Starting up a business.

[CharleyB]

Hi, me and my boyfriend are quite young and looking to start up a business we have been working on for a while now. I was just wondering if there were any tips that we would need to know in regards to starting up a business and making sure we have everything in place. Thank you

 

[Mr D]

Perhaps if you give a few details of the business we can tailor advice to fit?

 

[BogdanK]

It's quite hard to give advices, while you don't know any details.

 

[dotcomdude]

Certainly think about making it a limited company. Makes it easier to sell the business later on, or close it if it doesn't go well. Also makes it easier to change ownership between you without the business being affected.

 

[Julia Sta Romana]

Be clear about your boundaries. Keep your business in your place of business. Only talk about work during work hours. I've seen a lot of good relationships fail because they can't deal with the stress of starting and running a business.

 

[godoit]

Be clear about your boundaries. Keep your business in your place of business. Only talk about work during work hours. I've seen a lot of good relationships fail because they can't deal with the stress of starting and running a business.

This this & this. clearly defined roles. your both going to be exhausted so get the partnership agreement set up in the start. plenty of threads about it going wrong if someone decides to leave, move abroad.

 

[RjMaan]

I think it would be better for you guys if you both focus only on those things in which you have skills and experience because only then you will be successful and you will be confident about your business.

 

[LennyS]

I would seriously sit down and question why you are doing it, what you hope to get from it, can your relationship take the pressure, and where you want to be in 5 years.

Many don't realise the hours you put in without pay, the fact you won't get paid for a while, so do you have enough money to last, savings wise - there is going to be some mighty long days and nights ahead.

 

[Dario.c]

Yes details of the business would be definitely a great overview if you want to have relevant tips here.

 

[CharleyB]

Perhaps if you give a few details of the business we can tailor advice to fit?

In regards to the business, it is to do with buying a car that is slightly damaged, we have the means to do these cars up to make sure they are fit for purpose, and then sell these cars on at a decent price. The main thing is to do with gaining

 

[Mr D]

In regards to the business, it is to do with buying a car that is slightly damaged, we have the means to do these cars up to make sure they are fit for purpose, and then sell these cars on at a decent price. The main thing is to do with gaining

Marketing the sellable product?
There's places I'm sure you already know about. Ebay, autotrader etc.
For local sales there's shop windows. Post office corner shop near me charges a pound a week for an A5 advert on shop door window.

Had an uncle who used to do up cars in his front garden. For about 50 years. He got to know the local scrap yard workers well.
He wasn't a trained mechanic, merely very good with cars.

 

[Clinton]

Hi, me and my boyfriend...

Always put the other person first. Do that and you'll do well in business

 

[Chris Ashdown]

Some cars have a good value if repaired others like the most popular say a mini , focus type car then there is so many around its a very hard sell. If on the other hand you do up a inspirational car say Audi or BMW then less competition from other sellers

Watch a few "Wheeler Dealer" programs it looks easy to make a profit, but that's all without many hours of work accounted for, if you spend 8 hours working on a car to make £100 including new parts and paint etc then its a lousy rate per hour

Try not to over estimate your sales costs or under estimate you own costs

 

[Mr D]

Details? This seems to be spam, I saw a similar post on Reddit which didn't have any details, must by from the same person.

Or could be read as it appears to be, someone wanting to know more. Hence the replies to it.

 

[JEREMY HAWKE]

Spend your whole weekend reading this forum because there are not many other places where you will see this type of free advice from those that have been doing it all their lives

 

[fisicx]

Spend your whole weekend reading this forum because there are not many other places where you will see this type of free advice from those that have been doing it all their lives

Make sure you ignore the 50% that is either wrong or out of date. Working out which 50% this is can be tricky.

Where are you going to be fixing up these cars? Doing it at home can invalidate insurances and if you are renting not even allowed. People get away with it because they do it to earn beer money not a business.

 

[Socio South West]

..... earn beer money not a business.

Fixing cars is another of those businesses like photography where just about anyone can do the work..... but do they cost their time, depreciation and all other factors into the final price of the job to make it a viable earning business?

The Fixed Cost trap kills many more businesses than is generally realised - From what the OP says there will be two people to earn out of it, tools and equipment to buy and maintain.... insurances, rent.... the list goes on. Ignore these items at your peril.

 

[Mitch3473]

Always put the other person first. Do that and you'll do well in business

An old school approach but non the less a good little tip.

 

[Leesa Johnson]

Can you tell me about your business? This is possible to share tips after it.

 

[makeyourbusinessbetter]

In regards to the business, it is to do with buying a car that is slightly damaged, we have the means to do these cars up to make sure they are fit for purpose, and then sell these cars on at a decent price. The main thing is to do with gaining

Hi Charley,

have a look at the Gov.uk website as a starting point. It has lots of good advice and details of workshops about starting and running a small business.

You say you are both quite young, then check out The Princes Trust and Shell Livewire websites which are specially for young people.

Keep learning - be sure to invest in training and professional development alongside practical experience to improve skills and keep up to date with industry requirements and regulations.

Offer servicing and repairs aswell as sales. A car repair today can lead to a car sale next month or next year. Good mechanics often have customers that they are on the look out for cars to replace the one they have. Build up a good reputation for being able to provide good quality, reliable cars and vans at a great price and you will have a steady supply of business. And you will get their repairs and servicing too.

Market - why not focus on young people like you? Many get their first job and need to get to work. Public transport just isn't suitable or reliable for many, especially if you work shifts and/or weekends. A cheap, reliable first car is what they need.

Good luck.

 

[Jason Howard]

Know your customer, know your customer, know your customer!!

 

[comperio]

Determine how the work is shared between the 2 of you. Each of you should focus on what she/he is the most skilled at. If there is something you do not know how to do, there are nowadays free or cheap resources online for nearly any service you might need.