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20 things you need to know before setting up a company

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Being your own boss. That’s the dream, right? Not having anyone to answer to but yourself, setting your own hours, whilst raking in all the cash and doing something you’re passionate about.

Well, I hate to be the one to burst your bubble. Granted, that might happen, but there is a lot more to starting a company than that.

For starters, many of them just don’t work. According to some research published by The Guardian, three out of four new businesses fail. Luckily for you, I’ve compiled a list of 20 things that should help you stay on the right track.

1. Aim high

There is a misguided notion that setting up a small company is easier than setting up a big one. However, if you aim high from the outset, you’re more likely to reap the reward, without exerting any additional energy.

2. Legal structure

One of the first dilemmas facing any new business owner is whether to become a sole trader or limited company. A limited company does come with a whole host of pros and cons, but company checking professionals like RMOnline.com can help you with all the legwork.

3. VAT

Your company only needs to register for VAT if your turnover exceeds £81,000 a year. If it doesn’t you still have the option of registering, but it’s not mandatory.

4. Solve a problem

The best companies provide a solution to a problem. Not only does this make your product easier to market and sell, but

5. Marketing

Let’s assume you have a revolutionary product. This could change lives. You’re bound to make money. Wrong. If no one knows about it, how can you sell it? Marketing should account for a sizeable chunk of your budget.

6. Freebies

Doing pro bono work doesn’t pay the bills, but it can lead to money and bigger clients. If you go down this route, make sure you’re offering your time and effort in return for something. Ideally, a valuable connection.

7. Pricing

Whatever service or product your company offers, make sure it’s not exceeding the market ceiling price. High-end products don’t always result in customers. Your target market has to be able to afford it, but don’t go too cheap either.

8. Payments

Don’t make it difficult for customers or clients to pay you. Make sure you’re using the latest technology to accept payments, but if you have a physical location, cash shouldn’t be ruled out.

9. Less is more

Limit your product line to the essentials – what you’re best at and what makes the most money. This might just be one product. Look at Apple as an example, by focusing on a few products, it has become a market leader.

10. Hiring

Assuming your company isn’t going to be a one-man band, you’ll need some employees. The company will need to be able to pay the salary, as well as tax, National Insurance contributions, and possibly even a pension.

11. Firing

Don’t get on with your latest recruit? Tough. Your employees probably know the rulebook inside out. Make one wrong move and you could end up at an employment tribunal.

12. Be passionate

A new company will eat into your evenings, weekends, and every other part of your life. You must be prepared for it. And more importantly, be passionate about it, or you’ll soon come to hate it. And then it will fail.

13. Find a mentor

If you know someone that experience of setting up a company, ask them for advice and guidance. They will be able to help you avoid making the same mistakes as they did.

14. Raising finance

Hopefully you’ve got the funds to launch the company yourself. If not, you’ll need to find cash from somewhere. Research your options and don’t forget to look at grants.

15. Skip your salary

Even if the cash is rolling in, try and avoid paying yourself a salary until it’s absolutely necessary. That cash might really come in handy over the next few months.

16. Rent instead of buying

Office furniture and equipment can be a real drain on the finances of a new company, so see if you can rent the essentials. Or pick up freebies from Gumtree and Freecycle. At least until you’re up and running.

17. Keep overheads down

It’s important to spend as little money as possible when launching a startup. Instead of splashing out on a huge office, work from home if possible.

18. Use your business plan

You remember that 50 page document you slaved over before launching? Dig it out of the trash and use it. Your business plan should guide your company in the right direction and become a roadmap to success.

19. Network

Of course, you need to advertise, but networking is just as powerful. Make sure you’re moving in the right social circles and spread the word about your company.

20. The customer is ALWAYS right

Yep, sorry. The customer is always right. If your company is going to succeed, it has to have excellent customer service.

Damien Johnson spends his days trapped in the company office, but dreams and blogs about becoming an entrepreneur in his spare time.

5 WELL PAID JOBS YOUR CAREER ADVISOR WON’T MENTION

TRUCK DRIVINGTRUCK DRIVING

Truck driving is one of the careers that the society overlooks but it has rewarding benefits that you cannot simply ignore. Truck drivers are always in demand due to the need to transport goods from one region to the next. In as much as technology has advanced and more consumers are buying products online, the fact remains that delivery of the products is physical. The trucking industry delivers a large percentage of goods and products to different locations. It is a well-paying job especially for long-haul truck drivers with clean driving licences who are substantially more reliable and safe because they are rare. You can increase the value of your service by specializing in transporting delicate or sensitive cargo. Truck driving as a career has an array of benefits such as medical, insurance and even retirement plans.

