Starting a business when still empoyed

Last Updated on Thursday, 28 August 2014 07:28 Written by Ed Beckmann Tuesday, 6 November 2012 11:03

Starting a Business

With a perceived lack of available finance and business funding, there is a growing trend in people starting up a new business when they are still in employment. This strategy reduces the pressure to succeed quickly, engage in large marketing campaigns and raise enough finance to keep you going whilst the you gradually win customers. Unless a very big launch into the market is crucial, removing all of the pressures above will enable you to focus on doing every step well, and will make you appear far less anxious when dealing with customers.

Although you will lose some of your leisure time, the contrast between the day job and your own business often gives that extra injection of energy that you need.

Here are some quotes from the Guardian Small Business Network, which offer a live Q & A session from 1pm to 3pm on Tuesday 6 November.

Guardian Small Business Network logo

Recent research from Sage found that one in four people in the UK want to start their own business. But starting from scratch is never easy and to limit risk many people remain in employment to see them through the early days.

There are plenty of things to mull over if you want to take this approach. I’m sure you’ll agree that working full-time is tiring in itself, and you may well end up exhausted while trying to juggle everything. How are you going to organise your time to allow you to concentrate on developing your business idea?

You might also want to think about what you are going to do next. Will you build enough cash reserves from the income your startup creates to sustain you, when and if you decide to leave your job? Then there’s the question of how honest you should you be with your current employer about your extracurricular pursuits. Perhaps, if you’re lucky, you could turn them into your first paying customer, or even bring them on board as a partner. However, be aware that working on your business during company time is unlikely to go down well.

Emily Wight, Friday 5 October 2012 17.45 BST

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Webinars from the Inland Revenue

Last Updated on Thursday, 28 August 2014 07:28 Written by Ed Beckmann Thursday, 18 October 2012 12:04

Understanding Business Tax

Whilst the UK Inland Revenue has many very useful guides to read online, it will be worthwhile to take a look at their free webinars. Below is the text of an email I have just received from them.

Remember that although the basics of business taxation are not as daunting as you might think, it makes sense to use professional help for at least the first few years of your business.

HMRC can help you understand tax and what you need to do through free webinars including:

  • My  self-employed journey with HMRC,
  • Business expenses for the self-employed,
  • Capital allowances for the self-employed and
  • How to complete your first online tax return.

Read more about HMRC live webinars where you can ask our experts questions whilst you are online or Find out about our library of pre-recorded webinars which you can watch anytime.

How to view an HMRC webinar

All you need to do is enter your name and email address to sign up and neither HMRC or CITRIX who’s software we use to host the webinars will ask for or keep any information about you or your business.

If you would like to provide some initial feedback or unsubscribe from the education email service please complete our feedback form:

Go to education email feedback form

Colin Ford

HM Revenue & Customs

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Looking for grants – 10 key questions

Last Updated on Thursday, 28 August 2014 07:28 Written by Ed Beckmann Friday, 27 January 2012 11:08

10 Questions to Ask Before you Apply for Funding

Taken from an article by Funding Central

When a funding opportunity presents itself, it is tempting to go for it even if it isn’t quite right. But it takes a huge amount of resources to apply for grants. If we chased every opportunity, we would waste time and money we could better spend elsewhere and wouldn’t do justice to those opportunities which are most important. So resist doing what you can get a grant for and make a plan, which you could slightly adapt tot suit the needs of grant funders. As soon as your idea begins to lose its value by fitting a grant – stick with your idea first.

The most important decision we have to make when looking at opportunities is whether to apply or not. In his acclaimed book Good to Great and the Social Sectors (Random House, 2006) business-guru Jim Collins outlines the Hedgehog Concept: The essence of the Hedgehog Concept is to attain piercing clarity about how to produce the best long-term results, and then exercising the relentless discipline to say “No thank you” to opportunities that fail the hedgehog test.’ He goes on to say there are three main elements underpinning that decision about when to say “no”: what you are deeply passionate about what your are best in the world at, and what makes best sense financially. Only you can make that decision – but we have outlined 10 questions you can ask yourself (and your colleagues) before applying for any grant (or contract) which might help you reach a decision.

Download a pdf of the full article and 10 key questions here – there is no charge or need to signup

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