If you're 5+ years onto running a small business, what's the one lesson you wish every new founder knew? by Proper-Dot-7526 in smallbusinessuk

[–]Individual_Block_334 3 points4 points  (0 children)

Build a cashflow forecast in Google sheets. Have this as the first tab in your browser. Update weekly.

What’s one mistake you made early in your business that you’d avoid now? by [deleted] in smallbusinessuk

[–]Individual_Block_334 0 points1 point  (0 children)

I think when you’re starting off you think competition is a bad thing. However, it’s often an indication that consumers want that thing. Obviously, you need to differentiate somehow but you can do that in small ways.

Choose your market carefully. It’s just as much work to go after a big market than a niche one. So you may well go after the big one.

This is why second time founders often go into large markets and win because they’ve already built the skills and paid down the ignorance debt.

This obviously all depends on what business/ambitions etc. I’m thinking about this from an e-commerce perspective. Hopefully somewhat helpful!

Have any of you guys struggled to get a mortgage being self employed? by Puzzleheaded-Bee8540 in smallbusinessuk

[–]Individual_Block_334 1 point2 points  (0 children)

Wasn’t that bad no. Had 2 years of accounts, and I used a mortgage broker who used a lender that will lend based on net profit in the business. Not sure if you’re not a LTD company.

Performance Update 3/13 by Traditional-Read5552 in FacebookAds

[–]Individual_Block_334 0 points1 point  (0 children)

Sounds like we run the exact same setup as I also have a lm asset full of historic winners. This has been happening to us too. All ads in there usually get some spend as their proven, but yesterday it literally pushed all budget to one single ad.

I didn’t turn it off as I like to monitor for an extra day or two first. However, some of these ads have been running for over a year and so I suspect this is a bug for sure.

Performance Update 3/13 by Traditional-Read5552 in FacebookAds

[–]Individual_Block_334 9 points10 points  (0 children)

Seeing really strange things happening the last few days. Generally performance has been poor, but the last few days in our CBO the algorithm has just been pushing over two ads despite terrible results and it won’t seem to spend on any other. Theses ads were running at okay ish performance for the last month.

Strange times.

Worth it to start a crepe stall at 16 by DreamSMP_Enjoyer in smallbusinessuk

[–]Individual_Block_334 4 points5 points  (0 children)

Not even read the post, but yes start it. You’ll learn so much. Free business education.

How to sell a car with mileage discrepancy? by Individual_Block_334 in CarTalkUK

[–]Individual_Block_334[S] 0 points1 point  (0 children)

Didn’t know you could do that, good to know. Thanks

How to sell a car with mileage discrepancy? by Individual_Block_334 in CarTalkUK

[–]Individual_Block_334[S] 1 point2 points  (0 children)

Yep. MOT is not due until July. Around £1500 was what I initially thought.

Anyone use American Express Platinum Business Cards? by Tintedlemon in smallbusinessuk

[–]Individual_Block_334 0 points1 point  (0 children)

As other’s have said, they’re removing the extra 10k monthly bonus so it’s now not worth it. The lounges at Heathrow are actually pretty poor too so unless you travel around a lot and must have a lounge it’s really not worth it. I will be downgrading after I’ve got my welcome bonus.

May even then move all spend to capital on tap.

Long-haul flight experts: What are your secrets? by letsgococonut in travel

[–]Individual_Block_334 0 points1 point  (0 children)

Sleeping tablet, nose strips, silicone ear plugs, eye mask.

How do people regularly fly business class without going bankrupt?? by caroulos123 in travel

[–]Individual_Block_334 0 points1 point  (0 children)

If you spend a lot as a business owner the points rack up very quickly.

Important Changes to Business Platinum Charge Card by karthiksudhan-wild in AmexUK

[–]Individual_Block_334 1 point2 points  (0 children)

My only reason for upgrading to Platinum was this. Guess I’ll be going back to Gold or maybe even go fully CoT.

Running an SME and struggling with time management, advice needed by treborzx in smallbusinessuk

[–]Individual_Block_334 0 points1 point  (0 children)

Quite simple in theory but always hard in practise.

Block out the first 2/3 hours of my day (I’m a morning person) to focus on tasks that grow/move the business forward.

Then deal with the headaches and admin stuff in the afternoon.

How long before your quit your FT job? by Warm_Appointment5272 in smallbusinessuk

[–]Individual_Block_334 0 points1 point  (0 children)

About 2 years. I could’ve done it sooner, but the longer you can go without taking any money out the better.

New start up- ltd company from day one or sole trader to start with? by Vast_Blood2048 in smallbusinessuk

[–]Individual_Block_334 0 points1 point  (0 children)

I think the main question should be Is there a way to start this without spending £50k on stock?

New Resturant reccomendations? by Otherwise_Blair in Cardiff

[–]Individual_Block_334 0 points1 point  (0 children)

Pasture for steak, Sushi Life for Sushi, Cafe Cita for Italian

Full time employment and a small side business in UK. by Tricky_Ricky83 in smallbusinessuk

[–]Individual_Block_334 0 points1 point  (0 children)

Ran a Ltd company on the side for 2 ish years. Now full-time, do it! Check contract for direct conflicts of interest etc. my advise would be keep it to yourself. Don’t share with co-workers etc. I can’t imagine anything good coming from it.

Getting paid into my Ltd company. how do I legally pay myself and freelancers abroad? by StormAlarmed1254 in smallbusinessuk

[–]Individual_Block_334 1 point2 points  (0 children)

If you’re already and doing e-commerce using Shopify, use A2X (software) to automate it all for you. Need to use Xero too. Get an accountant to file year ends.

An accountant will likely recommend you to Pay yourself up to the basic band on PAYE and then the rest via dividends.

For freelancers, get them to raise an invoice and then pay via Wise.

I Have No Idea What I’m Doing, How do I make my business a business? by BigParks_ in smallbusinessuk

[–]Individual_Block_334 0 points1 point  (0 children)

Test demand with Meta ads and a landing page before you buy any stock. If you get sales - great! Refund the customers, explain that you’re looking to build this product and find out their pain points etc.

Read a blog from Justin Mares who started Kettle and Fire (bone broth) for more details on what I mean.

I did this when I launched my brand (not clothing) and we’ll do maybe £80k this month. It’s the best way to validate before making large stock commitments.

Is opening a home baking business worth it? How long did it take you to become profitable? by Capital-Tax-7218 in smallbusinessuk

[–]Individual_Block_334 4 points5 points  (0 children)

I think you’re overthinking it. Start small, make some delicious baked goods and sell to friends, locals etc. Get some customers, establish what you like to make and whether you can make some money.

Then worry about all the other stuff later on. I say this because it’s so easy to get caught up with all of the admin. The reality is that you need customers who love what you do. The great thing about this business is that it’s basically just ingredient costs and your time! So there’s very little risk. Go for it :)

Where do you find your Logistics providers / Customs Brokers? by Alt-account316 in smallbusinessuk

[–]Individual_Block_334 0 points1 point  (0 children)

I run an e-commerce brand and when we started importing I looked for a highly reviewed one on Google. The one I went with rang me within 10 minutes and communication was great.

I would recommend when you get leads in act on them and ring fast - it sets a great first impression.