How much is involved in setting up your own business venture?

[Flip]

I've had this crazy idea whilst chatting with a friend in the pub last night. BTW - I only had one pint.

There's a disused snooker hall in our local town and it's huge. It had a licensed bar and was big enough for eighteen full size tables. This hall has been empty for more than ten years and there's a sign up saying for let.

I was thinking that if I could buy it rather than let it then I could turn it into a kids play area where food and drink are served. A bit like wacky warehouse. It could also cater for birthday parties and I was thinking about a seperate function room for Christening and weddings where the kids can come and go between the two.

What do you think? Am I mad?

Anyone who's already set up their own business. How do you start? How do you get the capital? Would I have to mortgage my house?

Am I setting my sights to high?

Any advise, even if it's to say don't be stupid and forget the idea.

cant give much constructive advice (i'm in Ireland and so all advice/agencies/loans/organisation are different)

i set up my own business, I opened a health shop 3 years ago. there was lots of organisations willing to offer advice. it was very hard work, but worth every minute
I'm sure there are some organisations in your local phone book to get you started.

even if you have doubts...at least look into it, gather all the info, and take it from there!

It's an interesting idea. Insurance can be very high for this kind of venture. Buy or borrow one of the books on writing a business plan as you will need a well thought out one for seeking money and for your own benefit. Consider where the premises are, is there good parking and enough customers. Fire certification can really bump up costs. You need much more money than you think. Can think of lots of other stuff, but make some enquiries and start doing some research until you've worked out whether it's viable. Funny you should put this because i was just about to start a thread on something similar (might still). i started in business 3 years ago. Good luck.

The cost will vary depending on how high you set your sights. BTW before you read any further I have no experience myself!

You'd need to get a clear idea of the set up & ongoing costs, eg insurance, health and safety issues, equipment, staff, mortgage, utilities, taxes etc.

Then you'll need to draw up a business plan based on anticipatd useage (and therefore money coming in) - idea being of course that the outgoings will be less than revenue. If the figures look like stacking up then don't banks have small business advisers? Might it be worth speaking to them? Am sure other MNrs will have plenty of advice based on real experience...

lemonice what do u do?

Business link do short 3 day courses for people thinking of starting out.

Post crossed, first i did freelance interior design which made a bit of money but i had a bad experience with an footballer and decided to go into retail, have shop and web site now, originally lifestyle interiors and evolved into children's gifts and some adult ones. it's cost me a lot of money.

Hi Flip,
You can get business profiles from the bank and it has lots of helpful advice on the specific business.

Also check the Business link in your area or at Inland Revenue and you might even get start up help or grants.