How to start a business?
Discussion
Ok, after some deliberation ive got the basics of an idea for a small business catering for motor vehicles of the modified persuasion (wink wink).
I realise that its impossible to just focus entirely on that particular genre of cars, so a necessary amount of service/repair must also be incorporated as well, to keep things going.
The idea is to offer a service to people who take an obvious pride in their vehicle, some might call them "fussy" even. Fine by me, i can understand why they wish to keep their baby in finest fettle and not have some young chavmonkey twirling spanners,leaning on the wings and attempting burnouts in a customers pride and joy while on test drive.
Basics are these:
Service and repair (repairs would have to be model/year/condition dependent as i dont wish to take on all sorts of crap from chaville).
Fitment of performance/standard parts/modification to customer spec:- again dependent on the above.
Possibility of parts fabrications (is somewhat necessary and have done it before).
Maybe a small amount of parts supply..but would have to be limited.
No bodywork or MOT work(actual mot's that is) as its just too time consuming and is becoming regulated to death.
Id like to concentrate on Toyota(GT4) and certain Audi and Vw stuff of the vintage (80's) era as ive got good knowledge of these products.
Heres what i have:
Enough tools (includes engine hoist and stand) trolley jacks, axle stands, diagnostic equipment etc etc and a library of hard to get info on most vehicles.
The skills and determination to use them for myself.
A small portfolio of performance vehicles ive worked on (includes a TVR! 350i
)
Mechanicical experience dating back to 94 and a varied amount of experience on the various models and problems...although ive not been doing cars recently...(still got it i wonder? )
What i dont have:
Premises.
A two post lift.
A strategy.
A business plan.
A crystal clear idea of where to start and what to do and what NOT to do.
And most importantly Funding in the form of grants possibly.
After all that id have a cuppa if i were you while you think about the next bit..... Ok, and the final..Does anyone have any advice on the above? Do's and donts etc?
As i said, at this stage its an idea only so feel free to shatter my illusions about doing my own thing!
Any help gratefully accepted.
TIA.
I realise that its impossible to just focus entirely on that particular genre of cars, so a necessary amount of service/repair must also be incorporated as well, to keep things going.
The idea is to offer a service to people who take an obvious pride in their vehicle, some might call them "fussy" even. Fine by me, i can understand why they wish to keep their baby in finest fettle and not have some young chavmonkey twirling spanners,leaning on the wings and attempting burnouts in a customers pride and joy while on test drive.
Basics are these:
Service and repair (repairs would have to be model/year/condition dependent as i dont wish to take on all sorts of crap from chaville).
Fitment of performance/standard parts/modification to customer spec:- again dependent on the above.
Possibility of parts fabrications (is somewhat necessary and have done it before).
Maybe a small amount of parts supply..but would have to be limited.
No bodywork or MOT work(actual mot's that is) as its just too time consuming and is becoming regulated to death.
Id like to concentrate on Toyota(GT4) and certain Audi and Vw stuff of the vintage (80's) era as ive got good knowledge of these products.
Heres what i have:
Enough tools (includes engine hoist and stand) trolley jacks, axle stands, diagnostic equipment etc etc and a library of hard to get info on most vehicles.
The skills and determination to use them for myself.
A small portfolio of performance vehicles ive worked on (includes a TVR! 350i
) Mechanicical experience dating back to 94 and a varied amount of experience on the various models and problems...although ive not been doing cars recently...(still got it i wonder? )
What i dont have:
Premises.
A two post lift.
A strategy.
A business plan.
A crystal clear idea of where to start and what to do and what NOT to do.
And most importantly Funding in the form of grants possibly.
After all that id have a cuppa if i were you while you think about the next bit..
... Ok, and the final..Does anyone have any advice on the above? Do's and donts etc? As i said, at this stage its an idea only so feel free to shatter my illusions about doing my own thing!
Any help gratefully accepted.
TIA.
1)Alot of Landlords won't allow motortrade on their premises
2)Recon lifts are dead cheap.
3)Get into selling performance bit, not just fitting them, becuase you will make far more mullah.
4)The Tuning market is exploding at the moment, its a good time to be entering, as long as you don't make yourself too niche.
2)Recon lifts are dead cheap.
3)Get into selling performance bit, not just fitting them, becuase you will make far more mullah.
4)The Tuning market is exploding at the moment, its a good time to be entering, as long as you don't make yourself too niche.
