The Safety Net and The Slow Start

Friday July 15, 2016

Dear Nettie @ TheSafety Net

I was recently at a networking event and talking to another attendee about business and how hard we are finding the costs of starting a business and that apart from friends, most of which aren’t business owners, we have had nobody to talk to about it all. It was somebody I met networking that suggested we contacted you at RIFT

Our company was incorporated via a formation company and since then we have invested a lot of money in premises by mortgaging our house. We are now ready to trade but find it so hard as we have hardly any money left and seem to have spent a lot of money so far, but as our turnover is not high enough we can’t even register for VAT yet to potentially recoup some funds, which we now believe we will lose.

It seems to be much harder than I thought to get going…

Would love to know your thoughts George

 

Dear George

Many thanks for contacting me at #TheSafetyNet, it sounds like you have been on quite a journey!

There are some excellent formation companies about that help in for setting up your company, BUT this is also a time when businesses need guidance, advice and support and that is when it is useful to have the right people around you.

I appreciate that your friends are interested in your plans and your business, but are any of them experienced in running businesses, and therefore able to give you useful advice?.

Can I suggest that before you go any further we have a chat, you are welcome to do this on the phone or call in and see us, just let me know a convenient time.

One of the first things we need to discuss is your VAT situation, you do not need to wait until you have reached the threshold to register for VAT, and potentially you could receive a VAT refund for example.

I am really interested in your business plans and how we can help you going forward – you have clearly invested a lot of money, time and effort into this new venture and it’s important you now have the right advice going forward.

It is important to remember to take on board advice or views from a variety of people when in business, in future these could be your board of directors, BUT it is important that you select only those qualified and that you trust to really give you advice, as you are likely to use this to make decisions.

If you are able to trust the advice you are given, this can be priceless and really help to drive your business forward, equally, all that wrong advice – well, you can’t put a price on that either!!

Look forward to hearing from you - Nettie

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