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I hate to say this but..
Dear LET members,
Please read this before commenting. I am now legally old enough to own a "business". I've registered with the tax office as a sole trader currently.
I know you're going to bash, and bash, and bash me for this, but before you start doing so - this isn't happening yet. PremiumVM closed due to school commitments that I had at the time. It's nearly time (in June) for me to leave school, and go to college when I'll have a lot more free time (due to days off etc). Therefore, PremiumVM is relaunching. 24/7 support WILL exist for shared/reseller clients to start with, and then for VPS clients shortly afterwards. I am not using any LEB providers for the shared/reseller side of this. I'm using an establish company (non-EIG!!) that has been around for a long time and provides 24/7 email, phone and chat support and also offers 24/7 end user support (hence the 24/7 support for shared/reseller clients to start..).
The problem before was this: I jumped in too soon with dedicated servers, etc, so didn't have enough coming in to cover everything. Therefore, I am starting small. I am going to start with a reseller account to sell shared, reseller, VPS and Dedicated Hosting. This means that I won't be loosing money for very long as this is a cheap option. This will work.
I want to confirm that this won't be happening until May/June time. I can also confirm that there will be no more faffing with PayPal - 2Checkout is being used (recommendations of alternatives like 2CO would be appreciated!). The reason I am using the PremiumVM name again is because it didn't last long enough last time to build up a really bad reputation.
Rather than surprise you and wait till May/June to tell you, I thought I'd do it now. It's better to do it earlier rather than later. I can also confirm that everything will be done properly this time - I've registered as a sole trader with the tax office, I will have some form of phone number (UK based - 0845/0844/0800/0870/0871/0330), etc.
Payment methods that will be accepted to start with - PayPal (via 2Checkout), Credit Card (via 2Checkout), GoCardless. In the future I will look to accept Payza (AlertPay, Moneybookers and also Liberty Reserve but they will not come for a while.
I understand there's going to be the usual criticism etc. I've been researching this for a while, talking to a local business advisory to see what I had to do to be "all legal". Therefore, I've done what they've advised me to do which was start with getting a tax ID and registering with the tax office (even though I won't need to pay tax to start with). The forms are in, just waiting for the tax ID to come through (Monday hopefully). I know you're going to say that this is going to fail again. Quite frankly, it's not. I'm not jumping in at the deep end like I had done in the past with SwitchVM and PremiumVM (phase 1). I'm starting at the shallow end, and then slowly going deeper.
I'd advise you to be as constructive as possible in this thread, and would ask you to direct any questions that you don't want others to see to my PM box, or via email to [email protected]
I welcome any questions, and advice you have to make this a success. Once again, please don't bash - and I am asking nicely for this! I will take on board any advice/suggestions you have and try to implement them.
Kind regards,
Dominic
Comments
TL;DR version please:)?
Edit:
TL;DR = premiumvm coming back
I gave some advice in the past about this, dig the threads.
I still think it will fail, you are not the right person for this, IMO. Not bashing, just a fact.
Being fairly new here, I'm not aware of your previous attempts, so I like to think that my judgement isn't as clouded by that. That said, I wish you the best of luck with your business endeavors.
Lol... Just leave, please. You are an absolute joke.
@Alex_LiquidHost lol.
You need a partner who can run the host while your in school.
Also, don't listen to most of these people, companies people start fail all the time, 1st, 2nd, you'll get it right at one point.
Are you sure???
Hopefully it will be like that for you
Hello,
I'm not really sure what you mean by this, but anyway, I'll explain...
The reason I am using this name is because it hasn't developed a "really awful" reputation that a lot of people will remember it for. I'll be honest - PremiumVM didn't have a lot of clients and didn't last long. Therefore, there aren't bad reviews or anything like that, that people will find easier.
I will probably brand it like this eventually (not to start with):
Central Site - ThePremiumNetwork.net
Shared/Reseller Site - PremiumShared.com (available)
VPS - PremiumVM.com (main site to start with..)
Dedicated - PremiumDedi.com (already got domain from LCN in a promo a while back)
Status (possibly) - undecided
Again, would welcome any questions. I am being transparent here and brutally honest.
I'd also like to thank @Andre for doing a good job on the site previously - it will be used with a few edits in place ;-)
Kind regards,
Dominic
Exactly
Best of luck dominic, if you need any support or advice drop me an email or PM.
Hello,
Thanks for that useful comment. I'm not as bad as shove.
There will be 24/7 support for shared/reseller to start off with as I said. However, I will be finding somebody else to run it alongside me so that I am not alone, yes.
