Hi all

[nichola2]

This is my first post so I hope its ok.

Me and my buisness partner are looking at setting up our own buisness together. We have done a lot of research and are sure that it will be successful, But obvioulsy its quite daunting at the same time given that we both have been in our jobs for the past 15 years. And its a whole new venture, We have been and seen our buiness advisor and have been approved the loan is 8% on commercial borrrowing quite the norm

I am wanting some practical advice on setting up your own buisness. We will be based in Sheffield and are buying into a Franchise that is alrady establised and up and running, I have enquired about grants and funding but was told that there is nothing at the moment.

I am also wanting to know what you can off set against your buisness and tax purposes, Will our accountant give us this information.

And is now a good time to buy a buisness with the economical climate as it is.

Many thanks Nichola

 

[Paula Barrett]

Hi Nichola,

Welcome to the forum - your post is fine!

It might be worth posting up your questions in relevant sections of the forum (as you'll get a better response there) - for example General Business Forum is for general business issues and your tax and accounting questions you could ask in Accounts & Finance.

You can also use the search function to look for specific information.

Everyone is very friendly and helpful so I'm sure you'll find the forum useful. If you have any questions about the forum, just let me know.

Paula

 

[Jonathan Senior]

Hi Nicola, most accountants will give you a free initial meeting

Take up a few and try them out.

The technicalities will come later - Just find one you can get on with

 

[Page]

Why not say what the franchise is. You may get some useful comments. But I would do it on the main site since it is probably a nationwide franchise.

Not all franchises are good. Some are a rip off. Don't just listen to their opinion about themselves!

Google for things like xyz problems xyz con xyz rip off etc and see what turns up.

 

[davisonconsultancy]

Hi Nicola,
If you have drive and passion, then now is a good time to start a business.

Remember a few basics:
- Cashflow kills a business, or rather lack of it, so make sure you have a buffer.
- Things will take longer than expected, getting sales, collecting cash etc
- Check out testimonials and speak to some personally
- Do you have the same profile as the testimonals, ie: are they super salespeople and you are average?
- What support will you get from the Franchisor, in terms of leads, don't assume as many want you to generate your own.
- Look at the Agreement carefully, what are you really buying, and is there a finite term, possibly you may have to buy it again after 5 years.
- Be optimistic, but also look at the worst case scenario, what happens if it doesn't work after 6 months, lack of cash, what are your commitments (leases, renting etc)?

As a general rule, a franchised business is good if you can sell. Ok, there are exceptions, but with those ensure the sales leads are qualified.

Hope that helps.

 

[redyork]

Just a quick post to say hi and good luck. I set up in 2006, felt like a huge risk but 2yrs on I'm still going, it's been tough but a fantastic eperience. As Rob says above, keep a very, very close eye on cash flow, it's vital for every business and even more so for smaller start-ups. Also get used to negotiating hard, secure the best price for all your office supplies, web hosting, telephoney, everything etc etc etc , dont be afraid to ask for a discount etc.

It would be useful to know more about your franchise before commenting too much but look back through history and recessions happen fairly frequently, every decade or so, a sound business concept, well excecuted and appropriately priced will survive providing your product/service is rhobust enough to continue to be in demand and you can find that demand. Good luck and all the best.

Jamie

 

[harshy]

Good luck with your new venture, if you require a simple cost effect website developed please email me.