Advice on setting up small Business???

Lmnover

Hi

I have decided after a lot of deliberation to set up my own business which i will run from home. I seeked advice several months ago on this forum when i was at the stage where i wanted to start up but was missing the idea. Several people advised that it sounded like i was trying too hard to come up with this big idea and that i should "stick to what i know, love and think i can do better than anyone else" and this is what i am planning to do.

Having spent 18 years in the sector i plan to run a mobile design advice and fit-out service to owners of investment properties that they can neither rent or sell their property- providing sensible advice on small changes that will add value to their property and increase the chances of sale / rent and also providing a low cost furniture package where required. As the service will be mobile i can keep the overheads and therefore costs charged to a minimum which should make me competitive in the market. I can provide a commission to estate agents and property management companies to be able to target their clients and also advertise on the property pages. I have also schedule to do an energy consultants course as an add on to the business.

I will also target home owners who due to the current economic situation have decided to spend some money on design of their homes instead of moving house.

My main costs to begin with would be
The set up of home office - furniture, equipment etc
purchasing a van (and signage)
Set up of website, branding, advertising


I am looking for advice on the idea and also how to advance it forward in relation to:
* Start up costs (hidden costs etc etc)
* Grants / information available (as i will not be targeting the export market i know that Enterprise Ireland funding etc will not be available)
* if i plan to buy stock for a particular project - would i have to set up a limited company?

I am approching this with my eyes wide open and realise we are in a depressed market but i feel that if i was able to set up and get established this year - i will be there for when the market changes.

anyhow - advice would be greatly appreciated.

Thanks in advance

Bellies

Hi,

If I were you I'd make contact with your local Enterprise Board. They can be handy in this particular section, in terms of direction, advice and can also help you fund certain ventures up to 75% I think.... (I'll check it out thou not 100% sure) However, I am aware that they'll provide you with a mentor service to overcome various obstacles. Here:

http://www.enterpriseboards.ie/Your_Local_CCEB_map.aspx

Capital grants up to a maximum level of €75,000 are available for machinery and equipment purchases or for purchasing or altering business premises.

Employment grants towards the cost of labour are available to incentivise job creation in new/expanding projects. A grant of up to €7,500 for each job, up to a maximum of 10 jobs, may be provided.

Website: Get a group final year stuents in a University to design one. With a small monetary reward and a reference on their CV? Alot of SME's are using this method these days as the standard is very high and the company has a seletion of approx. 10 samples *(estimating that there is 2 per group)

r0nanf

If you want to keep your fitout costs low, try www.jumbletown.ie for furniture . Buy a budget pc as you'll only need it for email and word processing - get the next day business site warranty also, I've had more than one machine effectively die at a shade over 12 months.

Also for a van go to the car auctions - I know they are "buyer beware" setups, but you can find 08 reg vans for a fraction of their realistic value that are still under the manufacturers warranty. I've seen an 08 VW Transporter for under 10k (less than 50% of value) with only a few thousand on the clock. These are repos from construction trade so if you don't mind driving with a ghost of the celtic tiger...

hedgehog33

Hi,

I'm sorry to be negative, but I would recommend doing a lot of market research - are there potential customers out there, and will they spend enough money on your service to make it worth your while.

Also bear in mind that a lot of the established property management companies, and even real estate agents now, are offering the same services, and competition will be very strong as there is not a lot of business around.

Imo anything related to property at the moment is a very risky sector to be in. (I worked in real estate the last 5 years so have some experience).

If it's possible for you to stay in your current job while doing this as a sideline, that might allow you to gain experience of working for yourself, with the security of a wage, until the market picks up again.

Axwell

Bellies wrote: »

Website: Get a group final year stuents in a University to design one. With a small monetary reward and a reference on their CV? Alot of SME's are using this method these days as the standard is very high and the company has a seletion of approx. 10 samples *(estimating that there is 2 per group)

If you are going to be realistic about your business then you should be looking to get a proper site done, going with students is fine till it comes to updates and support and further development. You can get funding for a website off your Enterpise board through funding and you would be way better off going this route and getting the job done right.

Nuttzz

With Enterprise boards you need to fit their criteria

Priority Categories:
The priority categories are:
• Recipients of any social welfare allowance.
• Unemployed persons starting a new business.
• Childcare businesses employing 3 or less.
• Commercial community-owned businesses..
Ineligible Sectors:
In line with national sectoral policy, the following sectors will not be supported, even when such businesses would otherwise fall within the above priority categories:
Construction and the construction trades
Transportation services
Professional services
The distributive trades (however on-line sales and purchasing
activities are eligible)