Starting a business?

[canidothisyouthink]

How does one go about it? It would cost me at least 6k to launch? Do you just wing it and see?

Commenting for traffic. All the best OP and do let us know how you go in years to come!

Have you done any research? Have you got a business plan? Winging it might work but unlikely.

Too little information OP.

Depends what kind of business. Are you offering a service or do you have a a product?

I had a product / service I knew I could sell, a few potential clients to target. I then made sure I had at least 6 months in the bank to cover all bills during the start up period.

I set up a company, found an accountant, created a website. There are lots of things you have to do however many (such as creating website), unless they are eg the engine to sell something, are distracting and can cause procrastination

Get proper advice. A lot of new businesses go bust within the first year. Can you afford to lose the investment if it doesn't work out?

Winging it is a sure way to failure

No, not trying is a sure way to not succeed.

Impossible to comment constructively without more information.

Can you do it part time until it becomes viable?

I'm on my 3rd business and each time I started off doing it evenings and weekends until I was sure I could quit my main job.

Not enough information to give any sort of sensible advice. There is a big difference between setting up a physical shop and selling product online. Or between baking brownies and making quilts. Or between setting up as a private physio vs self-employed plumber.

What sort of business? Do you actually have a skillset that means you know how to do it? What are the costs? What do you expect to bring in?

Dh and I both self employed (Dh more of a wholesaler/online retailer, I’m in editing). Dh started his business with about £2k from a shed in our garden 13 years ago. He now has a monthly turnover of about £60-70k. We have a very good income.

But you can’t just wing it. You have to know there is a need and you have to know you have the skills to deliver what you say you will.

When I started my own business I did months of research into the market I was entering. I took a 'Start Your Own Business' course, spent a long time talking to other people in the same field, read books, did weeks of preparation and planning.

I made projections for the first week, month, year and five years. All budgeted.

If you're starting a lawn mowing round £6k is fine.
If you're opening a London department store you might want to think again.

What's the £6k for? Hope it's not a franchise!!

How much more have you got to, firstly, pay your bills etc whilst it's getting up and running, and secondly, invest more into the business when you find it needs more investment, i.e. better vehicle, more equipment, more advertising, more tools, subscriptions, software, insurance etc etc.

General advice is to ensure you have double the amount you think you'll need to start.

If you're signing any contracts, i.e. lease for premises, equipment leases/rents, franchise agreement, etc., get them checked over by a solicitor so you know what you're getting into it, and more importantly how and when you can get out of them and at what cost.

Don't ignore the book-keeping, accounting and tax side of things - get an accountant to help you set up systems and register for taxes etc, consider whether a limited company would work for you, likewise whether VAT registration is required or voluntarily beneficial.

What's the business? Hand made bracelets? A luxury yacht brokerage? An A.I data centre?

Engagement farming?

What business. Mine cost be nothing but effort to start. My husbands needed a bit of kit.

My wife cleans offices and provides her own Henry hoover. Depends what you are doing

We supply yacht makers. It's a tough market out there!