Owning A Small Business
Anyone here own a small business and if so how did you go about doing it? I have been thinking of opening up one
36-40, M
This post may contain Mildly Adult content.
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Picklebobble2 · 56-60, M
Yep.
Initial tips ?
Compliance is key.
Whatever you're thinking of doing, make sure you are compliant in law and with local authority.
Nothing worse than investing time, money and effort into your business only to find you fall foul of some minor transgression somebody can fine you for !
Make sure you're certified compliant !
Constantly review your insurances policies.
The sneaky ➖ have a way of changing their 'provision of coverage' while giving you little notice of a change in policy that may see you with no coverage in the event you need it.
Make sure you're registered with all authorities including IRS/HMRC/PIR etc.
Talk to them. They're pretty good at giving you free advice.
Keep personal money and business money separate.
So open a business account and have all your incomings and outgoings through there.
Get yourself an accountant !
That way all issues of taxation and payroll can go through them via you.
If you're lucky you'll find one that is pretty hot on allowances and expenses and can give you seriously good advice.
Initial tips ?
Compliance is key.
Whatever you're thinking of doing, make sure you are compliant in law and with local authority.
Nothing worse than investing time, money and effort into your business only to find you fall foul of some minor transgression somebody can fine you for !
Make sure you're certified compliant !
Constantly review your insurances policies.
The sneaky ➖ have a way of changing their 'provision of coverage' while giving you little notice of a change in policy that may see you with no coverage in the event you need it.
Make sure you're registered with all authorities including IRS/HMRC/PIR etc.
Talk to them. They're pretty good at giving you free advice.
Keep personal money and business money separate.
So open a business account and have all your incomings and outgoings through there.
Get yourself an accountant !
That way all issues of taxation and payroll can go through them via you.
If you're lucky you'll find one that is pretty hot on allowances and expenses and can give you seriously good advice.
FloorGenAdm · 51-55, M
whowasthatmaskedman · 70-79, M
A small business should start with a product or service. Something you have to offer that someone else will pay you for.. And a completitive advantage. That is a reason why people want to buy it from you, rather than someone else.
Until you have those two worked out and locked in, there really is no point in looking further.😷
Until you have those two worked out and locked in, there really is no point in looking further.😷
Northwest · M
Do you have a business plan? Have you run by some experts? Don't trust your gut or believe that if you're doing something you like it's going to be successful.
Sunujing · 46-50, M
I own an audio company with revenue under $500k/ year. What are you trying to do?
PhantomMagic88 · 36-40, M
@Sunujing PC repair and maintenance
Sunujing · 46-50, M
@PhantomMagic88 this is a tough one largely because PC incidence is declining (people are abandoning for tablets) and cost to replace is relatively low. Not to mention that there are established businesses that have been doing that for decades.
The business is with corporate customers. Do you have a connection to establish a maintenance contract with a large corporation?
The business is with corporate customers. Do you have a connection to establish a maintenance contract with a large corporation?
MarineBob · 56-60, M
Step one apply for business license hire mayors kid
DisturbOne · 41-45, M
Slave labour