Junior Member
|
|
PUA Forum Rank: #344
Posts: 17
Thanks: 14
Thanked 2 Times in 2 Posts
Join Date: Apr 2014
Location: London
|
|
Starting a business -
25-06-2014, 11:17 PM
i have always wanted to work for myself, only recently have i taken step to starting my own business.
just curious has anyone on here tried to start up their own business before?
would like to hear experiences good and bad?
|
Don't like ads? Register a free account to make them go away forever.
|
MASTER PUA
|
|
PUA Forum Rank: #9
Posts: 2,894
Thanks: 278
Thanked 427 Times in 308 Posts
Join Date: Mar 2011
Location: Belfast
|
|
26-06-2014, 01:04 AM
I did a free level 2 business enterprise course 5 years ago & got a phonecall informing me I was being awarded level 3 as I'd exceeded expectations.
I thought "hmmm, looks like I'm fucking good at this" & proceeded in finding & developing a business idea.
I did allllll the relevant research on the product, competition, advertising, costs, all that shit. And worked out a marketing plan. I did everything by the book & following what I'd learned, but...
Then I got hooked on mephedrone after it was made illegal (we'd been selling it over the counter beforehand in a head shop) & sold it purely to fund my own habit. The purpose was to make money of course, but it didn't work that way. Each week I'd make £300/400 for the boss, & use £300/400 of meph myself. I just got high as fuck for 5 days a week, sleep a day or 2, have something to eat, receive a delivery, & repeat the process, for about 6 months.
Then I gave up drugs & had this moment of realization that I was meant to be working as a drug counsellor, & the rest is history.
So, I did have a plan to go into business, but my plans took a detour into the wrong kind of business.
Before that I was excited as fuck about my new venture, working out my costs & I saw potential for ridiculously enormous profits, so big I couldn't believe.
However, when I reviewed the work I'd done a year before, during which time I'd completed a diploma in financial management (whilst off my head I should add. Also, mephedrone made me smarter no joke ) I realized I'd been all about business costs, & had neglected to even consider the legalities - tax, national insurance, corporation tax, etc etc. So I'm not sure it would have been successful after all.
What's the "steps" you have taken?
My advice is to take a course in business. There are a lot of free ones floating around. If there's a local enterprise centre or organization they run these programmes, free.
It will give you a basis from which to work from, as well as having ongoing support after you've set up, should you get that far. They can even fund it for you.
You can't win if you don't play
|
The Following 2 Users Say Thank You to dan300 For This Useful Post:
|
|
MASTER PUA
|
|
PUA Forum Rank: #18
Posts: 685
Thanks: 184
Thanked 323 Times in 200 Posts
Join Date: Apr 2013
|
|
26-06-2014, 06:31 AM
I'm turned self employed in February, although its really just a bit of a cop out. I don't have a physical office although for legal purposes my house is classed as my companies business premises & I don't have anyone who works for me. I just contract/consult for whichever company has a vacancy for what I do & get a day rate, but no benefits - no holiday or sick pay, pension, medical etc. Hired an accountant who I just pay a fee every month to do my books.
Worth doing, depending on what you do, you can make a lot more as opposed to if you were staff.
|
The Following User Says Thank You to BroadswordWSJ For This Useful Post:
|
|
|
MASTER PUA
|
|
PUA Forum Rank: #15
Posts: 715
Thanks: 251
Thanked 318 Times in 202 Posts
Join Date: Mar 2011
|
|
26-06-2014, 07:43 AM
Quote:
Originally Posted by Jay101
i have always wanted to work for myself, only recently have i taken step to starting my own business.
just curious has anyone on here tried to start up their own business before?
would like to hear experiences good and bad?
|
Yes I'm a business owner. I'm not going to just type random experiences, do you have any specific questions?
"Civilise the mind, make savage the body"
|
|
MASTER PUA
|
|
PUA Forum Rank: #9
Posts: 2,894
Thanks: 278
Thanked 427 Times in 308 Posts
Join Date: Mar 2011
Location: Belfast
|
|
26-06-2014, 08:33 AM
Quote:
Originally Posted by BroadswordWSJ
Hired an accountant who I just pay a fee every month to do my books.
|
Level 3 diploma in small business financial management.
