Where do you begin ?

Carra23

Hi

I am looking for some advice on how to go about starting a business. I'm sure if some of you are in business you all began with no experience or funds or whatever and that is where I am at.

I have no money but I have an idea of what I want. I would like to open an off licence and I have a location and premises in mind. I have no cash to invest but I have alot of determination and believe if I was pointed in the right direction I would achieve my goal.

Where do you go from there ? Any one have an off licence who would have an idea of how much it would cost ? The premises I have in mind is raw as in shop fit out is required . Would an investment of something like 30k or closer to 80k be my target ?

Any advice is greatly apreciated

drunkmonkey

You'll need money whether it's from the bank or family & friends.

You'll probably need 150k + between, stock, cash flow, starting wages, rent, deposits etc.
If you've no contacts in the trade you'll need to be cod for the first while until suppliers know your established and will offer you credit.

Retail is no picnic, have you any competition? Tesco, Dunnes, another off licence. Have you good footfall, is it easy for people to park?

You begin with a cash flow forecast. List all you fixed costs (rent, wages, electricity, start up loan etc), get all your prices, talk to suppliers put it all in a spreadsheet and figure out how much you'll make every month based on an your projected sales after everything and take it from there.

TheInquisitor

Definitely closer to 80k. Shop fit out 20-30kk. Tills and computers 5-10k. Stock 50k!

Carra23

drunkmonkey wrote: »

You'll need money whether it's from the bank or family & friends.

You'll probably need 150k + between, stock, cash flow, starting wages, rent, deposits etc.
If you've no contacts in the trade you'll need to be cod for the first while until suppliers know your established and will offer you credit.

Retail is no picnic, have you any competition? Tesco, Dunnes, another off licence. Have you good footfall, is it easy for people to park?

You begin with a cash flow forecast. List all you fixed costs (rent, wages, electricity, start up loan etc), get all your prices, talk to suppliers put it all in a spreadsheet and figure out how much you'll make every month based on an your projected sales after everything and take it from there.

Competition from supermarkets like the ones you have mentioned but there is no other off licence in the area. I had an idea of specialising in obscure beers from around the world that you don't find in every off licence. Alot off licences specialise in wine but not so many in beer.It's jsut a dream right now but thanks for the replies at least I know my aim now is to raise a 100k, piece of cake :rolleyes:

ssbob

Hi Carra23, my advice to you would be to draw out a detailed business plan, this will give you focus and direction and also if you are going to the banks for a loan, they will require this.

Good luck with it.

Mr.Boots

Good for you.
Its a tough market but most off licences are rubish anyway.
You would need to think about doing some artisan foods in store also.
Maybe a whiskey, beer and wine club...offering tasting evenings for the members (you will need to educate yourself on this)
A great example of a wine shop in 64 wine in glassthule co. dublin...go have a look at that and speak to them, you wont be disapointed.
Your Knowledge for your products will make or break you.

Carra23

Mr.Boots wrote: »

Good for you.
Its a tough market but most off licences are rubish anyway.
You would need to think about doing some artisan foods in store also.
Maybe a whiskey, beer and wine club...offering tasting evenings for the members (you will need to educate yourself on this)
A great example of a wine shop in 64 wine in glassthule co. dublin...go have a look at that and speak to them, you wont be disapointed.
Your Knowledge for your products will make or break you.

I have already thought about this and would try to identify querky bar snacks that we don't often see here. I would envisage having alot more than bacon fries, scampi and bombay mix !

As I said in the beginning I have no experience in business but I have an idea or dream. I have enthusiasm, belief and committment in abundance. I have identified the location and premises, which I believ to be perfect so just need to find some cash. Where there's a will there's a way !

Boom Boom

Carra23 wrote: »

It's just a dream right now

I'm sure half of the guys and gals on here started exactly the same in there respective fields I know I did!!!

I wouldn't know where to start with telling you how much it will cost you to invest or in the dealings of the licensed trade

but I do have some suggestions; you are looking at sourcing obscure beers and ales from around the world this could lead you to importing them just do your research to ensure is there any other licenses required for this

I think it is news talk (George hook show 99% sure someone might correct me if I'm wrong) does have a drinks segment where a guy is on and week in week out people text in "Oh I was in Timbuktu and had chicken pesto beer, is there anywhere here that stocks it?" well if I was you I would listen to this to see is there a re-occurring trend a specific beer this might help you in deciding stock and what people are buying polish, chinese, irish.

You have your premises in mind, is there restaurants or cafes near by you could talk to the owners and maybe as a marketing tool you could have a beer of the week in their premises sell it to them at a reduced cost so they can make a healthy mark up on it (if they are making the profit they will push it!!) and maybe it is noted that the beer of the week is available at carra23 off licence 4 doors down or something

What ever you decide ensure that you carry out adequate RESEARCH & PLANNING and any further help don't hesitate to ask the guys on here as most of them are very helpful.

