My New Online Shop - Advice Please!

[james9018]

Hi,

I've recently invested in a basic eccomerce package to allow me to start selling products online. I've got the shop itself setup, along with the domain, so for functionality it's all ready to go, my stumbling block however is the status of the 'venture'. Let me explain, I'm eighteen and working at a local supermarket, I'm earning a decent wage but it's certainly not something I want to be doing for the rest of my life. It's money and experience at the moment, nothing more. This online shop that I'm starting up, I'm hoping will give me something to concentrate my free time on, an experimental venture that isn't too expensive but could prove to be a decent-ish second income. Maybe so I can save the cash up towards my next venture, or even sell it in a few years time to fund my next plan.

The major thing that concerns me is that I don't know whether to go for a Private Limited Company, or to trade as a sole trader. Is it possible for an online retailer to trade as a sole trader? If so can the company have a name? Also if I register as a sole trader what would I do with regards to 'registering' as one? I don't want to give my current job up so I wouldn't be self employed.

Also, will I need some kind of insurance? Public liability insurance or something? In case one of the products I sell causes something? Or would the manufacturer be liable instead?

Sorry for all the questions, I'd greatly appreciate any help!

[TARMAG]

Welcome buddy

What products do you plan on selling?

[gibby]

HI,

nice to see someone with the right attitude.

At this stage your better off registering as self employed - sole trader, its not that scary and can be done part time around your job. Yes you can trade as a name.
To register just contact you local tax office and they will send you the forms.
There is no hassle in both having a job & being selfemployed. The tax office are very helpful these days and there are plenty of other places such as business link to gibe free advice.

Your really dont need to look at the hassle of a LTD co until things are really moving.

Insurance, if your moving goods from suppliers in the UK you should be ok but for peace of mind you may want to look around.
there is also the risk of having stock etc so for a smallish amount you could get adequate insurance.

Hope that helps

G

[DaisychainBaby]

Hi, if you want some advice on insurance, contact Direct Line. I have a retail website and have a fair amount of stock, they were really very helpful in helping me determine the best kind of insurance for my needs. Once I worked that out I shopped around and ended up going back to them as they were also the most competitive.

[mysterons]

Sole trader status will be absolutely fine for you at this point in time.

Welcome to the forum!

[edmondscommerce]

yes good luck!

concentrate on getting some turnover and profit first and then worry about longer term issues

[thesuperhero]

Have your company register as sole proprietorship will be a good start as at least you have a trading name, bank account so that you can measure your successful rate. You will also have the ability to manage your cash for advertisement, expenses, stocks, and the profits that you make online.