Hi all, Just wondering if any of you have experience of starting up your own business?

A colleauge and I have come up with a very viable business idea, and we have the contacts and experience to make it work. But we don't have a clue how to go about getting it off the ground...

Does anyone have any advice/pointers/stories to share..?

Work out the legal structure.

If you're intending to work it as partners, get a proper partnership agreement legally drawn up, including how you dispose of the business and it's assets if either of you wants out.

You might find a Limited Company is a better model - both of you become directors of the company - as there are two of you you have the legal minimum number of people required to set up the company, and it would allow one of you to buy the other out if one of you wanted to split. The 'exit strategy' is crucial - I lost a truck load of money by NOT getting this sorted out a few years ago.

It also offers more protection aganst liabilities; as a partnership it's joint and several liability. As a Limited Company, provided you do nothing particularly silly or personally guarantee debt, the company offers you some personal protection from creditors.

Start the business with as little other people's money as possible.

Prove your market exists before you start committing a lot of your time and energy in to it.

And have enough money to keep you alive for a minimum of 3 months if you dump the day job. :)

If you require funding, talk to a bank. Many banks will provide you with a framework that develops your business plan, and strategy into a viable option that will allow funding (if needed) by the bank.

It is however a good idea to do this even if you dont require funding since it will allow you to define your business area and not get side tracked (which is very easy to do).

Also, talk to an account and research "Companies House" to get yourself a limited company status. (To do this you will need to have a 3-5 year forecast of profit/loss, turnover, etc)

Setting up a business is a lot of hard work, but if you're successful can be very rewarding, so good luck!

Also, talk to an account and research "Companies House" to get yourself a limited company status. (To do this you will need to have a 3-5 year forecast of profit/loss, turnover, etc)


Actually, you can register a company through a registration agent without any cashflow projections, etc.

You buy an 'off teh shelf' company which comes with the paperwork in place - an accountant would be able to help you here...

HOWEVER - JBee - for some reason I think you're based in Scotland? If that's the case you may just need to check about the situation in SCotland; my own experience of company formation, etc. has been under English Law.

Work out the legal structure.

If you're intending to work it as partners, get a proper partnership agreement legally drawn up, including how you dispose of the business and it's assets if either of you wants out.

You might find a Limited Company is a better model - both of you become directors of the company - as there are two of you you have the legal minimum number of people required to set up the company, and it would allow one of you to buy the other out if one of you wanted to split. The 'exit strategy' is crucial - I lost a truck load of money by NOT getting this sorted out a few years ago.

It also offers more protection aganst liabilities; as a partnership it's joint and several liability. As a Limited Company, provided you do nothing particularly silly or personally guarantee debt, the company offers you some personal protection from creditors.

Start the business with as little other people's money as possible.

Prove your market exists before you start committing a lot of your time and energy in to it.

And have enough money to keep you alive for a minimum of 3 months if you dump the day job. :)Like Joe says until you get established make sure you have enough funds to support you for a minimum of 3months were still struggling after 6months, never worked so hard for so little.:hihi: But seriously try not to get to much on credit as this will eat into your profits. We started a newage shop over 6months ago and still struggling so if I can add my 2penny's worth please just ask.:thumbsup:

JBee, the Rotherham Chamber of trade run a 10 day buisiness start up course over 10 weeks.

And it's free! I did it 3 years ago as I was considering changing careers.

It was increadibly usefull and the support goes beyond the 10 days too.
They promise to help you whenever you need their advice & input.

When I did it the course was run from the town centre building oppostite the old Muntus buildings :thumbsup: