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UnknownStuntm...
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PostPosted: 09:04 - 11 Jun 2013    Post subject: Self employed / business plans Reply with quote

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?
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Matt B
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PostPosted: 09:18 - 11 Jun 2013    Post subject: Reply with quote

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.
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UnknownStuntm...
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PostPosted: 09:21 - 11 Jun 2013    Post subject: Reply with quote

Matt B wrote:
So is the business you are going to develop retail or IT centred?

Er, no. I will certainly be applying 'tech' in as many ways as economically practical, but it's retail. Think along the lines of a bike shop...
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fatpies
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PostPosted: 09:45 - 11 Jun 2013    Post subject: Reply with quote

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.
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Matt B
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PostPosted: 09:55 - 11 Jun 2013    Post subject: Reply with quote

UnknownStuntman wrote:
Matt B wrote:
So is the business you are going to develop retail or IT centred?

Er, no. I will certainly be applying 'tech' in as many ways as economically practical, but it's retail. Think along the lines of a bike shop...


Hmmmm. Retail is not a healthy sector at the moment, year on year sales are down, with the biggest fall being in the non-food sector. Even big players are struggling.

If you are looking into a traditional "bricks and mortar" store then you will have your work cut out in getting any funding or loans. If you are looking at online then you have to offer a point of difference against giants like Amazon and lower prices. Even the specialist sector online is flooded.
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UnknownStuntm...
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PostPosted: 10:20 - 11 Jun 2013    Post subject: Reply with quote

Matt B wrote:
Hmmmm. Retail is not a healthy sector at the moment, year on year sales are down, with the biggest fall being in the non-food sector. Even big players are struggling.


Correct, I've noticed this also. The businesses that appear to be doing ok are the long established ones that have adapted well to the internet OR the younger ones that have been built with multi channel offers from the outset.

Matt B wrote:
If you are looking into a traditional "bricks and mortar" store then you will have your work cut out in getting any funding or loans. If you are looking at online then you have to offer a point of difference against giants like Amazon and lower prices. Even the specialist sector online is flooded.


Yep, accepted. I think there are two ways of making money in business; either you bring something that nobody else has, or you take a chunk of what is already being offered.

I'd specialise, there would be a clear niche I'd occupy. So really, I guess it would be the first in my options above.

And hence the importance of obtaining realistic figures and making them relevant seems to be the key to the success of the planning stage.
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Matt B
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PostPosted: 10:35 - 11 Jun 2013    Post subject: Reply with quote

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.
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Richy CB1000
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Joined: 06 May 2012
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PostPosted: 14:21 - 11 Jun 2013    Post subject: Reply with quote

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.
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