I have a business idea - now what
Discussion
OK - I've finally discovered a niche market just waiting to be filled 
It's a product I discovered while in South Africa last year which I think would work very well over here. I checked out some shops and investigated online, and it's not really catered for...
So now what?!
I could either import said product, or I could actually go about acquiring the individual items and packaging/selling them myself.
Just looking for a bit of guidance really as I'm an IT techy - not a businessmen
Edited to add: The individual parts of the product are easily obtainable in the UK
>>> Edited by puggit on Sunday 15th August 16:30
It's a product I discovered while in South Africa last year which I think would work very well over here. I checked out some shops and investigated online, and it's not really catered for...
So now what?!
I could either import said product, or I could actually go about acquiring the individual items and packaging/selling them myself.
Just looking for a bit of guidance really as I'm an IT techy - not a businessmen
Edited to add: The individual parts of the product are easily obtainable in the UK
>>> Edited by puggit on Sunday 15th August 16:30
Good luck with this idea. I guess you need to know the following. How much is it going to cost to sell your niche product. Quite a complex formula when you start looking at it. Then you need to know if you have to borrow some money and take it from there. So all in all you need to produce a business plan and detailed cash flow. 
I have just spent the last 12 months following my dream and setting up my business. It is a tough time planning a new business, talking to banks, business link (which I wouldn't recommend as I have found them useless)doing research all whilst doing the day job, but it feels fantastic.
All I can say is if you have found what you want to do and think it can make money, spend time planning and go for it.
If you want to ask any questions drop me an email.
Best of luck.
All I can say is if you have found what you want to do and think it can make money, spend time planning and go for it.
If you want to ask any questions drop me an email.
Best of luck.
Get the "co.uk" and ".com" website addresses registered if you can, that would help if you import them from South Africa.
IMPORTING
Contact the Customs and Excise and ask for details on tarrifs levied on goods coming from South Africa, they are very helpful in sending out this.
If your product is not listed, you can get a written confirmation from C&E, which you can use to tell them to get stuffed when/if they change their mind.
Some countries have a quota (Bangladesh, Cambodia that I'm definitely sure of) which if you can get a piece off allows you to bring goods in without incurring normal tarrifs.
The important things to be aware of are currency fluctuations, imported goods have tarrifs levied on the product and the shipping costs combined and then VAT is then added to that.
As part of your logistics you will have to ensure that you buy in big enough quantities to keep the cost per unit down and that any stockouts are kept to a minimum if they require expensive flights in an emergency stockout situation.
Just make sure a huge currency fluctuation doesn't put you out of business i.e. have enough of a margin to tide you over.
MAKING YOURSELF
Do you have the money, expertise, the staff and above all the competitive advantage over any potential competition.
This is just blue sky thinking, I'm sure there are loads and loads of more things, but I guess these will keep you busy for now.
>> Edited by thepeoplespal on Sunday 15th August 21:53
IMPORTING
Contact the Customs and Excise and ask for details on tarrifs levied on goods coming from South Africa, they are very helpful in sending out this.
If your product is not listed, you can get a written confirmation from C&E, which you can use to tell them to get stuffed when/if they change their mind.
Some countries have a quota (Bangladesh, Cambodia that I'm definitely sure of) which if you can get a piece off allows you to bring goods in without incurring normal tarrifs.
The important things to be aware of are currency fluctuations, imported goods have tarrifs levied on the product and the shipping costs combined and then VAT is then added to that.
As part of your logistics you will have to ensure that you buy in big enough quantities to keep the cost per unit down and that any stockouts are kept to a minimum if they require expensive flights in an emergency stockout situation.
Just make sure a huge currency fluctuation doesn't put you out of business i.e. have enough of a margin to tide you over.
MAKING YOURSELF
Do you have the money, expertise, the staff and above all the competitive advantage over any potential competition.
This is just blue sky thinking, I'm sure there are loads and loads of more things, but I guess these will keep you busy for now.
>> Edited by thepeoplespal on Sunday 15th August 21:53
apeebles said:
Then you need to know if you have to borrow some money and take it from there. So all in all you need to produce a business plan and detailed cash flow.
Try to do as much as you can without borrowing money, just in case it flops. It also means that YOU run the business and not the bank manager. Plus, then you won't need a business plan (usually fiction anyway, to please said bank manager) OR a cashflow forecast.
If you don't have to borrow money and it's not your main job, anything you make is cash (minus tax of course). Keep it simple. Turnover minus cost of sales = profit
dont kid yourself into thinking it has to be a complete me to do this...
Mrs N has just finished setting up her latest 'business in addition to her normal job' (which sounds a bit like your plan). Total set-up cost (and she's actually making stuff from scratch) has been about 100 quid.....including points of sale etc...
Different business models require vastly different effort and input!
cheers
N
Mrs N has just finished setting up her latest 'business in addition to her normal job' (which sounds a bit like your plan). Total set-up cost (and she's actually making stuff from scratch) has been about 100 quid.....including points of sale etc...
Different business models require vastly different effort and input!
cheers
N
puggit said:
Just tell me what the idea is and I'll save you the hassle of setting up a business ...
OK, send me £50 to cover my expenses and I'll send you a leather bound business proposal.
You sure you didn't get this idea from another well known entrepreneurial African nation?
thepeoplespal said:Not strictly necessary. My wife went round the houses researching imports, including information from a very helpful ex-customs PHer (whose name escapes me - very sorry about that) and talking to an import agent and finally HMC&E themselves.
Contact the Customs and Excise and ask for details on tarrifs levied on goods coming from South Africa, they are very helpful in sending out this.
HMC&E were actually extremely helpful and basically said that for smaller consignments that come in as parcels etc., then the courier (eg. Parcel Force) would do all of the paperwork for you and present you with an excess charge on the package that includes the VAT, Duty and their fee. You pay that and you're in the clear. Alternatively if it slips through the net and just gets delivered with no excess charge then you're basically lucky and don't have to do anything more.
It would seem that you only need to start mucking around with tariffs and product codes etc. if you are bringing in large quanitites of good (eg. in shipping containers etc.)
>> Edited by JonRB on Tuesday 17th August 22:14
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