SEMI-URGENT) I’m 19, Going to run my own full time income business. From UK but know 0% on selfemplo

By : Forum Member
Published 20th June 2020 |
Read latest comment - 10th September 2020

Noone in my family is self employed. So there no point asking for help. 

So basically I’m going to start my own business selling on amazon. I know how to do it and have been learning it for like 2 years. Now that I have the income to do it, I’m going to have to become sole trader if not LTD :O oh nooo 

Look I’m only 19 and I know NOTHING about self employment, tax, vat this or that. All I know is once I make 80k I gotta do vat. 

Is there like someone I can genuinely hire for a one on one mentor to help me on my journey? Idk if an accountant would be the right person..., maybe an accountant would know? But I’m sure they expect me to know like what I m doing at least.

This is so hard idk where to go or start. All I do know is how to start making a full time income on selling Amazon, that’s it. 

Please advice me where to get support. Like literally I need a mentor or something to teach me about well everything I need to do. 

I understand the gov website explains a bit but I just ughhh so overwhelming because idk where to start


aspwlf
Comments

I too sell, but on a website.. If you are below the threshold all you really need to do is let HMRC know your intentions and fill in some forms.. Well that's what I was told 10 years ago and that's what I did and all was OK and nothing has happened to me YET ..But things may have changed these days 


Thanks
Andy-C | Pewter World

Andy is right that you only need to tell HMRC you're going to be working self employed and then submit a tax return every year. Which am accountant can do for you if it's too scary. 

But it does seem like other processes and systems surrounding it all might also help, and a chat with a business coach might help with that. I would look very carefully into anyone you use though, as there are some charlatans about. You might actually find that a good VA would be more helpful (Virtual Assistant).

I know lots if you'd like any details and have one that I use myself. But join a local networking group on Facebook perhaps and get some recommendations? 

But you don't need to make it too complicated, you probably just need to tell HMRC, sign up to a good cloud accounting system and remember to track expenditure and income for your business on there. 


Genuinely admire your enthusiasm, but I'm hearing running before walking?

Your choices really are down to time and cash, ie how much you have spare of either.

If you want a full crash course in business, then see a business coach. Here's mine, Andy Hemming you can see if there is an Action Coach nearer to you. It won't be cheap, but your head will be spinning for the next 10 years and your business will grow.

Likewise, there is James from Akcela on the forum who I'm sure would be happy to help.

If cash is an issue but you are time rich. Then get reading and learning. You are surrounded by opportunity and resources. You're on this forum, join others, join networking groups. Just Google business support groups, they are everywhere.

If you really want to go for it and a business coach is out of your league at the moment, then get educated. Go to college, study online, but do a business course and learn the fundamentals. 

I went from lorry driver to business owner with no concept or understanding of how it all worked. I have no idea how I managed to stay in business looking back at the mistakes, missed opportunities and lack of business nonce. A huge dose of luck and then a massive catchup learning exercise with a coach which I should have done years earlier  

There has never been a better time to start a business. You can run an international drop shipping business from your smart phone. You can design and have products created in volume without owning a factory. The progress of technology and innovation is incredible, along with the sheer volume of help out there to support you. But get educated, read lots.

Try this thread, and read the E Myth. Timeless classic that lays out the structure of business and systems.
Business Books and Inspiration - Recommendations

Best of luck, let the roller coaster begin


Steve Richardson
Gaffer of My Local Services
My Local Services | Me on LinkedIn

Lot's of good advice on this thread already. I'd just like to add a list of the most basic steps you should take.

Firstly, make a business plan and decide what exactly you're offering, why people should buy it and who those people would be. Then it is easier to figure out the promotional side, as well as the finances. 

Secondly, look up the self-employment tax rules on the HRMC site. You need to register for self-assessment.

Thirdly, check what kind of insurance would be applicable to you. There are some good guides online about this, e.g. this guide on public liability insurance. It's easy to make mistakes when you're just finding your feet, so make sure you protect yourself.

Fourthly, read lots and lots of materials online!

Best of luck!


Thanks,
casey99