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+--- Thread: Business Ideas (/showthread.php?tid=7918)
Business Ideas - Carpediem - 20-05-2019
parthiban It's obviously different in different areas but I'd be a little annoyed if I hired someone for pressure washing and they rocked up with the washer I've got in the garage! When we've had it done they come with proper huge petrol powered machines.
Having said that there is a lot of money in garden related work, currently looking to have some fencing done and put up a new shed and the quotes are coming in around £5k!cared:
Exactly!!! Ive been on the phone for over an hour with a supplier of said commercial equipment, and he used to do patios and driveways etc.
Costing it up i need about £12k to start up, to buy the van, equipment, advertising etc.
And would need to clear £700 a week to cover the minimal overheads and my cost of living,....which if i charge £100 for an average driveway is only 7 appointments a week, perfectly do-able i reckon.
My company name idea is Driveway Dentist,...any good?
Business Ideas - DaveEdin - 20-05-2019
Driveway Detailing?
Sounds a bit better IMHO...
Best of luck with it! If you need details of an accountant to run your company finances (always a good idea) I can PM you the details of mine, he's very good at what he does...
Business Ideas - Carpediem - 20-05-2019
Cheers Dave, Yeah Driveway Detailing does sound better, so long as its not taken already!
Business Ideas - DaveEdin - 20-05-2019
Checked Companies House, Driveway Detailing isn't taken... yet.
Business Ideas - Carpediem - 20-05-2019
woop woop i was jsut on there on the registration pages checking haha
What would you suggest i do should I get the business loan? should i go at it full force and quit my job or stay in my job and look to do this on the side for the first 2-3 weeks?
I reckon from point of receiving the loan i could get all my gear and advertising sorted within a week and have front page spreads on the local rag within 2 weeks, wonder round delivering leaflets etc.
Im presuming i need a business account also?
i reckon from the day the advertising goes out is when I'll be looking to book appointments etc
Business Ideas - purplewitch - 20-05-2019
[COLOR="DarkOrchid"]You seriously need to take your business plan and sit down with an Accountant before you step into the costs of a Ltd company when there are other options and make sure you clearly understand the obligations of either a Ltd company or sole trader before you go jumping any guns .. you will certainly struggle to get finance without a proven business plan and good credit history !
Whilst there may not be many driveway cleaners in the area, your timing for such huge expectations is out with school summer holidays right around the corner, debts and insecure job situations the reality of a large proportion of people joining the queue immediately is small and finance companies and banks are way too aware of this [/COLOR]
Business Ideas - DaveEdin - 20-05-2019
First, are you sure you can get a business loan? You need all kinds of paperwork prepared to get a loan to start a company, it's easy if you don't need to buy anything for the company immediately (like me, in IT - essentially all I need is access to the client's network and I'm sorted), but if you do, and you don't have the initial capital yourself, banks will look less favourably at it!
I'd say look to get at least an approval in principle from a bank for the loan first, and second to do a touch of research in your target area - find out how many people would actually be interested in the service, and what they would expect to pay (i.e. don't underprice yourself too far, just cos you can do it and make a living at £100 doesn't mean you can't do it and make a better living at £150 if the competition is charging £300)
Oh, and be sensible about it - only an idiot would just walk away from a job without another rock solid source of income to go to in this financial climate...
And yes, you'll need a company bank account and so on all set up - those take a few weeks to arrange given all the money laundering checks you'll have to pass.
As Sam has said, this isn't a quick undertaking that will have you raking in the cash in a couple of weeks - most new start companies just about break even for the first year or two, so be prepared for a lot of skint-ness as well...
Not to burst any bubbles, but if you want it to work, you have to consider everything....
Business Ideas - Carpediem - 20-05-2019
purplewitch [COLOR="DarkOrchid"]You seriously need to take your business plan and sit down with an Accountant before you step into the costs of a Ltd company when there are other options and make sure you clearly understand the obligations of either a Ltd company or sole trader before you go jumping any guns .. you will certainly struggle to get finance without a proven business plan and good credit history !
[/COLOR]
What obligations?
Business Ideas - Carpediem - 20-05-2019
DaveEdin First, are you sure you can get a business loan? You need all kinds of paperwork prepared to get a loan to start a company, it's easy if you don't need to buy anything for the company immediately (like me, in IT - essentially all I need is access to the client's network and I'm sorted), but if you do, and you don't have the initial capital yourself, banks will look less favourably at it!
I'd say look to get at least an approval in principle from a bank for the loan first, and second to do a touch of research in your target area - find out how many people would actually be interested in the service, and what they would expect to pay (i.e. don't underprice yourself too far, just cos you can do it and make a living at £100 doesn't mean you can't do it and make a better living at £150 if the competition is charging £300)
Oh, and be sensible about it - only an idiot would just walk away from a job without another rock solid source of income to go to in this financial climate...
And yes, you'll need a company bank account and so on all set up - those take a few weeks to arrange given all the money laundering checks you'll have to pass.
As Sam has said, this isn't a quick undertaking that will have you raking in the cash in a couple of weeks - most new start companies just about break even for the first year or two, so be prepared for a lot of skint-ness as well...
Not to burst any bubbles, but if you want it to work, you have to consider everything....
hence why im asking all these questions lol,.....my girlfriends dad owns several business's so will be asking him for info also
Business Ideas - DaveEdin - 20-05-2019
Carpediem What obligations?
You have to fulfil a set of legal requirements - Google will help you find a list of them but for example you can't have ever been bankrupt. If your company goes down the tubes with you owing money to the bank you as the company owner will be liable, how much depends on how you set up the company (as Sam says)
Carpediem hence why im asking all these questions lol,.....my girlfriends dad owns several business's so will be asking him for info also
Lots of questions and double checking is good. Leaping ahead is bad.
Keep that in mind, you'll be all right...