To ask for your advice in starting a business

[Strikingterrorintomyheart]

Name changed for this (actually named-changed a few times in my MN history but didn't ever feel I needed to say so until now!)

So DP and I are starting a business, hopefully launching next year, but doing the work for it now. As my username indicates, I'm terrified of failure and posting here selfishly hoping any of you who have done this successfully or unsuccessfully in the past will be kind enough to give me tips/stories/advice!

It's fairly niche so I can't say here what it is. But there are 4 or so entities in the UK doing it successfully.

It will be website based, with people making bookings to participate in an activity for enjoyment, rather than a service to provide something that people actually need. Think something like....(wracks brain)...going on a website to book a pony-trek and then turning up and doing that pony trek (it's not that, but that is a good likeness!)

I should add that I was made redundant a while ago and have been a SAHM since then, so not leaving a job to do this...

I think the biggest reason for failure is not that this business is inherently set up to fail (ie there are people booked up who are doing this) but that it will fail because I am at the helm and I will fuck it up in some way....really scared and lacking confidence!

Have to turn off the internet now as I'll get no work done but will be back on later. I would be really grateful if you could help me out with anything you've learned or any success stories where you have done this

It's very odd that you think your business is website based when it is actually pony trekking or whatever it is. Your website is marketing the business, it isn't the business.

If it is something like poney trekking, get a good online booking software. Something that is easy for the client to use and takes off the pressure from you.
Most of my business is automated now except the actual delivery of the service and it makes my life a million times easier, it also means people have to pay before they come so they actually turn up and I can have booking terms and if someone breaks them I can just say 'computer says no'.

@GinDaddy The fear and the paralysis describes me to a tee (is that the right expression?) I need to get over that!
@msmith501 thank you: the paperwork bit is foremost in my mind...especially with this meeting next week. Spending the next few days honing the business plan, getting out home finances sorted out because if we are not doing that bit right and separating it from what we have spent on the business then we are dickheads who will never succeed. We had these savings and bought stuff/did stuff (advised by this mentor) but now need to separate that clearly...if that makes sense!

@Justapatchofgrass weeping! I love it!

There are now too many helpful responses for me to keep up with the individual thanks....but I appreciate you all very much! Got to go and grab some children now from after-school stuff. Back on later!

Thanks to all

What's your marketing strategy - how will people find you?

Will you do email marketing? Social media? Is your website optimised ie lots of keywords and easy user journey? Will you do flyers? Partner with other companies who can promote you? List on other sites? Is there a story could you do PR

Work out how you can measure these different marketing efforts in an easy way - eg giving them different discount codes so you can understand what is paying off.

Will people be repeat visitors or lots of one offs?

How niche are you?
Have you a loyal group of fans who will want to do this or people who are just interested?
If this is just a "nice to do" thing then think whether it is recession proof - extreme luxury experiences will survive - normal things won't.
Insurance?
Is it llama rides?

Work out your overhead costs in detail in advance, think of everything (insurances, training, staff, web hosting, card reader, card fees, equipment, signage, stationery, budget for advertising and marketing, etc.) Don’t just stick a finger in the air, find out ACTUAL costs and be exhaustive about it. Do a brainstorm with DH and go for worst case (most expensive end).

Work out the total annual cost. Then have a realistic think about volume. On an average week how many customers? Weekend only? Are you likely to have a weather dependent drop in winter? Again go pessimistic/worst case, then moderate/good. Base this on your research, not just what you hope will happen. Turn this into annual income projections.

Then have a really hard look at income minus costs, and see what your profit will be. Is it what you hope for? A lot less? More than you thought?

The amount of businesses that spend a fortune on concept, design, website, premises etc. but haven’t done any real thinking about costs and margins is staggering. Knowing your financials will make you a hell of a lot more confident.

I wish it was llama rides! Unfortunately it doesn't involve any animals but the way I feel right now, I'd love to go into a paddock of ponies or llamas and bury my heads into their furry necks and just weep with the fear and worry of it all! The job my partner will be made redundant from is not easy to get another job in so this business is "taking a chance" but in some ways "an absolute necessity to succeed" if we're not to be in gruelling poverty in 6 months time! I'm guessing some people will now say " Ohhh...that's far too risky" but not trying it would put us in a worse situation...or at least as bad a situation as we will be when the redundancy happens, if that makes sense....Like I say, we do have this "mentor scheme" which I fall under the category of (I mean for example it helps people who have a "criteria" that qualifies them for help....can't say what I am without being identified... it's something not pleasant that disadvantages me and so organisations exist to help pp with that disadvantage...)

But anyway....I've had so many helpful replies on here which I am taking on board as we move forward. I'm fully aware of the need to keep costs down until we have something concrete, if that doesn't sound too vague! I know I haven't said lots of things about my concept, costs, actions thus far but they are there....I'm just scared of being identified so I'm not mentioning them fully!

