Working for Yourself: An Entrepreneur's Guide to the Basics

Copyright......Page 5
Table of contents......Page 6
Acknowledgements......Page 10
Introduction......Page 14
Part One Making Your Decision......Page 20
1 Have You Got What It Takes?......Page 22
KEY CONSIDERATIONS......Page 23
PERSONAL CIRCUMSTANCES......Page 29
TAKING THE PLUNGE......Page 32
BASIC MARKET RESEARCH......Page 33
MARKET RESEARCH TECHNIQUES......Page 36
QUALIFICATIONS......Page 44
STEP 1: THE BUSINESS SECTOR AND YOUR MARKET......Page 48
STEP 2: YOUR PRODUCT OR SERVICE......Page 49
STEP 3: MARKETING AND SALES......Page 50
STEP 4: RUNNING THE BUSINESS......Page 51
STEP 6: TIMING......Page 52
STEP 7: FINANCIAL ASPECTS......Page 53
STEP 9: EVALUATING YOUR OWN PLAN......Page 56
SOLE TRADER......Page 62
PARTNERSHIPS......Page 64
PRIVATE LIMITED COMPANIES......Page 67
REGISTRATION OF BUSINESS NAMES......Page 70
LIMITED COMPANY DOCUMENTS......Page 72
COMPANY DIRECTORS......Page 77
OWN FUNDS......Page 81
DEBT FINANCE......Page 82
EQUITY FINANCE......Page 86
MAKING THE RIGHT CHOICE......Page 91
WHAT QUESTIONS DO YOU ASK?......Page 93
HOW MUCH ARE ADVISERS GOING TO CHARGE?......Page 94
A GUIDE – NOT A CRUTCH......Page 95
YOUR BANK MANAGER......Page 96
INSURANCE......Page 97
OTHER ADVISERS AND SUPPLIERS......Page 100
7 Making Your Case for Raising Capital......Page 104
NEW BUSINESS......Page 105
PART-TIME WORK......Page 110
USING AN EXISTING ASSET AS ASOURCE OF INCOME:ACCOMMODATION......Page 120
FREELANCING......Page 122
FRANCHISING......Page 125
MANAGEMENT BUY-OUTS......Page 130
Part Two Preparation......Page 136
EFFECTIVE CASH MANAGEMENT......Page 138
OVERDRAFT VS BUSINESS LOANS......Page 143
ADDITIONAL BANK ACCOUNTS......Page 144
MANAGING THE UNEXPECTED......Page 146
10 Budgeting and Cash-flow Forecasting......Page 149
PLANNING YOUR CASH REQUIREMENTS......Page 150
THE SALE OF GOODS ACT 1979......Page 154
THE SUPPLY OF GOODS AND SERVICES ACT 1982......Page 156
ESTIMATES AND QUOTATION......Page 157
COMPLETION AND DELIVERY DATES......Page 158
THE TRADE DESCRIPTIONS ACT 1968......Page 159
THE PRICE MARKING ORDER 1991......Page 160
WORKING FROM HOME......Page 162
CHOOSING SEPARATE PREMISES......Page 167
LEASES......Page 168
MEET YOUR OWN REQUIREMENTS......Page 170
13 Simple Accounting Systems......Page 172
TWO STARTING POINTS......Page 173
KEEPING A CASH BOOK......Page 174
MORE ELABORATE SYSTEMS......Page 176
ELECTRONIC BOOKKEEPING......Page 177
TRADING AND PROFIT AND LOSS ACCOUNT......Page 179
THE BALANCE SHEET......Page 181
WHAT INFORMATION SHOULD YOU BE LOOKING FOR IN YOUR RECORDS?......Page 183
14 Invoicing and Credit Control......Page 187
SENDING OUT INVOICES AND STATEMENTS......Page 188
LEGAL ACTION......Page 190
BAD DEBT PRECAUTIONS......Page 191
CREDIT CARDS......Page 192
CHECKING INCOMING INVOICES AND STATEMENTS......Page 193
15 Costing, Pricing and Estimating......Page 196
DETERMINING YOUR COSTS......Page 197
ESTABLISHING YOUR PRICES......Page 202
PREPARING QUOTATIONS......Page 203
Part Three Building Your Business......Page 208
MANUFACTURERS......Page 210
DEALING WITH LARGE COMPANIES......Page 212
SHOPS AND SERVICE INDUSTRIES......Page 213
FREELANCE SERVICES......Page 215
PRESS ADVERTISING......Page 216
PUBLIC RELATIONS......Page 217
DIRECT MAIL AND DIRECT RESPONSE PROMOTION......Page 218
MARKETING ON THE INTERNET......Page 220
17 Using IT to Run Your Office......Page 225
DEVELOPING YOUR IT SYSTEM......Page 226
MORE EFFECTIVE COMMUNICATION USING IT......Page 228
DAY-TO-DAY MANAGEMENT ISSUES......Page 230
18 Is Foreign Trade Fun?......Page 232
WHERE TO GET HELP......Page 234
SETTING UP SALES ARRANGEMENTS......Page 235
DOCUMENTATION......Page 236
GETTING PAID......Page 238
PURCHASING FROM ABROAD......Page 239
THE SINGLE EUROPEAN CURRENCY......Page 240
SUSTAINABILITY......Page 242
GROWTH......Page 244
PERSONAL GOALS......Page 250
Part Four NecessaryAdministration......Page 252
20VAT......Page 254
21 Employing People......Page 258
RECRUITMENT......Page 260
PERFORMANCE MANAGEMENT......Page 264
TERMINATIONS: UNFAIR DISMISSAL......Page 267
STATUTORY SICK PAY......Page 272
GUIDANCE LEAFLETS ON EMPLOYMENT......Page 273
22 Other Taxation......Page 276
THE MAIN ALLOWABLE BUSINESS EXPENSES......Page 279
STOCK VALUATION......Page 282
COMPUTING TAXABLE PROFIT......Page 283
SELF-ASSESSMENT......Page 284
PARTNERSHIPS......Page 287
INHERITANCE TAX......Page 288
CAPITAL GAINS TAX......Page 289
PAY AS YOU EARN (PAYE)......Page 290
THE CHALLENGE TO SELF-EMPLOYED STATUS......Page 292
23 Pensions and Health Insurance......Page 295
STATE SCHEMES......Page 296
STAKEHOLDER PENSIONS......Page 297
TAX BENEFITS......Page 299
USING A BROKER......Page 303
THE NEW PENSIONS REGIME......Page 304
HEALTH INSURANCE......Page 306
Appendices......Page 308
Appendix 1 Useful Information......Page 310
Appendix 2 Useful Contacts......Page 325
Appendix 3 Further Reading from Kogan Page......Page 338
Index......Page 340
Index of advertisers......Page 343