Just had a talk with Bella Gingell, a local businesswoman. Some fantastic advice focused more around starting and running a business, and really motivated me to get certain rear regions in gear as well. Lessons learned include:
- Do written quotes – protect oneself; don’t get shafted by clients who don’t want to pay
- Put aside for VAT
- Be careful choosing clients – see above
- Find an accountant who can be bribed/blackmailed – a good one, and stay friendly, they’re worth the earth if you’re not good with numbers. (Think I’m alright on this one for the time being)
- ‘Expenditure up, profit down’ means paying less for the taxman, but less luck with bank loans. Plan ahead, and work out if the business can be self-sufficient.
- Get a business bank account, keep things separate
- Keep receipts for everything.
Oh, and offers of cake can be seen as a distraction from not actually being very good at what you do. Show off and be memorable with work, not with unrelated gifts.
Definitely one of the most valuable sets of advice from a guest speaker yet.
You have made my day with your great blog. I might have to buy a bigger hat! Thanks for being such a great bunch of people to meet yesterday. Catherine told me you were all a nice group and she was right. As I commented to cake-man, after being good at what you do, it helps of you’re a nice person to actually be around. You guys were, and it goes a long way.
Good luck with whatever you end up doing in the future.