Starting a small business: What should I do?

Question

Hello Yahoo answer-ers.

So - I figured I'm pretty decent at fixing laptops, and considering the hefty prices in PC World, I could easily undercut them and offer the same services for a much lower price. Oh, and when I say I'm decent, I mean when it comes to laptops, I'd get an A* if it was to do with Geography.

This idea of mine is to take place in my own room (my parents house of course), I'll be the only one working for myself, no employees. So if I go ahead and put an advert on Google so people can find me via nearby places and such, would there be any legal things I'd need to take in to account?

Would I need to give receipts?
Do I need to register as a self-employed business - even though I won't have any employees?

That's all the questions I have for now I suppose. Would be grateful if someone had some business knowledge who has done something similar. Times like this I wish I payed attention in the dreadful lesson of business studies.

Thanks in advance!

Answer 1

Draw up a business plan, its the best start you can do for yourself. As any plan is better than no plan, and i believe you will require financing from a bank in the future.



So buy yourself a book on business plan writing, Write one, and if you get that done you can go further, yes you can just wing it and see if you sink or swim but a business plan will already sort that out before you actually start ruining someones laptop or get sued for ruining his laptop, evenso you might not have.

Answer 2

I think there is a distinction between "small business/self employed" and "an individual offering services."



I used to baby sit when I was a teenager. Did I need to register a business for it? No.



If you start doing this on a large scale, and professionally, then yes, you would need a business plan, insurance, etc the whole thing.



But if you just want to see if this is something that would catch on... I think you can just do it as yourself. The best would be to put up some flyers in your school, church, community center, and word of mouth. Just say that you offer computer repair services, and make sure it is a nice discount from the professional places. Tell your friends. Does a friend or a friend's parent need help with their computer? Boom. You'll do it. Ask if they'll recommend you to their friends if they like your work. Maybe your parents would also spread the work. Maybe your dad's coworker has a broken laptop, why should he or she take it to a shop when you can do it for less?



And then, if it starts to take off, and you see this is a viable source of income THEN incorporate officially. Remember, Bill Gates started off doing the same thing you are in his dorm room - and he DID not set up the whole business before he started fixing computers.



Once you create your professional business... this is a good place to start reading and looking to get a business-minded attitude http://www.millionairemba.com/?hop=mmglaca it talks about Richard Branson and how he started his iconic brand Virgin, along with tons of other super successful investors and entrepreneurs. This site has great inspiration, motivation, and some practical ideas, from super successful entrepreneurs who started out with nothing at first ...download the audio book (its free). Like i said you can download a book for free (I just finished it and it is really really good).if this link doesnt work just go here and click the link under the video

http://www.youtube.com/watch?v=NlREvHjjFkc ... that's how I found it.

Answer 3

You need to get a Government Gateway account and set up as a self employed person by selecting the middle option "Organisations".



http://www.gateway.gov.uk/



They'll send details by email and post and you need to activate your account and register your business details. Depending on how profitable you are from day 1 of trading and whether or not you have costs (you can claim back costs for the 12 months prior to trading) you will most likely need to pay Class 2 National Insurance Contributions.



If you're on a low income at first you can probably apply for working tax credits too: http://www.ideasforcash.co.uk/2013/02/working-tax-credits-self-employment.html



Keep all your receipts and make digital copies of each one. http://www.ideasforcash.co.uk/2012/11/save-those-receipts.html Organise both digital and physical copies of receipts into monthly files and enter all expenses into a spreadsheet. Excel spreadsheet booking keeping templates can be found online free.



Be systematic in everything you do otherwise it'll be a thousand times harder to back track when you get a letter from HMRC asking for details, facts or figures you do not have.



Start putting together some market research and use that to make provision for a business plan of some kind. It doesn't need to be one of those pretentious business school documents full or jargon. Write something up in plain English that can be modified on a regular basis. http://www.ideasforcash.co.uk/2013/05/do-you-need-to-write-a-business-plan.html

Answer 4

My son started up his computer repair business working from home

You need to register as self employed with HMRC

Hopefully you are also qualified and insured

You'll need a car to visit people's homes and businesses as people are not going to come to your home

You'll need a business bank account as well as people may well pay by cheque or debit card

Yes, off course you need to give receipts and a guarantee of the repair

Presumably you're also going to buy stock and have a place to work at doing the repairs

My son now has a shop and staff and has been running his business for 6 years

Answer 5

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Answer 6

Also, this site might help you promote your business. There's a free sign-up.



www.gopherdirect.com