That's what I done so I'd be able to do my own accounts & save money. It was one evening a week for 8 - 9 months, 80 hours. I think it was a couple of hundred quid. It covers 8 modules..
Keeping of records, VAT, payroll, the preparation and interpretation of final accounts, taxation and reporting to HMRC, costing and pricing of products, management of working capital and financial planning and control.
I've no idea how much hiring an accountant is per month, but a qualification like this would save you this cost.
You can't win if you don't play
|
|
MASTER PUA
|
|
PUA Forum Rank: #16
Posts: 779
Thanks: 211
Thanked 307 Times in 216 Posts
Join Date: Jan 2013
Location: Berlin
|
|
26-06-2014, 08:35 AM
Quote:
Originally Posted by BroadswordWSJ
I'm turned self employed in February, although its really just a bit of a cop out. I don't have a physical office although for legal purposes my house is classed as my companies business premises & I don't have anyone who works for me. I just contract/consult for whichever company has a vacancy for what I do & get a day rate, but no benefits - no holiday or sick pay, pension, medical etc. Hired an accountant who I just pay a fee every month to do my books.
Worth doing, depending on what you do, you can make a lot more as opposed to if you were staff.
|
Same here, well worth it if only for the tax break.
“A problem can not be solved from the same logical level it was created.”
|
MASTER PUA
|
|
PUA Forum Rank: #18
Posts: 685
Thanks: 184
Thanked 323 Times in 200 Posts
Join Date: Apr 2013
|
|
26-06-2014, 11:53 AM
Quote:
Originally Posted by D!ce
Same here, well worth it if only for the tax break.
|
Yeah, I obviously don't take the full amount every month. Its my company that invoices the client, and then from that my company pays me a smaller amount.
Dan, in the grand scheme of things its not that much. TBH I can't be bothered with the hassle - much easier for him to take care of it and keep me right.
|
|
MASTER PUA
|
|
PUA Forum Rank: #16
Posts: 779
Thanks: 211
Thanked 307 Times in 216 Posts
Join Date: Jan 2013
Location: Berlin
|
|
26-06-2014, 12:03 PM
Quote:
Originally Posted by dan300
I've no idea how much hiring an accountant is per month, but a qualification like this would save you this cost.
|
It costs me around ~£400 a year, and it saves me generally more than I would pay HMRC, its generally just worth it for peace of mind, plus the guy knows more than me about what can and can't be claimed against, I just feel more comfortable having somebody to query about it and let them deal with it.
“A problem can not be solved from the same logical level it was created.”
|
The Following User Says Thank You to D!ce For This Useful Post:
|
|
MASTER PUA
|
|
PUA Forum Rank: #1
Posts: 4,905
Thanks: 570
Thanked 1,710 Times in 1,080 Posts
Join Date: Jun 2010
|
|
26-06-2014, 11:19 PM
Quote:
Originally Posted by Jay101
i have always wanted to work for myself, only recently have i taken step to starting my own business.
|
this i hate.
having ur own business is fucking shit. its a ball ache.
i haven't paid myself a wage from this business since it began a year ago.
grated at the end there is a pay off, but I'm not doing it coz i want to work for myself I'm doing it for money.
Anyone who thinks working for urself gives u more freedom is a complete moron.
* Insert Funny Tag Line *
|
The Following User Says Thank You to Phil For This Useful Post:
|
|
MASTER PUA
|
|
PUA Forum Rank: #18
Posts: 685
Thanks: 184
Thanked 323 Times in 200 Posts
Join Date: Apr 2013
|
|
27-06-2014, 06:30 AM
Quote:
Originally Posted by Phil
this i hate.
having ur own business is fucking shit. its a ball ache.
i haven't paid myself a wage from this business since it began a year ago.
grated at the end there is a pay off, but I'm not doing it coz i want to work for myself I'm doing it for money.
Anyone who thinks working for urself gives u more freedom is a complete moron.
|
It depends on what you do & how you do it. I still work 9-5 (well actually contractors are generally required to do a 9 hour day, chuck in an hour for lunch and its 10), still have a manager to report to, the only difference is I earn a lot more than if I was doing the same job as an employee.
And yeah as D!ce says, compared to what your earning, paying an accountant a small fee per year isn't really an issue at all.
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
Pick-Up Artist Forum UK
Copyright © 2024
|