Unknown territory!!! Help!

[Webby]

Hi everyone,

I've stumbled across this website whilst doing a bit of research for a business idea I have.

My situation is this, I work full time(ish) with plenty of time off work on leave. I have seen a business opportunity to fill a market gap in an area that is very dear to me. Trouble is, I have no idea how to go about getting my idea off the ground! This is where I hope you guys can give me a bit of advice.

I have wrote out a business plan but am unsure as to what stage I should go to my bank manager with my proposal. Also I need a team of people to start everything going but don't know where to find them or how much to pay?? I have money of my own to invest in this business but don't know whether I should use it or use a business loan to fund the startup costs.

Any advice you can give me would be much appreciated.

[MSOMedia]

Personally I'd think that, if you've got your own funds, use those to start up because then you won't have a business loan over your head. There's a company called Teneric (http://www.teneric.co.uk/) who specialise in helping with business plans (the guy who runs it - Peter - is probably a Forum member; he runs his own business forum (http://www.teneric.co.uk/forums) too) and may be able to help you get it ready for anyone who needs to see it.

Also, check out your local Chamber of Commerce for events, as they'll often run business startup seminars which can be quite useful, if only for networking.

I started doing a business course online through Learn Direct, but ended up finding that the best thing you can do is just ... do it. That's how I started. I just decided to go for it, run my business and evaluate my progress each year. If I was making headway I'd continue, if I wasn't I'd give it another year and see what happens. If you're in a position to be able to do that, it's great and I'd recommend it, as you learn a whole lot. But not everyone has that luxury.

Good luck with the venture anyway, and if you need a website for it, you know where to look! ;)

[Jayne]

Hi,

Have you tried business link, they will be able to help...Also, the bank manager also can give advice to new start up and accountants.

Everyone will help here too, just ask any question you like, there are experts on everything on this forum :D

Good luck with your idea

Jayne

[JK_du_Toit]

Hey Webby,

We are Marketing and Management Consultants. A good Business Plan to get you off the ground can cost anything from £2000 up to £15000. Depends on where you go.

I can get you a bit of free reading material to get you off and started, we do strategic business planning and I can send you a few free reports if you feel that you might need them. I agree with just getting up and doing it, it is the best learning school ever. Believe me.

Best of luck!

JK du Toit

PS: We are updating our website, i will give you all the link sooner than later!

[Alpha]

Webby

The stage to go to your bank manager will be either when you need to open a bank account and/or borrow money.

Make sure in the business plan that you allow plenty for contingency (Just in case things go wrong!)

The business plan will outline how much you need.
Even you have sufficient personal funds to cover this and all the contigencies then by all means stick with your own funding, otherwise you will need to look at external funding (A bank will expect you to provide some funds of your own anyway and possibly some assets to back up the funding)

One obvious problem- if you do not know how to get your idea of the ground there is a big gap in your business plan, for people to help you fill this gap they would have to know what your idea is.............catch 22


All the best

[clairemackaness]

I'm with Jayne, Business Link will offer you free training and advise to develop your business plan as well as advice and guidance on all other startup info such as staff. They dont charge and are the governments chosen supplier for business advice. www.businesslink.co.uk

If your based in Essex I can put you in touch with a personally recommended advisor