[Innes]

OK I am looking into setting up my own business!!!

I am thinking about an "aquatic-pets" business were I will hopefully sell aquatic creatures and related items, I also want to offer tank cleaning servaces, and internet sales and stuff like that.

can anybody tell me about anything I need to know?

like any licences I may need in the UK, and well anything really that I will need to know - Thanks

 

[o snap its eric]

Sorry cant help you there since you are from the UK

 

[nitrofish]

I can't help you, but its a great idea

 

[Innes]

I might start selling Piranhas in the UK

 

[Xenon]

Have a few grand handy to get start, a rack load of tanks, and a lot of patience I would assume.

 

[Innes]

OK I need to know all about the various laws that may affect this kind of business, and also about licences.

also any help and advice would be greatly appriciated for things like suppliers, contacts, ideas and anything else you can think of.

 

[pcrose]

Innes what are you going to college for lol.

 

[Innes]

my college does not teach me about fish laws

 

[Poseidon X]

Im an acconting major and have all kinds of crazy knowledge on setting up your books and your blue-printing your business plan. I have a couple of great pointers that can really get you started.

The number one most critical thing about starting up your own business is being able to take big risks without personal risk. If you incorporate and go to the bank and ask for a 50 thousand dollar loan... they will promptly laugh at you and say sure thing buddy all you have to do is sign this here form of personal liability for the funds that you need. Basically you are back to square one and if your business venture would turn belly up you have now lost your car and your possessions to pay back the loan. Instead... start a year ahead of time. Start some kind of small fish delivery company from your home. (This would require you to shell out money..but wait a minute lets go back to how you should start) After incorporating you should start applying for every corporate credit card you can find. Start with the gas cards... for your "company vehicle" Charge all of your gas on there for all the running around you will be doing trying to set the business up( these are all tax deductible expenses). Fill out credit cards like mad and use them to purchase little items that we can easily pay back out of your own pockets for now. (if you play your cards right this will be the only money that you invest). Over the next year you should be able to establish 50 to 100 to 150 thousand dollras of credit. Every month you should fill out an application for a credit line increase for every card you own. Now that your coporation has an established line of credit you can start buying tanks and equipment with all your credit cards. If you plan on operating out of your house this will be incredibly easy! ... Hell go get a huge shed for 5,000 dollars... No problem... however you may want to start small and work your way up so you have a a steady stream of money coming in to pay off bills.

I would look for some good sales of tanks on ebay and construct a giant drip filtration system. Maybe buy a cheap ass van which you could turn into a fish transport vehicle (with piranha teeth painted on the front of course)

The Bottom line is you can go out on a limb and buy this stuff and are not risking any of your money. If your corporation should fail... woopss... looks like you will have to start all over again... and you can !

 

[Innes]

Thanks BDKing57

I think that I will not be able to deal in livestock for a while, but I was thinking about providing a maintnance service for offices, dentists and private homes were I will basically do water changes and possibly some tank re-decorating.

I also think I might be able to sell equipment like filters, heaters, foods, medicines and stuff - perhaps even online.

this way I can keep my costs low untill I have some money to invest into the business.

I would like to keep clear of credit cards as I am hopeless and I will lose all that I own, and more

I do however have the oppertunity to apply for grants and loans from non-profit organisations dedicated to helping young people to start a business.

 

[bobme]

Ive started many business, and i just started other.
make sure its all legal, i dont meen like where you ship fish, i meen like a business lisc, tax, resellers lic, and maybe u needs ome fish and game stuff i dono.

 

[Poseidon X]

hey were you listening to what i said? If you use coporate credit... you are protected by a coporate shell, your company could be 100,000 dollars in debt but the goverment cant touch any of your belongings and if the coporation declares bankruptcy nothing will ever be on your record... its like it didnt happen. Corporate credit is the only way to go if you are thinking of doing anything risky.

 

[bgshortys]

I found this link while I was looking in another thread. Just thought it might come in handy.

 

[bobme]

hey were you listening to what i said? If you use coporate credit... you are protected by a coporate shell, your company could be 100,000 dollars in debt but the goverment cant touch any of your belongings and if the coporation declares bankruptcy nothing will ever be on your record... its like it didnt happen. Corporate credit is the only way to go if you are thinking of doing anything risky.

yup!

 

[Ms_Nattereri]

I think the best advice you can get about setting up your own business is to ask the LFS about how they started

 

[Poseidon X]

basically you cant loose if you establish an L-corp. You can automatically pay yourself whatever you want for being the ceo of your own fish shibby cleaning service, while you spend someone elses money in expanding the company. You could buy lots of tanks and cool things and have a blast... one day it all may get taken away but who cares,,, it was fun while it lasted and you made some money no one can take away

 

[bobme]

basically you cant loose if you establish an L-corp. You can automatically pay yourself whatever you want for being the ceo of your own fish shibby cleaning service, while you spend someone elses money in expanding the company. You could buy lots of tanks and cool things and have a blast... one day it all may get taken away but who cares,,, it was fun while it lasted and you made some money no one can take away

Thats how the .com felt and many other people and guess what, they are all going to jail one by one and i hope people like you die.

 

[Poseidon X]

???/ what are you talking about? The only people who are going to jail are those being found guilty of falsifying statements and insider trading... colaborating to create a giant corporate pyramids. The strongest economy in the world is based on the coporate format i just provided. That is why there is such thing as a "risk premium" Do you understand the components of interest? You think you pay 10 percent annual interest on money just to borrow it? Rates are based on an amount that the credit card companies predict they will not be able to recover and therefore have to make that amount up in risk premiums... especially with high risk ventures. Credit card companies right this amount off as a loss and do not pay taxes on it.. or sell if off to collection agencies .com companies have nothing to do with this at all. There were no coporate assets in .com companies therefore there was no money to recover. Anyone who is going to jail because of this is guilty of fraudulently presenting the co. assets or taking assets that belonged to share holders. ???? If you dont understand how finance and investment work then you really shouldnt give such an uneducated opinion.

 

[Jonas]

Sorry, too bad you are'nt in the states. Over here if you have good credit history, etc. etc. you can get federal grants for stuff like that and some you are'nt even required to pay back...The only red tape you have to worry about with any business is the first two years, you will usually show a loss. Almost like a tax 'writeoff' when your business is getting rolling.

 

[Poseidon X]

yeah a loss is not always bad... your more intrested in cash flows then positive or negative net income. IT actually does not pay for a company to try and save money... if your not spending it or paying it out in someway and expanding by taking out loans then you are actually losing money that you could be making. If you started off small and kept expanding then you would be paying little or no taxes untill you really took off and started making a profit