WORK FOR A STARTUP COMPANY

Sometimes it is difficult to choose a career to work in an already established company or a small start up especially when you are just from school and have a few offers on the table. There are advantages of working in a startup company like this especially if you have seen their product or services and believe in their mission. It is quite risky but ultimately rewarding. This is because you will have more responsibilities that will make you more experienced, as you will work in a small team.  In a bigger company, it may be impossible to have huge responsibilities because the company already has many employees. In a startup, you will be able to have numerous opportunities to explore your career, work with innovators and receive credit for your work. Inevitably, as the company meteorically grows, so will your pay check!

WORK IN TRAVEL INSURANCE

Working in the travel insurance industries may not be the most glamorous jobs but it can provide you with a career that is both fascinating and well paying. It is challenging but it also offers opportunity for growth to those who choose the profession. Though many people think that working for a UK travel insurance company involves just working as an agent, there are numerous opportunities such as claims, marketing, human resource and underwriting. Due to the ever-changing regulations in the industry, many positions require completion or continuation of schooling on a regular basis, so you have an opportunity to expand your education. Sales positions have an unlimited income potential and the industry is normally very stable with numerous benefits.

AIR TRAFFIC CONTROLLER

Air traffic controllers help in directing planes in the air, landing and takeoff to ensure safety in the air travel safety. It is exhausting and stressful due to the many hours required such as nights and weekends but it is awesomely rewarding. Air controlling offers job satisfaction, training opportunity, excellent pay, and benefits such as insurance and retirement benefits.

FIRE FIGHTER

Firefighting involves helping others in potentially dangerous situations even if it means putting your own life at risk. It is a career centered on teamwork, which encourages lifelong friendships. Fire fighters must maintain high standards of physical fitness, discipline and alertness. It also involves spending long hours in the station but it is also well paying, offers job security and includes benefits such as health insurance, paid vacation, early retirement coupled with a competitive pension plan.

 

 

How To Start A Carrer In The Police Force

How To Start A Carrer In The Police Force

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Is your boring and poorly paid job getting you down? Do you feel like you need a bit more excitement in your life? Then maybe taking a leap of faith and becoming a police officer would be a sensible solution? There are obviously many reasons why people don’t want to do this,  but if you’re okay with arresting others and getting involved in domestic arguments, it could be a rather fulfilling career choice. Considering that, I’m going to give you a helping hand this morning by providing you with a basic step by step guide that if followed, could see you working in law enforcement within the next twelve months. If nothing else, it’s good to look at all the opportunities available to you.

Start exercising straight away

While you certainly don’t have to be the fittest person in the world to get a job working for the police, it’s still a good idea to make sure you stay in shape. During your training, there will be lots of physical activities to complete, and if you somehow manage to fail them, you won’t achieve your goals. So, make yourself a member of the local gym or start jogging around the streets for a couple of hours each night. That should be sufficient.

Become a volunteer

Almost every law enforcement agency in the west are always on the lookout for keen volunteers to perform some of the most basic duties. That often involves walking the streets of your local area and providing reassurance to residents. You won’t be able to get directly involved if a crime occurs and you won’t have the authority to detain anyone. However, your eyewitness account can be used to help secure a conviction in court, and you will have a radio to call for backup.

Apply to a police training college

The next step would be to apply to police training academy. Having already volunteered for a few months, you’re much more likely to receive an acceptance letter, so make sure you mention this on your application. From there, you simply have to complete six weeks of basic training before being allocated a position at a local station. Most of this is very simple, and so long as you’ve been exercising enough, passing with top marks should be easy.

Enroll in specialist training

After you’ve been a basic police officer for a year or so, you’ll have the opportunity to enroll on specialist training courses that could see you become part of an expert team dealing in drug busts, terrorism or just about anything else you can think of. Of course, you’ll get to use guns with live ammo and you’ll also learn lots of new tactics, strategies and maneuvers. Your wage will also increase significantly.

So, now you know exactly how to start a career in law enforcement, I wonder how many of you still think it’s a good idea?

Feel free to drop me a message and let me know. See you back here next time!