How to Start a Business

jscott05

Hi People

Looking for all advice just been told my job is a big risk. But good news is it could take up to 12 months before we lose our job due to the nature of it it has to be a smooth change over. So i want to take the next 12 months looking for a small business to take over or start up something like a small cafe or a off sales,newsagents. Should have enough money to start up without the need of any loans.

So advice i need is where do you start finding out about leasehold freehold and everything else that goes with it. Like i say have at least 12 months so will not be rushing in want to spend the time learning as much as a can. So anyone who has been in the same postion and can offer any help i would be grateful.

stephenni1971

Don't open a newsagents.

Profits are small, competition is fierce.

Don't open an off-license.

Profits are small, competition is fierce.

Don't open a cafe.

Profits are small, competition is fierce.

Mistral001

With regards to "learning". Some further education colleges run evening classes in accounts for small bunisses which can be very useful.

I think business is all about trust, so if you have a good solicitor that you can trust and perhaps know an accountant that you can trust that is a big help.

Also. if there are family members who have been in similar businesses for several years and are willing to pass on to you some of their expert knowledge so much the better.

motorguy

jscott05 wrote: »

Hi People

Looking for all advice just been told my job is a big risk. But good news is it could take up to 12 months before we lose our job due to the nature of it it has to be a smooth change over. So i want to take the next 12 months looking for a small business to take over or start up something like a small cafe or a off sales,newsagents. Should have enough money to start up without the need of any loans.

So advice i need is where do you start finding out about leasehold freehold and everything else that goes with it. Like i say have at least 12 months so will not be rushing in want to spend the time learning as much as a can. So anyone who has been in the same postion and can offer any help i would be grateful.

Starting a business with no experience and a redundancy payoff is a great way to make a small fortune.

.. out of a large one.

Be very very careful.

Whilst those three areas you talked about are no doubt off-the-top-of-your-head ideas without much thought, they are stereotypical of what people 'see' as a good business idea, when the reality is most are struggling in those areas.

BUT you've plenty of time to do your homework as it were.

Franchising might be an area to look at?

Mistral001

motorguy wrote: »

Starting a business with no experience and a redundancy payoff is a great way to make a small fortune.

.. out of a large one.

Be very very careful.

Very good way of puting it.

susiejq

You could look at buying a franchise. It's still not risk free but you are often buying in to a recognised brand and a lot of the spadework has been done, which you are paying for of course.
There are franchise shows you can go to and quite of of information on the internet. Some are very expensive. We bought a franchise years ago and made a good living from it. Still didn't protect us from the recession in the early 90's and we lost our business but learnt enough to start another one which was a success (not a franchise this time). It helps if you have some previous experience in the field you are buying in to but not essential. You will still have to work very hard but there's support for you if the franchisor is any good and other franchisees you can talk to.
Good luck

paulwf

Retail is relentless these days, you have to be open 7 days a week and fairly long hours and only close a couple of days a year as you fit around the customers, you can't expect them to fit around you any more. That means at first you could be working very long hours and if staff are off ill the buck stops with you and you'll have to cover.

I haven't had a day off yet this month and haven't had a holiday in over a year. Are you - and more importantly your partner if you have one - happy for you to have that kind of lifestyle? It may not be like that for you but a majority of working people quite understandably prefer a Mon-Fri 40 hour a week job with statutory holiday, self employment is not for the masses. If you can cope with the hours then there is no one good place to start, just get out there and talk to commercial property agents, bank managers, join local networking groups, speak to accountants etc and get as much advice as possible.

jscott05

Thanks people for the reply. Some good info the skills i have can't be transfered into any type of business that would make money. need to spent the next few months thinking my next move i am 31 with 2 children and a wife to support(she works part time). The thought of being on a low wage again makes me feel sick spent the first 10 years on one and refuse to go back to it.

gb12345

jscott05 wrote: »

The thought of being on a low wage again makes me feel sick spent the first 10 years on one and refuse to go back to it.

But with your family situation it might be a better option than the risk of starting a business and potentially losing all of your redundancy payment (and whatever other capital you put in).

Is there any reason why you wouldn't be able to find a new job on a similar salary to what you are on at the moment? You've got a year potentially to get yourself prepared.

Mistral001

jscott05 wrote: »

Thanks people for the reply. Some good info the skills i have can't be transfered into any type of business that would make money. need to spent the next few months thinking my next move i am 31 with 2 children and a wife to support(she works part time). The thought of being on a low wage again makes me feel sick spent the first 10 years on one and refuse to go back to it.

What I read from this is that you wnat to make more money than you are presently earning and you think you might do that running your own business. Some people do make loads of money running their own business. You notice them. The rest who just get by or struggle do not publicise the fact - they tend to be a proud lot.

motorguy

gb12345 wrote: »

But with your family situation it might be a better option than the risk of starting a business and potentially losing all of your redundancy payment (and whatever other capital you put in).

Is there any reason why you wouldn't be able to find a new job on a similar salary to what you are on at the moment? You've got a year potentially to get yourself prepared.

+1

Having been in a similar situation and i did the starting a business thing in my own field, and it - like 90% of all startups - crashed and burned in 2 years taking all my redundancy money with it.

My advice would be as above - to take on another job and use the redundancy money to bolster your pay until you get up the ladder a bit.