Need Help Starting a Business

[paultervit]

Hello Everyone,
I am looking for some information. I was hoping to start a Subway franchise later this year. I have now nearlly rasied £50k. The problem is their is one in almost any place I can think of so i think I may be a bit late for that. I've looked at other franchises and none really seem to offer me what I'm looking for. I still want to start up a business of my own next year. I need to get some ideas as to what to start up. One of the things I'm having problems figuring out is how much money certain business's can earn. Is their any websites forums that anyone can tel m eabout that might help me with my figures & ideas?

I understand no one is going to tell me how to make money but some ideas for new business's that can be started in my price range is all I'm after.

Thanks

Paul

 

[HelenBuckley]

Does it have to be a franchise? Have you any experience or speciality that you could "sell"?

Think outside the box!

Helen

 

[paultervit]

I was hoping to not use a franchise concept, been reading the franchise forum on this site and its pretty dire reading .

I have loads of ideas just no real way to estimate how much cash they would make. Thats why I'd like to find some info on how how much cash certain business's can make.

My skills are currently in IT but to start anything viable I can think of in this field would require loads of cash.....

 

[HelenBuckley]

Why not contact your local Business Link? They can give you help on finding grants and loans?

And if you're lucky enough to be younger than 31, there's the Princes' Trust as well

 

[garyk]

Paul,

One thing is for sure with your IT skills and ideas you could at least get up and running and not make much of a dent in your 50k. In my opinion franchises are a huge gamble with lots of pitfalls and its not your own business!

When you think of something viable you mention it would require loads of cash, what is it that you think is your biggest expense?

Gary

 

[An Oasis]

The owner of a local butty shop (foot traffic + local delivery) was bragging in our local recently, claims they can make between £200 - £400 per day profit.

No idea if that was the beer talking or fact!

Two shops, 3 staff, 1 vehicle. Having seen the kitchen I'd never order from them.

 

[Richie N]

Hello Everyone,
I am looking for some information. I was hoping to start a Subway franchise later this year. I have now nearlly rasied £50k. The problem is their is one in almost any place I can think of so i think I may be a bit late for that. I've looked at other franchises and none really seem to offer me what I'm looking for. I still want to start up a business of my own next year. I need to get some ideas as to what to start up. One of the things I'm having problems figuring out is how much money certain business's can earn. Is their any websites forums that anyone can tel m eabout that might help me with my figures & ideas?

I understand no one is going to tell me how to make money but some ideas for new business's that can be started in my price range is all I'm after.

Thanks

Paul

Hi Paul

We deal with many Subway franchises and they are growing at a tremendous rate, they currently have 750 stores in the UK and want 2010 by 2010.
I would say this is a great investment.
Good luck with it.

 

[Exclusively You!]

I have PM'd you.

 

[mconridge]

The City I live in (Exeter) has been flooded with Subways. We had four until one closed down the other day.

The main reason for one closing down was location. Get it wrong and you will lose alot of money!

 

[Treble 2]

The City I live in (Exeter) has been flooded with Subways. We had four until one closed down the other day.

The main reason for one closing down was location. Get it wrong and you will lose alot of money!

If you get it right you're onto a winner.

A friend of mine opened one up in my town and they broke even after 5 weeks, but it's all about location.

Leicester has more than 6+, overcrowded market if you ask me.

Either way, good luck.

 

[Alex Bellinger]

Most reputable, established franchisors ought to be able to give you an indication of how long it will take for the average outlet to break even. With that many outlets Subway ought to be able to give you some pretty solid guidance, if not a guaranttee.

 

[superman]

Why don't you try something a bit different rather than the same old subway shop, why not try a crêpe shop or some other food which isn't flooded on the market like sandwiches?

 

Ballyclare is a small town in N Ireland, which has planning permission for an additional 3500 homes over the next 5 years. Used as an example, it is not hard to find a smaller town to locate something like a subway. Our local one in Larne only opened a few years ago and it is always busy.

 

I have loads of ideas just no real way to estimate how much cash they would make. Thats why I'd like to find some info on how how much cash certain business's can make.

There is a simple way to guage it, find a few companies in that market and visit the companies house website and buy their previous years accounts. Not all will publish full accounts, but enough do (and it's only £1 per go) that you can normally get a good indication.

