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New business tips


Legolas

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I have been recently made redundant and although I am looking for another job I am also considering trying my hand at selling on ebay.

Now I am not naive enough to think it is just a matter of buying some stock and selling it for a profit and watch the money roll in. But I do think that with the right approach and strategy coupled with a bit of good old luck I could grow a business.

I have never been involved with sales apart from selling a few items on ebay in the past, so what do others think and does anyone have any tips for a new wet behind the ears entrepreneur.

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Chris the Ancient

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They're all good!

Seriously, though, the one that gave me the most help with a 'broad brush' coverage was the one in the first link - "The Greatest Little Business Book: The Essential Guide to Starting a Small Business".

It is a little older than the other two; but the info is still good. It was the first book I ever bought when I went self-employed, on the advice of a small business set up advisor, and helped tremendously.

The other two cover the same sort of grounds, but in more detail. As you can imagine, the books are fairly generic in that they cannot cover every type of business, but they can provide good, basic ideas on approaches. And if I had to choose one of the two, I would go for "Starting Your Business". The marketing book isn't really e-selling orientated, but has plenty of food for thought.

I noticed that the last two have some 2nd-hand copies available. All-in-all, not an expensive investment. I still refresh my mind with those three books when I feel I need inspiration. So go mad, go for all three!

I also have quite a few other books in that line; but do I ever refer back to those? No. They just gather dust in the bookcase.

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Legolas

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Thanks for reposting the links. They look interesting. I am reading one at the moment pacifically geared towards ebay selling when I have devoured it will consider the three you link to. Out of the three what one do you recommend as the best?

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Chris the Ancient

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I'm pleased for your brother making his qualification as a driving instructor. I have no doubt it was hard work.

A quiet word of warning from a highly-qualified and -experienced driving instructor who, amongst other things, trains prospective driving instructors...

There are many, many companies and driving schools out there who offer to train you to become a driving instructor... at a cost which is not inconsiderable. The final percentage of qualifiers is extremely (and I do mean extremely) low. These companies have one major aim... to make comparatively easy money for old rope. Most of them do not care if you qualify or not and they have little or no vested interest in you as a qualified instructor. They have made their money.

Once you have qualified, you enter an over-supplied market. There are too many instructors trying to chase too few prospective learners. It is flipping tough.

And these adverts that say, "earn up to £30,000 - £35,000 a year". Yes, you might be able to make that if you can find enough learners to work approx 40 hours a week (plus travel time between lessons). Then, and most importantly, deduct the cost of running the car (or franchise fees).

In short, would I ever encourage a friend to become a driving instructor? No (unless I wanted to get rid of him/her).

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Chris the Ancient

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Dunno what went wrong there!

Try these.

click here
click here

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Legolas

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Chris the Ancient thanks for your advice. Can you repost the second and third links as I can only get your first link to work.

ajm thanks for your advice and your best wishes.

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ajm

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Whatever you do, ensure that you get a good accountant as CtA has said - a good one is worth the fees they charged.

One of my brothers was made redundant a year ago and after exploring many possibilites, he decided to train to become a driving instructor. He is now fully qualified and is enjoying himself and is busy all the time.

I recall him saying that there were interest-free finance available for taking the course. I think the outlay was between two and two-and half thousand pounds.

As it with any new business, it is very important to keep up to date with paperwork and most importantly the cashflow. Invest, if you can, in a simple accounting software. I can recommend MS office Accouting click here.

There is a free express version available, but you may need the pro version if you are dealing in stock and also I beleive it has integration with PayPal.

You may find it difficult initially, but I can assure you that it is very rewarding, if all goes well.

best of luck in whatever you do.

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Chris the Ancient

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click here
click here
click here

...are three books I can thoroughly recommend. I used these when I first became self-employed.

And find a darned good accountant to help - right from the start. A good accountant can spot the things you might miss and offer salient advice and guidance. It's an expense, I know. But it can save a lot of money in the long run if things do take off.

CtA

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Legolas

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Thanks for all the very valuable info I will think seriously about the whole thing. I will see how things go and try to build a customer base if I can earn enough weekly I would consider going part time work wise, but it is all at a very early stage so far.

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wee eddie

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to give yourself an income of £200 a week and then whether you could live on a Net Income of £170pw.

That, of course, may mean that you need to have Sales of about £400+ each week.

That's one of the reasons I now drive a Taxi and am not a Net Trader. The other was that I have been unable to find suitable Packaging for my Product.

I was only making 20 to 30 Postal sales when I had the Coffee House. To make a living from it I would have to increase that to 300 or 400 transactions each week.

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Legolas

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Very interesting I didn't think these things would be tax deductable, very good to know

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