Hopefully it will be like that for you
On a normal week, I'll get 1 day off a week (for work experience). However, I will have a lot more time on my hands and will be able to do some tickets and work during the day.
Thanks Ant :-)
Kind regards,
Dominic
I don't think you should be doing this, Dominic. In fact I think it is a terrible idea..
If you must though:
- Don't use an 08 number or PBX, it's stupid when there's just you
- Glad you're registering for tax but this could make things worse if you don't do your books properly. Make sure you have an accountant and get them to do as much as possible. You don't want HMRC on your back.
- Maintaining multiple brands is a PITA. Don't do it.
- Don't waste money on crappy outsourced support.
If you want a deal on a reseller account or VPS, or any proper help getting set up, let me know.
The real question is whether you will be making enough money to make it worth your while and expand your business at the same time.
Enjoy life and get an education. Then the world is your oyster. Running yourself into the ground with thin margins, high customer expectations and limited free time is not how you should be spending this period of your life.
+1
Hello,
I understand everybody has their own opinions and respect that. It's probably due to what's happened the other times, and I understand what you're thinking and totally respect that. However, as you will see by my post, I am doing thinigs differently (not diving straight into the deep end, starting shallow, and then slowly expanding)
Let me address your points one by one:
Alright, I understand that, yes. So would you recommend I don't have a phone number? Or get a local rate one from Skype, or similar?
Spoken to a local business advisory. To start with, I won't need to pay tax, but once I reach £9k (that's going to take a while), I will. I will need to fill in a personal (not company) tax form annually for whatever I earn (even if I don't need to pay tax).
Certainly taken on board, will stick with the current domain (PremiumVM) then.
The end-user support for shared/reseller clients isn't too bad as far as I'm aware, and isn't paid for!
Regards,
Dom
It will take a while, which is why I'm starting smaller than I've done previously - in order to make it worthwhile.
TD;DR summer is almost here!
Mobile number or if you want to look a bit more professional, use a Skype number. It'll cost a bit though and you have to think carefully before spending any money an remember it's profit that matters.
It might be different in Guernsey but in the UK you have to fill in forms and have paperwork to back it up regardless of whether you actually pay the tax. Check that out and make sure you keep good records. I would invest in Sage Instant Accounts for about £100 so you have something to do your books in properly.
Glad you're listening to advice this time
Ah your reseller provider is doing it?
Hoping to start before summer, and last till next summer, and the summer after, and the summer after, and...
That.
Dominic, please do us a favour, wait at least a few more years.
You said this last time.
Hey,
Certainly :-) A Skype number may work, and I'll look into the cheapest/best option nearer the time of needing it.
Thanks for that, will look into Sage. I've been told that I've got to fill in one annual tax form to state what I've earned regardless of whether I pay the tax, yes.
Yep, that's right
I certainly am Reason: to avoid what is happening last time, and regain a reputation on LET. It also is actually much easier, and it helps!!
I know, and I know I said that I'm doing things differently last time but the planning that's happening for this one is much better, much, much better.
I delved in at the deep end last time, and this isn't happening and can't happen.
You know I've got nothing against you but here's what is going to happen. Prove me wrong. I mean it, I don't want to be right. Make me wrong.
Your problem is a lack of patience and follow through. That's why you'll jump the gun and you'll find out that you were rich in high school compared to college. Please don't let me be right.
I suggest you to finish school first.
You should know that education is one of the most important things.
I think it's great that you are so young and interested in these things (I'm young too).
But please take my advice seriously and only concentrate on school. After you finished your school you can do what you what but I think that it is not such a good idea to run a profitable company when you are still in college.
@jarland
I'm going to address your points just like I have with all the others. Here's what's been planned and what's going to happen:
I will be starting with reselling, yes I agree. I will have a reseller account for shared, and reseller. I will make an agreement with 1 or 2 VPS providers for reselling (I'm not sure which yet) and the same for dedicated providers.
I am not going to get a dedicated server until I am making a profit of at least 50-75% and have more than enough to cover ALL costs associated. Until I can guarantee to pay for a dedicated server for each any every month, via profits and NOT my own money then it will not happen.
I would expect to be at the reselling stage for at least 1 year, to be on the safe side.
You will be proven wrong, like you hope!
Regards,
Dominic
It can be done if there are people alongside me (I've had a few PM's so far!). If there is 1 or 2 people alongside me, along with support, then it can work.
sry doublepost
You'll be reselling reseller accounts? Why not just buy a VPS? Seems like the smart place to start is with a reasonably priced VPS with cPanel. At least this way the clients are actually yours and should you make enough money, you can move them.
Considered getting a job with an established host? It will let you get experience, earn money but more importantly let you walk out of the door without any repercussions.