To think you can buy a business without having much prior knowledge about how it works

[Wetbankhols]

DH says you can't, but if the business is already running, surely you can?

[karen6695]

Thank you

[Wetbankhols]

wondered why this has randomly been bumped. I am nowhere near Kent, Karen but all the best in selling

[karen6695]

Did you find something. I have just put my business up for sale . Have a look it might be something of interest if you live in kent

[ExtraHotLatteToGo]

Oh dear. Oh dear, oh dear, oh dear. Your comments to mummymeister prove that this a bad, very bad, idea. She was giving you an enormous amount of help & information (and offering you more) and you threw it in her face. How very rude & how very silly. Your apology wasn't an apology either, before you say 'I did apologise'.

You might as well take the £90k and go on a world trip - as least you'll get some good memories out that.

[topcat2014]

Sorry for gaps - have been doing other things (involving wine) - however, referring back to my earlier comments. To run a kebab shop, you would absolutely need a passion to serve good food etc to run it well. There is nothing 'special' about the social care sector in that regard - even though mumsnet tends to beatify anything involving healthcare.

My final piece of advice is to know your unknowns. ie, - you don't need to know employment law thoroughly. What you do need to know is
a) that it exists.
b) that it is worth paying for proper advice
similarly
c) Accounts / payroll can be tricky
d) Again it is worth paying for proper advice.

I wish you well in your endevours - there is no intrinsic reason why you shouldn't succeed if you go into it with your wits about you and your eyes' open.

Think about trading via a limited company, and try not to offer personal guarantees and bet the house on the venture.

[Wetbankhols]

Well, yes, but I am not actually proposing to be the manager but the owner, which is different.

[DementedUnicorn]

Being extremely good at providing care and being extremely good at managing and directing others to provide care are two different things.

^This


IMHO an NVQ level 3 is the absolute minimum required- there is good reason why management positions are rarely advertised for people without their level 5.

[Wetbankhols]

There isn't anything that my circumstances would entitle me too

Business will cost around £90,000 which I do have but need to sell some stuff first, I guess I could use that to fund an NVQ if it's necessary?

[Puzzledandpissedoff]

Okay, so how about training grants/bursaries - is anything like that available in your area which your circumstances would entitle you to?

Also, while I realize it's important to choose what's best to spend your money on, didn't you say the job involved a franchise? If so, I'd imagine a significant capital outlay would be needed, which is perhaps another thing to consider ...

[Wetbankhols]

Thanks :)

The issue with the NVQ is it seems I would need to pay for it - I thought (naively) you could just do them at a local college but it seems not.

Shadowing is a great suggestion :)

[Puzzledandpissedoff]

That's a shame about the NVQ - do you want to share what the issue is there so we can perhaps suggest a way forward?

As mentioned before, personally I highly recommend the "shadowing" idea; it really can be the best way of getting an "inside look" at what the job entails, which is why it was always expected of my own candidates. Since you work in the sector now, presumably you'll know a few agency owners - why not approach them?

[Wetbankhols]

I know, I'm not suggesting that I just buy it and learn the rest later, but just the same, I'm not going to necessarily know everything which is one reason I am asking on here.

[NewLife4Me]

You need to know must stuff before you start trading OP, of course you can learn as you go along, but eg missing a law could see you closed in the first month.
Not managing your finance could see you bankrupt and your home repossessed.
An accountant won't stop this, they don't manage your finance, you do.

[Wetbankhols]

If you could help, or offer any advice, that would be great especially as it doesn't look as if I can do the NVQ.

I don't have any experience with employment law; am willing to learn, though.

[Puzzledandpissedoff]

Contracts for staff ...

That reminds me - do you have any experience in employment law, or plans to develop skills in this area if not? IME the care sector has a pretty high turnover of staff, and given the additional issues this brings, that's something else which will be very important

Also you didn't mention what other training plans you've made apart from considering the NVQ? I'm just wondering if any of the experienced posters on this thread can help with this at all ...?

[derxa]

It is today Wet Wandering around the ewes checking if they're lambing in the bright sunshine. Winter not so good. I have to buy a new ram and some females this year. I have a shepherdess who's an expert but she's away 'hill lambing' for someone else. If I fall out with her it's curtains

[daisychain01]

I agree with your DH

It's worth carrying out a "due diligence" process on a company to check its financial health.

I wouldn't consider parting with a penny piece until I was absolutely certain I understood the business, its customers and the industry competitor Landscape.

[Wetbankhols]

Sheep farm sounds insanely amazing

[derxa]

I've just inherited a business. A sheep farm. It is a small concern. If it starts haemorrhaging money I will let it go. It's quite exciting though. DH keeps saying I need a business plan but I haven't got that far. Good luck OP

[Wetbankhols]

Mummy, if I have caused you any offence I apologise, but it is difficult responding to people when you feel a bit as if you are being told off. Thank you again for your responses.

I won't pretend for a moment to know everything; at the same time I may not have an identical approach to you for a lot of things and this does not make either of us wrong but different people x

[mummymeister]

yep wetbankhols I bet you will sack your accountant because lets be fair, people just shouldn't be blunt should they. public sector background?

and another manager who disagrees with you. you could sack them too.

sorry you don't see honesty as important. I do so I tell it like I see it. no actually, I have toned down some of my responses.

of course you don't know the answers to everything yet. I and others have just been suggesting what you need to have the answers to.

I don't wag my finger. I just get on with running my business and making sure my staff stay employed, we make a profit and I operate within the law.

[Wetbankhols]

You need to appreciate though that I don't know the answer to a lot of your questions yet.

I would hope my accountant wouldn't tell me I am "wrong, very wrong" just imagining the finger wagging! and tbh if he did I'd find another accountant

[mummymeister]

I am not speaking to you like a naughty 10 year old. you asked for advice about running a business, I have been running one for 10+ years and thought that some of what I said might actually be useful to you. I had hoped that I and other posters were helping you to re-adjust the rose tinted glasses that you/me/everyone has before they go into business.

" a nice little earner" - all businesses can be if properly managed of course. but don't go into them thinking that they are.

being determined is no substitute for knowledge. you don't want to discuss your past employment knowledge, management experience etc which is up to you obviously.

You are taking on an established business with staff who will be depending on you so that they can pay their mortgages. its serious.

You don't have to give out any information if you don't want to. this is a forum not an interview. Since you feel I am talking down to you I will shut up. I hope you don't feel the same about your accountant or staff when they start telling you things you don't want to hear or asking you questions you don't want to answer. still at the end of the day its your money.

[Wetbankhols]

Yes, because everyone knows everything before they even think about doing something, don't they?



I just think it might be a nice little earner and I feel keen and excited about it for the first in a while. I can be pretty determined about stuff :)

Now if I had BOUGHT the business then asked on here ... I would see your point!

[NewLife4Me]

if you have to ask then you have no business going into business