:
Just recieved a phone call about a grant i applyed for they are sending me out a business plan template :)
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It will probably be a bunch of word and excel documents - Of all the methods I have used that natwest software was the one that made things most simple.

All the figures for your profit and loss and cashflow charts are automatically generated.

Let me know if they send something better as I have found anything in years.
 
wpuld anyone care to fill in my Business plan? ill give you a tenner n a pack of pork scratchings :54:
 
I have to admit to not making a business plan when I started up other than to make as much money as possible by doing as good a job as possible for everyone! Keep pushing prices up until you are at that sweet spot where you can't really take any more work on but don't have it coming out of your ears then the profits will follow.

Damn, given it all away!
 
I wanna have that same attitude but I gotta do one for this start up grant I've applied for, if they knock me back after spending best part of a week doing it I'll smash someone
 
you should go to some local networking meetings. You get a chance to meet local small business's ie solicitors, bookeepers, accountants, web designers, printers etc, i rarely find others tradesmen there. You spend a couple of hours at the end or beginning of the day drinking coffee, picking their brains, making contacts and usually getting some business out of it. Oh and turn up in your work clothes you'll be the center of attention because everyone else is in suits.

PS don't sign up to join any group till your sure it will work for you.
 
instead of being angry t&h just sing kumbayar my lord whilst in the lotus position maybe smoking something relaxing.....just a thought hey
 
brum said:
instead of being angry t&h just sing kumbayar my lord whilst in the lotus position maybe smoking something relaxing.....just a thought hey
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Or just book yourself in at the local brothel for a couple of hours.
 
Unfortunately, much so-called "business planning" is nothing of the sort. At best its a box ticking exercise, and at worst its a cynical attempt by banks to identify all the reasons that they can try to sell you additional financial services.

If you are serious about building a business which is more than just straightforward self employment, then I would recommend an outstanding book on the subject called Good Strategy/Bad Strategy by Richard Rumelt.

I wish I had read it at the beginining of my business career, BEFORE I made so many of the text-book mistakes that the author identifies.
 
cheers Ray

yeah im serious, even if i dont make it big time i know what ever work i do get will be done to quality and leaving the custard happy as for the business plan i got to do it to qualify for the grant, im starting to wonder if i should just ask my parents for it lol

but on a better note the business plan is opening my eyes more n more and i have picked up on alot not doing this might not have opened my eyes to other principles
 
are you doing the business plan to get the grant from the princes trust? I did the business enterprise course when i first started which was free and very useful imho. Didnt go for the grant though as i already had work coming in. Good luck buddy
 
parkesy_plumb said:
are you doing the business plan to get the grant from the princes trust? I did the business enterprise course when i first started which was free and very useful imho. Didnt go for the grant though as i already had work coming in. Good luck buddy
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Its not the princess trust one its a start up grant I applied for from a government website and I got a phone call from a company called X-Forces who help out those who have been in the forces not sure if I'll get it but its worth a shot
 
Business plan/cashflow plan all completed now waiting for my business mentor to rip the pee out of it :)
 
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