How Much Money Do I Need to Start My Own Business?
Posted by Rob Scott | Posted in HMRC, Money, SME, Start-Up | Posted on 27-09-2011
5
A simple question, but one which can often put people off starting their own business.
What do you need to start as a sole trader?
- A product/service/skill that people will need and/or want
- Pens, pencils, paper etc… to write out invoices and receipts
- A diary to keep yourself organised
- A computer/laptop to connect with people via email, social media etc…
- A phone
- Determination to succeed
- Support of your friends and family
Apart from the first bullet point I’d bet good money that you already have all of those in your house already. Meaning that the answer to ‘How Much Money Do I Need to Start My Own Business?’ is none.
As your business grows you will need money to pay your suppliers, but by this stage money will be flowing into the business to fund these purchases.
Small businesses are thriving at the moment, if you have a skill that other people will need why not take the plunge and see if you can make money for yourself? You don’t need to quit your day job – most small businesses will start out life in a spare bedroom on an evening after work.
If you do decide to take the plunge, do not forget to inform HMRC that you are trading.
If you need any help/guidnace setting up as a sole trader please contact with me as I am only too happy to help.
[...] How Much Money Do I Need To Start My Own Business – This one always seems to be popular [...]
[...] If you are in full-time employment and are thinking about becoming self-employed to earn an extra income one of the main niggles at the back of your mind will be ‘How will my employer take [...]
[...] How Much Money Do I Need To Start My Own Business? – This one is always top-of-the-shop [...]
Agreed! Start a small business with no debt and expand it as your profits increase.
Exactly, doing it that way keeps you debt free