Archives for March 2009

We all do, and what’s more millions of people each year are prepared to pay for them. We pay to have our cars serviced or repaired, we pay to have our gardens done, our houses redecorated or extended, kitchens fitted, we pay others for child care, we pay for cleaning services etc. For every problem there is a skills solution. It maybe that we do not have the skills ourselves or we do not have the time or inclination to do the job ourselves. Case in point Myself, I am a skilled tradesman who has completely renovated 2 three bed roomed houses and 2 flats. I gutted these properties and replaced all fixtures and fittings, but there is one job I will not do. That is to paint doors, door frames and skirting boards. To me it’s like watching paint dry, actually come to think of it, it is watching paint dry.

For these tasks I employ my friend Mario who is a top professional decorator to solve this problem for me. I am more than happy to pay him for his services. Is there a skill that you have that you could market? No? Really? You may be amazed at the following true story. I worked a few years ago with a lady who moved house; she had to do extensive work on the property which included the use of lots of skilled trade’s people. After the work was completed she was continually asked for the phone number of her trade’s people by friends and relatives to do work on their own properties. That was the genesis of her idea, the eureka moment. She soon realised the most precious asset we have each day is our time, we simply do not have the time to do all these important things, and if we do have the time we may lack the skills.

If someone could do these important jobs for us would we be prepared to pay for it? So she setup a company to do just that. I am glad to say she was a success for she had tapped into a market that we can all make use of from time to time check it out at http://www.timesprecious.net. All this from one little spark of an idea. Look at the range of services on offer from dropping off or picking up laundry, office moves, corporate events etc. all great time wasters in our lives, get that time back by paying someone else to do it for you.

We don’t have to be master builders or financial experts (are there any left, have there ever been any?) to have marketable skills? We all have something we can offer that someone is prepared to pay for; it’s only a question of finding out what it is.

Give it a thought.

Rob 

Do you love the tax man? Rather a silly question really. This most hated figure in the modern world, the object of fear and derision, this night gaunt ghoul who inhabits the nightmares of us all. This person’s only purpose in life is focused in sucking you dry of every penny you earn, can actually be your best friend. Oh yeah! Yeah! How is it possible that this modern day fiscal vampire can be tolerated and even liked? Read on. Well, it’s very simple, Her Majesty’s Revenue and Customs are there to help you. Put quite simply for everything that you want to know about taxation and tax allowances the tax office have a leaflet. I first learnt this by reading Duncan Bannatyne’s (he of Dragons Den fame) autobiography. When setting up his own businesses Duncan always the canny Scotsman found that he could save a fortune on “professional fees” simply be reading the free literature available from the Inland Revenue.

There is a leaflet for everything that allows you to pay only the tax that you legally owe. This should be of note to every eBayer and Amazonian (have I just coined a phrase here!!) who are buying products for resale. You are required by law to register this with Her Majesties Revenue and Customs within 3 month of starting trading. There is a fine of £100 for not declaring this within the 3 month period. Tell them before they find you out as the penalties are rather more severe! Registering can sound rather scary, complicated and nerve racking, just thinking of all those ghouls waiting to pounce and rob you of every cent, penny of other item of small change you may have. The forms are very simple to complete, they are available via the internet, e-mail or by making a simple phone call. Information available at www.hmrc.gov.uk

Once completed you will receive an information pack called “Working for Yourself The Guide” with advice on how to best run your business, details on running your business on a tax efficient basis, how to claim tax allowances and obtaining further information on growth. It is also worth buying a book on how to setup a business; I have found “Starting a Business for Dummies to be very good”.

After April 5^th comes the dreaded tax form, in the past a source of endless anxieties and sleepless nights. Although it is a substantial document only part of it will be relevant to your business. The tax form comes with a substantial and informative document to help you fill it in and claim all the allowances you are entitled to. You could get an accountant to fill this in for you but at the early stages of running a business it is fairly straight forward.

You can also file your tax form online which is the preferred method by the HMR&C, who are pushing this very hard at the moment, you also get an additional 3 months before you need to file your tax return. This means that you can hold on to your hard earned for longer and take advantage of the generous 0.01% interest rates available at the bank! One word of warning don’t, repeat don’t, try to con the tax man, (they may be a bit more cuddly than in years past) it will not work they have hundred of years of practice over you and you will lose.

Beware the smiling assassin!

Sometimes a great idea will come to you. Sometimes you will see it in action, sometimes it will almost be thrust upon you and sometimes it will appear from the most inconsequential beginnings. So what to do with the idea when it happens.

Let me illustrate! Some years ago my self and my then girlfriend visited York for the weekend. We had a great time. Amidst all the history, fantastic places and interesting things to see, one thing stood out. It stands out for two reasons, it was fantastic entertainment and it was my biggest lost opportunity ever. It was very simple; we went on one of York’s many ghost walks or tours.

From the first instance we knew we were in for a good time. The actor conducting the tour arrived in Victorian costume ringing a bell to beckon the assembled to follow him. There followed a hour of first class story telling and top comedy whilst giving an insight to the supernatural side of York the most haunted city in Britain. After the tour we joined the actor in one of the local pubs for a further hour of excellent story telling. An amazing night out that still sticks in the memory.

On a business footing rather than an emotional one, our host pocketed in my estimation over £350 for one hours work! My mind was racing; I decided that I would put together a ghost walk in my home city of Liverpool. Liverpool has more than enough spooky stories to construct an evening of top class entertainment and in so doing make large amounts of cash. So what did I do about it? Nothing, diddly squat that’s what. I thought about it for years, I did nothing, not even some basic planning or research. Great idea no action, then came the stab to the heart. I picked up a leaflet advertising Liverpool’s only ghost walk. Someone had beaten me to it, called it Shiverpool and make a very good living out of it. Good luck to them they took action and I did not, a classic case of not acting immediately.

So you may think I never made another error! Next the mistake I made that cost me thousands.

Rob