JagLover said:
Are you sure?
I thought it was regarded as a loss leader.
they get people in the door, get your name known and how many cars pass first time without needing a little remedial work?
if you are polite, professional and courteous when you do your MOT you client will come back and tell his friends.
Go to see the business start-up people at two or three banks and get all the free advice and books or pamphlets that you can, and read the lot. You'll need a business development plan, and cashflow forecast for two years probably, in order to open a business account - and you can see what format each bank prefers as well as comparing their charges. These should include free banking (if the account is in credit) for the first year and a sliding scale for the next one or two. You can also look at loans, good luck with enquiries about the grants but these seem to be more freely available these days if your business recycles lentils.
Get input from the local Business Link people or whatever they're called, not sure but this may well be free too, they had a different name but were definitely giving free advice when I started up eleven years ago. They will have some idea of local premises and related issues I should think, plus all the eco-restrictions and laws you'll be stuck with.
Also go down to the tax people for their helpful publications on how to pay that nice man Greedy Gordon so he can waste your hard-earned on grants for people setting up in business to recycle lentils. Also the benefits office will have an information point where you can notify them in due course so you can pay self-employed NI contributions each quarter as well as the profit-related element later.
One key decision will be to operate as a sole trader, limited company, partnership (?) or LLP. These have some significant differences in significant areas such as how regular and easy it is to get cash out of your business. A tame accountant might chat this through with you as well as giving an idea on their costs unless you want to do all your books and tax returns yourself including corporation tax if you're going to be a limited company.
This is assuming you've done some significant market research which will inform your plan and forecast, and have ideas on how to market your business, who if anyone will be in on the venture with you and so on.
There's other stuff when you've started up, but that should be enough for now and other PHers will be on soon to plug the gaps I've missed.
Good luck!
>> Edited by turbobloke on Wednesday 2nd February 17:46
Get input from the local Business Link people or whatever they're called, not sure but this may well be free too, they had a different name but were definitely giving free advice when I started up eleven years ago. They will have some idea of local premises and related issues I should think, plus all the eco-restrictions and laws you'll be stuck with.
Also go down to the tax people for their helpful publications on how to pay that nice man Greedy Gordon so he can waste your hard-earned on grants for people setting up in business to recycle lentils. Also the benefits office will have an information point where you can notify them in due course so you can pay self-employed NI contributions each quarter as well as the profit-related element later.
One key decision will be to operate as a sole trader, limited company, partnership (?) or LLP. These have some significant differences in significant areas such as how regular and easy it is to get cash out of your business. A tame accountant might chat this through with you as well as giving an idea on their costs unless you want to do all your books and tax returns yourself including corporation tax if you're going to be a limited company.
This is assuming you've done some significant market research which will inform your plan and forecast, and have ideas on how to market your business, who if anyone will be in on the venture with you and so on.
There's other stuff when you've started up, but that should be enough for now and other PHers will be on soon to plug the gaps I've missed.
Good luck!
>> Edited by turbobloke on Wednesday 2nd February 17:46
Turbobloke is right.
You need to go and see the local Business Link people first.
The website is here - just enter your postcode to find your local branch: www.businesslink.gov.uk/bdotg/action/home
Before you go you should try to produce a short page summary of your idea, and have a copy of your CV/relevant experience if any.
They will help you on many levels.
Best of luck.
You need to go and see the local Business Link people first.
The website is here - just enter your postcode to find your local branch: www.businesslink.gov.uk/bdotg/action/home
Before you go you should try to produce a short page summary of your idea, and have a copy of your CV/relevant experience if any.
They will help you on many levels.
Best of luck.
Away from the nuts and bolts mechanics - sorry no pun intended - of your start-up and more on the personal side, here's a checklist with some questions to help you decide if self-employment in your own business looks like a good idea or not.
I should add that most of the folk who give advice tend to be very conservative with a small c and emphasise the risks and dangers, quite rightly since we all know the survival rate for start-ups, but hopefully the input you get will be neutral and realistic if not feverishly encouraging. Likewise these questions are definitely relevant but there's no magic score to achieve and ultimately business success depends on the permission of the marketplace as much as anything else...and a bit of luck here and there.
