Getting Started...

[dmcniven]

Hi guys - this is my first post, and I know it wont be my last. This forum is very usefull for new and upcoming employers/inventors.

I am a time-served plumber, I am 19 years old. I am also ACS qualified (Corgi).

I have my mind set on working hard and making a lot of money, through business and ideas.

I've got a SQA 1 in Business Management, so I know if I work hard, I should succeed.

Basically, what I am wanting to find out about is... The Basic first steps when it comes to settings up a business.

Is it ANYTHING as follows?

1... Get your idea.
2... Plan, check and design a Business Plan.
3... Approach Banks/Business Gateway for funding/money.
4... Begin a long hard struggle!

I am aware that there is a lot more involved ofcourse, i'm bright and I understand exactly how much time, stress & effort.

Comments are really appreciated!

 

[Joe Lauzon]

You want my advice, don't set up a business until you are thoroughly experienced in your field. Go work for someone else for a while, and gather some experience. No disrespect, but if you try to run before you walk you may fall flat on your face.

 

[glennmid101]

Totally agree with Joe, but would never talk anyone out of going into business.

It is a hard journey, i bang my head against the proverbial brick wall for a year, but got there eventually.

 

[dmcniven]

Yeah I understand that, I am not talking about a Plumbing business. I am talking about offline/online businesses/inventions in general.

 

[Joe Lauzon]

Yeah I understand that, I am not talking about a Plumbing business. I am talking about offline/online businesses/inventions in general.

Market research, and lots of it. Understand your market place, and make sure there is money to be made.

 

[DavidT]

I would say go for it... but don't rely on it too heavily for your income.

We work for a client that was 18-19 when he setup an automatic door company. He's 23 now, and expanding across the UK doing well.

Certainly young, but he employed his old boss as the manager and experience is important.

I know it might not be plumbing you are looking at, but whatever it is I wish you the best of luck!

David Toohey
The Accountants Circle
Accountancy & Bookkeeping Forums | Accountant & Bookkeeper Blogs | Accounting Templates | Find Me an Accountant

 

[Gavin Browett]

Good luck with it, we are also young and registered our business just yesterday, doing web site hosting.

From our experience of starting up over the last 3/4 months I would say to cut out most of the hassle pay a formations company to do the startup for you. This is what we did which ment we could spend our time on our idea rather than all the madness around registering your company with Companies House (this assumes you are going to be a Ltd company and not a sole trader of course).

Either way, good luck with it and stick by your idea.

Cheers
Gavin browett

 

[Cornish Steve]

Now is the time to take calculated risks (but not reckless ones). You're young, you have few commitments, you could probably survive on very little cash, and you're enthusiastic. I agree that you should learn all you can about your chosen area and understand thoroughly the market's needs, but don't think you have to wait a few years to start out. The very fact that you're posting here implies you have initiative.