SB: Small Business Start Up Discussion

COOLTRIKERCHICK

~sam~ wrote: »

Hi all,

Im planning on setting up a reptile shop. I have done a lot of research over the past few days but there are a few things that im still not 100% on.

Im in the process of doing my business plan but how would i figure out the profit/loss?

I have a general idea of what i will be selling and prices.:j

Also, how do i figure out how much i would need to borrow? I need a shop, planning permission to turn it into a reptile shop (if not already), licence to sell reptiles, all electrics fitted, tanks fitted and the shop made to look nice. Also stock.

Also, one more pointer. I'm not going into this with no knowledge, i have reptiles of my own which i take good care of and i would love to do something that i am interested in.

Thanks in advance

Sam

we run a reptile shop for 5 years....

do not expect to make mega money.. your start up cost are going to be very high tbh, especialy if you are doing the vivs from scratch, heat mats lights themo stats etc....

also when you go through your specialist wholesaler, it will be a pro rata invoice.... and cod untl you build up your standing wth the company...

you will also have to have a pet shop licence to sell live stock, and depending on what council you are in, will depend on the criteria.. they ask for, just before we opened the shop, the council and the vet inspected the premises... we had to build a sperate kitchen area.. for food preperation for the animals.....you have also got to have a hospitalisation area... out of sight so you can quanrenteen any animals that are new coming on to yuor premises, and any ones that are a bit under the weather...

you will also need to find a licensed person to take away any animals that have died on your premises...a bit like the farmers these days... they have now got to dispose of their dead animals via this method, they just cant bury them on the farm anymore...also you have to make arrangements for the used bedding etc to be disposed of in an appropriate manner as this can not be put out with your shop's general waste.

the electricity bill in the shop was mind blowing to be honest.

plus your shop pet shop insurance will not cover any deaths of animals/fish/reptiles.. so bear this in mind as some reptiles are quite expensive...

also you MUST make sure you have the correct paper work with certain reptiles... otherwise you will end up in jail...

i do not want to put you off, but you must be realistic as at the end of the day you are talking about live stock, and you will be tied 7 days a week

things are getting harder and harder in the petshop world, so to speak and its not all fun and games...

help-really-needed

I have a problem. A problem that could turn into a very big problem if i don't get a solution.

I have been a sole trader for almost 4 years. i'm doing reasonably well, I don't make mega money but it is a comfortable 2nd income.

The issue I have is as of 1st March my main (and cheapest) supplier will only be doing business with LTD companies, no exeptions :mad: :mad: :mad: This has left me with a major headache. The way I see it i have 2 options, either go ltd or find other suppliers.

I have been obviously shopping around and I honestly cnnot find a supplier that matches my current suppliers prices and next cheapest supplier will add 8-12% on to my material cost and will severly impact on my prices or profit. I also have concerns about next cheapest suppliers quality of product as they appear unknown and the website they use has a yahoo email address which sends alarm bells ringing to me.:eek:


That only really leaves me with the option of going LTD. Going LTD throws out its own problems. I will need a bank account as currently I use a seperate private account for all business expenses. registered offices?? :mad: :mad:

Anyone reassure me that it is possible?? I'm currently looking at the business link website and starting to write a business plan :mad: :mad:

So much hassle sorry just needed to moan

Savvy_Sue

I don't think that going Ltd need be that difficult and you may find it has some advantages. Obviously it has some disadvantages too, or everyone would go that way, but the balance of advantage has now shifted for you, is all.

Do you have an accountant? Talk to them if you do, think about getting one if you don't, go and talk to a couple, see if they'll give you some free advice initially.

kossohead

Can anyone help me.

Looking to start a small venture within the wedding sector with my sister.

Just need some general basic advice, we shall be working from home, no overheads. Food and electrical equipment would be used.

1. Would we have to have a Limited company name?
2. Has anyone info on the tax subject
3. What insurances would we need to sort out.

Any advice really would be most appreciated.

thanks:beer:

Mike_by_the_Sea

I would go and see your local businesslink and talk them through your plans. they have loads of advice, contacts and training to get you off on the right foot.

http://www.businesslink.gov.uk/bdotg/action/home?domain=www.businesslink.gov.uk&target=http://www.businesslink.gov.uk/

Good luck in your new venture

Mike

richt71

Definitely agree with seeing your local businesslink. Might be worth calling round local accountants as well. They usually give you a free first consultation and they'll give you the best way to trade for your circumstances.

Savvy_Sue

Hi kossohead, I've merged your thread into the main one on starting a business, it would be worth skimming the whole thread for ideas and help.

COOLTRIKERCHICK

kossohead wrote: »

Can anyone help me.

Looking to start a small venture within the wedding sector with my sister.

Just need some general basic advice, we shall be working from home, no overheads. Food and electrical equipment would be used.

1. Would we have to have a Limited company name?
2. Has anyone info on the tax subject
3. What insurances would we need to sort out.

Any advice really would be most appreciated.

thanks:beer:

the only thing i know is that you kitchen will have to be inspected by the coucil and be of a certain standard... stainless steel etc.. i think its got to be like a cafe/catering kitchen, so its a licensed place for food preperation... so this will also mean business rates etc.....

but the best thing to do there is to contact your local council and ask them to send you the criteria/standard that the kitchen must meet

Jaspr

Lots of useful advice thanks to everyone I've got loads to on with.

One question though ( a series really), someone mentioned they were working at the same time as running their New business. I'd be looking at doing the same what are the issues with doing this ? Do I pay more TAX ? Can I work for free and just get paid in dividends ??

thanks in advance

Jase.

Savvy_Sue

The issues generally are that you need to check your current employer doesn't mind - some say you must NOT work elsewhere, others that you must seek their approval first, and others say nothing. Obviously depends partly on your line of work: someone driving for their day job clearly shouldn't be working the nightshift somewhere else. Setting up a new business is a bit different, however.

You won't pay more tax through your day job. But you DO have to set aside money from your additional income for tax and NI. If you're a Ltd Co I believe you can pay yourself a dividend, but that's really something you need to talk to your accountant about. You could talk to your local HMRC office and get advice from them: they're usually very helpful and you do need to declare to them if you're going self-employed. Or there's a fine ...