I have both autism and adhd, and I have had so much difficulty with employment, and I am now looking into starting my own business. I know I will need to declare everything so I am doing my research but it will be a couple of months before I start with it properly. Do you have any advice?
I successfully started a business. I ran a guest house.
Only problem was it didn't make any money
It was in the wrong town. Somewhere people came because they had something to do (work, wedding etc) instead of visiting it for its own sake. I could have charged 30% more if I was in a tourist spot..
I agree. The main points are to decide if you want to be a sole trader or limited company. Either way you will need a bank account. Some of the online banks do a good deal, but shop around.
The main thing is to keep your company expenditure and personal expenditure separate - that why I have a company Amazon account, with Amazon Amex credit card, and a PayPal account with a debit card. With Paypal you can take payments online and by credit card. I use the company Amazon account to buy stationery and other supplies. Both link to an accounting package. I use one that is advertised on tv (I am not sure what the rules are here about advertising) and this links my bank, Amazon and PayPal accounts into one system.
It is probably worth getting an accountant unless you are very good with spreadsheets and financial stuff. Keep your receipts. If you are a sole trader you will need to submit a pesonal tax return each year. An accountant can help save you money by pointing out the expenses you can claim against tax. You may also have to pay National Insurance.
If you use your car, it is probably worth getting one of the Mileage Record books (available in most stationers) to record personal and business mileage. You can claim business mileage as an expense. If you use the train, a company account with Trainline (other providers are available) enables you to buy tickets in advance and you have a record of your travel online
You will probably need to register with the Information Commissioner's Office if you are storing customers' date. You can do this online. Remember to back up your data. I bought a 2Tb USB stick for under £20 and copy files to that.
Don't forget insurance. You will need business insurance if you use you car. Look at liability insurance - depending on whether you are selling goods or services. You can also get legal expenses and bad debt insurance as part of a package. Again, shop around. If you are working from home, tell your home insurer. I have a combined policy with a well-known online company which covers all the homeowner risks, and also my office contents, stock and business liability.
Depending on your business, you might want to get a business mobile or Skype number so you don't have to give customers/clients your personal number.
If you work from home, you might need to think about meeting clients away from home. Coffee shops etc. often work, or you can rent meeting rooms and office spaces by the hour. If you are selling things, look at market stalls, boot sales etc.. (Not my area of expertise, others will be able to advise.)
Good luck!
I am looking into selling fidget toys... I have a few things in mind so far. but I need to figure out how to source them for less.
Thank you .. I am looking to set up a shop to sell fidgets. I know there is a market for it, and I am looking into how I can do this, but it does't feel simple to do for me. So I will seek some help on it.
I am looking to start as a sole trader to start with. I am not even sure what I am doing, I need to do a lot of research.
Hi Ruby
I have been self employed for the last 20 years ish. I find it tough sometimes and need the odd day off when there is lots of things I need to do outside of work but that’s why I love it. I would just say try to do something you have an interest in as this will make your life easier. I feel so lucky as I always found it incredibly difficult being employed.
Good luck with your new venture!
It has been the only alternative for me in my adult life. I have had a few.
Be aware of those trying to take advantage. Naivete was the hardest for me at the onset. Get proof before committing.
Find something that will not make you bored or exhausted. Or you could go with something that is fungible, like photography prints. Or consulting. Becoming an expert in a field of study is very rewarding too.
If you are making something to sell be sure to NOT let a sample out to a vendor without being present and to NOT leave it with them.
Copyright before distribution of any content created!
Get half up front - at least.
Or sell on consignment with rigorous inventory keeping.
Do not extend credit, ever and do not lend!
Do not share your methods or ways of doing things.
Consulting is another avenue if you have a contract that allows you to keep the rights to your work. This is a problem with Tech startups.
writing, art, craft, consulting, . There are lots of options.
What sort of business, will you be a sole trader or setting up a limited company?
Setting the business up is remarkable simple - I did it multiple times in the UK over the last decade using various guides you can find online and it is both cheap and fast to do.
Depending on the nature of your income you may be able to do the accounts yourself (eg if you are good with reading the accounting rules, completing your own forms and have modest amounts of receipts / invoices to process then it is easy) or can hire an accountant (I paid about £70/month for mine and they had very little to do for me).
So creating a company and the accounting side is all pretty trivial but you need to make money and this is the hard bit.
1 - you need to have something to sell, whether goods or services. These need to be both desirable and made visible to the buyers and this is the bulk of the initial hurdles to overcome.
2 - you need to deliver and service whatever it is you sell. If you sell mobile phones for example then these need to be available, well packaged and shipped quickly / securely to make the customers happy. If they have questions about them then you need to be able to answer them capably.
3 - you will need to continually find replacement business. If you provide services (eg you wash windows) than you will have some repeat business but people stop using this for all sorts of reasons so you need to be always advertising and sourcing new work.
There are a load of other things to consider such as insurance, cash reserves, bank accounts etc.
If you can give us some idea of what sort of business you have in mind then we can give more tailored advice.
