new business or am i clutching at straws?

lilly153

So bit of background I have a 5 year old and due to personal circumstances wasn’table to continue working when I had him but didn’t want to rely on benefits sowent to college ended up at university and now have a degree in media and webdesign, left university in march and have been applying for about 40 jobs aweek constantly applying for everything and anything that suits working aroundds but I haven’t got so much as an interview and I know it’s probably because Ihaven’t worked for soooooo long but I really am getting desperately board andashamed that I’m at my age with a 5 year old to provide for and on JSA

Anyways I have a business idea along the lines of Art and crafts would runclasses for kids hold birthday craft partys, drop in sessions etc…. so wouldneed some sort of premises for this, I have done quite a bit of research andthere is nothing like it in my area, question is where do I start? My credithistory isn’t that great but I have now cleared off all my outstanding debt butdon’t think I could get any loans and tbh I wouldn’t want to start out with hugeamounts of debt, I don’t have any savings either as I was living off them forthe last few years so is it even realistic? What costs would be involved onstarting up I have sourced/priced all stock and quite a bit of shop fitting andlooked at a few lease prices but what other costs are involved? Do many newbusinesses every get start up grants (I live in Scotland if that makes anydifference)

At the moment because I haven’t worked for so long and can’t even get aninterview I’m starting to think maybe starting my own business is my only choicebut think its maybe far too unrealistic as I don’t have any start-up capital,any advice would be much appreciated or indeed a good reality check that I amjust dreaming

Wywth

lilly153 wrote: »

So bit of background I have a 5 year old and due to personal circumstances wasn’table to continue working when I had him but didn’t want to rely on benefits sowent to college ended up at university and now have a degree in media and webdesign, left university in march and have been applying for about 40 jobs aweek constantly applying for everything and anything that suits working aroundds but I haven’t got so much as an interview and I know it’s probably because Ihaven’t worked for soooooo long but I really am getting desperately board andashamed that I’m at my age with a 5 year old to provide for and on JSA

Anyways I have a business idea along the lines of Art and crafts would runclasses for kids hold birthday craft partys, drop in sessions etc…. so wouldneed some sort of premises for this, I have done quite a bit of research andthere is nothing like it in my area, question is where do I start? My credithistory isn’t that great but I have now cleared off all my outstanding debt butdon’t think I could get any loans and tbh I wouldn’t want to start out with hugeamounts of debt, I don’t have any savings either as I was living off them forthe last few years so is it even realistic? What costs would be involved onstarting up I have sourced/priced all stock and quite a bit of shop fitting andlooked at a few lease prices but what other costs are involved? Do many newbusinesses every get start up grants (I live in Scotland if that makes anydifference)

At the moment because I haven’t worked for so long and can’t even get aninterview I’m starting to think maybe starting my own business is my only choicebut think its maybe far too unrealistic as I don’t have any start-up capital,any advice would be much appreciated or indeed a good reality check that I amjust dreaming

I think you need to prove your business concept first before thinking of buying/leasing any property.

Try it out by renting a room at perhaps a local village hall, community centre, etc for an afternoon and see how it goes.
(you could ask for part payment of the birthday party celebrations up front to fund the hire of the hall if necessary)

If successful, perhaps try running it once a week from the location to see the business has sustainability.

lincroft1710

With poor credit history and no collateral, I'd doubt you would get a business loan other than one at exorbitant interest.

You would have heating and lighting costs, insurances (premises, stock, public liability), water/sewerage costs, business rates and possible rubbish removal costs. Then advertising costs.

BTW there are 2 reasons why you won't find a similar business nearby

1. Nobody has thought of the idea.

2. There is no demand.

Sorry but have no idea if there is any suitable business start up financial help in Scotland.

Savvy_Sue

I really really wouldn't start with your own premises for this. For one thing, I doubt you'll be able to get any loans to do so, but even if you HAD the money, you'd be making a huge commitment.

Can you not test the idea by trying to run a few parties, either in homes or in halls? Go round the local halls for hire and see if any would be suitable for a few classes. Make yourself known in all the art and craft shops locally, see if any have space where you could offer classes / advice.

I'm sure it will be tough going to begin with, but at least this way you won't be tied into a lease on premises.

lilly153

hi all
thanks for the advice yeah I defo think I need to do a lot more research into it first maybe holding a few small events first would be ideal will look into if theirs any cheap halls around my area

funny thing is after posting my post earlier today I received a call to go for a job interview, missed the call so only got answer machine message left but will phone them first thing in the morning as well

Savvy_Sue

Another way you might be able to go is by seeing if you could run an afterschool session at your son's school - but I'd only do it on a charging basis. I have no idea if that would be possible, it's a while since mine were at school, but there were a few 'chargeable' clubs as well as the freebie football etc.