Matt T Posted July 14, 2005 Share Posted July 14, 2005 Myself and a mate are going to be doing this, and want to keep it as legitimate as possible. We will be renting a garage to do the work, and a website primarily to advertise. Were going to open a business current account for the money side of things. But were unsure on what to do regarding companies house/DSS/Customs etc... We will not be forming a ltd company as its too involved for our needs, i guess a partnership would be the best option. Does any one know the correct procedures to get this on the track? Ive looked at all the govornment websites and they havent really given me any definate answers of what should be done. Any body done this before? Do you even need to declare anything other than self-employment and tax returns each year? Cheers Quote Link to comment Share on other sites More sharing options...
Barry Posted July 14, 2005 Share Posted July 14, 2005 It must be the name! Sorry mate, absolutly no help am I.! Quote Link to comment Share on other sites More sharing options...
terribleturner Posted July 14, 2005 Share Posted July 14, 2005 Good luck Matt. Thinking of doing a similar venture myself (not audio) so would be interested in this thread. Quote Link to comment Share on other sites More sharing options...
Matt T Posted July 14, 2005 Author Share Posted July 14, 2005 Thanks! Were only going to start off small, but hoping to become full time and quit our other jobs at some point. I have been told we can actually trade without registering a thing, just insorming of self-employment and tax returns each year. But then we risk the chance of someone registering our company name or it not being accepted should we wish to register it. Me thinks its prob best to do this now before we build up a reputation on it only to find out we have to change Quote Link to comment Share on other sites More sharing options...
Nic Posted July 15, 2005 Share Posted July 15, 2005 Matt, if you need a source for "good value" headunits give me a shout, if you buy a few units at a time, I'm sure I can get you some good deals from here. Quote Link to comment Share on other sites More sharing options...
Shovels Posted July 15, 2005 Share Posted July 15, 2005 When I started my business up I registered my company name, firstly to stop any chance of me getting done for using the same/similar name as another company in the area and secondly to stop anyone else registering the name once my company had started. You probably want to look into insurance as well. Professional indemnity doesn't cost a lot Get an accounts package to track all your finances, quickbooks is good and not expensive, sage is expensive and IMO complicated, accounts are a bloody nightmare, so you'll probably want to get an accountant to do your end-of-year returns. A friend of mine had an audio company and they got ripped off big-time with credit-card fraud, so be careful of selling audio equipment over the phone/on-line,etc. A website is a good idea, but you need to push traffic to it. You also need to analyse who your target audience will be and what the goals of the website are. Don't spend thousands on the website, but don't get your mums friends son to do the work either (unless they’re a web developer) as this is likely to turn out as a poor reflection on your company from the start. Search engines are a bloody nightmare and you won't appear on them for ages. I wouldn't advise going for google's add-words or anything like that, it'll cost you loads. Most of business came from and still does from word-of-mouth (the best form of advertising) best thing is to speak to other smaller businesses in the area and find out where they advertise, they'll soon tell you what’s effective for them and what's not. Premises and wages are always the biggest outlay, my friend who got ripped off started up again as a mobile audio engineer, his workshop is now his estate car. I guess it works for him, much cheaper overheads too. Get a legal contract between you and your partner. This can quickly go bad when moneys involved, even for best mates. Another friend of mine is an architect and got ripped off 100's of thousands by his partner, another reason why an accountant is a good idea as they'll keep a neutral opinion on everything (hopefully) And last of all....Good luck! Quote Link to comment Share on other sites More sharing options...
Faye Brother Posted July 15, 2005 Share Posted July 15, 2005 Make sure your 'garage' has the appropriate planning permission first before doing any work from it. Quote Link to comment Share on other sites More sharing options...
VELOCITY Posted July 15, 2005 Share Posted July 15, 2005 Same when i started out, you need a formal/legal agreement with your mate as regards to money as I also know peeps who got taken for a ride by their so called mates, there seems to be no boundries when money is concerned for some people. Defo register your company name from memory this costs about £50. Good luck mate, its hard at the start but well worth it! Quote Link to comment Share on other sites More sharing options...
