Buisness Idea

[Jumper123]

We have always videoed rounds of our ponies jumping, and recently videoed a few for friends, then i realised that the cost of buying these from professinals that are sometimes at shows cost about £20-£35 a round!! What i thought was what would it involve setting up a buisness like this? I really don't know how it could cost them anywhere near that much to put a video on a disc!!

So..
How would I go about setting up a buisness like this?
What laws etc go with this?
Also, if I (and the person who I would consider doing it with) are under 18, do these laws etc still apply?

any additional comments/tips would be appreciated!!!

I know I already posted it, but realised the title was no help what so ever, but couldn't find the edit button!!

 

[qwertyuiop]

The key question is not what does it cost me to film it plus profit (i.e. cost+), but what is the market prepared to pay for this and can I do this and still make a living (i.e. market-costs)? Given that camcorders are cheap, I would suggest that the market will not pay a lot for this.

Try surveying people first, or even do a dummy run and see what the response is.

 

[PurplePickle]

As above you soon find theres more to cost into it than just putting a video on a disc, theres time editing, marketing your business, petrol costs, time doing your tax returns etc
equipment costs, insurance costs

material costs this is why a person is doing it for a living and not just pin money


Also there is skill to videography, you cant just hand a customer a shakey vid with some piped over music (which you need to pay for) and hope for the best


as a photographer there are similarities, do lots of research and learn to do a good job, then you might not think £25 is a lot of money

 

[MDJO]

Hi
The first thing to look at when setting up a business is "is there a market for this product / service" - all too often people set up businesses because they have a particular skill or passion and don't really look if there is a demand for their products/services. More importantly you need to test the demand for the product at the price you are proposing to sell at (again another common business mistake)
Once you have established a demand for the product, then you need to assess if the business proposition is financially viable i.e. can you make some / enough money out of it.
If all the above stacks up, and you decide to go into business then you need to set up a business. Two main types of legal structure either as a sole trader (or commonly known as being self employed) or a limited company. Other structures exist such as partnerships and various social enterprises but they are the main two.
If you set up as a sole trader you need to register with HMRC within 3 months of the business being ready to trade otherwise its a £100 fine, non negotiable. If you set up as a limited company you need to form a company and register with companies house.
There are tax and NI responsibilities with both; which are a little too indepth to go into on here. HMRC (the tax office) run lots of free workshops for people considering going into business and I'd definately recommend them. You can book here http://www.hmrc.gov.uk/bst/advice-teams-area/map2.htm
Other key things to consider at this time are insurance (public liability as a minimum) and if you will working from home, you need to consider letting your home insurance know too (normally just a formality and shouldn't affect your premium)
I would also recommend www.businesslink.gov.uk as this has a start up organiser which will help you with all aspects of setting up a business. Depending on your area, there may also be grants available to help you set up things like a website or buy capital items like a camera or software. Ring Business Link and they will be able to help
Hope that helps
(PS - and yes these apply to under 18's)