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I run my own business - AMA.

8 replies

Colabottle10 · 18/07/2018 08:20

My husband and I set up our own business ten years ago from the kitchen table. We now have premises and staff, we've done everything from scratch. AMA!

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hannah1992 · 18/07/2018 08:22

What business do you have and how did you start? I’m always in awe of those that start from nothing and wonder how the heck they do it

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ThroughThickAndThin01 · 18/07/2018 08:23

Can you tell us what the business is? (Roughly even)

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Colabottle10 · 18/07/2018 08:26

I'll try and keep it vague as don't want to get in trouble for advertising.

It's a manufacturing business in a niche traditional craft.

DH has trained in this field when younger then revisited it when was made redundant. I was working as a professional in my own career and dropped my hours when the business started to take off.

We started with literally £1000 on a credit card.

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GahWhatever · 18/07/2018 08:30

Was the accounting an issue for you or did you already have skills in this area? I'd love to set up my own business but the bookkeeping/tax etc is a fear of mine.

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ThroughThickAndThin01 · 18/07/2018 08:31

I always admire people who do this. It’s so brave to start a business, and then possibilities are enormous, from it not working to becoming millionaires, although most I guess are all in between those scenarios.

Will there be enough business to keep you going to retirement if it’s a niche product?

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Colabottle10 · 18/07/2018 08:34

No skills whatsoever in accounting! DH has a degree in a related subject.

Was easy enough pre VAT registration, just keeping incoming and outgoing receipts and invoices and using a computer package.

Much more complicated now as hundreds of invoices and stuff to manage plus vat returns. We have an accountant but I do all the day to day book keeping. I hate it but it saves us a lot of money. In the future someone else will do this I think.

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DownUdderer · 18/07/2018 08:34

Do you make loads of money?!

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Colabottle10 · 18/07/2018 08:36

It was scary when I gave up my career and we were both working FT for the business, no doubt about that.

We are starting to make a name for ourselves in our business so fingers crossed it continues to grow. We started in the recession in 2008 and have made a profit (even if very small) every year.

This last year has been difficult. Staff are a big expense and there have been months when we've paid them and not ourselves and had to tighten our belts significantly (we aren't rich btw, still rent as can't get a mortgage).