not dis related but need your help!

[lawlesslovewdw]

DH and I are just about to set up a new business together. Its something we have both worked in for a while but HELP! Not only will tis venture affect our holidays but our day to day living. We realise it will be a gamble and alot of hard work and planning(but hey i can organise a wdw holiday ) any pratical advice out there. Like we have a small amount of money put by but we are not going to have any income for a short while, will working families tax credit help us, what about grants etc? We are off to see the bank in the morning We know we can make it work or we wouldnt be doing it but the future for the next few months is scary.

Any advice would be gratefully received and any local NW accountants out there?

 

[KayleeUK]

Can't help - but wish you loads of luck!

 

[natalielongstaff]

good luck, sounds very exciting

 

[karentan]

unfortunately have found this out the hard way, but the best piece of advice i can offer is (as much as you can) protect your own money as much as possible, avoid taking out money secured on your house etc... DH had a gym, which he ploughed a LOT of money in to, but it went under when the landlord got greedy and wanted more money, we ended up owing £4000 to the bank, and are still reeling from it.

 

[Elise79]

Hi

For details of any grants etc try a visit to your local Business Link they are vey good with Business start ups.

As for an accountant do you have any recommedations by word of mouth? As usually this is the best way to find a good accountant. If not visit 3 or 4 and see who you feel most comfortable with. A good accountant will help you long term with growing your business and the best structure for it as well as tax planning to ensure to don't pay too much

PM if you want a couple of links for finding a reputable accountant.

Elise

 

[Minniespal]

Can't offer any help but hope everything goes well for you

 

[lawlesslovewdw]

Hi

For details of any grants etc try a visit to your local Business Link they are vey good with Business start ups.

As for an accountant do you have any recommedations by word of mouth? As usually this is the best way to find a good accountant. If not visit 3 or 4 and see who you feel most comfortable with. A good accountant will help you long term with growing your business and the best structure for it as well as tax planning to ensure to don't pay too much

PM if you want a couple of links for finding a reputable accountant.

Elise

Thank you for all your replies.
We have been recommended an accountant by a friend so we are going to have a meeting with them next week. Thanks for yur advice

 

[mandymouse]

Wishing you lots of luck in your new venture

 

[T16GEM]

DH and I have just set up a business, and touch wood it's going well so far. The biggest piece of advice that I can give to you is make sure that you do your research, you don't say what you are thinking of doing but we have a card, party and gift shop, we had to find somewhere for it where there wasn't a Clintons etc. Luckily the village that we are in has it in the lease contract that we are the only shop of our kind in the village and that nobody else can come in and do the same as us. Make sure that you know the market that you are going into, if not ask, ask, ask, ask! We went to a lot of retailers with similar businesses in the weeks that we were setting up to get advice and help from them, and most were very helpful to us.

I know others have recommended Business Link, but to be perfectly honest they were useless for us, and did nothing but try to talk us out of what we wanted to do!

Don't expect to make a million in your first week either, we have days now where I wonder what we have done, then other days it's great, you have to be prepared to take the rough with the smooth.

Its a LOT of hard work, DH and I work 11 hour days in the shop and then when we get home (usually at about 8pm) we eat and go to bed. Bear in mind that we have two small children too! We are bushed most of the time too!

It will affect your holidays and spare time too, so be prepared for that, DH and I have had to plan our WDW holiday for Christmas and DH's mom is being kind enough to run the shop for us while we are away.

This sounds like doom and gloom when I read it back, but it's not trust me! We are having fun and not havng to answer to a boss is great. It is hard but I am hoping that we will be able to take on a (trusted) member of staff next year to help and we will get more time to ourselves then ( and maybe look to open another shop!)

HTH
Gems