A new approach required

[Dogsbody]

Suggestions please...

I am currently employed and recently started a small business for my daughter which is running well, but as it requires her skills is not scale-able.

I'm planning on retiring early, next year and, having enjoyed the business start-up was intending to start a business in a related area to my daughters. This has just been blown out of the water by a near-by retailer doing exactly what I was planning, but with far more financial backing, stock lines and experience. At least I found out early on in the planning and have spent -lost!- only a miniscule ammount on preperation (Domain names, market research etc.)

Where do I go from here? I want to start something which will provide an income and grow. I really don't want to get back into working for some-one else again, but have no real knowledge on which to build something. Franchising appeals to a degree but I've yet to find anything that really 'floats my boat'!

I'm not looking for people to give me a business, but where do I go from here, what flashes of insiration can you suggest?

My brain hurts at the moment from the intense thinking going on, but I'm getting no-where. :|

Help...please.

 

[alfie]

What type of business did you set up for your daughter? What about using your experience of setting your daughter up in business and doing the same for people in different areas who have the skills that your daughter has and therefore replicate it and scale a business this way?

 

[KateCB]

Having a competitor next door isn't a barrier, it can be a blessing! Seriously, competition is good, it gives people choice.

Your offering (whatever it is) may be better in terms of quality than the competitiors and perhaps a little less expensive as you do not have the overheads of a massive stock undertaking....it CAN work, and my business is a prime example, as we set up against HUGE competitors, some of whom have gone into liquidation over the years, some who have grown or remained our biggest competitors, but we have traded for 12 years and have become 'competitors' to smaller companies entering the markets now.

Don't give up, if you want a 'lifestyle' business (one you enjoy, covers its costs and pays you a living salary) then you don't have to compete on a large scale

 

[Dogsbody]

Alfie - Thanks for your thoughts. I did think of a franchising type expansion, but our business (mobile dog grooming) is already exploited - and I use the word advisedly -by franchising. To take up a franchise initially did not fit our circumstances which is why I started up our own operation. The earning figures (and indeed the initial and ongoing charges) promoted by Franchisors seemed so unrealistic, and now with experience behind us we have proof!
Other interested people can easily do as we did - if I can do it anyone can. But to franchise it is not my plan.

KateCB - Very valid points, and ones I have had thoughts about. Whilst the thought of a 'lifestyle' business is nice, I have that bit of desire to grow the business and be able to take it easier as the years pass. Running hard to just scrape a living isn't my idea of a lifestyle!
Never-the-less I shall be giving my original idea some further consideration, given further weight by your comments.

Thank you both.

 

[Lee Jones Jnr]

I'm not sure why you can't continue as planned. Unless you are in a three house village most places can stand more than one of any business.
We have recently moved to new premises, and one of the big attractions to me was that the new building is next door but one to another business which sells the same/very similar products.