need advice

lyndak082

just wondering if anyone has any advice on how i should go about starting my own business???? im a mother at home with the kids and i have a really good idea to start a business but bit unsure where to start??

kenbrady

lyndak082 wrote: »

just wondering if anyone has any advice on how i should go about starting my own business???? im a mother at home with the kids and i have a really good idea to start a business but bit unsure where to start??

Plenty of good courses. About the practical stuff and the marketing,sales etc.
http://www.google.ie/search?hl=en&q=%22enterprise+start+programme%22&btnG=Search&meta=cr%3DcountryIE
Do as much research as possible before you start any business.
I've seen guys start a business and waste years on it. They had great business plans and gartner reports to back up their findings. But one day on the phone calling potential customers would have told them it was a non starter.

shoutman

Have a look at the essential links thread thats stickied in the main forum. Here it is

kipper1

Do a bit of ground work to see what competition you have in the same field as your idea. Work out the costs involved and also the potential income from your idea ie do you need an office and what overheads you will incurr to make it happen.

lyndak082

should prob have given more detail........ i wanna open a shop sellin a specific product the nearest shop of this type is 10 miles away on nxt town. ive 10 yrs experience in usin this prod so know alot about it although ive never run a shop b4. i have some money to buy stock and also have found a premesis which ha been vacant now for a while. is it as simple as just renting out the shop filling it with stock, sellin makin money n keeping records of it all???????????

kipper1

Well how is the other shop trading in the next town, whats your passing trade like, is it a specialist product. If its a brand name will the brand support etc etc etc

Cheeble

lyndak082 wrote: »

....is it as simple as just renting out the shop filling it with stock, sellin makin money n keeping records of it all???????????

Yes, it's that simple.

The hard part is the selling. The fact that you've got product which you think is great isn't really enough. You need a sufficient number of other people to share your opinion, and to be prepared to give up some of their very scarce cash. Then you need to keep this happening, day after day, week after week, year after year.

I'd suggest buy a very small amount of stock and try selling it. You don't need a shop, try market stalls, fairs, community events, anything that gets you in front of the sort of people you expect to be your customers.

If this doesn't work, or you can't do it, then the shop probably won't work either.

Cheeble-eers

lyndak082

well i did the market stall thing for a while n it went well i just got sick of spending my sundays out in all weathers on a stall!!! as for the shop in next town........ well all the people from this town have to go there.... also its a product that almost everyone will need at some point whether for themselves or someone else. do you think i should look into renting a small shop and see how it goes? who do i have to notify?? tax office etc? ????

elemenopee

Hi there. Brave lady setting up a business in this climate! But really, it could be a smart move - you should be able to get a good deal on rent and so on.

As regards the running of the business, I'm not in retail, but tax-wise, you will need to register for VAT presumably and do a tax return at the end of the year. You should look at revenue.ie for relevant info and advice. Also, the Revenue staff are Very helpful and not at all intimidating on the phone.

Very best of luck.

Gstore.ie (Tony)

Best of luck with the venture.

VAT wise if you are selling a product you are not required to register for VAT until your revenue goes over 75k so you do not need this straight away. Also if the premises is empty for a few months as you say you would be in a good position to negotiate a few months free or close to nothing on the rates especially in this climate. I would definitely recommend keeping track of your invoices and revenue from the very start as it can get out of control quickly. Remember that you will also have insurance costs as you will have customers visiting the store.

You should check with your local city council as they will regularly run business courses which you can then claim as a business expense

Kelticweb

If you need some info check out your local county coucil for any new business events etc...

Heres a link to a useful site also www.basis.ie

displaced dub

hi lynda

you might need to hear the following or you might not!!

i have been reading your posts and from my point of view you seem to think this is going to be soo easy, sure i will just open this shop and it will be grand. sure the nearest competition is only 10miles away and their not all that either.

you say your at home with the kids at the minute and doing markets on a sunday is a pain cause you miss being with the kids and the weather . well when or if you open this shop you will be there at least monday to saturday 9.30-5.30 and maybe sundays, as most of the general public consider sundays a shopping day. so thats 7 days a week. lets say god for bid one of the kids gets sick or has to come home from school whos going to look after the goldmine??? an assistant?? well there currently approx €9.00 per hour. then theirs the insurance for the public and the staff etc etc etc.

I suggest the following to you if your going to go ahead with this.

1. prepare to work 60 hours per week
2. prepare for no salary for a few months till the business get up on its feet
3. cash lots of cash
4. pay for everything upfront, take zero credit in case it doesn't work
5. get an agreement or break clause with the landlord that lets you walk.
6. be prepared for the competition to get agressive with their pricing
7. paperwork lots of paperwork

Lynda, dont think what im trying to do is to be negative, these are the type of questions that you seriously need to think about. Your family will say your great and of course it will work etc etc. If you think you can cope with all the above i suggest you meet an accountant and start the ball rolling.

you will need to form a company and get registered for vat which is all pretty straight forward. then every 2 months file a vat return and p30 every month.
do a stock take at year end and have your end of year accounts filed.

i have my own business going 2 years now but im not in retail, the first thing i noticed was my competition cut their prices and bad mouthed me to my clients so i had a struggle from day one, i currently earn less now than i did as an employee. i injected €30k of my own savings on day one and i now have this down to €8k.. so the money you are using for your start-up must be repaid to you so put it in as a Director loan to the company.

Lynda if you decide to go-ahead i honestly wish you all the best but sit down with an accountant and look at what you are doing without any emotion because it business not personal, and you will hear that from people when they call you for money.

Best of luck

JoeTurner

Hi Lynda

Not sure where you're based but it might be worth seeing if your local County Enterprise Board is running any Start Your Own Business courses in the near future. They usually cover all the basics of setting up and course costs are fairly cheap.

It'll also give you a chance to fire loads of questions at the course presenter and get some good advice....

Best of luck with the new venture

Joe

inspired38

Lynda, plenty of good advice already.

Getting into business needs to be a long term commitment and not just a whim.
Take the time to plan in terms of what you want from the business, how long for, are you selling a repeat purchase item, can you build loyalty, can you mix with small family?

read The E-Myth by Michael Gerber
Remember to take your time
Talk to people who have already done what you are planning
People who have not experienced business startup and growth and pain and joy, while they may have the best intentions, are not best qualified to help you.

Have a few trusted advisors and be prepared to act on their advice - reciprocate the trust that they have in you.

Business is about making a profit which will deliver you the lifestyle you want.
Know your numbers.

regards

lyndak082

thanks everyone for your advice!!:)

i began a start your own business course with the local enterprise board 2 weeks ago. its going well and have has made me look more positively at what im planning to do.

fingers crossed!!!:D