topic Re: What business should I consider? in Archive

What business should I consider?

Logan — Mon, 15 Sep 2008 10:44:44 GMT

Hi everybody, I have been working in a credit management company (at a smaller level) and was with them for a quite a number of years. But, now I am planning to start my own business in somewhat a similar pattern. Since, I have been asscociated with credit, debit and accounts work so I would be interested in a similar kind of business. I don’t have a large capital to start a company but would like to have my very own business at small scale.Any suggestions on which business and what steps should I take???

Re: What business should I consider?

Robbc4 — Tue, 16 Sep 2008 13:57:44 GMT

Personally i can't suggest anything for you to step into as im already away to embark on my 3rd career change but this one will stick as i enjoy it and can get the relevant qualifications quite quickly.

However i do know, make sure that you have a good plan that you can work through and don't go in over your head. The most important thing is to manage your cash flow. Don't go straight into the deep end and make sure you can keep yourself goign otherwise it will just get worse. The bank are your friend and don't be scared to speak to them. They are willing to help you. They want to keep your business and keep you going in the right direction as that makes them money in return. But doing what you have done, im sure you are more than aware of this.

For what you decide upon, make sure you have it planned correctly.

Make sure you market to the required customer base and not someone who wouldn't be interested. No point in trying to sell skateboards to old woman!

E.g If you want to be a net business, what happens if phone line goes down? Do you have a backup system in place like dial-up etc.

Even starting small and you start to get somewhere and you think your turnover will go above £56,000 during any 12 month rolling period then make sure you are VAT registered or otherwise face a stiff fine or whatever else HMRC can conjure up! For any 12 month period you must monitor it or HMRC might come a calling and their bite is far worse than their bark! Helps if you don't have a dodgy accountant 😉

If you do decide to go ahead with this then good luck 🙂

Message Edited by Robbc4 on 16-09-2008 02:57 PM

Re: What business should I consider?

Kirbyvega — Wed, 17 Sep 2008 18:11:27 GMT

I think going on in a similar way would be the best option as you have already said that. You can go for a credit repair business as the demand for such business is on the constant rise and it does not require a big investment. It has flexible working and since you are from the credit side you can very well understand the working of a credit repair business

Re: What business should I consider?

bills — Fri, 18 Sep 2009 15:56:12 GMT

Starting a business in which you have a background in is a logical choice and would enhance your chances of success. You probably already know where to get clients, how to service them and what the costs involved are in setting up shop and many of the other details. It's ok if you start off small, just you and a couple of people. As you learn the ropes, you will better see what course you want to take. That's how I started. I'm in the debt consolidation industry which promotes paying off ones bills as an alternative to bankruptcy.

Re: What business should I consider?

bespokepicnicbo — Wed, 23 Sep 2009 18:50:52 GMT

You can look out for some local companies that hire consultants for accountancy. You can make your own consultancy company later.