This has grown into a university of life project - please see that entry for details

Getting started

Most people at some stage dream of packing in their 9 to 5 and striking out on their own. Many people do so, yet a shocking 50% of small and medium size enterprises (SMEs) fail within the first two years. The other half often have to put in longer hours and risk much more than a permanent employee but the rewards can be substantial, both financially and in terms of work satisfaction. If you think you could be one of these then read on - hopefully this advice will start you on your way.

Breaking loose:

One of the first things you will need to do in order to work for yourself, is to stop working for someone else. This seemingly straightforward step is actually more daunting than it at first seems, because when you stop working for someone they tend to stop paying you. Since it is going to be a while before your own efforts generate returns which give you a wage packet this means that you are going to have to have some start up capital, either from your own savings or from a bank or government loan¹.

Opening the company:

There are two ways to go about getting your hands on a limited company. The first is to buy a company which has already been set up by an accountant and is available to you off the shelf and the second is to register the company yourself. ² Either way, you are going to need a company secretary³ and a registered office⁴.

Getting an accountant:

The company calender

Balancing the books

Counting the costs:

There are two types of cost involved in running a business - fixed costs and variable costs.

Setting a price: