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For those of you that have done it before, what's the basics of starting a business. The missus and I have been toying with the idea of buying and selling good quality pet products, something we found difficult to find when we got a puppy a while back.
The idea is a simple as buying wholesale and selling via means of Internet.
Anybody point us in the direction of some type of list of must do's to get up and running?
Thanks
Have a good business plan.
Declare self employed with HMRC within three months of starting
Keep proper records of everything.
Talk to your bank, they might well have a small business advisor-I know my branch does & he's really good, well worth paying for the business account for IMO.
*edit* Make sure the business you want to run is viable, check out the competition to make sure your niche does actually exist as you need your USP.
In my experience there's 2 parts to the business planning - the rational stuff as per above, and then the emetional rollercoaster stuff which is harder to imagine and predict. Your own business is full of highs and lows, and not much in between! It's worth thinking long and hard as to your outlook on life and how you'll cope during the tougher periods - not just financially but in your head. FWIW, I'd recommend it if you both feel confident of always seeing the glass as 'half full'. To this point, it's worth getting someone to grill you really hard on your concept, how it'd work in reality, how it impacts your life etc and see if there are any cracks in the plan