Starting a Business, Suggestions please

[plaistow]

Hello


This is my first post and i really hope would get some advice/ suggestion from your own experience.


I am 27 living in east london and graduated this year, but instead of finding the job i am considering to put some investment in my own business, please advice me from the following business and regulations involved init.



1) Barber shop

2) letting agent

My budget in hand is £5000, i understand that i have not got any experience but willing to put my effort.

Regarding the barber investment i have plan to put some one in my shop.


Please advice me as i really need your help.

Thanks

 

[Kedwin]

If you are considering starting a new business, is the name of your business real important. Everyone wants a name that is catchy, sometimes cute. But very few consider a name that will help people find your business on the internet. Yet that can be very important if an internet presence is important to you. If it isn't important to you, you are not living in the twenty-first century. Here are two examples. Say you are opening an antique store in Atlanta.. Would "Oldies But Goodies" be best or "Atlanta Antiques". Of course the cutest name is "Oldies but Goodies" and that is the way most people think. But after learning how to get small businesses ranked on the internet, "Atlanta Antiques is MUCH better. You might ask why that would be a better name.

 

[What If]

Effort is great, but without experience in these areas you'll struggle and your £5k will be gone within weeks. I mean how you gonna cut someones hair if you don't know what you're doing?

What was your degree in? Have you you got any other skills? Try to utilise your knowledge/experiences rather throwing a bit of money at something you know nothing about.

 

[Admor]

Better to invest in something you are good at, not some random businesses. That said, you will need to make sure it is commercial i.e will make you a profit (that turns into cash).

I think your best bet is to start at one of the Local Enterprise Organisations - advice there and the start-up courses don't cost anything and they often help you to think through what your business idea might be.

With £5000 you should have some real options but at this stage I would avoid anything that has a substantial property cost as that can eat up your money very quickly. Consider it when you get establised but try home working or very cheap premises first.

Good luck.

 

[Mike W]

If you are considering starting a new business, is the name of your business real important. Everyone wants a name that is catchy, sometimes cute. But very few consider a name that will help people find your business on the internet. Yet that can be very important if an internet presence is important to you. If it isn't important to you, you are not living in the twenty-first century. Here are two examples. Say you are opening an antique store in Atlanta.. Would "Oldies But Goodies" be best or "Atlanta Antiques". Of course the cutest name is "Oldies but Goodies" and that is the way most people think. But after learning how to get small businesses ranked on the internet, "Atlanta Antiques is MUCH better. You might ask why that would be a better name.

Are you for real?

 

[Mike W]

I mean how you gonna cut someones hair if you don't know what you're doing?

I think I went to one of these places a while ago.

Have scissors, will cut!


ps. To be fair to the OP he did say he would get someone else to do the cutting. (Still a bad idea though OP)

 

[JoTheEntreprenette]

After previous owning a lettings agency, I would advise to stay away unless your heart is totally committed. I kept the business for 5 years, but should have sold it after 2-3 years as I had lost my passion.

The profit margins are low for the amount of work required. The secret is to automate most of the procedures within the business as staff costs eat into your margins very quickly.

I have now sold my business and moved in internet marketing. In my opinion, it was the best decision that I have made as I am currently travelling the world and can still earn an income.

Good luck with the path you follow. Any business requires huge amount of effort to be successful

Regards

Jo

 

[danielmeade]

I'm going to echo the comments already posted here. I'd urge you to steer clear from starting a business you have no experience in. What are you passionate about? Where do you see the business going? You'll need to ask yourself these questions, without a passion for the business, it is unlikely you will have what it takes to make the business successful.

 

[What If]

I think I went to one of these places a while ago.

Have scissors, will cut!


ps. To be fair to the OP he did say he would get someone else to do the cutting. (Still a bad idea though OP)

I missed that bit,:redface: Bloody phone with its tiny screen. I can't wait till apple creates a 15.4" screen that you can fold up to fit in your pocket.

 

[iboxsecurity]

Whichever business you for,,be sure to get a good accountant. FACT

 

[Newcott]

If it was a direct choice out of the two I'd stay away from Lettings, its highly regulated and you'll be up against some very tough compition who already have a name for £5k you won't be able to afford to get noticed.

Barbers is a little less risky, I know a couple of places where they "Rent out" the chairs to their barbers which could be an option for you if you havn't any hair cutting skills?

 

[space4work]

I just wanted to say good luck and well done for starting your own business.