Starting my own business - fish out of water!

[Pinchop73]

Is it www.pokeherstar.com?

A*

[Pinchop73]

Also the bit about its name being very similar. Would really try and steer away from that as much as possible. Marketing wise it would be a nightmare. I would steer towards a totally unique title, doesn't need to be related whatsoever, afterall, who ever bought birthday cards online from birthdaycardsonline.com?

[StuartHopkin]

Hey Alex

Accounts -
How big do you expect this to be?
Do you have a rough understanding of accounting principles?

Guessing the answer to those two questions I would have thought having a book keeper type person come in and check what you are recording, file any PAYE and VAT returns etc would be the most economical. This way you can sit with them and learn a lot. Its really quite simple and I would have thought you could do this yourself after 12 months.

Whether you need a yearly account depends on if you decide to be a limited company or not, if you are a sole trader filling in a tax return I can put you in touch with someone who will reduce your tax fill in your tax return in exchange for a cheeky drink. If you become a limited company you need to have a yearly accountant check your accounts and sign them off. If your huge you need to have an audit but I would have thought you wont need to worry about that yet.

Legal -
I think most of the paperwork etc you could modify things you find online, however I think it would be well worth sitting down with someone for a couple of hours to run over any questions you have. The larger firms in town are a little more expensive but a lot more reliable.

Other website -
I would be massively concerned about this. If they get wind of your site and don't like it they have various routes to take. Many of which to not have to be based on a justified claim.
You would not be able to afford to fight this and would therefore be signing papers to close your site and settle for a small figure within a month of any action starting.
To give you a rough idea taking a case to the patent intellectual property courts costs circa £60k minimum, if you lose you will then have to pay a percentage of their costs and damages.
You need to be very careful not to step on anyone toes.

Apart from that the whole thing is pretty simple. There are various helplines that will answer your questions and as you get going you will pick things up very quickly.

Happy to help with any specific accounting, banking, website, legal, employment law questions

[david3103]

Definitely worth contacting Business Link. They may have startup grants available. I started my business 12 years ago and got a bag off them with virtually no effort. Also got some useful, free, advice.

Good luck with whatever it is, if your website man is a fail, one of my poker mates is a specialist in online payment systems.


PS I'd recommend getting an accountant sooner rather than later. Talk to a few and find one that 'gets you' . They will steer you through the choice of Ltd Co or sole trader and a really good one will have links to grants and to bankers. Initial cost of an accountant will be small, savings on tax may be large.

[smashedagain]

3) The name of my business is practically the same as another website - although this website's business is nothing to do with my website, except for being to do with poker. Is this a problem? Am I allowed to do this if it's really similar? Can they sue?!

please be calling your business Googol or Amazan or Blandpoker

gatters might just be on the right lines there, even though he missed completely.

Is it www.pokeherstar.com?

Lol. Please sell me some shares in this.

Is it common knowledge what your business idea is? My main concern about it was the legality side and breaking money laundering laws. I've been doing self assessments as a sole trader for 20 years and have always done my own accounts (my degree is in business studies and finance) only ever needing an accountant once in that time following an investigation. My solicitor however gets a visit from me a couple of times a year and always gets a contribution to his staff Xmas party.

[millidonk]

Lol. Please sell me some shares in this.

Is it common knowledge what your business idea is? My main concern about it was the legality side and breaking money laundering laws. I've been doing self assessments as a sole trader for 20 years and have always done my own accounts (my degree is in business studies and finance) only ever needing an accountant once in that time following an investigation. My solicitor however gets a visit from me a couple of times a year and always gets a contribution to his staff Xmas party.

You clean his windows?

[smashedagain]

Lol. Please sell me some shares in this.

Is it common knowledge what your business idea is? My main concern about it was the legality side and breaking money laundering laws. I've been doing self assessments as a sole trader for 20 years and have always done my own accounts (my degree is in business studies and finance) only ever needing an accountant once in that time following an investigation. My solicitor however gets a visit from me a couple of times a year and always gets a contribution to his staff Xmas party.

You clean his windows?

Lol no the guys who rent my business stick to domestic stuff. He is a proper character here in scunny and reminds me if that Rumpole of the Bailey character

[Acidmouse]

Definitely worth contacting Business Link. They may have startup grants available. I started my business 12 years ago and got a bag off them with virtually no effort. Also got some useful, free, advice.

Good luck with whatever it is, if your website man is a fail, one of my poker mates is a specialist in online payment systems.


PS I'd recommend getting an accountant sooner rather than later. Talk to a few and find one that 'gets you' . They will steer you through the choice of Ltd Co or sole trader and a really good one will have links to grants and to bankers. Initial cost of an accountant will be small, savings on tax may be large.

Business link is one realllly good site..

[Boba Fett]

My advice is don't transfer very hefty sums of money to people until you've compiled a fully costed business plan and answered questions like 'can I be sued?'

BusinessLink is useful and the bank will give you a small business advisor with new account.

What do you need to do to get a taller one?

[Tonji]

Key to a startup imo is to work with an accountant that understands your area of business.

I've had the same accountant for 25 years, they understand the way I work, prompt me when things need to be done. Not only save me money, but reduce the stress in dealing with the Inland Revenue.

Be prepared to put in long long hours. Running your own business is addictive & stressful, but rewarding.

Good luck Alex.

[outragous76]

As a side note to this, I was thinking the other day about my own business, and I thought "every business should have a Dan Morgan". Sometimes you get caught up in what you are doing (for a number of reasons), and what is required is cold, brutal logic to be applied to all situations. Hence, every business needs a Dan Morgan!

Dan  - when you set up this consultancy I want 10% - yvw

[vegaslover]

Defo get a business banking acc asap. They give some advice but give free banking for the first year or two, abs crucial for keeping the first year costs down

[ManuelsMum]

3) The name of my business is practically the same as another website - although this website's business is nothing to do with my website, except for being to do with poker. Is this a problem? Am I allowed to do this if it's really similar? Can they sue?!

please be calling your business Googol or Amazan or Blandpoker

gatters might just be on the right lines there, even though he missed completely.

Is it www.pokeherstar.com?

Lol. Please sell me some shares in this.

Is it common knowledge what your business idea is? My main concern about it was the legality side and breaking money laundering laws. I've been doing self assessments as a sole trader for 20 years and have always done my own accounts (my degree is in business studies and finance)

 only ever needing an accountant once in that time following an investigation.

Vague cliffs?

[RED-DOG]

Click to see full-size image.

[ManuelsMum]

lol wp