Things i learnt on opening : making me think but there are a few:
-When budgeting don't forget about rates. Send off for rate relief i did this and it dropped from 4.5 thousand payable to 515 for year 1.
-Solicitor fees apparently don't come as tax reliefable (found out this month) so get a good accountant.
Get a creative accountant not dodgy! I did my numbers for year 1 and found -£3546.00 he cost me £540 pounds but found -£6425.00 that as I'm in the negative can be declared but held to put against next years (current year) profit if there is any if not can be held for the following year. A good accountant will save you thousands.
-talking books, keep everything and update as you go along, and do your accounts as close to end of tax year as possible (April) so you know where you stand and if you have a bill you have 6 months to find the money.
-lessen down all your personal outgoings as much as you possibly can! I saved 1 thousand per month! Its surprising what you spend money on that you don't need too.
-really weigh up your costs. I chose a small town, in what I thought was a great location, I'm doing very well, but think I would have done the same in a street just off and would have less overheads thus meaning I would be in a better financial position. I have thousands of cars per day pass my window but due to the angle of the shop 90% of them don't see me!
-re-evaluate what you are paying for regularly, where you can save, etc
-do you need a card machine, I opened with one with Amex too, it's not that costly and I could have easily started without, but I take 70% card. So I find it worth it
-I opened with wifi... Did I really need too? No. And still don't, its nice and people like it, but I could have saved 30 per month. 18 months in thats a lot of cash
- really do you homework on suppliers.
-prices! Set them fair to the area and for what you're worth! I can't express this enough, some of my competitors are almost double me, and have customers, I set mine lower feeling I was ripping people off, but would I have been? No! I would have found the customers happy to pay for what they are getting.
-put them up each year! Your outgoings go up, don't lessen your profit margin for a couple moaning. You will find new customers.
-website- my first year I did my own and want to revamp it now, I am looking into actually paying a professional company or my bf given hes a graphics programmer and knows all this stuff to a point, but I get quite a few hits and would like them all to call. When you do your own its important to try not to over clutter your site. Clean clear and precise, I'm excellent at advising others... My own i feel needs clearing out but i struggle to clear it, hence maybe better looking into a professional!
-people calling to guarantee first page/top spot on google.... NO!!! They cannot guarantee, they don't work for google, they're pushy. I found out the hard way years ago when mobile, and getting your money back is not easy. Good website design, wording seo and everything will do that for you.
-elec/gas, make sure you have a contract as out of contract prices are rediculous!!
-phone, shop around, I left BT for Unicom... Big mistake in my eyes, costs slightly less even though big savings were shown but less professional, when i can I will prob change back but am definitely moving.
-don't concentrate on new customers, concentrate on keeping the ones that come in, they will be your life line and your wage. Keep them happy new customers will follow.
I think that's most of the main little things like someone else has said pm me if you have anything. I know its daunting, I was on holiday 2 weeks before opening ordering stock, furniture, it all happened very fast for me, and I sat for a good hour staring at nothing when I paid the fixtures and fitting, furniture bill, it was a big chunk of my money and all I could think was but what if it doesn't work and I'm left with nothing... That was the only hour I sat panicking ... Enjoy it, if you want to do well you will!
