UKBF Getting Started In Business Guides - We need your feedback!

[Ethan39]

Good afternoon all,

Hope your Monday is treating you well.

We've been wanting to produce some professional guides for a long time to help new members to the site and fledgling entrepreneurs get through the early stages of running their businesses.

We've been discussing topics such as "Hiring your first employee", "Completing your first set of accounts" etc. As well as producing a variety of template documents that could be used when first getting started such as contracts of employment, letters of notice before claiming debts and guidance on data protection in business.

We have some of the above lined up but we are still very much in the process of trying to plan these guides and resources.

What I wanted to do on this rainy Monday afternoon was reach out to the community and ask "What were the stumbling blocks you had when you first started in business?". We're hoping that, through these guides, we can help new businesses in the UK get over some of the common problems that can occur when starting out. So we wanted to know what you feel is needed and whether we've missed the mark with the above.

So, let me know, what do you think would be helpful for us to have here as a formalised guide on UKBF?

 

[japancool]

I don't know how simple you can make this, since it's a complex subject:
"Limited Co vs Sole Trader"

and
"Directors' rights & responsibilties"

 

[japancool]

"How to pay yourself - don't fall into the director's loan trap!"

 

[Ethan39]

I don't know how simple you can make this, since it's a complex subject:
"Limited Co vs Sole Trader"

and
"Directors' rights & responsibilties"

"How to pay yourself - don't fall into the director's loan trap!"

All good topics, thank you!

 

[fisicx]

Taking on a lease

 

[ctrlbrk]

So, let me know, what do you think would be helpful for us to have here as a formalised guide on UKBF?

When you open up an LTD co, if you're not trading right away, how to tell HRMC you're not yet trading, and that there's a difference between how they see your company as 'dormant' and how Companies House sees it as active.

Also a basic accounting guide for those who are not yet trading or not bringing in enough revenue to pay for an accountant might be handy.

 

[Fagin2021]

'Identifying Your Target Market'

Newcomers to UKBF often ask ecommerce questions about the best way to market their wares - SEO, SMM, PPC or whatever. The inevitable response is "What's your target market ?" to which the answers are frequently confused, overly broad or based on assumptions that may or may not be correct.

My first ecommerce site (still going) sold pearl jewellery. All the marketing and website design was based on the assumption that the target market was women in different age groups. It took months to establish that most of our customers were men buying jewellery as gifts and even more analysis to realise that our best customers by far were middle-aged men in the North of England buying anniversary presents for their wives. A big re-think and revamp were required.

 

[Chris Ashdown]

To me the most important things to understand for a new startup is Cashflow and costs related to marketing on ebay / amazon/ social marketing against returns

My way of thinking is anyone who does not start a cashflow spreadsheet and keep it up to date at least every month is just looking for trouble as sales grow over time. ITS NOT THE ACCOUNTANTS JOB but yours as md

 

[pentel]

Not an issue we had but I see lots of people not understanding the difference between monthly p&l and monthly cash flow.

 

[MBE2017]

A big issue I notice time and time again is people offering credit to anyone, often without and credit check or procedure thought out as to how any debts would be recovered.

With a recession upon us, it would pay many to lose the odd order than incur a huge debt.

 

[Mark T Jones]

Similar to @Fagin2021 - marketing, but with the emphasis very much on target markets, niches and market research.

Cashflow vs profit

Credit control

I've written several funding articles for you guys - happy to spuce them up a bit, but it would be nice to be credited

 

[fisicx]

Because Marketing is such a huge topic and no one person could cover everything you may need an overview then specialist articles: Customer Research, SEO, PPC, SMM, Direct marketing etc.

 

[Paul Kelly ICHYB]

• Should I be starting a business?
• Why businesses fail
• What not to do when starting a business.
• Write a business plan, even if it's one page.
• Self employed, limited or something else?
• Stop spending when you could be saving!
• What is so special about your idea?
• Have you thought about franchising?
• Funding, finance & money
• Protecting your business and idea
• The web, email, social media and all of that new fangled stuff!

These are some of the subjects I cover in my Business Startup Bootcamp, but there are more and they can be broken into smaller chunks.

 

[fisicx]

What I would suggest is each expert guide shouldn’t keep linking back to forum threads.

Have some links at the bottom of the guides to relevant threads and associated guides but leave the main content clutter free.

 

[MBE2017]

Just to add to the suggestions already made, basic checking out of your idea. Instead of asking family and friends for opinions, try going out on the street and asking strangers instead, or better still knock their doors and talk to them.

I used to own several mobile phone shops, and before opening in a new location I would spend a couple of days at different times counting the number of people walking past, and noting if they had shopping in bags. Basic research does not cost much but can be time consuming, on the upside it can save you a fortune.

 

[Ethan39]

Write a business, even if it's one page.

I've noted the rest of them, just wanted to clarify what you meant by this one. Are you talking about a business plan?

 

[Paul Kelly ICHYB]

Yes, sorry - business plan!

Post edited!

 

[Ethan39]

Thanks for all the suggestions all, they've been noted and we'll be considering all of them as we move forward.

 

[The Resolver]

For limited companies, the priorties has to be setting your own set of rules (Shareholders Agreement) to avoid/ more easily resolve the disagreements that inevitably will arise.

 

[Kerwin]

Also a basic accounting guide for those who are not yet trading or not bringing in enough revenue to pay for an accountant might be handy.

This is important for me. I've been trying to find an accountant but I don't have quite enough money to get one so I'll need to teach myself the basics.

 

[The Resolver]

Where relevant, having wrtten up your detailed terms of business by which to bind all customers/clients (and ensuring they contain a dispute resolution procedure clause to keep you out of court..