Starting up business

[bjblyth]

Okay well without giving too much away I am very seriously looking into starting a business up, over the last couple of years I've dreamed of working for myself and running my own business and now I've found something which could do well if it's done right, and being a perfectionist and having good level headed friends that will be involved too I can see this working...

But anyway the main reason for the post is, has anyone started their own business and how did you go about it??

I'm young so I don't have savings to invest unfortunately, so I'm going to be relying on business loans but thats okay because I don't need hundreds of thousands.

The things that are going to be needed to get the ball rolling is....

A few months rent for a high street shop

A few months wages for 2-3 staff

A refurbishment of that shop, we're talking the whole shop floor re-done and the back just decorated and generally spruced up

Furnishing for the shop floor

Just really wanted advice from anyone who has started a business of any kind and how they funded it.

One thing I'm not looking for is posts from people telling me not to bother or that I'm too young, or It's too hard or anything like that. If you don't try you won't know and in the past I've proved plenty of people wrong and made a few grand out of nothing, so please just a bit of general advice would be appreciated!!

Thanks in advance. style="vertical-align:middle" emoid=":thumbsup:" border="0" alt="thumbsup.gif" />

[GTi T]

Never too young for anything i reckon so go for it

What's the business mate out of interest? PM me if you don't want it public

Thomas

[Putney]

I started up a company... I ran it for a couple of years.. and still have it but i am no longer trading... The problem was I was working fulltime shift work and was running myself into the ground trying to do both.... I did make alot of money though and it enabled me to buy my flat... I am going to pick it up again soon.... Looked at lot's of little business plans but I think anything shop like runs a big risk of being undercut by the internet.... Good luck... also PM is you don't want it public as I would be interested to know.....

[Swoxy]

A few months rent for a high street shop

Generally these need to be leased on a long terms and a large premium paid up front.

Edited May 6, 2007 by Swoxy

[bjblyth]

how much does that cost, any idea??

[2001gti]

Good luck! i hope the best for ya!

i no a guy who started a floor layin company off and hes doin really well and contracted for a very big company to do there floors.

just make sure u do alot of advertising might cost abit of money but it will be worth it

[Blackrat]

The paper work is a complete pain in the ass no matter what business you going to open, at the end of each month you gotta sit for hours sorting it all out.

Fortunately i have a very understanding wife who knows i dont do paper style="vertical-align:middle" emoid=":D" border="0" alt="biggrin.gif" />

as for money , the bank

if you are the working type of person who doesnt mind spending an extra few hours a day 'tiding up loose ends' then i would say GO for it, its very hard now days to get anywhere working for a company unless you know someone who can pull a few strings

good luck style="vertical-align:middle" emoid=":D" border="0" alt="biggrin.gif" />

[Bikerz]

If your looking at a cheap and easy way to start up a company you can buy a company start up package and just choose name, not 100% sure exactualy what this is but I know people say its great and easy and cheap so if you can research into what im talking about that might help

[Swoxy]

how much does that cost, any idea??

The company I work for rented one out in Greater London for £10k PA with a £10k premium on a ten year contract. You'd need to talk to a commercial estate agent where you are. Rightmove has a range of commercial property to let too.

Edit: When searching for commercial premises on Rightmove you might need to choose 'For Sale'

Edited May 6, 2007 by Swoxy

[Nicki]

OK, this will be a relatively short one as I'm tired.

You need a good business plan - this will be fundamental to the future of your business as this is what banks will rely on when investing.

The more risky it is, the higher return the banks will require - which in your case will mean a higher interest rate if its risky as far as they're concerned. Ultimately, everything they do is to protect their shareholders - remember that as its the driving force behind most corporate entities.

Your business plan needs to show that you've done your research. Running costs, market research etc will all need to be demonstrated. You will also need to supply cash flow forecasts. The statistic for new businesses which fail in their first year is something like 70% so be warned. The other thing to remember is that, although the business may be profitable, if you've got no cash, you're finished.

If you intend running this business as a soletrader/partnership, remember that your personal liability is unlimited. If the business fails, you (& the other partners in the business, if there are any) will be personally liable for the debts of the business - this could result in you losing your personal assets (eg car/house) and ultimately, being declared bankrupt.

Contact your local government as there may be start up grants you could be entitled to, as well as start up loans which are usually fairly favorable terms & with good deferral systems so you can pay it back gradually when the business is thriving.

Find a good solicitor when it comes to leasing premises too - you don't want to end up with an onerous lease.

Another thing I can't stress enough is finding a good accountant. I know it sounds like a shameless plug for the company I work for, but its really not. A good accountant will help you with your business plan, will help you find finance & will help to guide you through - with the aim to assist you avoiding all the pitfalls that most people encounter.

