Advice needed on business

[RooRoo]

Well, me and 2 other guys have been toying with the idea of attempting to start our own business is computer retail and repair for a long time, we're all decent with computers, being able to do most/all major repairs, building the pc's, all the technical stuff, we've been looking around and think the best idea would be to get a flexible business loan to start the business...but at the moment we have not done a huge amount of research, we're in the stage of that now...Does anyone here have any business knowledge or advice you could give us?

[G]

Do lots of reasearch, lots and lots.

Not only to proove to the bank you can be profitable, but to make sure you /can/. There are a lot of people that will have had the same idea of you. Can you get more business than them, or at least a decent share of the market?

[kev]

You could start a company called arse ticklers faggots fan club, oh you know the rest.
____________________
20:02:36 Jammy-R6: any holes a goal
20:02:48 kev: even if its a hairy mans arse
20:02:56 Jammy-R6: hell yes

[RooRoo]

And you're meant to be a dad?

[Sparks!]

RooRoo, it may seem easy but it's not, and research is definetly needed.. lots of it..

How many similar companies are there in your area?
How much do they charge?
What do they offer?

etc etc etc...

I have (sort of) a web design company. I've not done a great deal with it to be honest as I'm slightly lazy, but up until now it hadn't cost me "anything" and everything I've made from it (not much) is 100% profit. But I've just invested in a nice new PC mostly for web design only and to provide less distractions from work

But a computer business is going to be a lot different, especially if your going to need a shop or something??? What are you planning on doing exactly.

Just do lots of research and prove to YOURSELF more than anything as to why/how you will make money to live on let alone profit. If you can prove that genuinely to yourself then don't let anything get in your way.

If you can't give yourself a positve, well thought out answer then don't invest time and money in to a businses as you will not go anywhere.

Hope that helps.
____________________
Current Toys: 06 Yamaha WR250F | Nissan 350Z GT | Tech 4 Homes

[G]

Unfortunately it's far too easy to proove such things to yourself.
Maybe try and convince a fried or parent that what you are doing is good with facts and figures.

[MarsBar]

As Yams said, research is the key. It took me 4 years to get round to starting my own business as it was never the right time, and then a further 12 months until I actually started trading. If you need to load the money from your bank you will need a very strong business plan. Other than the questions Yams stated, the bank loves the question... 'How is your company different to others in your field and what services can you offer that they can't.' You will need to put some money in yourselves to encourage the bank. I didn't go to the bank, I loaned the business money from my personal account, which I can then repay to myself with interest of course.

My ony worry with what you want to do is that you will have two other equal partners. Ask yourself

Will they be as enthusiastic as you?
Are the puctual at their current job?
How much time of do they have per year, etc.

Most businesses don't make any profit in the first few years. Are you prepared for this. Will you be keeping you current job until thing pick up?

Hope this is enough to help you a little.
Cheers,
Mark.

[fuzz]

I would agree and say go mobile, you can charge £30-£40 per hour depending on the job. Small office networking is always a good one, might be two or three days work (at £35 ph, do the math!)

But as far as the business startup side, get together a really well laid out business plan, show some good figures on a few spreadsheets, and you should be able to go to a bank or other loan company and get what you're after.

Make sure you put in things such as startup costs, what you'll be adding yourselves, 2 year forecasts etc. You'll need a full breakdown month by month over those two years, a breakeven chart, and a profit/loss for each year.

I did the business plan 2 years ago for the same kinda thing but didn't get funding. If you need more info, pm me. Good luck

[MarsBar]

[headlamp]

Starting a business can be exciting, interesting but fraught with danger! The first thing is: -

Do you and all your partners get on, and do you all have the same goal for the business?

Secondly - Is there a demand for the business you are planning, who is the competition and what are you offering that is different to them?

Thirdly - you need a business plan! Based on the above how much revenue are you going to generate, and what are your costs? Apart from your salaries, you need to consider marketing, premises, equipment, phones, etc.,. When you write your business plan make sure the costs are high and the revenues modest. You then have to do a cashflow forecast for the first three years based on the business plan.

This document is what is going to get you your loan or grant as so called experts will check it over.

I did it three years ago. I may be relatively poor at the moment but I'm my own boss and answerable to no-one!

Check https://www.teneric.co.uk/ for more detailed advice and good luck!

H
____________________
Using a mobile phone while driving a car should be made a capital offence!

[RooRoo]

Thanks a lot everyone, you've been a huge help.

The two guys I'm going into it with and both very good workers, always on time to work and always working hard, doing extra hours etc.

