So, you’ve decided to take the plunge. Here is a list of the 10 things you need to do before you go over £1000 in sales. I offer a free 2-hour consultation for all new customers.
This is a requirement if trading in the UK, otherwise people will think you are a fake business or based overseas. If you export your products globally this is very important.
If you fail to do this, you will get in a muddle with money and will take longer to work out your loss and profit. It can be a personal account.
New businesses usually have many upfront expenses for equipment and stock. Be sure to enable full tax reliefs from year one where you can.
This is part of GDPR or the General Data Protection Regulations. There are very defined rules about what you can and cannot do with people’s personal data that you may record as part of a sale.
Ensure that the stock you purchase is actually legal to sell in the markets you are selling to.
Public Liability and Product Liability are the two which come to mind here. Be very careful.
This could be:
You are down the pub, and someone asks you what you do for a job. Handing out a business card takes 2 seconds. Faffing about trying to enter a new contact on your phone’s WhatsApp takes 20 to 30 seconds, or longer if you have switched your phone off. Better still have a mini brochure.
Social media is a good place to share your business so look at all the options.
Do a test launch of 10 units, before you buy 100 units, you might find you cannot sell at a profit.
Sewing Kingdom is a classic side hustle turned to good general business. With sales well into 6 figures after a few years, it’s time to revisit the business plan.
Cottage industry gone mad. What was an idea for some pin money took off and now there is too much business coming in. What a great way to develop a business.
New start up with big ideas, watch this space.