[bjblyth]

okay basically the idea is for the equivalent of a bar for young people, but obviously there's no alcohol involved.

somewhere for people to go in the evenings just to chill out, have a laugh with mates etc

selling milkshakes, smoothies, ice creams, juices and serving light healthy snacks/meals.

Edited May 7, 2007 by bjblyth

[Babs]

be aware that you will have to impose limits, higher door staff (you don't want crazy old guys perving on kids)

possible CRB checks?

[bjblyth]

yep yep and yep.

[lunalupi]

If you could get it off the ground, it sounds like a good idea style="vertical-align:middle" emoid=":)" border="0" alt="smile.gif" /> You'll need to work out an age group to aim for, as that would impact how much money they have to spend there I would imagine...

[crash]

mate i like the logo. think it could do with a few adjustments though to really make it sing.

dont know whether its the screen colours but are the colours meant to be that pastel like?

from visual sense - the pics at bottom could do with being centred beneath the logo and sub line copy?

Here to help mate as Im a graphic designer. Also about to start my own business! style="vertical-align:middle" emoid=":blush:" border="0" alt="blush.gif" />

[Swoxy]

okay basically the idea is for the equivalent of a bar for young people, but obviously there's no alcohol involved.

somewhere for people to go in the evenings just to chill out, have a laugh with mates etc

selling milkshakes, smoothies, ice creams, juices and serving light healthy snacks/meals.

Excellent idea. There's a place like this in London called Tinseltown which my friends and I frequent. It's always full. Take a good took at their website. Ignore the celebrity crap, it's just a gimmick and part of their brand image. Their menu is on there too.

Edited May 7, 2007 by Swoxy

[bjblyth]

mate i like the logo. think it could do with a few adjustments though to really make it sing.

dont know whether its the screen colours but are the colours meant to be that pastel like?

from visual sense - the pics at bottom could do with being centred beneath the logo and sub line copy?

Here to help mate as Im a graphic designer. Also about to start my own business! style="vertical-align:middle" emoid=":blush:" border="0" alt="blush.gif" />

yeah they're meant to be pastel, want an image that shows simplicity and style so i think it suits the image im looking for...

[Crusoe]

not sure about england but up here the scotish enterprise deal will give you a few thousand pounds grant if you start up a new business if they agree with your business plan, they then montor you and help you out. Starting up a shop is quite a big investment especially if you wnat it all fitted out propperly, you were looking at around £20k investment for a 6 month rent, shop fitting, stock and initial startup costs etc. though it depends how much and how expensive your stock is.

[heartagram]

location, location, location, location, location, location, location!!

Also, don't be scared to open it near a similar shop thats already there.

If your confident your product is better the other company will basically give you your customer base.

One guy from up here pretty much did that. He basically opened his shops were there already was ones doing well as he knew there would be customers wanting the products. Under cut there prices to get people in, once people realised it was really nice he put his normal prices up and pretty much drove the companys near buy out of business.

Initially opening the business and for the first few years you'll be doing alot of work for little money but once you get well established you'll start doing less hours for more money.

A good accountant is well wroth having aswell. Our accountant is legendary.

Edited May 7, 2007 by heartagram

[bjblyth]

location is gonna be smack in the town centre where there are about 6 properties up to let at the moment.

[Nicki]

See if you can get a period of half rent - we've got a client who took out a 2 year lease on some property, and got the first 6 months at half rent - effectively 3 months rent free.

[sweetie]

Sounds sweet. How much is delivery to Cardiff? style="vertical-align:middle" emoid="^_^" border="0" alt="happy.gif" />

[bjblyth]

Sounds sweet. How much is delivery to Cardiff? style="vertical-align:middle" emoid="^_^" border="0" alt="happy.gif" />

how about free delivery? but then they might not arrive too fresh so if it works, expect a wales branch style="vertical-align:middle" emoid=":P" border="0" alt="tongue.gif" />

[nfbr]

Your artwork is SO INVITING!!! OMG I WANT A MILKSHAKE NOW!

Edited May 7, 2007 by nfbr

[jamiea7x]

im not her to piss over ur idea mate but it seems it would be quite hard thing to implement.....

are you looking at kids coming in on their own if u are they dont exactly have any income to dispose of

or are you looking at somewher for parents to take their kids..

either way it would seem difficult to me to police the kind of people that are walking throught he doors

haven writtena few business plans for uni it will have to be very detailed if u plan to borrow money u will need to know exactly what you are going to stock how muich your going to stock what youre going to sell these products for..

also all ur expenditures

and you will have to foresee ur income for at least 2-3 years otherwise not many people will loan you money

but good luck with it mate and your logo is quite good although pastel colours are nice they dont really stand out and catch ur attention maybe try it on a black background or with a darker edge around ur logos/text