M2RTY
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Registered: 25th May 01
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seeing as dark nights are coming in I'm looking at setting up a little something to keep me busy and make a bit of extra money. Will be working 8-4 so this is really on an evening or weekend.
Want to work from home out of my office, would like to keep costs capped at £5k, the business side of things I have covered, just need a few ideas of what I can do before I commit. I have 2 ideas in my head but like to explore all routes beforehand.
Also seen 2 opportunities on ebay to take over from the current owner, which has its advantages and disadvantges. Who know
Thanks
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Neo
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Registered: 20th Feb 07
Location: Essex
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Is that a statement or a question
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Marc
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Registered: 11th Aug 02
Location: York
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I take it you have a basic idea of the things you would be potentially doing?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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TBH 5k isnt really enough to set up a proper business doing anything really, its enough to set up something on ebay but Id say thats about it.
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M2RTY
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Registered: 25th May 01
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quote:
Originally posted by Cosmo
TBH 5k isnt really enough to set up a proper business doing anything really, its enough to set up something on ebay but Id say thats about it.
yes, just online working from home really. Not a shop or anything major as yet, too many other commitments at the moment with buying a 2nd home, work and college etc.
Yes I have a couple of ideas but its always good to see other peoples ideas in case they are better lol
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Neo
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Registered: 20th Feb 07
Location: Essex
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Yeah i do, and there is a lot of people on here that can help, i just dont understand what is the question 
taking over an existing company will be far more difficult imo.
There is loads to think about .
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Cosmo
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Registered: 29th Mar 01
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Maybe post your ideas and see if they can be expanded on?
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M2RTY
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Registered: 25th May 01
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quote:
Originally posted by Neo
Yeah i do, and there is a lot of people on here that can help, i just dont understand what is the question
taking over an existing company will be far more difficult imo.
There is loads to think about .
if its just buying the equipment cheap, then won't be hard. Start up under a new name and new location
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Cosmo
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Registered: 29th Mar 01
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Thats not taking over someones business then, thats just buying their machining and starting your own business!!
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Marc
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Registered: 11th Aug 02
Location: York
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quote:
Originally posted by Cosmo
Maybe post your ideas and see if they can be expanded on?
Thats what I was getting at, not sure how much you want to tell people on here though!
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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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I don't mean to sound pedantic, but if you need a bunch of teenage corsa owners (the odd older head here and there) to guide you into a path of owning a small company then whatever the market path it probably won't work. 
[Edited on 08-09-2009 by J da Silva]
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Marc
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Registered: 11th Aug 02
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I'll have you know Cosmo is a professional buisnesswoman.
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Cosmo
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Registered: 29th Mar 01
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quote:
Originally posted by Marc
I'll have you know Cosmo is a professional buisnesswoman.
Business and woman in the same word
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M2RTY
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Registered: 25th May 01
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quote:
Originally posted by J da Silva
I don't mean to sound pedantic, but if you need a bunch of teenage corsa owners (the odd older head here and there) to guide you into a path of owning a small company then whatever the market path it probably won't work.
[Edited on 08-09-2009 by J da Silva]
yes but brainstorming different ideas to rule out anything I have not given thought to is something I like to do. Like I said, the business management side of it I am fine on.
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DizzyRebel
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Registered: 2nd Jan 09
Location: Lincoln
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5k is enough to start a business, ill be starting mine on a 5k budget.
What was you thinking about doing?
For a business to be successful you have to identify your target market, take into account all of your competitors then come up with your own unique selling point (ie why is your product/service better than the competition) then advertise it to your target market.
Its ok to say you want to start a business doing/selling 'X' but you have to ask yourself will it actually be profitable?
[Edited on 08-09-2009 by DizzyRebel]
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Cosmo
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Registered: 29th Mar 01
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quote:
Originally posted by DizzyRebel
5k is enough to start a business, ill be starting mine on a 5k budget.
No its not.
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DizzyRebel
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Registered: 2nd Jan 09
Location: Lincoln
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quote:
Originally posted by Cosmo
quote:
Originally posted by DizzyRebel
5k is enough to start a business, ill be starting mine on a 5k budget.
No its not.
Erm yes it is, who the fuck are you the business police?
You could start a landscape gardening business, mobile valeting, plumbing, electrician, civil engineering, signwriting... the list is endless.
5k will buy me a van, a years insurance, the workwear and extra tooling ill need to start up on my own, this was verified by the princes trust and their team of experts.
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Cosmo
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Registered: 29th Mar 01
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quote:
Originally posted by DizzyRebel
quote:
Originally posted by Cosmo
quote:
Originally posted by DizzyRebel
5k is enough to start a business, ill be starting mine on a 5k budget.
No its not.
Erm yes it is, who the fuck are you the business police?
You could start a landscape gardening business, mobile valeting, plumbing, electrician, civil engineering, signwriting... the list is endless.
5k will buy me a van, a years insurance, the workwear and extra tooling ill need to start up on my own, this was verified by the princes trust and their team of experts.
