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Starting a business Help!


tein

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I've just come back from a informal meeting with my long time friend who is looking to open a shop in South Wales (Mumbles to be exact) it's such a lovely place & we are looking to sell unique clothing like skateboarding/surfboards & all that kind of stuff,
My friend has lived there for some years now & there is a few empty units/shops empty, Now we are very aware of the current economy situation but it's on the beach almost & we see a market for this area also the beach is a very busy place,

I'm 37 & he is 42 my friend has some very good contacts that can help us with a website/sponsors & using their name in advertising that relates to the type/nature of shop we would like to open, we are now at the stage where we are looking for funding.

I have looked at Business Link's website & they is a lot of companies offering help but many of them are to non-profit organisations & other fields different to ours & I see little in the way of financial help for the retail sector new businesses.? can anyone suggest a company or a link please.?

We have had this project on our minds for some time now but just recently looking to go ahead with it, today we disscussed many things which we both did meet in the middle with.

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tein

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DieSse"

Thankyou so much for your time!
I' am very greatfull for your time & effort the info is of great need!
Kindest Regards
Tein

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tein

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Hello everyone!

Ive just got the business plan from the bank, it comes in the form of a DVD can anyone help me with what figures id be expected to identify & produce in this please & how would i estimate these.?

Regards

t

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wee eddie

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I hate to damp your enthusiasm but:

You may need to borrow money to cover the costs of setting up the shop before you have an income stream, rent, shop-fittings, stock, advertising, your living expenses, and possibly, staff wages, etc.

Remember that you may have to sign a Personal Guarantee in any Loans that you take out. This means that, should the Business not survive, you will have to prove that you can find the money to pay them off. For instance, you may need to put the Deeds of your Home in the Banks hands. Should the worst happen ~~~~~~~~ They will then sell the House to recover the Loans.

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DieSse

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"what figures id be expected to identify & produce in this"

All your costs, and all your income. Plus a schedule of when it comes in and when it goes out (that's that cash-flow is - it tells you how much actual cash you have at any one time.)

Normally you would do this on a monthly basis for at least a couple of years.

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Chris the Ancient

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I applaud your desire to think in the terms that you do.

However, I do feel, from what you have written so far, that you may be venturing into a great unknown deep hole. One that could cost you more than you could ever realise - financially and emotionally.

Many years ago, I went into business on my own account. I was given advice by my local Training & Enterprise Council (TEC). I'm not sure if these are still around, but if you can find one in your area, give them a ring. Usually, the first session is free.

The best advice I was given, back then, was to buy this book... click here It is a good guide into what is involved in starting a business and it is expressed in easy to understand language.

It also gives a concept of what sort of work and figures are involved in producing a business plan. Expect to spend a lot of time and a lot of iterations in getting it right. There are no short cuts. The first thing that any investor (or bank) will look at is the quality and apparent thought - then the actual figures. There are no right or wrong answers as to what they look at, but a poor business plan will go no further than the 'round out tray'.

Drafting and producing this may also well display why you (maybe) should not go the way you feel looks good. A good business plan will help you decide if your idea is sensible or not.

Buy the book. It could well be the best investment you will ever make. I did when I started - and it took me a good 3-4 weeks to get it in a presentable form.

CtA

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Chris the Ancient

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Peter Higston has also produced companion books in the series to help with marketing etc. But the one mentioned is the starting point.

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tein

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wee eddie/DieSse & Chris the Ancient!!

Thankyou so much for the replies!

I appreciate the link as well Chris il have to look into this!

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RealGem

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Banks are not lending to small businesses at the moment.

It would be a lot less expensive to learn internet marketing and have an entirely online business until you have enough to buy or rent a shop.

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wee eddie

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Don't start a Business if:

You are not prepared to work for nothing for the first 2 years.

You are prepared to take no days off for the first 2 years.

You are available to work round the clock and every weekend.

Your knowledge of the product is not encyclopedic and you don't have sufficient Funds to employ someone who has that knowledge. They will be able to charge you "top whack" until you know sufficient to replace them.

Have eyes in the back of your head, otherwise half your stock will walk.

One of my Chefs thought that I had an easy life and started a Delicatessen using his own considerable Cooking Skills to prepare "day goods" for resale. Unfortunately he took 2 Holidays in the first year and returned from the second to find that his Shop had been visited by the local EHOs while he was away. It closed shortly after, loosing his Mother's House as well as all his savings to pay for the stock and equipment.

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wee eddie

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Your knowledge of the product is not encyclopedic and you don't have sufficient Funds to employ someone who has that knowledge. They will be able to charge you "top whack" until you know sufficient to replace them.

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