Advice on setting up my own business - clueless!

wilykit

Hi,

I would love to set up my own pet supplies business in my area as the nearest pet shop is a fair bit away and I think there could be an opening in my area for a pet supplies/reptile supplies shop.

Obviously this is a massive aim for me being a total novice and not having a clue where to start!

I am 23 and do not have the financial backing to do this. Are there are places to get grants or business loans etc.

Like I said, this might end up being totally unrealistic for me but I would just like some advice or a helping hand to point me in the right direction!

Thanks!

chalkie99

As you are under 25 you could look at The Princes Trust for help but, in general, grants are hard to come by and a bank will need to see some commitment from you in the form of putting up some money yourself.

In which case do you have a job from which you can save for your own investment or do you have possessions you can sell, e.g. car. ? Are you a homeowner with equity you can put up as security?

In any event you will need to write a business plan showing all expected costs and forecasts of sales.

My concern would be - the choice of a pet shop as a business. There were two close to me and one has recently gone bankrupt whist the other is hardly thriving. Dog rescue charities are reporting growing numbers of abandoned pets as people can no longer afford to keep them so I don't imagine there is an increased demand for pets or pet products either.

Do some careful research.

spadoosh

If your planning on keeping and selling pets i would assume there are also licenses that need to be attained. A pet shop appears a little more complicated than your basic butty shop.

Could be worth booking an appointment with a bank manager to see what they would expect of you before they can release any loans etc. But like chalkie says you'll certainly need a good business plan with plenty of market research in the area proving that a pet shop is needed, ive got it in my head youll need around 30% of your own money funding any business venture but this could be really wrong.

Is there a small pet shop franchise (not the likes of pets at home will be v expensive) that could help, at least request free info packs etc etc!?!?

wilykit

Thanks for the replies, I wouldn't want to sell pets, just supplies as I wouldn't feel comfortable selling animals to people I do not know (I would worry!).

Thanks for being honest and giving me the details about it can be hard etc.

Somebody did mention I could go to a bank with a business plan etc.

I have no savings and I am not in a position to save anything, but once I get money sorted and my debts paid off it is something I would like to look into.

I did consider saving some money and in a year or two trying to open an online shop or ebay shop selling pet supplies as a sort of 'trial run'.

As I said, it wouldn't be something I would be in a position to do in the near future but it is something I would like to spend time researching etc

Thanks everyone

Suarez

Your best bet is to start the online selling. Minimal overheads and you can start networking with various suppliers and continue to extend your range.

You never know, in a few years you will have a shop AND an online store

Good Luck.

wilykit

Thank you

I've looked into online businesses before, just need to get some money behind me!!!

Suarez

You can start selling online for just a few pounds

How old are you? Are you currently working?

Suarez

Just read your age in first post. my bad

wilykit

Lol no worries. And unfortunately I lost my job a few weeks ago but I am trying to stay positive about getting another soon

Suarez

Okay I'll give you £1,000.....

But I want 40% equity

Suarez

Yeah. Ebay.