Getting going with a business is far from easy however. The obvious starting point is an idea, which may be born out of a gap in the market or seeing a product or service and believing you could deliver it better. Then there is the financial side of things to consider – start up capital is of primary importance in the short term, but longer-term profit and sustainability must also be considered.

Legally, starting a business can be fairly straightforward. Sole trader status is afforded to anyone who registers as self-employed with Her Majesty’s Revenue and Customs (HMRC), and with a low turnover would not require VAT registration or the submission of annual accounts.

For most though, registering a company will be important, not least for the prestige that company registration carries in terms of convincing clients that you ‘mean business’, but also as it opens doors to bank finance and tax benefits that are just not available to sole traders.

Company registration is quick and easy and can now be completed online for a small fee. For those who want peace of mind, asking your local solicitor is a good option, as they can talk through some of the basics before you get going.

Company formation is more difficult when there are other parties involved. It is possible to register a ‘one person’ company, with one director and no company secretary, however when more parties are involved you will need to divide shares and may then require a shareholder agreement. This is something you will want to take legal advice on, even if you decide to write it yourself.

The process of starting a business becomes more complex when moving on to consider contracts for sale, terms and conditions of trade, renting of business premises and hiring of employees. Each of these areas is complex, and will again require expert legal advice to get right.

Whether you decide to run a company, or operate as a sole trader, you will have annual paperwork obligations. For a sole trader this will probably extend no further than a tax return, but for a company director this will also include an annual submission of accounts to Companies House, as well as other financial submissions to HMRC.

Getting to grips with your legal obligations early on is vital to avoid nasty surprises later on. This is especially true if you have never been self-employed before. There are financial penalties for the late submission of financial documents, which can be avoided by acting early. It is now possible to do much of the paperwork to run a business yourself, but it is still important to get good legal advice at the outset and from time to time thereafter, to ensure you stay up to date with regulations and to avoid missing important deadlines.

This article for East Kent Women in Business was contributed by

Lucy Osborne gave an excellent presentation on optimum nutrition to EKWiB members on October 17, 2012. If you missed it, you can get the main pointers here in her edited presentation.

Lucy Osborne is a naturopath, herbalist and zest4life weight loss consultant. Originally qualifying as a physiotherapist Lucy went to study naturopathy at one of Australia’s leading natural therapy colleges, graduating in 2002. Since then Lucy has worked in private practice both in Australia and the UK. Currently living in Kent, Lucy is excited to be working with Foreman & Jones in Hythe.

For those of you not familiar with dress agencies, the idea is that you drop off your unwanted clothes, accessories and shoes and the agency sells them on your behalf. Most dress agencies will give you 50% of the final sale price.

I have been running  The Clothes Wardrobe as an eBay shop for just over a month now and things are going well with sales to customers in the UK, Germany and Canada. I’ve even had an enquiry from Croatia!

How it works

• You drop off your items (good condition, season-appropriate) at my studio at an agreed time
• We agree a price and how you want to sell the items – Auction or Buy It Now
• I list the items in my shop for a maximum 30 days (3 listings of 10 days each)
• After 20 days you can decide to reduce the price if it isn’t selling
• When it sells you will receive 50% of the final sale price
• I will transfer the monies to you once I know the buyer is happy or after 14 days
• I will handle listing, photos, postage, contact with buyer and cover all eBay and PayPal fees
• If the item doesn’t sell, you will need to collect it

• Turns unwanted items into cash
• Your item will be seen by lots more people than a shop
• Involves minimum effort on your part

Cons

• May be a risk of starting at a lower price than you would want
• You only get 50% of the sale price

So, for items that are just too good to give away let them earn you some money – maybe to put into your new clothes fund! I’m currently looking for Autumn/Winter items, ideally from high-end brands like Hobbs, Phase Eight, Monsoon, Jigsaw, Boden and Crea Concept.

Contact me by email or telephone 01227 700929 to find out more. You can also sign up for my shop newsletter to be alerted of new stock.

There’s no doubt that websites, social networking and face-to-face networking are extremely valuable in promoting a modern business, and I am the first to advocate them as the way forward for my clients.

But as we get swept up in the enthusiasm for new media, let’s not forget the benefits of good old-fashioned PR – getting your company and brands in the press, on radio and TV.

When you’re busy running your own business, you may not take the time to think of aspects of your business day which make interesting editorials . An effective PR consultant gets to know what makes your business tick and has regular contact with journalists, so can suggest relevant and topical themes which are likely to appeal to journalists and their audiences. It may be that you or your employees have just made a great deal of effort to raise money for a deserving charity; or there may be an aspect of your knowledge or experience which readers, listeners and viewers would love to learn about.

When you are featured, you’ll be amazed at the number of people who get in touch to say they’ve seen it. It could be the reason you clinch that contract you’ve been negotiating for months. Former clients you may have lost touch with are convinced to return. People decide that you’re a significant employer they want to work for. And, of course, you’ll attract the new clients you need to expand your company.

So, while I’m busy creating new websites for my clients and encouraging them to spend time networking, I’m also quick to point out the significant contribution that the ‘old’ media makes within a successful marketing mix.

There it was hanging just inside the shop and before I knew it I had dived in through the door, grabbed the hanger and was in the changing room at the back of the shop. And how good did I look! Colour wonderful, style and fit perfect! Oh yes this really was mine and I was at the till paying when I noticed my rather confused looking husband wandering around outside the front of the shop. Poor man, I had just disappeared and he had continued walking and chatting away to himself for about another 2 shops before he realised I had gone.

You see I am a hunter when it comes to shopping. I dash in, attack the garment, club it to death and then carry it home victorious! Others are gatherers. They start at one end of the high street and purposefully cover the ground sussing out exactly where the very best patch of berries is before returning there to make their purchase. Neither method is right or wrong, but my behaviour was a very stark example of the fact that, love shopping, or hate it, we are all very individual in our approach. And if we understand and unpack some of the psychology behind our shopping patterns we can learn to have far more positive shopping experiences.

So often we go with a friend who knows what she likes, but it may have nothing whatsoever to do with our body shape, colouring or style. It may look great on her but not necessarily on you. This leads to a wardrobe full of things that you have paid for that belong to her and consequently don’t get worn. Sometimes we go absolutely determined to find one particular item. We have the perfect image in our mind and in our over focussed state we miss all the other wonderful garments that may be calling us as we walk by! Sometimes we just keep on buying the same style because we’ve had success in the past and of course that’s exactly how we end up looking – as if we’ve had success in the past!

This article is taken from the House of Colour archive. Your local HoC Colour and Style Consultant is Jane Wallace.

01227 700929
jwallace@houseofcolour.co.uk
Jane’s House of Colour webpage
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