Matt T Posted July 15, 2005 Author Share Posted July 15, 2005 Wow, thanks guys. R.e. The website: Im currently designing it now, i may not be the worlds greatest web developer but i believe i can create a proffesional enough looking site. Check my sig for an example The site will only be part of our advertising, we are going to be using our cars as demo vehicles with some very nice equipment and installs. And making flyers, business cards, attending shows etc... We've already got a few suppliers on board so can already supply a fair amount of products too which is nice. The garage is a bit of a question mark at the moment, were trying to find a place under £200-£300 a month but its proving hard, at the end of the day we only need a place big enough for a car to fit in with some room between, most places were talking about 1000 sq.ft+, which is huge. We will definately be offering a mobile service too though, we might have to concentrate on this tbh until we can find a decent place (but then this limits us to simple headunit swaps etc...) We will deifnately be registering the name now, dont want to find out in a couple of years time when we do that it isnt allowed or its already taken! I'll get a copy of quickbooks and have a look at that, cheers. One question with the insurance though, we was hoping to get some form of insurance as obviously messing around with car electrics anything could happen. How do you go about getting this and are we talking a few hundred quid a year? Cheers Quote Link to comment Share on other sites More sharing options...
Shovels Posted July 15, 2005 Share Posted July 15, 2005 For the insurance I just went to a insurance broker in town and they soerted it all out. I'm sure if you shopped around you could get it cheaper, but at that sort of price is it worth the hassle? The website you've created looks really great, the only thing I would say though is that the search engines won't like that site very much at all. It's all to do with content, the images are great, but the search engine can't see them, so they rely on good old text content. PM me if you want some help. Cheers, Shovels. Quote Link to comment Share on other sites More sharing options...
Matt T Posted July 15, 2005 Author Share Posted July 15, 2005 Yea thats just a personal site, the company one isnt 'officially' online yet but ill PM you in a second about that Cheers Quote Link to comment Share on other sites More sharing options...
Guest Sakura Posted July 15, 2005 Share Posted July 15, 2005 Wow, thanks guys. R.e. The website: Im currently designing it now, i may not be the worlds greatest web developer but i believe i can create a proffesional enough looking site. Check my sig for an example Cheers Godd luck with the business! Just one thing about your web site - get someone to proof-read it for you before each update. You have a couple of silly spelling errors there already - and that can put some people off. Quote Link to comment Share on other sites More sharing options...
Faye Brother Posted July 15, 2005 Share Posted July 15, 2005 We will definately be offering a mobile service too though, we might have to concentrate on this tbh until we can find a decent place (but then this limits us to simple headunit swaps etc...) Matt, Take care with this aspect of the business as the Clean Neighbourhoods and Environment Act 2005 now expressly prohibits a business or commercial operation carrying out works to motor vehicles on a road. http://www.opsi.gov.uk/acts/acts2005/50016--c.htm#4 Quote Link to comment Share on other sites More sharing options...
Matt T Posted July 15, 2005 Author Share Posted July 15, 2005 Matt, Take care with this aspect of the business as the Clean Neighbourhoods and Environment Act 2005 now expressly prohibits a business or commercial operation carrying out works to motor vehicles on a road. http://www.opsi.gov.uk/acts/acts2005/50016--c.htm#4 Thanks for the heads up on that, what a stupid law Also means im breaking it most weeks on my own car! Quote Link to comment Share on other sites More sharing options...
Pete Posted July 15, 2005 Share Posted July 15, 2005 By a ready made company (100 quid?) and then apply to change the name to whatever you want. Make an appointment with the business advisor at your bank - although watch those charges. Most will offer you free business banking for a year, but you should compare charges after that. You probably won't get c/card facilities until you've built trading history with your bank. Don't be tempted to sign your house over as insurance! If you have to trade as cash/cheque only for a short term. Keep records of EVERYTHING and file very well. All purchases and sales etc. If possible do a basic accounts course. Do not delay in doing any paperwork as it will pile up very fast indeed. Hardwork and patience is the key. Oh, and for doing it. Quote Link to comment Share on other sites More sharing options...
VELOCITY Posted July 15, 2005 Share Posted July 15, 2005 Matt my sister owns a business insurance company in wimbledon, let me know if you want a quote mate Quote Link to comment Share on other sites More sharing options...
Matt T Posted July 15, 2005 Author Share Posted July 15, 2005 Matt my sister owns a business insurance company in wimbledon, let me know if you want a quote mate Yes that would be great, can you PM me with some details? Cheers Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.