What do i need to do know to complete the setup of my business?

Question

I basically want to run my own web development company, have the website done, got few clients, got portfolio of my previous work, got flyers, business cards sorted. Now actually registering my company, as i want to go self employed, but work at my current job(25hours a week) at the same time to have a steady income. I won't have any overheads whatsoever, as i do all the work my self.

Should i go to a bank with my business plan to get some help on steps i need to take to become official? will they even listen to me cause im 17? I have my own business plan written up etc.

Answer 1

Hi



You could start your own company from the age of 16. A company can make its own contracts. This is generally the most tax-efficient way of trading- it will also make you seem more professional and give you the benefit of limiting your personal liability if something goes wrong!



This might not be worthwhile though - it all depends on how much you think you are going to earn.



You don't need to show a business plan to the bank unless you want to borrow money (but probably useful to have anyway!)



I am an accountant who works with many small businesses (including web developers) so would be happy to answer any other queries which you may have if you get in touch: [e-mail]



Good luck!

Answer 2

you don't need to register the business, just trade under you own name for now.

keep detailed records of any money you make/spend.



i know a few people who have set up businesses at your age, doing more or less the same thing.



keep your job, and declare yourself employed for things is the best way to go. (Car insurance i believe is cheaper if your employed rather than self employed for example).



it seems unlikely you will earn any taxable amount so don't worry about that. (Although keep your records anyway).



just keep your personal bank account for the transactions, its ok as you trading under your own name anyway. also business accounts may not be available for people your age.

if you want you could open a second current account just for the business but again under your own name.



when it comes to invoicing your clients you should research some suitable templates for this to send to your clients.

there is a clearly defined procedure for payment and transactions that you should look into, especially if you are dealing with businesses. (It involves credit notes, days to pay etc etc).

if they are personal clients that you work closely with then you could ask for cash in hand or a cheque to avoid all the invoicing procedure.



contrary to popular belief you do not need to register your business with anything unless you are on the stock market or declare limited liability (Which you can't do in this case).

in the eyes of the law you and the business are the same entity.



to sum up, you are trading under you own name, and even if you weren't it doesn't matter. Just go for it and make a start.

But remember that while any money you make is yours so is any debt you get yourself into.



oh and Good luck

Answer 3

You have a little problem insofar as you are still a minor. You cannot enter into contracts as a minor ( with a few exceptions which do not apply here). Therefore you will need an adult to assist you, perhaps one of your parents. The only reason you would need the bank is for an account. If you require professional business advice, consult an accountant

Answer 4

sup Bro, check its simple, have your business registerd,meaning u'l have a Comp Reg No, and depending on ur annual income you may need to reg for Income Tax or pay as you earn.

Hence you done with that, you'l need to market yourself, you need to know how much client base you need,what age group you are tarketing,ect..

In order to make a steady income you need to aproach local businesses and present them your Business proposal and opt for a contract.

Leave the bank for the moment, just open an account, wen you invoice your clients, your invoice shud have a bank account number,postal address,physical address

and a contact number always in operation.

Once you set-up this lil preccesses youl do just fine.

but most important you need to market yourself..

consult someone older who you trust and has a business experience.