Look at all the competition and see what they are doing that you could do differently that might give you the edge over them

I know Sweeney's in phibsboro/finglas road have a fairly hefty selection of mad beers, so might be worth a look


hope this helps
best of luck and remember discounts for boardsies

Boom Boom

Pixelcraft

Best of luck to you, I know I'm always looking for specialist off license. Might be a good idea to run through some ideas in the beer/wine/spirits forum, a lot of good advice and consumer opinion offered there. Deveney's in Dundrum started to specialise in beer, and from what I can tell they're doing well (I hope anyway!)

It's moncrieff that has the drinks slot, but George hook on Saturdays has a sort of business section where new businesses get advice, and a little plug.

Mozart1986

There are loads of new Irish micro-breweries setting up (like one in Dungarvan set up last April). You could carve out a little bit of a niche selling all of the irish micro-brewed beer. This market is set to grow fast, even if there are only about 15 or so at the moment.

Good luck OP:)

ssbob

Mozart1986 wrote: »

There are loads of new Irish micro-breweries setting up (like one in Dungarvan set up last April). You could carve out a little bit of a niche selling all of the irish micro-brewed beer. This market is set to grow fast, even if there are only about 15 or so at the moment.

Good luck OP:)

Actually on that point there is also one being set up in Mitchelstown.

Carra23

Boom Boom wrote: »

I'm sure half of the guys and gals on here started exactly the same in there respective fields I know I did!!!

I wouldn't know where to start with telling you how much it will cost you to invest or in the dealings of the licensed trade

but I do have some suggestions; you are looking at sourcing obscure beers and ales from around the world this could lead you to importing them just do your research to ensure is there any other licenses required for this

I think it is news talk (George hook show 99% sure someone might correct me if I'm wrong) does have a drinks segment where a guy is on and week in week out people text in "Oh I was in Timbuktu and had chicken pesto beer, is there anywhere here that stocks it?" well if I was you I would listen to this to see is there a re-occurring trend a specific beer this might help you in deciding stock and what people are buying polish, chinese, irish.

You have your premises in mind, is there restaurants or cafes near by you could talk to the owners and maybe as a marketing tool you could have a beer of the week in their premises sell it to them at a reduced cost so they can make a healthy mark up on it (if they are making the profit they will push it!!) and maybe it is noted that the beer of the week is available at carra23 off licence 4 doors down or something

What ever you decide ensure that you carry out adequate RESEARCH & PLANNING and any further help don't hesitate to ask the guys on here as most of them are very helpful.

Look at all the competition and see what they are doing that you could do differently that might give you the edge over them

I know Sweeney's in phibsboro/finglas road have a fairly hefty selection of mad beers, so might be worth a look


hope this helps
best of luck and remember discounts for boardsies

Boom Boom

Some great tips there thanks and as mentioned below its Moncrief on Fridays and that's possibly where the seed was sown !

Pixelcraft wrote: »

Best of luck to you, I know I'm always looking for specialist off license. Might be a good idea to run through some ideas in the beer/wine/spirits forum, a lot of good advice and consumer opinion offered there. Deveney's in Dundrum started to specialise in beer, and from what I can tell they're doing well (I hope anyway!)

It's moncrieff that has the drinks slot, but George hook on Saturdays has a sort of business section where new businesses get advice, and a little plug.

Mozart1986 wrote: »

There are loads of new Irish micro-breweries setting up (like one in Dungarvan set up last April). You could carve out a little bit of a niche selling all of the irish micro-brewed beer. This market is set to grow fast, even if there are only about 15 or so at the moment.

Good luck OP:)

Thanks for all the tips. Trying to raise the amount of cash required is daunting but I am only 27 and at 14 I set myself a few goals, none of which were business orientated more but goals never the less and I have achieved them all now. Simple things like own a house before I was 30, start a family, get qualified at a trade etc simple goals but all complete 3 years ahead of the target.

This is my new goal and I will achieve it. I will be realistic and set a traget of 5 years so watch this space.........I'll be back :o;)

ybbi

Just on the micro brewerys, anybody got a name or a link?

Mozart1986

Myself and two other young entrepreneurs are setting up Bizminds.ie, a young entrepreneurs support and collaborative network, so that we can share ideas and expertise. We are currently working out an action plan and a structure for the organisation, which is not-for-profit. We meet every two weeks in Dublin and we'd love you to chime in with your experiences:)

Mozart1986

ybbi wrote: »

Just on the micro brewerys, anybody got a name or a link?

You'll find all of the Irish micro-breweries here: http://www.beoir.org/