how to set up my own business

[CAGH03]

Hi everyone, so i am wanting to set up my own business, only a small local one, but i have no clue where to start. does anyone have any tips? I know i need to write up a business plan, and work out what licenses i will need ect.. but also not sure what i will need or how much money i will need to start up. I have been out of work since September due to HG (24 weeks pregnant) and it's driving me crazy. My fiancé left me back in december and not many places will hire me due to being 6 months pregnant, and i don't drive and don't live local to most areas hiring so, why not set up my own business with something i have a diploma in? but the problem will be how much it will cost me to set up, as i'm barely getting by on £500 a month, and especially worried because my baby boy is due in May. I can work right up to my due date as i am healthy and have no risk factors and i want to work, it is just very difficult to get a job right now. Would it be better just to offer the service as cash in hand for now? and then when i get more clients, i can make it into my own small one person business? i'm so clueless and would appreciate any help!
thankyou in advance! ❤️

Yes, if you've already got some prospective clients, just start. You need to cover off the legalities before you start talking people's money - do you need professional accreditation and/or licences? What about insurance?

Keep detailed accounts from the very beginning. Most small traders use an app like Quick Books.

The govt has a very good section on registering your business. You should do all the things it says after you've earned your first grand, also read what it says about registering for VAT and decide whether you need to (in most cases, it's better to do it).

Good luck 🙂

this is great, thankyou! as far as i can tell, i just need public liability insurance which is around £30 a month, but i don't have £30 a month at the moment 😂and i already have a diploma and plenty of experience in what i'm wanting to offer, so maybe i just need to advertise and see from there? once i have some potential clients, i can't get the insurance? so unsure about the business plan tho and all these websites make no sense!

You need the business plan if you're trying to get a startup loan or a backer. If you aren't, just write yourself a plan of action, a to-do list and some goals.

You should do a lot more than this, maybe later when you've got a clearer idea of the lay of the land. If you are seeking a loan, start a new thread about making your first business plan.

You sound amazing. Are you getting all the benefits you're entitled to? What sort of business is it? Are you making a product or providing a service?

thank you :) i get universal credit and PIP, but i can't live off £500 a month. I'm planning on providing dog walking and pet sitting services, which may not sound like much, but i have training in these areas, and basic first aid, behaviour, health, nutrition and biology. i also did business but i can't remember any of it now!😂 i've come up with what i want to do, when, how much it will cost and what areas i will cover and if i'm working for myself, i can be alot more flexible. my brother sister and step dad are all self employed so i have messaged them to see if i could get some help. i've spent all night looking at my budget and personal money, and setting up a flyer for advertisement, and created a new email too. i can get insurance from £6-£30 a month, depending on what it covers, but maybe i need to start sitting and walking before i get insurance? incase this doesn't work and then i'm stuck with insurance i can't use 😂?

Don't do anything without insurance - you have to get this in place first

Don't do it cash in hand, register as self employed, and declare it properly

HMRC website has lots of guidance on setting up self employed

thankyou🙂

No one wil use you without insurance in place. If a pet has an accident in your care you're liable for the vet bills. Likewise if a pet causes an accident in your care you're responsible. Round my way you also need a council license to walk dogs and the market here is saturated. I do pet sitting as a sideline and have public liability and professional indemnity insurance (I'm a qualified vet nurse and mainly just look after pets requiring medication).

Get a free Canva account and you can make promotion graphics to share on fb groups. Good luck!

Just to add, ignore the person who told you it's usually best to be VAT registered. It really isn't!

Join local Facebook community groups and learn the business advertising days to get clients.

Check the legalities of your insurance when pregnant. There may be things in there you can/cannot do. Definitely do get insurance though, no one will touch you without it.

If you will be carrying on once your baby is born you will also need to check with your insurer if you can take baby with you.

thank you x

Check that you don’t need a licence from your local authority. If you intend to look after dogs in your own house it is likely that you will need one. Also if you are renting it may be an issue with your landlord. In addition check that your car insurance will cover you to transport other people’s animals and that they will insure to use the vehicle for work purposes.
You will need a business plan and a risk assessment. There are regulations regarding how many dogs you can walk at one time.
If you are successful make sure you open a business account, it makes it easier for accounting. Also if you use your personal account to receive regular direct debits the bank will query it.
You will need to set up a self employed account with the HMRC so you can complete a tax return even if you do t earn enough to pay tax.

Being vat registered below the required limit of 80k is really only a benefit when you sell to business customers.