Where do I start?(6 Posts)
I have a business idea which I believe would work in my town. It's related to an activity children can do with their parents. Cheap but would be relying on high turnover which I believe I could get as the activity would be priced well.
I have absolutely no idea where to start. I have no business experience although I do have some marketing experience with some success in this area. I am currently a teacher so have a lot of experience with children and parents.
I know I would need a venue and I'd need to source the specialist equipment it would involve. I would need a first aid certificate. I presume health and safety checks. Financially I have no savings so would need a loan/start up grant. Is this even possible without any savings to put down myself?
I would start small and would build up e.g. adding new activities and maybe a café etc as the business grew.
Any ideas of how to get this off the ground would be most welcome!
Could you hire the equipment to begin with? What about using some other businesses venue? Another child centered place for instance who would benefit from your business too?
You need to price everything up and then approach the bank. Some local councils run courses for newcomers to business and some even offer grants interest free loans etc.
Thanks for your advice. I don't think I can hire the equipment and space would probably have to be my own as it will involve equipment being attached to the floor and walls. I don't want to give away too much as it's a different idea (not soft play stuff).
I will have a look for council courses. I didn't know they ran them. I know I could run the day to day aspects of the business and could lead staff etc but I do worry about how on earth I'll set it up and I worry about the financial aspects as I have no idea how to organise business finances. The everyday running I'd be fine with.
Thanks for your advice.
Why dont you sit down and write a very basic business plan with a detailed financial section before you invest any money in equipment etc.
I'd also recommend getting an accountant on board from the outset - maybe a sole practitioner would be a good start as lots of them are more then happy to help you out at the start with finance stuff (we love numbers) and getting you set up for tax etc and are happy to do it for free or a very low cost - the amount of clients who say to me - I wish I'd got you on from the start never ceases to amaze me!
Otherwise, have a look online - the gov.uk website have a great summary for how to start a business, have a read of the uk business forums and even good old google - how to run a small business in UK
Thanks numbers. I didn't think an accountant would be cheap. How come people will do it for cheap/free?
sparkly I'd like to know that too! Im in a similar.position although already operating as a sole trader providing some kids/parents activities, and looking to expand in a way that would require premises.
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