Starting business, unusual conditions

[XtremeEngineer]

Thinking about what Swilly has been telling me in general gassing I'd like to start my own business, working as a self-employed consultant on specialist engineering jobs.


I'm still in Uni, but if I started a company now, could I allocate the costs of training to it?

Would I then be able to claim the costs as an expense, with the associated tax-free implications?

I really know very little about running a business, so any advice would be appreciated.

Cheers,

*Al*

[dick dastardly]

What's with all the name changes today?

The one thing I'd consider is that if you were running a company who needed consultancy, do you think they'd consider a kid fresh out of uni or a firm with years of experience behind it?

I recently graduated and was going to start a Marketing Consultancy, but had to resign to the fact that I'd get much more business if I started one in the future after working in the industry for a while

[XtremeEngineer]

dick dastardly said:

What's with all the name changes today? The one thing I'd consider is that if you were running a company who needed consultancy, do you think they'd consider a kid fresh out of uni or a firm with years of experience behind it? I recently graduated and was going to start a Marketing Consultancy, but had to resign to the fact that I'd get much more business if I started one in the future after working in the industry for a while

I wasn't planning to start trading straight away, just to get the qualification and start clocking up the hours. I'm pretty sure I have a conventional job lined up which should offer relevant experience.

The consultance idea was for 10-15yrs time when I have enough experince, chartered status and some money to cover me if it all goes wrong.


The multitude of name changes are just boredom, I've switched username to match. I never liked Alan420. It's dull.

The lastest revision is related to the whole idea of engineering hundreds of feet up in the air, which is a bit more extreme than what I'm doing now!

Probably change again soon, though I can't think of anything good just yet.

[stc_bennett]

Hi just wondered what degree you are doing as, i graduated last year with my masters in Aero Engineering. I run my own business, but i have 5 - 6 years of engineering experience behind me.

I was made redundant from my old job and had a break and started this new venture. to say it is going well at the moment but some firms are put off by the lower tender costs of small firms and decide to pay the larger bill for the better reputation of the larger company

I do not do consultancy work yet but do designs and some small project managment stuff.

Steve

[_Al_]

I'm doing a Masters in Mechanical Engineering, and did Business Management with that for two years (I wasn't allowed to ontinue it when I was moved up to the Masters).

Like yourself, I'm not going to set up on my own until I've got some experience.

[eric mc]

There have been a number of threads over the past few months on "starting my own business" etc. It might be worth reviewing some of these to get a basic idea as to what is involved. In my experience, "consultancy" tends to be something older individuals find themselves doing, often as a result of redundancy from a "proper" job, and often with the company from which they have just been made redundant!

as has been pointed out before on these earlier threads, you do not have to run a business through a "Limited Company", it can be run under your own name ie a "Sole Trader".

The main thing to do, if setting up your own business, is get the advice of a good accountant as early as possible (preferably before you even start). There is also a lot of free advice available on government websites (Inland Revenue, Companies House, HM Customs and Excise, DTI etc).

[_Al_]

Thanks Eric.

It's only an idea I'm toying with; the exectution of it will be far it the future if ever.