Self employed / business plans

[UnknownStuntm...]

Has anyone written a business plan?

I've had enough of working for the man. I have had the idea of purchasing an existing business and developing it. I've no business credentials, my background is retail and IT - although I have been quite attentive over the years and I'd like to think I've hoovered up some examples of good business sense. I'm not ready for it yet, I think a couple of years work will be required before I can make the leap.

I *can* read, I've visited lots of websites where you write a plan (or a plan for the plan!) and use it to extort funding for your venture. But the plan includes things like market share and profit projection and so on. How the hell do people come up with these figures?

I'm interested in answers from people who have done it. Good or bad - if you've made the jump to working for yourself, how did you come up with the figures and were they remotely correct?

[Matt B]

So is the business you are going to develop retail or IT centred?

Plan depends upon the type of business and what you want to do with it, need to be more specific.

As for market share etc. you need to look at similar businesses and their growth over the last few years. Total market share for any sector can be googled.
____________________
stinkwheel: He had an animated .gif of a cat performing fellatio. It's not socially acceptable. It can have real life adverse effects on other people.

[UnknownStuntm...]

[fatpies]

I was in business.....


I didn't actually have a formal business plan because I didn't need to borrow much money.

But the thing about market share, growth and projections is that they are best guesses with supporting evidence. Just to make it realistic you come up with 4-5 different projections.

Usually worse, best and several middle of the road scenarios.

You could always go to companies house and buy some ltd company accounts costs £1 each and see how companies in the same area are doing, though the info isn't exactly detailed. You can then guestimate as to why they are doing so well and see if these things apply to you which you can spin into a spiel to get funding.


You can work out the fixed costs by simply getting quotes from various companies again worst best and middle of road. Business rates can be found on the VoA website.
____________________
"It's easy to attack and destroy an act of creation. It's a lot more difficult to perform one"

[Matt B]

[UnknownStuntm...]

[Matt B]

OK but remember along with niche comes a reduced potential marketplace. However, it can be made to work. Notonthehighstreet started 6 years ago with £70k, last month they got a £10m investment.

If you need some advice then check your local authority. Councils often have free business start-up advice and will help you for up to 3 years.

If you want finance look at the Enterprise Finance Guarantee scheme.
____________________
stinkwheel: He had an animated .gif of a cat performing fellatio. It's not socially acceptable. It can have real life adverse effects on other people.

[Richy CB1000]

Biggest bit of advice I got before starting up, ignored and fell a little foul of, Cash Flow.

Without cash you're ....... make sure you plan this in, double what you initially think of and keep to it.

Next hurdle factor in tax although as a new start it could be 18 months before you get to pay the man but then he'll want that plus tax based on previous a year up front.

These are the two things most seem to under estimate or not give enough thought to.