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How to Start a Business

Starting a business is something that many people dream of doing. They like the idea that they can be their own boss, do what they wish and be freer. It can almost seem easy to just come up with an idea and get going. However, many new businesses fail, for many different reasons, but it is worth understanding what you might need to know before you start so that you give yourself a better chance of success.

Jobs you need to understand

You may intend on employing people to help you out in your business, but it is also wise to have knowledge of a certain amount of things yourself. It is likely that you will have a knowledge of the industry you plan to go in to as this is probably why you chose it. However, you will need more than this. You will need to have an idea about accounts and money, so that you can keep a track on how well the business is doing. Looking at your accounts yearly when you have to submit them to the tax man is not enough, you need to know, month on month what is going on so that you can make sure that you are on the right track otherwise it may be too late. You should also have some knowledge of marketing, so that you understand about how your product or service fits in and how to make sure that it sells well. Business law is also very important as you need to make sure that whatever you are doing complies. You will also need to think about management if you are having employees and all of the laws relevant to employing people. You really need to be able to do everything to start with and that may mean that you need to learn a lot before you start.

Attitude you need

It is so important to have the right attitude going into business. Going in thinking that it will be easy and that you will soon be earning loads will not get you far. You will need to be prepared to work really hard. Setting up a business is a lot of hard work and you will have to be prepared to put in lots of hours, far more than normal working hours, particularly to start with but possibly all the time. You will also need a determination to succeed and to keep going even when you are tired. If you are not enthusiastic about your product or service to start with then you could quickly run out of energy to keep pushing it. You will also need to keep that motivation to succeed going and you will need a positive attitude for that. It is wise to keep your goals written down and keep looking at them regularly so that you know what you need to achieve and this should help you to keep on driving forwards with your plan.

Ideas

You will need to come up with a business idea that works. This can be easier for some people than others as some seem to be more able to come up with ideas than others. However, the idea is just the start, it is then important to find a market for that idea or fit it into one. Then if the market changes being flexible enough to change the idea or adapt somehow to still keep sales going. It is important to make sure that you do adapt to changes in the market. Many people think that they need to keep trying and trying at their idea or else they will be a failure. It is so important to realise that this is not failure but you will need to adapt to fit in with a changing market and this is very important.

Finance

It is important to realise that a business will need some start up capital. You will have to think about how much this will be and where it will come from. It might be that you have enough money yourself or you may need a loan. You have to think about the future too and how easy it will be to repay that loan or to pay yourself as the business is getting set up. If you give up your job to start the business then you need to think about how you will be able to pay yourself.

Once you have gained all the knowledge you need, got the right attitude and come up with an idea, you are in a position to be able to start a business. This is when you will need to register the business with companies house and actually start selling your goods and services. How you actually go about this will very much depend on the type of thing that you are selling.

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How to Make Money from Selling Things

Making money is something that many of us strive to do. To have some extra money can be really handy, perhaps to help repay loans, increase our savings or to allow us to buy a few more treats. Selling things can be a way to make more money and there are a lot of people that do it. You do need to be careful though as it is something that many people do and so there is a lot of competition.

Selling things you own

If you have items that you no longer want or need, then selling them can clear out some clutter and raise some money as well. You also do not need to declare any income you make form selling things that you already own, so you do not have to worry about tax. There are many places that you can go to sell things too, which can be useful. You may prefer to sell in person at a local car boot sale, table top sale or even have a garage sale. A garage sale is good because you do not have to pay, whereas you will have to pay entry for a car boot sale or a table top sale which will cut into your profits. However, a garage sale will only attract passing trade, which may be very low if you live in a n isolated area but a car boot sale or table top sale will attract buyers to the venue and so you are more likely to have more people there.

If you have more expensive items then you may rather get in a house clearance company or sell things at a local auction house. These can potentially raise more money, but they will take a cut so it depends on how much you were hoping to make as to whether they will be useful.

Many people sell online. You can often sell on social media groups for free to local people. However, if you want the option of selling more widely, then selling on an auction website, a classifieds page or an online boot sale app or website could be better. It is worth looking at what sorts of things sell in these sorts of places so that you know what will be appropriate for you.

Although selling some of your things will help you to raise a lump sum of money, it will not provide a steady income. It can be worth doing, particularly if you have children that grow out of things, but if you want a serious income you may have to buy things to sell on.

Buying things to sell on

The first thing to note is that if you buy things with the sole purpose of selling them on, whether you buy them second hand or new, you have to declare your income for tax purposes. This is easy to do, but if you forget, then you could be in trouble.

If you are going to invest money, by buying items that you then sell on, you need to be sure that you are going to make back your money. Whether you are buying cheap or expensive items, you will be taking a gamble and so you need to make sure that you can sell the items and that you will be able to make a profit. It is wise to start by doing a lot of research.

You need to consider whether you will be selling things locally and having people collect the items or whether you will be prepared to post items and if so how you will do that and what packaging you will need. You need to consider where you will store the items and how much room you have for that. If you have very little room, then you will only be able to sell a few things or lots of small things. Also think about the type of things that you want to sell. It can be handy if it is something that you already know something about so that you have an idea about what to buy, what sells, how much they should sell for and are able to answer any questions you may be asked about them.

It is important to research the items that you are thinking of buying and seeing whether they are already for sale and how much they are for sale for. Consider whether you could make a profit if you sold at the price or a bit less. Consider all of your costs, not just the cost of the stock but any costs of selling including exchange of funds and selling fees on websites. If there are a lot of people selling then it could mean the market is flooded but it could mean that there is a big market. On some selling sites, such as eBay, you can look at sold and unsold items which can be handy as you can see how much items sold for and how many sold and how many did not which can help you to decide if that is a good item to sell.