Beginner, please help

Discussion in 'Growing and Managing a Business' started by Oranjeboo, May 1, 2011.

  1. Oranjeboo

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    May 1, 2011
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    I have a few questions about starting a small business. I already have a full time job which I am not trying to leave but I could do with some extra income and I have always wanted to try doing some PC repairs and small websites in my free time.

    I have always been put off by the initial setting up of something like this.

    Is it as simple as picking a name for the venture and putting an ad in the paper or would i need to register the name first?

    What are the tax issues? Would I just need to keep track off what i earn and tell the taxman at the end of the tax year?

    How about insurance? If I was to break something expensive whilst trying to fix a PC could i get some type of insurance to cover me?

    Any help will be appreciated.

  2. Fergal

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    Nov 18, 2007
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    Welcome to Business Advice Forum Lee, thanks for joining and posting your business questions.

    The first thing I'd suggest is that you initially focus on only one business idea, you say that you have a full time job and any business (even a part time one) needs hard work and focus if it is to be successful. You will have a much better chance of success if you start with one idea and take it as far as you can before moving on to another business idea.

    Secondly I'd suggest that you don't worry about tax just yet. For example if you go with the computer repair business, start out by letting your friends and relations know what you are doing and then do some local advertising and promotion. If the business starts bringing in some money and you are making some profit then look into the tax situation.

    As for insurance it would obviously be reassuring to have it. What I'd suggest is that you take some time out to phone a few of your local insurance brokers and insurance companies. Tell them about the kind of business you will be starting and explain to them that you will be doing it on a part time basis and will have very few clients at the start. Ask them what insurance they would recommend and request that they give you the best quote possible. Spending an hour or two on the phone should give you a good understanding of exactly what you need for your own specific situation.

    What country or state will your business be based in?

    Good luck with it and please do post back with your views on our suggestions and to update us on your progress.
  3. locksmithaz

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    Mar 22, 2011
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    I would like to suggest you to follow the step by step rules. You are in initial position to start a business, some of the steps are given below which is helpful for you i.e.

    1) Location
    2) Market Target
    3) Demand
    4) Market research & analysis
    5) Potential targeted customer
    6) Competition analysis
    7) Govt. rules & regulation

    I think these steps are helpful for you.


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