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Retail business set up

  • 25-05-2011 1:03am
    #1
    Whispered
    Registered Users, Registered Users 2 Posts: 14,772 ✭✭✭✭


    Hey, I'm asking this for a friend, hope someone can shed some light for him.

    Basicially, he's working in a job which, while secure, seems to be sucking the life out of him. He's always wanted to own and run a music studio and shop. Recently a retail unit came available in the town in which he lives and he's again thinking of giving this a try.

    So his questions are;
    Is he allowed to start a business while also working and how should tax be sorted? Once it's apparant he can make a living from this new place he would stop working.

    Are there grants or any government support available for new business set ups, and are these available to people already in employment?

    He has no expereince in business management or retail - where should he start?

    At the moment it all seems very pie in the sky, and while I'd love to see him succeed, he's so demotivated at the moment, I can see it being forgotten about as he falls back into his rut.
    I suppose I just want to give him hope that it is possible and point him in the right direction towards a start and the help and advice he needs.


Comments

  • #2
    maxer68
    Closed Accounts Posts: 1,076 ✭✭✭maxer68


    The good news is rents have fallen by average of 50%.
    Bad news is commercial rates have not.

    Before considering the business end, he needs to consider the noise end - will noise from the studio affect other people around him?

    Also, Parking - if poeple are going to stay more than 2 hours - can they park easily & cheaply.

    Also, a music studio doesn't really need a retail premises - are there other types of premises around that will cost less? E.G Naas Drum centre is upstairs in a Business Park where rent & rates will be very low and plenty of parking.

    So on premises, I'd look outside the box and maybe see if there are small business units somewhere nearby.

    There's possibly some grants available if he's teaching or offering some form of tuition. - Local enterprise board will give the info.

    No problem setting up whilst still in work - he probably won't be taking income from it initially anyway, but I would advise him to get an accountant to do up business plans (they're cheaper than you think and can save to thousands)

    Plenty of business courses about - again, local enterprise board has info. But as above, delegating the finance end to someone else can save a lot of hassle and allow the creative person run the business.


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