!Business startup **help needed**

Kyle S

Hi all. I am looking for some help in a new business start-up, preferably from people already in this market and also from successful entrepreneurs that have experience with cash flow analysis', business plans etc... and the day to day running of a business.

I have been working in Sales for the last couple of years, with good success might I add, and I recently left my job because I was unhappy in the position due to how I was being treated. I know it was foolish to leave without having another position secured but I just couldn't bear working there anymore and happiness in my job is important to me. I have been looking for a new position since and have had 1 or 2 interviews but nothing really interests me all that much so I have decided to open my own business directly related to a love of mine - Motorsports. I have been involved with bikes and cars from a very young age and have been competing in and preparing cars in motorsports for the past couple of years and I now want to open up a tyre shop (first of all to start), along the lines of advance pitstop etc; tyre fitting, wheel balancing, alignment etc...

I know all the equipment and tools required for garage fitout, how much they cost and I have capital there to startup too.

Basically i'm looking to find out everything I need to know and do to get this off the ground.

All comments, views and opinions welcome, please post your input.

Thanks in advance

Gloomtastic!

Congratulations on your new career move!

So you're going to open a tyre depot. What will differentiate you from all your competitors? Is it going to be service, price or something else? Why should customers come to you when they can get exactly the same service up the road for the same price? Get that bit sorted and you're halfway there.

Do up your business plan based on the above - there are free templates on-line if you look - Do the figures still stack up? Can you make a profit now or in the future? Next double your costs and halve your sales. Do you still make a profit? If not, then you'll have to change something in your business model until you do make a profit. You will be paid on the day by your customers but might get away with paying your suppliers monthly so cashflow management is very important - how's your Excel? Remember at all time the three most important things for new businesses are cashflow, cashflow and cashflow!

Next I suppose the premises is the most important. You either pay for roadside to get the business of the street or back street and spend the rent difference on marketing to get your customers in. How are you with marketing btw?

Once you've found your premises it's time to start getting everything official - limited company or sole trader - company registration, bank account and insurance. You can do it all yourself or pay someone to sort it out for you - remember cashflow!

You will have to wear so many hats from now on and there will never be enough hours in the day but if you're youngish, hungry to succeed and have no kids I'd say go for it.

Also remember at all times and in everything you do from now on - Do it, review it, change it. Don't just think about it, you'll never know until you do it!

Good luck to you!