New startup idea, need help

[Cibbersicks]

Hi all,

This is my first post so please go easy on me!

I’m 30 and currently in full time employment, and have been since I left school. I have an engineering background, currently as a production manager running a small factory with a foundry, machine shop, fabrication and assembly departments.

I have recently been inspired by an old directive that worked well towards the end of the industrial revolution, and I think it may be of great benefit to a large group of people now.

I need to talk to someone about it with a lot more knowledge than me with starting a business, which could potentially be at least partially funded by the government/local council. Also there are a lot of areas of this potential business that I know I will have overlooked, so I just need some advice really.

Any help would be appreciated.

Kind regards,

T

 

[GlennMiddleton]

Your starting point is a business plan, work out how much you need to start up, the cost of making the product or delivering a service, the profit margins, how to create awareness of the business, is to B2B or B2C. The list is endless unfortunately.

 

[The Byre]

I have an engineering background, currently as a production manager running a small factory with a foundry, machine shop, fabrication and assembly departments.

Always a good background!

I have recently been inspired by an old directive that worked well towards the end of the industrial revolution, and I think it may be of great benefit to a large group of people now.

Do you intend to manufacture a product?

I need to talk to someone about it with a lot more knowledge than me with starting a business, which could potentially be at least partially funded by the government/local council. Also there are a lot of areas of this potential business that I know I will have overlooked, so I just need some advice really.

Ideas are ten-for-a-penny. Realising those ideas is 100% of the battle.

I suggest you do some background reading on starting and running a business, before you start talking to people. That way, you will know what you (and they) are talking about and are supposed to talk about!

https://www.amazon.co.uk/Starting-Business-Dummies-Colin-Barrow/dp/1118837347

https://www.amazon.co.uk/How-Start-...coding=UTF8&psc=1&refRID=89R7RGF8K6DTMDRA984K

 

[JamesWW]

Writing a business Plan is a good place to start, as already mentioned. What isn't easy is writing a business plan. The banks have some great templetes to go of, or there is plenty online. If you are running it as self-employed, then I would suggest going on a book keeping course, just to help you understand the money a little better. The hardest part of any business is getting started.

 

[Fleet Compare]

A good well thought out and researched business plan is critical. The main thing is having a good idea rather than a great knowledge of how to do a business plan. Finding a good template to use and then good advice is pretty simple with a quick google search. Get yourself a great business plan that you can show to people before you start doing anything else.

 

[Cibbersicks]

Thank you for your help.

I don’t want my employer to know about my startup, obviously it won’t be that difficult to be kept to myself, however I am concerned about the tax implications and my PAYE. If I register as self employed, will this show up via my tax code? Would it be better to start out as a sole trader or as a limited company in this situation?

The basis of the business in the beginning would be kind of freelancing. It’s not related to or directly linked to my employers business. It does state in my contract that I must notify them of any other employment, however I know that this would cause issues and would most likely not end well, so I am comfortable with the risk for now so long as there is a way it can be hidden.

 

[LanaW]

It's better to write a real business plan with real budget and get a professional consultation.

 

[Chris Ashdown]

Hi all,

, which could potentially be at least partially funded by the government/local council.
T

Perhaps you could explain your thoughts here as hard to understand local council lending to or funding a start-up business

 

[Scalloway]

Merton Council provide start up funding.

https://www2.merton.gov.uk/business/businesssupport/businessloans.htm

 

[Bruce.D]

I don’t want my employer to know about my startup, obviously it won’t be that difficult to be kept to myself, however I am concerned about the tax implications and my PAYE. If I register as self employed, will this show up via my tax code? Would it be better to start out as a sole trader or as a limited company in this situation?

I think this may against your current employment contract.

 

[barryo]

OP's already said that he's bound under contract to notify if he takes any other employment, but a huge number of successful companies would never have got off the ground if that was followed to the letter. As long as it's not in competition to his existing employer and he doesn't allow it to interfere with his responsibilities (such as working on his new business during employer's time), such a contract term would probably be unenforceable.