Starting up a business part time for now

[lockhes]

Hi all

I'm thinking about starting my a business part time just for now as I'm still working for somebody but only a few days a week and I have been asked to do a few jobs for people but had to turn down as its notifiable Work and in long run paying the building inspectors £100 a time wasn't worth doing

From what I have researched I will need the following:
Puplic liability insurance
Be registered with niceic, napit, elecsa
Accountant To deal with tax etc
Advertising
Testers
Account at wholesalers
Van and insurance when I get more established but for now will use car so will need to change insurance there

Think that's about it lol my heads gone blank thinking about all this i think I could do all this for less than 5k that's not inc van

Does this sound about right or have I missed something out

 

[Dan23584]

Be sure to make sure that your public liability cover also includes public indemnity insurance too, this will cover for periodic inspections and also covers your work once you have left a job. I have cover with 'One Business Insurance' and they have been very good and a reasonable price too.

 

[Dan23584]

5k sounds a lot if that doesn't include the van? would you mind me asking how this breaks down across the items listed?

 

[lockhes]

Maybe I have over estimated things with 5k not really got exact prices for things but testers and registering I'd say 1k heard my boss pays 600 insurance so just used that as an example not sure on accountants yet

How much would you say I'd need

 

[Dan23584]

My insurance is £184 but that is just for me, I suppose it will stack up if your going to employ staff.

Accountant fees vary from area to area and also on how much you need them to do, I do my own accounts then just get my Accountant to audit them, for this he charges me £220.

Your right about registration and test kit.

Advertising can be as little or as much as you want/can afford to spend. You could probably get away with a couple of hundred quid a year depending on how high profile you want it to be.

You could definitively do all this for 2k or less, leaves you more to spend on a van!

 

[lockhes]

Also need ladders and a cordless sds drill and think that's about it was also thinking about 2391 so maybe 3k in total

There will only be me for now but may need hands on jobs so maybe 2 people for insurance

Thanks for your help

 

[Mr Mike]

lockhes, good luck in your venture, I wish you every sucess.

 

[lockhes]

Cheers mike

 

[thekingiam]

Good luck !

 

[byrnie_2004]

i wouldn't say you needed an accountant mate, depends if you're looking to operate as a sole trader or ltd company really.
if you're going to be a sole trader at first, just keep a record of your money in/out and receipts for testers, tools etc and either do your return yourself or take it to an accountants to sort for you.
I'm with Elecsa they ask for £2million cover for public liability, shop around on the net for cheap quotes.
From experience i'd say the best form of advertising is word of mouth, do a good job, be polite and clean up after yourself and you should be recommended.
Get yourself some business cards to get your number out there, Vistaprint have a good website to design some, they're cheap too.
Van's are dear to run, i think, due to fuel costs, tax, insurance - especially if your young. But if you've got the work, your going to need one, think you'll get away with a car for a while though to keep costs down.
test-meter.co.uk for your testers, 5% off for all forum members, you'll ideally need a copy of the Regs, OSG, part-p etc as well.
Good luck mate, your going to need it, its tough at the minute, but work hard at it and you'll get there.

 

[lockhes]

I have the red regs will I need update or will they be fine

I have had a few builders ask for work but as I can't sign off work I have had to turn them down

Thinking about it I probley won't need an accountant if that's all you have todo lol plus I think my mates girlfriend is an accountant so asking her for advice will help lol

Yeah in the job I'm in it's hard at the moment only working here and there do doing this will bring in more money and hopefully get me going and earn me some money lol


Ta for advice

 

[lockhes]

I have the red regs will I need update or will they be fine

I have had a few builders ask for work but as I can't sign off work I have had to turn them down

Thinking about it I probley won't need an accountant if that's all you have todo lol plus I think my mates girlfriend is an accountant so asking her for advice will help lol

Yeah in the job I'm in it's hard at the moment only working here and there do doing this will bring in more money and hopefully get me going and earn me some money lol


Ta for advice

 

[CRAGS]

Good luck something I have being looking at doing myself.

 

[i=p/u]

just go for it and do a good job... clean up, bobs your uncle............ the fec ker then is waiting to get payed and manage it all, live and learn.... its what isd going to happen anyway good luck... word of mouth is how i get my work, and most of them think im fully quslified, but im only on level 3 and dont take on something you cant handle

 

[Octopus]

As others have said you can get away with starting up for less but having some working "capital" (cash) in your business account will save you from having sleepless nights when you're awaiting payments from clients and your trade suppliers are demanding payments.

Don't forget logo's olo shirts, sweaters, fleeces, ongoing advertising, website, etc etc.

I'd say if you've got £5k its more than enough to start off and suffer the ups and downs of the first year.

Tip: write down, or using excel list everthing you MUST have, then the things you'd LIKE to have and then LUXURIES and put a figure against each line (and don't make it the cheapest you can find, put a price in that's realistic) then you'll know what you need. Advertising costs more than most people realise - allow at least £100 per month for the first year.

An accountant is worth while, especially if you are going to have employment and self employment, sure it'll cost you £2-300 but they are there to save you money!

Don't skimp on cheap leaflets, cheap cards, etc, it gives off the impression of cutting corners

 

[i=p/u]

i worked out everything i have and need to pay for and giving me a wage and pay for everything , i need to earn 14 quid an hour based on working the 40 hours a week,, but im sure that will go out the windows in some jobs

 

[lockhes]

I'm not 1 to skimp on things as your 9/10 going to need to replace things sooner and makes it look more professional with better equipment and advertising etc