What exactly should I include in the business plan, being young I'm not too sure what I need to put in, the aims of the business, what we can do better than others, and how we will achieve it?

[loply]

RooRoo, I started a similar business a few years ago, and its going quite well.

However, I would say, dont bother selling computer parts or building computers. Its not worth the money.

Do repairs.

You get so little money on components, and youre just diluting youre image by selling them - Call yourself "PC Repair 101", "Smith Street PC Repair", or something like that.

Work on £30 a repair, and its a fairly light workload for one person to do 3 a day (provided you have the advertising to provide that).

[RooRoo]

How about instead of retailing/repair, going for the internet cafe route? for example, repairing a few pcs, and running a cafe where we only buy the machines we will be using, the rent etc and connection?

That way there would be no stock buying or selling, just people paying hourly for time on computers.

I'm not sure how much demand there is for a business like that though

[Demonic69]

I don't mean to upset anyone but leave the PC market alone. It's well-saturated and you'll find it hard to do well and make a profit. I've been in I.T. for a few years now and seen business after business fail. Do you haver many IT certifications? Lots of people are OK at computers, but not many can prove it to the customer before they try you.
Try to think of something a little more original.
____________________
Back on a Blade. Just feels so right.

[Demonic69]

Dangit, I'll get you yet Commy
____________________
Back on a Blade. Just feels so right.

[Demonic69]

I dunno, do you wear a turban? Do they fit under helmets or do you have to make "arrangements" ?
____________________
Back on a Blade. Just feels so right.

[Demonic69]

[headlamp]

[yambabe]

Market research is important too. It doesn't matter how good you are at what you do if there are no "customers" out there who want/need you!

Get on your bike (literally) and go out & talk to your target market. Do they want your service? How much will they pay? How are they covering this area now?

I love being my own boss but I built my business gradually alongside my regular job for nearly 12 months before I was ready to go it alone.
____________________
Sod falling in love, I wanna fall in chocolate.

[Frost]

Anything IT related is about getting your name out there and TRUST. look at the PC world adverts, they are all about saying "hey look at us, were a giant computer company just down the road from you who fixes millions of PC's and will have no trouble fixing yours!"

where as Bob's small PC shop tucked away somewhere is likely to arouse suspicions rather than trust.

My advise to you is this: set your shop up somewhere highly visible, well lit with nothing blocking yoru signs etc, spend alot on decoration and make it seem spacious. make the customer think "These people look like their going to be here a while". The other thing you need to do is ALLWAYS stick to your promises! a local computer shop is going bust because their estimates make plumbers seem reliable

Its a difficult industry to get into due to lots of competition, PS any chance of a job?

[fuzz]

[Bendy]

[Ickle]

Try https://www.businesslink.gov.uk/bdotg/action/home for some light reading.
I run my own business, have done for 10 years, it has it's upsides in that I answer to only me, but the buck stops with me too. The paperwork is a pain in the rear and they keep changing the rules for health and safety and pensions and tax and zzzzzzzzzzzzzzzz.

But then it's a nice day today so I can go out to play on my bike without asking anyone
____________________
Mmmm I love my vtwin

[tintin]

There is a local shop to me that seems to do very well. They build computers to order, sell a bit of software and peripherals, but IMO their USP is that they care, they are friendly, they will come out to your house and set the Pc up, they will come out and repair it or install software in your home. People trust them, this is a very important part of running a business, do a fair job for a fair price and always do what you say - it's surprising how many companies don't!

Renting good property is very expensive, if it's cheap it means no one is going past your door. Always try not to borrow more money than you need, but make sure you have enough. Don't give away bits of the company to get funding unless you really have to. A bank will probably not lend you much money unless you have a house or other equity. Once you have your business plan go and see lots of banks, and vary the plan if you don't get what you want at the first bank.

It's worth trying to get the company going whilst you are still working, this will allow you to start small and build it up - on the downside you will not be able to give it as much time as you want. Depending on where you live see if there are any start up grants available or if you are young try the Princes Trust.

I started my own design business a 15 years ago, it was hard work, long hours and you need a bit of luck, but once you've done it there is no going back.

Good luck
____________________
The older I get the better I was

[Mad Dog]

I am in IT and networking as a small business of 10 years.

The market and profit margin has shrunk so much that I only just about make a living.

Almost on a monthly basis someone tries to setup around here - and fails within 12 months.

I wish you luck, but it is expensive getting the work in, and the hourly rate on some repairs can exceed the value of the machine nowadays.
____________________
Ready Salted