Hello MRP,

Any business can be successful in this recession whether it be online or retail, yes its going to be hard but it is what you make it.

I know that you would not be on here posting if you think that your going to start a website and then you going to get lots of views and become a millionaire within a year, there is that many websites out there now that you have to be unique with your content and invest a lot of time getting it noticed.

You ask what sector would be most profitable this is down to you, it should be something your interested in otherwise your not going to have motivation to continue the business through the hard times.

Some things to think about:
1. What are you interested in?
2. Are you committed?
3. After you have answered the top 2 questions research your sector and see what you can add and do different.
4. Think of the company name and brand, make sure its not taken even if your not going to go Limited at the start you need to make sure its not taken otherwise you will have problems when your successful and need to be Limited and the name is not available.
5. JUST DO IT, do not procrastinate it will not help anyone, i know because i did for about 1 year until i took the dive and i would not go back now.

I started my business in April 2011 and yes its hard but that is the fun part. Please do not be under any illusions that you will start up and the cash will roll in, it will be hard work for you but you will be paid back for the work you put in.

Good Luck.

Thanks
Andrew Irvine
Ai Communications Limited
www.aio-m.com
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Only to add 'consider margins' as well but also what your costs would be in selling the product / service. No point finding something with a high margin only for it to eroded by high cost of sales.
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http://www.4little1s.com

Thank You all for replies and comments, anyone else like to comment or tell me your success story.

Thx
Mark

Hello. I am creating my 1st online business of which the only income is going to be from advertising. I have purchased the domain name and registered the name and logo with companies house so I now have to just inform the tax office. Also I am going to be setting up a registration for customers so we have to retract a couple of details from them. I am aware that we need a server to hold all the information which I am in the process of. Is their anything else I need to do to legally start trading so I don't get hammered?????

Thanks
Adam...

Ok. Thanks for your advice Mark. Take care.

Adam...

Adam,

Hang on a minute, this is your first online business with an income from advertising...........and you have formed a limited company ?????

****STOP*****

Forming a limited company is a huge step and quite probably completely inappropriate for this sort of business model. See other recent thread with someone WITH an inappropriate limited company. You would ordinary test the waters on a project like this as a sole trader, and only incorporate much later on if the site takes off and you generate a good income stream (circa £30k+ in profits).

The process should be something like:
1. Reg domain and get business ready
2. Test out the business model and generate money
3. If successful, let HMRC know you are self employed (they are simply not interested if you dont owe any tax)
4. If you make lots of ££££ get an accountant to help you, if not do your own returns (of course you can get some help upfront too but most people dont like to!)
5. Consider forming a limited company to save tax/reduce liability

At the moment you are going for:

1. Reg domain and limited company
2. Test business model
3. Panic when all the returns are due
4. Get upset when you find out what its going to cost to sort everything out as its in an mess and you didnt know what you are doing
5. wish you had taken some advice. etc etc etc

Hope that helps


Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk

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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT

and if you got a business in mind. Make sure you utilize social media. This is the future of marketing your business.

Get your free guide from socialmediabusinessguide.com that might help you.
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www.socialmediabusinessguide.com

Jim - if you are going to drop your post all over the forum you will find your "future of marketing" strategy disappearing with a couple of clicks of the delete button.
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James Smith
Chartered Accountant
www.jamesesmith.co.uk

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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT

It's the same offline and online: Supply and demand. Are you going to offer something which there is a demand greater than current supply: a better, cheaper or faster product or service?

Tip: Avoid 'make money' schemes and internet marketing courses. Just work out what you can offer or be a middleman for, which there is a demand for and in which you can offer something over and above every other Tom Dick and Harry in the niche.

Tip: People are interested in what benefits them, what they want badly, not what _you_ think they should have.
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at this time of recession i think Internet(IT) and marketing are good bussiness to startup..
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