Hopefully it's reasonably clear which way the options are pointing in each of the following ten choices:
1. Which do you dislike most, boredom or worry?
2. Do you view a salary more as security, or more as an artificial ceiling on income?
3. Do you have up-to-date and high level experience / expertise in your chosen area of enterprise?
4. Is your health generally good and do you have a robust constitution?
5. Do your significant others support you in the planned venture?
6. Are you usually self-sufficient and well organised?
7. Do you have a bottom drawer of information and so on, and existing contacts, in your chosen field of enterprise?
8. Can you cope with big variations in work-related pressure?
9. Do you have a bit on the side (cash!) to survive in the early phase while outgoings are high and income less?
10. Do you have an 'escape route' in mind in case it's necessary?
I should add that most of the folk who give advice tend to be very conservative with a small c and emphasise the risks and dangers, quite rightly since we all know the survival rate for start-ups, but hopefully the input you get will be neutral and realistic if not feverishly encouraging. Likewise these questions are definitely relevant but there's no magic score to achieve and ultimately business success depends on the permission of the marketplace as much as anything else...and a bit of luck here and there.
Hopefully it's reasonably clear which way the options are pointing in each of the following ten choices:
1. Which do you dislike most, boredom or worry?
2. Do you view a salary more as security, or more as an artificial ceiling on income?
3. Do you have up-to-date and high level experience / expertise in your chosen area of enterprise?
4. Is your health generally good and do you have a robust constitution?
5. Do your significant others support you in the planned venture?
6. Are you usually self-sufficient and well organised?
7. Do you have a bottom drawer of information and so on, and existing contacts, in your chosen field of enterprise?
8. Can you cope with big variations in work-related pressure?
9. Do you have a bit on the side (cash!) to survive in the early phase while outgoings are high and income less?
10. Do you have an 'escape route' in mind in case it's necessary?
b17nns said:
Are you sure?
I thought it was regarded as a loss leader.
they get people in the door, get your name known and how many cars pass first time without needing a little remedial work?
if you are polite, professional and courteous when you do your MOT you client will come back and tell his friends.
Too many testers abuse the "little remedial work" thing.
Having found one who doesn't, I stick with him. I notice that he's got more work than he can cope with, so his strategy of honesty clearly pays off and makes his relationship with customers far easier for him.
been there done that,first its very difficult to find a premisis that will allow motor trade,try a farm,they sometimes rent out barns,you need to know lots of people in the trade and take on the jobs they cant/wont do,banks are a pain,your phone will be ringing with sharks/charaties trying to relive you of your hard earned,get a good accountant and someone to cook your books,its a lot of work and probly 3 years before you turn a decent proffit.
remember someone somewhere has allready had the ideas you have and is getting the custom,good luck tho,best working time of my life
remember someone somewhere has allready had the ideas you have and is getting the custom,good luck tho,best working time of my life
Are you mad?
If so, you have a chance.
I'd be suspicious of anybody offering advice, particularly banks or governmental bodies; they know bugger all, otherwise they'd be doing it themselves
Work your balls off and when, in your darkest hour and the temptation to quit seems irresistable, then will be the real test.
If you push through that moment and hopefully then, or later - it may be several years - begin to sense something in the air, perhaps an unquantifiable vibe of positivity, then you may be getting somewhere.
However, it'll still be a shed load of graft, turn you into a more paranoidal maniac than you possibly were to begin with and the conclusion will remain the same that being a broker, trader or whatever, is the real 'best bet.'
In fact, I'd go so far as to say the prognosis for small-medium sized ventures over the coming years is exceedingly grim: almost everything is stacked against the spirit of enterprise.
In short: be a lawyer.
Thaddeus Cohen.
If so, you have a chance.
I'd be suspicious of anybody offering advice, particularly banks or governmental bodies; they know bugger all, otherwise they'd be doing it themselves
Work your balls off and when, in your darkest hour and the temptation to quit seems irresistable, then will be the real test.
If you push through that moment and hopefully then, or later - it may be several years - begin to sense something in the air, perhaps an unquantifiable vibe of positivity, then you may be getting somewhere.
However, it'll still be a shed load of graft, turn you into a more paranoidal maniac than you possibly were to begin with and the conclusion will remain the same that being a broker, trader or whatever, is the real 'best bet.'
In fact, I'd go so far as to say the prognosis for small-medium sized ventures over the coming years is exceedingly grim: almost everything is stacked against the spirit of enterprise.
In short: be a lawyer.
Thaddeus Cohen.
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