No, Im a realist who has been there and done it.
OK, lets take any of those examples above...you have everything you have suggested then you need....business insurance (many different kinds you'll need as working on someone elses property), bank account costs, accountant costs, incorporation costs, and thats before you factor in ANY marketing costs.
So you may think you can start a business on £5k, but you'd be dreaming. It may buy you the raw goods that you feel you need to do that job, but then their is much more on top of that you actually need to have in place.
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DizzyRebel
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Registered: 2nd Jan 09
Location: Lincoln
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Hence why i went to the princes trust to get expert advice on the matter and a realistic estimate of the outlay.
Business insurance - depending on your business it can vary, but by law all you need is public liability insurance which is under £100 a year. The rest is just precautionary measures but even so they dont cost as much as you think. My van and contents insurance is going to cost me a grand.
Bank account costs - go to barclays, they do 18 months free banking for new customers starting up a new business
Accountant costs - you dont need an accountant. I intend to do my books myself and its actually not that big a deal, just means i have to fill out a spreadsheet once a week and do my own tax return.
Marketing costs are business dependant, but for any of those mentioned a few hundred spent on business cards, leaflets and local paper advertising will suffice. Not to mention signwriting a van as the best form of mobile advertisement.
Im a realist, and i can assure you that its possible to start off small and build things up along the way. My startup costs are under 5k, the winter i might only earn £500 a week - yet in the spring/summer months ill take anywhere between 1-2k a week.
Its all about knowing your market and doing your research. If your smart you can do it on a budget, if you have a negative attitude you have already failed before you go live.
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Cosmo
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Registered: 29th Mar 01
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I still stick by the fact you cannot (and wont when you end up doing it) start up a business on £5k, not a 'proper' business anyway (i.e. not buying and selling on ebay or the likes, thats piss easy to do on £100!).
Its all well and good doing it on paper and thinking you know it all and have budgeted, but I'll tell you now it just wont happen that way and £5k will end up being double that.
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CorsAsh
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Registered: 19th Apr 02
Location: Munich
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Sig, above, me, agree.
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Boycey
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Registered: 30th Dec 07
Location: Buckhaven, Fife
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quote:
Originally posted by Cosmo
quote:
Originally posted by DizzyRebel
quote:
Originally posted by Cosmo
quote:
Originally posted by DizzyRebel
5k is enough to start a business, ill be starting mine on a 5k budget.
No its not.
Erm yes it is, who the fuck are you the business police?
You could start a landscape gardening business, mobile valeting, plumbing, electrician, civil engineering, signwriting... the list is endless.
5k will buy me a van, a years insurance, the workwear and extra tooling ill need to start up on my own, this was verified by the princes trust and their team of experts.
No, Im a realist who has been there and done it.
OK, lets take any of those examples above...you have everything you have suggested then you need....business insurance (many different kinds you'll need as working on someone elses property), bank account costs, accountant costs, incorporation costs, and thats before you factor in ANY marketing costs.
So you may think you can start a business on £5k, but you'd be dreaming. It may buy you the raw goods that you feel you need to do that job, but then their is much more on top of that you actually need to have in place.
Maybe your family business cost more than 5K to start but you can't say every other business will need more than 5K to start.
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Cosmo
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Registered: 29th Mar 01
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quote:
Originally posted by Boycey
Maybe your family business cost more than 5K to start but you can't say every other business will need more than 5K to start.
I wasnt even relating this to what we've done, thats different as we have premises, stock, employees, etc. So thats wasnt what I was going on.
My opinion is based on parts of above (some do relate to all businesses), other general personal experiences and a business management degree.
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CorsAsh
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Registered: 19th Apr 02
Location: Munich
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http://www.youtube.com/watch?v=xqa08UGZGtk
Is this you M2RTY?
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DizzyRebel
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Registered: 2nd Jan 09
Location: Lincoln
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quote:
Originally posted by Cosmo
I still stick by the fact you cannot (and wont when you end up doing it) start up a business on £5k, not a 'proper' business anyway (i.e. not buying and selling on ebay or the likes, thats piss easy to do on £100!).
Its all well and good doing it on paper and thinking you know it all and have budgeted, but I'll tell you now it just wont happen that way and £5k will end up being double that.
Mobile motorcycle mechanic and recovery. I need 2.5k for a van, 1k for insurance, 500 for extra tools then probably 500 on advertising, workwear and signwriting, £250 to join the fsb and get a wireless card machine and the rest can sit in the business account or buy me some consumables if i really want to be ahead of my game.
Ill not disclose all the figures and plans i have for it as i dont want people stealing the idea, but rest assured ill be getting everything ready over winter ready to go live next season.
If the princes trust say it can be done then it really can be done, somone on the internet whos opinion conflicts without facts to back it up wont put me off.
FYI a friend of mine set up a landscaping business on £1100 3 years ago. Now his net profits are reaching the 50k mark already...
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