What to do after university

I’m now in my second year at university and still don’t really know where this will take me. A handful of the third year students I have spoken to have already got jobs lined up but a lot are still looking. I’m thinking to use what I have learned to set up a business, rather than to get a job. No idea where to start though. Limited company or sole trader . Do I need to be VAT registered or not?

Do any fellow students have advice on starting a business?

Thanks

Reply 1

LsDad

21

You could, if you have capital available, go and look at a franchise option as you would have a proven model to follow.

However, i would strongly advise you to find some work first in an industry you are keen to follow, if you like that industry and work then maybe look at opening a business in that sector later once you understand it.

Being limited or not is different consideration, VAT registration is only required once you are doing £85k of revenue a year but these things are minor considerations, making a business viable is the bigger priority

Good luck

Reply 2

Creator7698

OP

1

Original post by LsDad

You could, if you have capital available, go and look at a franchise option as you would have a proven model to follow.

However, i would strongly advise you to find some work first in an industry you are keen to follow, if you like that industry and work then maybe look at opening a business in that sector later once you understand it.

Being limited or not is different consideration, VAT registration is only required once you are doing £85k of revenue a year but these things are minor considerations, making a business viable is the bigger priority

Good luck

Hi LS dad.

Thanks for the great advice. I’m thinking of getting a part time to get me some start up capital and to cover my rent etc. that should give me enough free time to set up my business. I do design so want to start making websites for people. I managed to book in a meeting with a local accountant next week so I’ll ask them about the VAT.

Thanks again

What to do after university

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