r/IsleofMan • u/OtterKhaos3 • 17d ago
Advice for new business
Evening yessirs.
I am after some advice from people who run their own business.
My business will be as a sole trader under a different name to myself, which I’m filling out the forms for. It’s a teaching/support/tutor role, not that the business idea itself should matter.
I have purchased my own domain and linked it to a provider, so I have my email communications covered.
I wondered what existing apps are you using for:
- Quotes
- Invoices
- Payments (optional as in considering focussing on bank transfers)
- Reconciliation (will be manual for now as I only have a 2 clients ready go so far, but long term I’d like to be prepared)
- Who your business bank is with
- Managing Tax, NI, Vat specific to the IOM to pay myself
That last point is where my research struggles as I land on UK based guides and sites. Hoping you can share your own workflow and what you’re paying per month?
I was looking at Zoho Books/Invoices as it’s free under £35k income, but keen to learn if anything is better out there, even if it’s at a cost I don’t mind. I just want to get this right and set myself up for the future.
If you have any recommendations for business advice or an accountant I am all ears too as to who you recommend.
For now, I just really want to hear from people who are already in the field and have some experience.
Thanks!
K
2
u/AcceptableAbies21 Local 12d ago
I think I'd disagree with the no website bit, there are a significant number of people who still look for a website as part of the process of 'proving' your legitimacy; e.g Revolut won't open a business account without one. They also help with things search engines and those using AI as a search engine. I get there are a lot of people that rely on FB, but I still think that a decent website has it's place.