My new idea - start big or small??

[bubblerock]

Hi all, well, our first viewer of the hotel has put in an offer and we are probably going to accept!! Woohoo

Anyway, I have an idea for a business that I think will really take off. I just wanted some advice as to whether it is better to start off very small using my own money and take it slow or pitch my idea to investors and 'go large' - both would be pretty scary to be honest!

Thanks in advance for any advice!
Jen

 

[thebestof]

It really depends on the idea. You could try different forcasts for each startup option and compare the long term impact.

Scott

 

[cjd]

I think we need a little more information about your 'idea'

If it's a hotdog stand I'd say start small, if its a new commercial airline I'd say go find a lot of money.

 

[bubblerock]

Cheers guys - more on the Hotdog stand size than an airline unfortunately! But the only thing that worries me is that if I do one unit of my idea (a catering service) then someone sees the idea and before you know it there are versions all over the country but if I did it with someone who has more business sense then we could possibly make more money and spread the 'brand' name - does that make sense?

 

[cjd]

Your idea is unlikely to be unique but even if it is, an idea has no worth until it's a business. And a business is a very hard thing to make.

On the practical front, no one invests in ideas from people with no business background - so you can only start small. Friends, Family and Fools is where you start - once you have proof of concept you have something to show an investor.

 

[thebestof]

If it's a good idea, people will inevitably copy it - there's no way around that. If you do it right, you can establish a strong brand presence even when small and build on that for the future.

Perhaps consider starting small then franchising your business idea out - that way you retain the brand, make more money, etc.

 

[bubblerock]

It would be perfect as a franchise !! I'm trying to sketch the idea at the moment as I can't find exactly what I need online here or abroad.

 

[mmmikey]

Good luck bubblerock, funny you know I have a friend who had a very similar idea. after a trial & error period trying a few different ideas he finally settled on a mobile catering company doing snacks and baguettes, sandwiches etc. He's since found many clients (mainly business') who now expect him day in day out at certain times. he started with one but now has a few vans and has even kitted them out with hot food facilities like a grill and micowave etc..

After seeing what my buddy went through I'd say start small and adapt to your local enviroment. It will take time but if your products and most importantly your service is good (aim for exceptional hehe) then it will only take time before you settle on something yourself.

best wishes

Mikey

 

[bubblerock]

Thanks Mikey & everyone - I appreciate advice/views good or bad it's really useful !!

 

[Astaroth]

This is always a very difficult question to answer. As others have said, ultimately a small business can always survive against the big players as long as their added value is strong enough - there is ultimately however a limit to the number of people that will pay for the extra service etc and therefore whilst a business will survive it may not be able to grow to the size/ profitability that you want.

To decide the best course requires a lot of research into the idea and the market that it will be working in and this certainly isnt possible on the, understandably, enegmatic outline that you have given. One of the key considerations is if there are any national companies for which your idea would be a strong match to their existing proposition and then how your business would be able to differentiate themselves from an established (and presumably trusted) brand/ what your unique selling points are that would make people potentially pay more for the "same" goods/ service

 

[Joyous]

For a catering business I’d stay start small and work your way up. There’s a fair amount of capital expenditure required to run a successful catering business not to mention the amount of wastage due to perishable foodstuffs. There’s an active market in second-hand catering equipment, a lot of it “nearly new” which should give you an idea why it’s advisable to start small.

Regards

Joy

 

[bubblerock]

I guess whatever we do will be a gamble. At the moment I feel that it would be nice for someone to 'hold my hand' through the process but then it means finding an honest business partner with the same enthusiasm for the idea.

I am really struggling to find the same concept operating anywhere else - which, to be honest, I am surprised about as it's not a wacky idea at all.

 

[webprojectuk]

I would also suggest you start small and work your way up. It might take you slightly longer but you should have a lower risk factor.

Good Luck.

 

[Kent Accountant]

Dependent upon your actual idea, it isn't always that easy to succeed - think about Benjy's http://www.thisismoney.co.uk/news/article.html?in_article_id=410763&in_page_id=2

 

[bubblerock]

I saw that Benjys had gone bust - I'm not looking at sandwiches though as there are loads of sandwich businesses out there with their own loyal patches that I think it would be crazy to step on their toes and hard to find somewhere not served by a sandwich van. Still a bit stuck at the moment until the sale goes through on the Hotel and I release some capital, It's helping to write and draw ideas onto a big pad though - makes it easier to sleep!!

 

[bizideas]

Hi there Bubble,

I have recntly sent you a PM, was I close to your Idea?

Mark

 

[bubblerock]

Hey Mark - I was busy PMing you LOL xx