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to be considering starting a new business now.

(12 Posts)
Katiestar Thu 19-Feb-09 10:19:32

I am an accountant and normally work on fixed term contracts. My last one has come to an end and there doesn't seem to be much doing at the moment
Several years ago I had a really good idea (IMHO) for an educational resource to help my struggling child. I have always had it at the back of my mind to market it.
I have just unexpectedly received a cash windfall of £20k and think I could get a £10k grant
However DH is self employed and his work is tailing off and I wonder if we should not risk our little nest egg at the moment.

LadyMuck Thu 19-Feb-09 10:22:35

It is probably worth putting together a business plan just to see what it would take, and how realistic your pricing/demand assumptions are. If it is another educational website, then I wouldn't bother. If it is some sort of consumable aid then there may be more of a market. Worth doing a bit of cheap/free research if you have some spare time anyway.

Nekabu Thu 19-Feb-09 10:24:03

Talk to the sort of places that would be selling your product. Do a lot of research to see if you could sell it at this time. If there seems to be a lot of interest and some fairly firm offers then maybe, otherwise I'd try it without leaving your job or dipping into your 20K more than is absolutely necessary.

Katiestar Thu 19-Feb-09 10:25:17

No it is not a website

LucyEllensmummy Thu 19-Feb-09 10:32:19

Katie, what would your market be? Schools or parents? If it were schools could you approach schools and see if they would be interested, or education authorities or whoever sorts that sort of thing out (see im pretty useless at this sort of thign) and see if they would in theory put orders in. If you could get some definate maybe's and have some idea of what you would be doing in the first year, it could be worth doing? If its selling to mums etc, could you do it like usbourne books type thing? You have probably thought about this already.

I really admire you - i think if you have an idea you should go for it. Could you possibly do some freelance accounting or bookeeping to boost your income in the meantime?

My DP works for himself, as a builder - its a pretty scary time and we have considered jacking it all in on more than one occasion, but actually, despite not having a pot to piss in, the business seems to be slowly establishing itself and if we can just dig our heels in, when things get better (please God that they will) we might have a bit of a headstart - despite the doom and gloom, there does seem to be people out there with money to spend.

If everyone just sits on their hands, the economy will never recover - but then its easy to say go for it when its not my money that i would be risking.

moonmother Thu 19-Feb-09 10:37:50

I started my business last June, when all the serious talk of recession started. It was scary enough without all the talk of recession, but as I had very small start up costs and nothing to lose I went ahead anyway.

To be honest things are trickling along, Xmas was quite busy and things are picking up now I've made a name for myself.

If I was in the same situation and having to put a lot financially into starting up I probably would be a little more cautious.

Is there any way you can get your idea 'out there' without spending a considerable amount?

With your Dh being self-employed as well I would probably not want to risk money that would be a lifeline.

Research as much as possible, as has already been said, and make judgement from there.

Good Luck smile

Katiestar Thu 19-Feb-09 18:16:11

Thanks for your replies.I have met with a patent attorney and set up a meeting with Businesslink .So I'm hoping they will be able to give me some help and advice

BCNS Thu 19-Feb-09 18:19:19

a good business idea is a good business idea at any time. just make sure you do your prep and research etc.

laweaselmys Thu 19-Feb-09 18:41:00

The federation of Small Business and your Small Business advisor at your local citizens advice centre might be good to talk to too.

I know my local FSB run dragons den type evenings to raise start up funds for companies.

LoveaDAISYcal Thu 19-Feb-09 18:47:35

Not unreasonable, but maybe a bit crazy???

but, as BCNS says, a good business idea is a good one at any time.

Do all your research, formulate a good business plan and make sure you have a ready customer base and hopefully things will go well.

LynetteScavo Thu 19-Feb-09 18:57:47

moonmother - I'm curious as to what your business is!?

LynetteScavo Thu 19-Feb-09 18:59:07

And of course Katiestar!!

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