I need some wise words

Status
Not open for further replies.
T

The Walsho

New Member
Okay, this might be a long one, but I feel by explaining myself properly I give myself a better chance of getting the advice I need. I've just finished my leaving cert, and recently turned 18 years old, and am heading off to college in September. For around a year now, I've been making a bit of cash online, selling websites, my blog, a small bit from adsense, nothing steady, nothing too major.
I'm now looking to do this properly. I'm currently working on setting up a web design company (webdesignlucan.com -website still in early stages though). I say a company, but I will most likely be the only person involved. I registered the business name on cro.ie and am sending off the form tomorrow morning. There's a few things I'm unsure of.

What's the story with tax on this kind of work? Do I have to earn a certain amount before I need to worry about that?
Am I now elligible to buy a .ie domain, and if so, which registrar is best? I've heard a lot of complaints about register365, among others.
Other general advice would also be appreciated.

Now, apologies for a) the length of this post b) asking some (presumably) silly questions and c) generally being a parasite of your knowledge.

Thanks lads.
 
Forbairt

Forbairt

Teaching / Designing / Developing
1: You've got your business name ..
2: Get yourself a sole trader business bank account. You'll want to keep you money separate. Also if you plan on doing this professionally its probably good to alot yourself a salary of some sort. Have your business account and transfer in some money every month from that to yourself. This way if you've got to buy a PC or whatever it comes from this account. And all your personal expenses are separate.
3: If you've received your business number you can register for your .ie domain. I'd recommend going with blacknight for your .ie. or register365 (though I've heard some not so great stories about support with the register365 transition over to an english based company)
4: Get yourself a logo ...
5: Get yourself business cards.
6: Get yourself a mobile you have for business. Ready to go are as good as any really if you want to avoid large bills.

and so on ...

You're starting college so this is going to be a bit of cash on the side I'll assume ? And not really a full time profession just yet...
 
T

The Walsho

New Member
Thanks for both responses.
Babyboy, cheers for the link, am looking into this as we speak.
Forbairt, the logo and business cards are taken care of already. Thanks for explaining the .ie domain registration.
I'll look into that bank account. I've got accounts with two different banks already, could I just use one of those solely for this, or is there a particular "sole trader business bank account" that I'd need to set up?
And yes, you're exactly right about this being a bit of cash on the side.

I really appreciate the responses lads.
Any word on the tax issue?
 
B

Briask

New Member
On tax side of things, essentially all your income has the potential to be taxed and must be declared.

How you set yourself up e.g. as a sole trader, limited company etc will dictate what you you need to do to keep yourself compliant with Revenue. check out http://www.revenue.ie/leaflets/rev_dsw.pdf as a good "self employed" starting point .
 
J

jsweb

New Member
Tip #1 - If you do open a bank account for the business, which is a great idea, when they offer bank cards leave them at home --- I was part of a new business venture while at uni and on too many occasions (mainly drunken nights out) it was too easy to extract money and spend it ;)

Tip #2 - Don't forget to ENJOY YOUR UNI LIFE, don't let the business over take your next few years. I'd love to be back at uni again, they were fabulous years before then hitting the world of work work work..

Following on from babyboy808's post the DCEB seem to be offering to very good courses, at a good low cost -- worth a visit Event Calendar - Dublin City Enterprise Board

Tip #3 - Setting up a business is exciting but it's not always straight forward (so much to consider) and with only limited time available in the day (inbetween uni or jobs), sometimes that is not enough!

When JSWeb was setup we also had full time jobs and it was a rush home each evening "from a proper income job" to answer calls which were left during the day and to get work completed. I remember lots of walking about of the office during the day to make calls and when I got home eating dinenr at the PC..and don't even start me talking about "essential" late nights...lol :rolleyes:

But in the end it can all pay off and (I'm sure you will read this over and over again from other businesses) taking the jump from full time jobs to our own business was the best thing we ever did.

That said, you are at uni so unless you are a Richard Branson don't jump out of that!! Perhaps if you have some good skills to offer working under your own business name, as a freelance would be more suitable? This would allow you to earn money but also work around your availability e.g. When we are busy we are often on the look out for resources on a project-by-project basis. Two of our new full time team member were often working for us while they were at uni (project-by-project). We accomodated them when they needed to get their heads down to studying and partying but sinse they have completed uni life, they now join with us (which I hope they enjoy -- I must ask them ;)

See example sites like: www.iFreelance.com which allow you to post your services.

So enjoy yourself while at uni and good luck.
 
Status
Not open for further replies.
Top