Chair Covers business

TerryPalmer

Hi my wife is looking to set up a new chair covers business in the North East, we don't have a great amount of savings (enough to buy the equipment we'd need).

Do you think we could get a grant or loan to start out, we don't have fantastic credit ratings but not bad. Any recommendations on how much you'd need realistically to set up a business.

I.e. do you need 12 months wage to start out or something like that?

thanks

mrsbunntobe

there is currently a north east based wedding business selling there currently succesfull business on eBay, I looked into it a few days back, as im looking for another line of business myself

Wywth

TerryPalmer wrote: »

Hi my wife is looking to set up a new chair covers business in the North East, we don't have a great amount of savings (enough to buy the equipment we'd need).

Do you think we could get a grant or loan to start out, we don't have fantastic credit ratings but not bad. Any recommendations on how much you'd need realistically to set up a business.

I.e. do you need 12 months wage to start out or something like that?

thanks

What equipment is needed to be purchased to start?

Hopefully she already has a sewing machine.

Her business plan should detail all equipment needed and costs
Her cash flow forecasts should explain what working capital will be needed before she turns a profit.

[Deleted User]

I asked for advice on grants last week.

Somebody here posted a load of information on grants, it wasn't any good for me as I'm midlands based.

However all of the info was North East based, see my thread on grants and that should help! :-)

Savvy_Sue

TerryPalmer wrote: »

Hi my wife is looking to set up a new chair covers business in the North East, we don't have a great amount of savings (enough to buy the equipment we'd need).

Do you think we could get a grant or loan to start out, we don't have fantastic credit ratings but not bad. Any recommendations on how much you'd need realistically to set up a business.

I.e. do you need 12 months wage to start out or something like that?

It depends entirely on the business, and how soon you can reasonably expect it to turn a profit. For example, if you can start from home, if it doesn't turn a profit quickly and it becomes clear it never will, you can close the business at minimal cost. Whereas if you have to rent premises, having a year's worth of rent up front would be extremely sensible.

What you need is a business plan. It's not a bad idea to start with the question "how much profit do I want to make on each hour's work? If it takes me an hour to create 3 basic covers, and the material costs me £10, what would I have to charge to make that kind of profit? What do other people charge? Why would people come to me not other people? [and it's better for the answer to that to be 'because I'm better' rather than 'because I'm cheaper'!]

mrsbunntobe wrote: »

there is currently a north east based wedding business selling there currently succesfull business on eBay, I looked into it a few days back, as im looking for another line of business myself

I was initially assuming the OP was talking about soft furnishing chair coverings, because I have never seen the point of covering chairs for a wedding, since it only looks pretty until everyone sits down at which point the pretty covers are all but invisible. Obviously for covering wedding chairs, you'd need less equipment than for soft furnishings ... fortunately not everyone feels the way I do.

If considering buying an existing business, get the figures checked very carefully!

Also remember that 'time is of the essence' with anything to do with weddings, and IMO it would be wise not to overcommit or accept rush jobs, especially in the early days.

The post assj referred to is here.