What's my best approach to starting a business?

by LittleMelodyBird. Posted on Sep 14, 2020    0    9


Hi there. I'm 22 years old, live in the UK, I'm currently unemployed and I'm not earning benefits (although I probably should be as I'm living with parents). What's the most important things to consider when starting a business, and how best should I approach this?

I have been making and selling handmade items on eBay for over three years now and earn roughly £1000 per year, however I'm finding that not being registered as a business is preventing me from easily expanding my operations... I create corded bracelets, and I'm also hoping to branch out to sell my photography, as well as purchase and sell precious metal jewellery when I have a bit more income.

I am unsure where to start regarding this; I have been looking into registering a trademark however I've also been told that you don't always need to do this?

Thank you so much for your help.


Comments

PowerPotato69 2

I’d look into selling on Etsy. It’s quite popular with handmade items

kdawg1094 2

Lots of hard work to get it up and running. You need to work out what selling strategies work - that’s the only thing you should care about at the moment.

Forming a company is 0% important. You’re not going end up in jail and if anything it will only slow you down with extra requirements. It’s annoying.

Find out who your ideal customers are by speaking to as many people as possible. Go to specific events and ask if you can set up a stand, join Facebook groups in your niche and ask questions, whatever your brain tells you to do. Then you’ll get a real feel for who wants your stuff and how you can sell it to them.

Get out and sell! That’s all you should worry about at this point.

  LittleMelodyBird 1

Hi there. I understand, I've been quite successful selling on my eBay as I was the only person selling items like mine for a while at a fairly cheap price. I was hoping to open a shop front on Amazon but this would require me to have a business (as Amazon is a popular site, I would really like to sell on there).

At what point would I need to worry about forming a business?

I have been thinking about forming one for a while and I would like to link all of my products under a particular business name.

I've just been told it's only £12 to form a business; what would I have to worry about if I did this?

Thank you for your advice and for your help.

kdawg1094 1

Don’t get hung up on things that’s don’t matter. For the most part you won’t really need a company. Certainly don’t worry about forming a legal entity - you’ll be legally obligated to file annual accounts and confirmation statements that cost money to file even if you do no trade. Run everything through PayPal and you’ll not really be liable for anything for a long time. You can trade as a “sole trader” for as long as you want without a limited company. That’s what I’d recommend for you 100%

Focus on growing sales and learning marketing

blackcatinurpath 3

Your only making 1000 /yr and getting a licensed business is holding you back. I'm not sure if I follow. At most your just a hobby seller. I dont know how much your have to sell in the uk to claim that income on your taxes but ebay in the us doesnt even report less than 2000 in income in most states. Without getting specifics I would advise against forming a actual company.

Homemade photography from an unknown artist is unlikely to sell on ebay so unless you have an outlet to sell it through that is unlikely to work out. Selling precious metals takes a bit of skill and takes a lot of time to get good at.

  LittleMelodyBird

I basically am trying to expand to other sites like Amazon and need a business to have certain things on there, like a shopfront and branding my products etc. I also have a business name I would like to be recognised as. I don't know what other benefits of having a business would give me, apart from giving me a focus and allowing my products to be more official and trusted as a branded product?

I'm also hoping to sell my photography in pendants; I've sold a couple of prints in galleries so it would be an experiment selling them as necklaces.

Most of us in the UK have an allowance of £11k before having to declare taxes. What would having a business require me to do regarding taxes etc?

Thanks for your reply.

noob-dev 3

You can register a business online through gov.uk and companies house for a fee of £12. This suits most businesses in the UK that don't need to step up for more rights or legal stuff. In terms of selling stuff you make and it being a small operation (which in the grand scheme it would still be even after you expand it), this will do fine for a long time.

  LittleMelodyBird 1

Hi there. That's quite a cheap price to register a business; what would I have to worry about after doing this (does it require anything from me)? I'm definitely running a small operation at the moment... Thanks for your help!

noob-dev 1

You are responsible for everything yourself from the legal documents and bookkeeping all the way to costs and hiring others to do these and other tasks for you if you choose to go down the expensive route.