It's unfair in a way to crib your brains without being more transparent myself...but that is what I've done and I appreciate so much that you've taken the time to help despite my vagueness

Honestly, if you're terrified of failure, don't set up your own business. Businesses fail. A lot. All the time. Not because people do it wrong, but because business is risky. Have a plan for what to do if it fails, or if it doesn't quite fail but also doesn't quite work. What's your next idea and the one after that and the one after that?

@bridgetreilly unfortunately that ship has sailed....we're already too close to launch to just give up. Fear of failure is what I'm confessing on an anonymous forum where my deepest darkest thoughts can come out. It's not what I take into the daily work for this venture. I thought it was alright to be scared and do it anyway?

If feels like that is saying "You can only do this if you are absolutely 100% confident" but the way I see it is "fear of failure" is also "consciousness of the possibility of failure" and therefore making me more likely to see the possible flaws and account for them in my planning?

I posted below about your marketing I forgot to say, there's a lot you can self teach. Mailchimp is free for basic package - watch tutorials on how to do this.
Canva is really good for social media and flyers - they have templates you can use - again it's free and has good help resources

@onetimeonlyy thank you that is so helpful!

I'm a marketer and have my own business but I've also grown a lot of small businesses including one my mum set up two years ago so feel free to send me any questions about this area!

@onetimeonlyy that is so kind and I may well take you up on that. I will be working hard this week to get the plan into the kind of shape where it can be shown to another human, and once that is done I will likely have questions so will take you up...huge thanks again, and same to all who have responded

It's fine to be scared (and normal), but your OP suggested it was a more serious problem than that.

Waves at @onetimeonlyy professional twin (also a marketing business owner)

Lots of the small businesses that I support rely on repeat customers

I think one thing it sounds like you need to think about is the experience you are giving people. The experience isn’t the booking system so that isn’t your business. No one will even remember the booking system - unless it doesn’t work. Everything is booked online now. That’s not novel or exciting.

What they are coming to do is the experience. And you’ll need to sell them the lifestyle. It’s a chance to live someone else’s life for a bit. The kind of person who does the thing you and your dh are trained to do. You want to give them a little bit of magic and feed their dreams.

My dh has a similar business. Some of it is selling experiences (his business partner does this bit) and he makes the things they sell. They really focus on providing people a magical day that is totally unlike their everyday lives - think like something like bushcraft courses, totally removed from the real world and immersed in the course for the day. A lot of attention is paid to making sure the food is amazing, people have a welcome drink when they arrive, it’s fun and friendly (so much of this sort of thing is building relationships and making people feel confident and welcome when they are learning something new).

They also have a strong presence on social media. And unless your market is mainly over 50s, you’ll need to build a strong presence on social media. People can find you and come to trust you via social media and they can post photos about you. Heavy social media presence is really important. My dh probably gets at least half his business via Instagram now rather than his website.

The fear is natural and normal. It will ease. I started up my own business and agree that marketing is a huge part of making the business successful. You can have an amazing product but if nobody knows about it then you’re sunk.

One thing I used to think is that other people are successful, so why not me?

Also, try to keep your running costs as low as possible. Look at what you do and don’t really need. Don’t waste money on unimportant stuff especially in the beginning.

Good luck!!

The experience isn’t the booking system so that isn’t your business. No one will even remember the booking system - unless it doesn’t work. Everything is booked online now. That’s not novel or exciting.

I respectfully disagree.

I run an experience business and the booking system is make or break. It's not 'novel' to book online it's expected, people have very low thresholds nowadays for inconvenience and want to be able to book online, quickly, safely and with ease. Any clunky bits in the system are times when clients will give up.

So many people will book into my business when they're bored at home or had a few too many and having a booking system that takes payment immediately means they don't back out when the day roles around.
My booking system also automates the whole process sending auto emails and up selling, it also tracks all my money so at the end of the year I have very little to do in way of accounts.
The biggest issue facing an experience business is people booking in and then not turning up, this completely solves that problem.
It helps transition someone from someone interested in the product to a customer in your business.
Mine has loads of marketing extras too and I save about 16 hours a week from doing all the admin from hand. The booking/emails/accounts basically run themselves letting me spend more time doing marketing etc.

I've just tried to book a Christmas film at Everyman cinemas, their website was being clunky and not showing me the listings for December so I just booked in with another cinema.

Ok folks....we did it! Sitting here 7 months later and I'm delighted to report we did it :-D We are now a Community Interest Company, have received funding to start the venture (I mean grant funding as we are a social enterprise, rather than funding like a bank loan), have all our training & licences in order, equipment purchased, contracts with the relevant stakeholders in place and a decent customer database. And the llamas are in their paddocks (kidding) ;-) The grant funders told us that we were one of the best applications they had ever had, and that our progress despite the lockdown put their other grant recipients in the shade, which was hugely encouraging! Our social media presence is fairly decent too, considering how new we are. Lockdown stymied us a little bit in the sense that our full launch will be 2021 rather than 2020, however the amount that we will be able to trade in 2020 is sufficient alongside the other means we have to support ourselves. All in all it is going extremely well, and I often think back to myself sitting terrified in November and all you kind-hearted folk who responded to us back then :-)