When you first set out down the path of becoming an HGV driver, you may not realise just how many options are available to you. As you progress through the training, you come to realise that not only could you land a dream job with an existing company, but you could very easily set up your very own HGV driving business, becoming a self-employed HGV driver. Of course, if you’ve never run your own business then it can be a bit of a daunting prospect. So, to help you out, we’ve put together a list of some of the things you would need to do to set up in business for yourself.
Know Your Weaknesses
Everyone has blind spots in life. It’s impossible not to. We have things we don’t know, things we don’t know that we don’t know, and things we think we know, but we don’t. If you’re running a successful business, you need to work out what your blind spots are, and fill them in. This can be by learning and growing your own knowledge, or by hiring other people to help you with the skills you don’t have. So first things first, sit down and work out what your blind spots are and how you can address them.
Hire An Accountant
A good accountant can be the difference between success and failure in business. Even if you’re a great numbers person, you just won’t have the time to do your own accounts and stay on top of everything you need to do financially. An accountant can save you money, help refine your business and then get everything you need to do with HMRC done on time and in the right order.
Register Your Business With HMRC
Before you take a single penny or write a single flyer, you need an actual business to do it from. That means registering your business with HMRC, and choosing your business structure. While there are a lot out there, your choices boil down to 2:
Sole Trader: A sole trader is essentially a self-employed person who is the only owner of their business. It’s the simplest type of business structure out there, and it’s often how small businesses start out. That’s one of the reasons it’s the most popular business structures out there too! It’s really easy to set up, but you will still need to register as a sole trader for tax purposes.
Limited Company: A limited company can run in a lot of similar ways to a sole trader, except the business has its own legal identity. This type of business structure separates the liability of the businesses from the individual business owner, shareholders and managing directors. You can run a limited company even if you are a one-man band – it’s just a matter of structure.
Of course, like almost anything in life, there are pros and cons to each business structure, so it’s important to look carefully at the options before making your decision. If you’re not sure which will be right for you, you can always ask your accountant for help.
Open A Bank Account
If you want to get paid for your work, or you want to buy things for your business, you need a bank account. Not a personal one, but a specifically business-based bank account. Since this process can take a little while, it’s best to start this as soon as your business is registered. Go and talk to a lot of banks and work out what deal is right for you, and get your application in.
Get Yourself Organised
An organised business owner is a happy and successful business owner. In your HGV driver training you will be able to find out just how much work you need to do and what kind of equipment you need. Make yourself a big master list of what you need to run your business and get buying! While you buy, try to create a workflow for yourself so that you can stay organised from day to day.
At Surrey and Hampshire Training Centre, we pride ourselves on supporting HGC drivers in achieving their dream career. Whether that’s getting a job in their ideal company, or setting up as your own boss running an HGV driving company yourself. Our trainers are on hand to support you, answer any questions and point you in the right direction, no matter what your goal is. If you would like to find out more, just get in touch with us today.
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