Regards, TPC

 

[RoyJ]

From the way you've spoken about it on here, I'd guess that Subway is a possible means to an end for you rather than you having a passion for selling sandwiches. What do you have a passion for, that you could bear doing every day for a living?

Is IT your first love really, or do you have a hobby you're passionate about? Maybe running a business in anything at all will be exciting enough until you're in a position to follow your passion, but I'm not sure it would satisfy me.

You've had some good advice already, including 'thinking outside the box'. I wouldn't have believed I could be a professional writer, for example, especially as I knew so little about what is really involved, but deep down it's what I always hoped to be. And here I am

I'm sure franchises can work when you find the right one. So if that's the way you choose to go, good luck. I only know that we didn't need £50k to start a copywriting business from home and I doubt you would need that much up front to start an IT consultancy in the same way.

You don't usually need premises - many self employed people work from home and there's no stigma attached to it as far as the people you'll work for are concerned. Your major spending can then be on marketing, networking and tiding you over until business develops. Establish an online presence, promote yourself locally and work hard at establishing a network of like-minded professionals with whom you can exchange referrals, ideas and support.

But whatever you choose to do, good luck

Roy

 

[carlelsby]

Have you tried trawling through the websites from doing a google on "businesses for sale" - sometimes you can come across something that suits your skills / lifestyle perfectly.

Gotta be careful though - the businesses for sale through agencies often seem to be valued on hope rather than reality.

 

[Subman]

The Subway in Exeter didnt close down in the end and is now in profit. It is as Mamka said in the wrong location and will be moved when a suitable site comes up. Bit of a learning curve that one for me.

 

[RoyJ]

I'm surprised to see I posted here almost 4 years ago!

I don't think my advice would change now. Maybe it's because I can't imagine anything worse than working in a shop, but I'm still inclined to the view that you should be doing something you enjoy if you're investing that much, OR invest a lot less on something that will make you money for the same amount of work, like network marketing or similar.
Then, even if you mess up, lose interest or just can't make it work, you've only lost a few hundred pounds and a bit of time, and you're not commited to a lease or any kind of onerous contract. You can walk away and try something else, debt-free.

 

[chocolate fountain man]

The owner of a local butty shop (foot traffic + local delivery) was bragging in our local recently, claims they can make between £200 - £400 per day profit.

No idea if that was the beer talking or fact!

Two shops, 3 staff, 1 vehicle. Having seen the kitchen I'd never order from them.

He will have absolutely no problem making this kind of money in the right place, I run a small catering trailer on a market and I assure you it is very lucrative, I have taken £100+ in about 45 minutes and that wasn't in peak holiday season either. Expected earnings for this Summer on historical sales from the previous pitch operator, £350-£500 per day for 3 days a week, bear in mind he didn't sell candy floss and popcorn ,which I do and the local kids love. "Ha! likely story" I hear ,if it's so good why is he the previous operator and not still running it? Because he is 45 years old and swanning backwards and forwards between here ,Indonesia, Thailand and Spain "This time next year Rodney......."

 

[Stephen Berry]

Leicester has more than 6+, overcrowded market if you ask me.

Indeed, as many have said - it is all about location in that industry.

just another thing to add into the mix ... not usually in franchised operations, but a 'standard tactic' for dominance.

1. establish how many enterprises the location can manage (let's say 5, and that there are 2 already present- for example).
2. open too many - say another 6 to add to the existing 2.
3. all make losses
4. the original 2 close down
5. the aggresor then closes down one of his 6 to then hold all 5 in the area which he deemed could support 5
6. good barrier to entry as no-one could eneter and make a profit for as long as 5 is the sustainable number

so .... just a warning of what could happen - forewarned is forarmed !

 

[Chris94]

When you think you've found the sort of thing you'd like, go and talk to people who have been doing it for a while. With a franchise you can go and talk to some outlets. If a non-franchise travel to a different area (as you might be a competitor to local business).
Don't just phone or email for information -- face to face is much better, you'll get the real facts. Ask about problems and working hours, etc.

 

[KJL126]

A fellow networker of mine opened a Subway in January and is now looking for a furthe site for his 2nd, I assume it's going well!

 

[RossiReachLocal]

Ive never seen a mobile Subway van.....