Almost Ready (Advice Needed)

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I'm hoping some experienced memebrs could shed some light and help me out with my new venture. I have never done anything like this before so I'm a complete novice in the business world.

I am in the UK and have an e-commerse store I have created on a free trial with BluePark. It's almost finished design wise.

I have conditionally spoke to some suppliers who have seen my site and are interested in me dropshipping through them. (for now they are UK based, china etc have long delivery times which frankly I do not believe appeals to everyone particulary in the market I'm focussing on)

Although am I correct in once my site is up and running and I start to gain profits keep them, then from china purchase and store my self items that are popular on my site and keep going like that to slowly move away from drop shippping popular products?


As far as I'm aware these are the steps I need to take in the UK;

1/ set up e-commerse page

2/ buy domain / email address

3/ set up as a sole trader / ltd / ???? (anyone help out here whats best and why?

4/ get trading accounts with suppliers who need my business number / vat number i'll recieve once set up.

5/ good to go or am I missing something? if so can you list the steps 1-X which I need to do before launching.


Also what happens with Tax / VAT in the UK? as far as I'm aware I do not need to be VAT registered unless I turn over more that £83,000 a year. although does being VAT registered have any benefits/downfalls?

Tax how does this work? Bluepark look like they keep an entire history on you're invoices etc but I got no idea what I'm supposed to do with the money I earn or anything at all basically.


Any and all help is greatly appreciated! I'm very new to all this but I am confidence in myself thank you for taking the time to reply!

Fortunatus

#advice #needed #ready
  • Profile picture of the author Geedan007
    I'd love to give an in-depth knowledge of the best way to go about it.

    However, I'd provide you with a link to a forum that deals with all your concerns: www.ukbusinessforums.co.uk

    I'd suggest buying the domain and hosting server to getting your e-commerce up and running.


    Once you've all the main components (website, merchant account, design etc), then start forming your Private Limited Company. I actually did it the other way round when I started, I initially formed my company and then moved onto the launching of the eshop. (My eshop is going through revamp at the moment).
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