Hi
I have plans to expand my hobby electronics a bit and start selling assembled boards in the near future. I will first try it out just as myself, a private individual, possibly using Tindie or similar marketplace. If there will be enough interest, I could do it more properly and start a business.
I am new to starting a business, especially in the UK (Scotland to be more precise) where I have lived only a couple of years. While there is of course general info available regarding types of businesses (and I do need to read more of that), I would be keen to hear experiences of fellow EEs. The main question is probably is it better off starting a limited company straight away if you expect to have at least some income to cover the overhead? Or is it better to have a 'lighter' business type, or even just do it as a private individual? My initial impression is that starting and running a Ltd in the UK is still much easier and cheaper than in (my home country) Finland, and VAT limit is also 10 times higher.
Things to consider are at least the amount of paperwork, overhead, taxes, and later on hopefully profits as well. And scalability in the future if things kick off.
Regarding purchases in the possible business, I'd say mostly buying components off Mouser/Digikey and PCBs and assembled boards from China (in which case assembly house would probably do the component procurement as well). I presume I would need a business for example to get a Deferment Account at HMRC and thus avoid at least the extra customs charges by DHL and the likes.
Ideas, tips, experiences? I know there are quite some UK hobbyists, bloggers, and vloggers who do small business; how do you do it?
Thanks!
edit: One thing to consider is also that I am currently full-time employed elsewhere so it will impact some things. While I hope I could work on my own business full-time one day, that is still a long shot.