Chit Chat
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I am aiming to startup late 2017. Going to spend the first couple of months of 2017 doing my research to make sure there is the market in my area for what I am planning to do. Have to get all the legal part covered etc. Does anyone have any advice on things to avoid early in the startup process? I know one of the most common pieces of advice is to not overstretch and try to get too big too soon. For me that is not a worry as I plan on only doing this part time at first. I would love to hear some advice though on some other pitfalls to avoid. Thanks.
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show the tax and vatman less as possible.
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Sell before you buy.
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Everything in your favour is against you
Check out if you can claim any start up grants etc Expect larger bills than you invisage Dont rely on friends or family as staff.. Have capital €$££ Go for it hard Good luck ,wtf are you waiting another year if its a profitable idea ? |
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What area is it in (as in type)??
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You need to go in to it with your eyes wide open, it will be tough but has the potential to be incredibly rewarding.
I am sure that you are well aware of the high failure rate with start up businesses. Many of these fail because they didn't have a viable plan. However, many fail despite being fundamentally sound business ideas, they simply run out of working capital. Thus my very generic and high level input would be to : [1] Develop and write down a business plan [2] Do your research as you have stated [3] Find a mentor who you can discuss the plan with and who will be there to help you through the process [4] Execute the plan [5] Execute the plan |
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If its your first business do something that you know. Many people that fail in their first business dive into something they have no experience of. Starting part time is sensible. Keep your overheads as low as possible and don't take out long term financial commitments.
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paulypaul - turning my hobby in to my business - gardening. In particular, supplying produce to restaurants that want local sources.
padlock - waiting because I want to make sure that my venture is as well researched as possible before I step in to it. However, more importantly my lad will be having heart surgery in the summer and I want to have nothing distracting me then. So, that is why I am aiming toward the latter part of 2017. Angoose - I am already working on a rough draft of my business plan. I have an internet mentor, that though they aren't solely there to help me, they have given me loads of invaluable advice already on the practical side and the financial. |
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Only talk to people who have already started a business and made it a success.
Then get yourself a decent ladder, shammy leather and bucket and the best of luck. |
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Or you could do a pitch on Dragons Den.
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Dr C - you need your windows doing?
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Dr C - you need your windows doing?
Have you got a spare month? |
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HH sorry, I didn't see your post before I posted that.
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Fantastic idea to turn a hobby in to a business, doing something that you genuinely enjoy will keep you going through the inevitable dark days that you will experience.
Your natural enthusiasm for doing something that you love will also be a great selling point, clients will see that you care about the work they are paying you to do and they will become your unpaid sales force. |
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Good luck with it Hank, sounds exciting.
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Don't get bogged down in elaborate business plans. If its viable it shouldn't take long to work out the figures.
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Agree Ron, no need for a forty page glossy brochure but a business plan requires more than just some financials crunched on a spreadsheet.
Important to list your assumptions and the actions required to make them happen. It's the good old P-D-C-A methodology i.e. Plan, Do, Check, Act |
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Consider selling shares in the business to the lads on here who find this idea 'exciting'.
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Have you thought about selling fresh air, I've been all over the world and have collected fresh Brazilian air, fresh Malaysian air, fresh Tahiti air - would you like to buy some ?
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http://www.aizle.co.uk
Here's a restaurant edinburgh,always busy using local produce Aizle utilises the best produce Scotland has to offer. Our set 5-course tasting menu changes constantly, dictated by what is local and in season. A dish or garnish may be on for 6 weeks, others for only a few short days. We update the photo of our chalkboard monthly, however please check the Harvest section of our website for the most up to date ingredients list. |
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It's the good old P-D-C-A methodology i.e. Plan, Do, Check, Act
Anyone for a game of Buzzword Bingo? |
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It's at the core of any worthwhile QMS Ron and it's there for a good reason i.e. it is proven and it works
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You don't perhaps work in the corporate world do you?
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It's a tough and cut-throat world out there Ron, you've got to use all available tools and adopting a professional approach whereby you follow a process will help to deliver results. Repeatability and predictability, that's what your customers are looking for.
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Angoose,
why don't you touch base with Hank by PM, make sure you are on the same page, and bounce ideas off each other going forward? |
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Does your job title include the word consultant?
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The C word is a very dirty one Ron, I'm simply someone who has grown to appreciate the benefits to be derived from following a process in any area of your life. Humans like and need process to function effectively.
There is a very good show that is on Discovery called "Blue Collar Backers", very down to earth folks who have successful business interests getting involved to help others. Hank, you could do a lot worse than to watch a few episodes, it's generally entertaining plus offers real life insights in to the practicalities of starting and running a small business. SME's are the lifeblood of the economy. Sorry Ron, some more bingo there, small and medium enterprises ..... |
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People tend to over complicate things. The basics of most small business is very straight forward.
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Agreed Ron and Blue Collar Backers demonstrates your thoughts very well.
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Hank - I've run my own business for many years.
Doing something you enjoy and have a passion for is key. Many businesses fail in the first 18 months so a belief in what you're doing and a financial buffer in that period is vital. Working for oneself soon becomes a vocation rather than a job and that is the main benefit. I love not being ensnared by office politics, beaurocracy and the 'when do we get a pay rise?' mentality. It's all down to you. Go for it. You won't regret it.  All the best to your lad.. |
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Yes, I'd agree with everything Injera just mentioned.
We started in 2009 at the very height/depth (call it what you will) of the recession. People expected us to fail and suggested we were naive and foolhardy, but we were so determined and threw everything that we had at it that failure was not an option we even began to entertain. When I look back I remember that we underestimated the amount of money we had to put in just to ease cash flow, so make sure you have plenty to back yourself because people are slow to pay and you'll find that you'll probably have to pay your suppliers up-front until you get a credit line accepted. Good luck to you and when (not if) you succeed you'll never want to work for anyone else. The benefits are immense if you work hard at it. |
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Cash is king
You can survive without making a profit - and as soon as you do, put it into a pension to reduce your Corporation Tax You cannot survive without cashflow. Get on top of debt from the word go. |
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I think Sir Phillip Green pops in every now and again when he's not been banned.
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cash flow
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There are lots of things to take into account Hank. Always more things than you budget/bargain for. Make sure you have enough cash behind in the event of a slow start or quite time. Don't be discouraged and consider carefully all advice you take - different experiences lead to differing advice. One constant is, however, KEEP THE OVERHEADS LOW.
Shop around for your supplies, get whatever discounts you can, make sure you get free banking to start off with... then look at the bank's terms after 12 months! Be careful about giving too much credit or working without enough margin just to get the business. There's much, much more. I'm running a business now which is completely different to any I've run before (5 businesses for me now) and after just over a year, it's going well (touch wood) but is still not covering its costs, costs which were needed to meet growth. If I can help any further or you just want to cogitate, PM me. In any case, Good Luck. |
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*quiet, not quite
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Thanks everyone for your input. Study, I have got ahead of myself a little and have researched where I can get value on bulk seeds etc. Although I am obviously not going to purchase unless my market research backs me up. 5 businesses - well, you certainly have a lot of experience then! I'm sure I'll PM you with questions - you may wish you hadn't offered
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I might not be the world's richest, Hank (actually there's no might about it), but I've learned a lot and I'm happy to share any mini pearls of wisdom. Even though you can't get much for the only seeds I know anything about!
Feel free to ask and filter mate. |
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Hope this goes well for you Hank, although unless i missed it there could be an early mistake
by not asking chitchat to name the business, you should have Lettuce . |
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Seeding
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