Starting a business

[Alf Bentley]

Also, if you need a microfinance loan... we at my firm invest in SMEs...

 

 

Also, if you import any patisserie from France, tapas from Spain or bacalao from Portugal, and need contracts/purchase docs translating, I'm at your service, sir! 

A new concept in cut-rate translation solutions....

[Captain...]

...and if you need a ridiculously over complicated software system that doesn't match your business needs, then I'm your man.

It would be interesting to see what the collective talents of foxestalk could come up with as a business. There are enough intelligent and able people on here with varied skill sets, but I imagine it would just turn into a huge argument.

[Julian Joachim Jr Shabadoo]

Your cake needs a GIF. Don't fall behind. Call me

[Bettsj2]

...and if you need a ridiculously over complicated software system that doesn't match your business needs, then I'm your man.

It would be interesting to see what the collective talents of foxestalk could come up with as a business. There are enough intelligent and able people on here with varied skill sets, but I imagine it would just turn into a huge argument.

That Richie Wellens would eventually get the blame for.

[Wymsey]

Think it's also important to consider 'Seasonal' demand on certain bakery items, if and when you have sorted all you need to successfully launch a business obviously.

 

For example :- making and promoting Easter bunny, Christmas themes (such as yule log) etc, which would attract those interested in these seasons (like children) to buy these periodic food items.

[Merging Cultures]

Think it's also important to consider 'Seasonal' demand on certain bakery items, if and when you have sorted all you need to successfully launch a business obviously.

For example :- making and promoting Easter bunny, Christmas themes (such as yule log) etc, which would attract those interested in these seasons (like children) to buy these periodic food items.

This is genius.

I wondered why no one would buy the sexy wise men and shepherdess costumes in summer. Now I know. The kids like seasonal stuff.

[Wymsey]

 

A sense of sarcasm in there as well?

[Merging Cultures]

A sense of sarcasm in there as well?

Chin up old chap.

[Carl the Llama]

 

A sense of sarcasm in there as well?

I didn't detect any.

[Bettsj2]

I didn't detect any.

Really?

Didnt you?

Well I am suprised.

[Rob1742]

You could approach patisserie Valerie about setting up one of their franchises, from what I understand you buy into it and then can use their expertise suppliers and such like so then you will be able to run your place but with the backing of a successful company then in a few years you will have the experience and the contacts to start out on your own.

Well done Captain, spot on here.

Also, if I were you today I would do some numbers like someone else said. From those numbers (rent, rates, wages, equipment, raw materials) it will scare you to death.

You need this, as when it scares you, you will start thinking more creatively on how you would achieve those numbers.

You need to be fearful, paranoid even so that you worry about every single area of the business as this will drive you forwards.

I have set up a few businesses, one very successful one and one that gave me so much pain you wouldn't believe.

Creating a business is a wonderful feeling when you have created something, but you need to cover off so many angles. You see so many independent retailers who have a dream and fail as they just think they can open a deli as an example as they have a background in it. But they have not looked at location, costs, customer base etc.

Where I live there has been a few new shops open about a year ago and as soon as I walked past I said to the missus "oh my god, they don't realise how painful the next year will become. And it could affect them forever"

Right enough they have gone within a year.

If you ever did go for it, the one big thing you MUST do. When you sign the lease on the property make sure you have a break clause after a year or eighteen months. Then renegotiate again so you never give yourself a long term risk.

Retail is dying so landlords are not in as strong a position as they used to be in, so you need to benefit from that.

[Guest Mickyblueeyes]

I'm a business owner.

First point learn your market what is it that you offer that will differ from the competition (if anything). If there is a different twist, be prepared for copy cat competitors. How can you continually evolve what your doing?

Establish the aim of your business how do you want it to grow.

Plan the next five years (within reason) where do you want the business to go. What's the long term project? Is it one shop growing to ten? Is there a potential franchise package aim? Yes, seems a long way away but planning from the offset will help you make decisions in the short term (most probably harder times).

Who are your suppliers? In this instance, what are your key ingredients? Can you afford to go for the cheaper option? Or will this effect your products and business in the long run? If you can't get cheaper produce on your key products can you go for the cheaper option on the less critical stuff?

Are there any good local suppliers you can link up with to get a discount?

How long before you want/need to bring staff in? Part time/full time? Temp/perm? How will deal with a large unexpected order (happens sometimes!!). Will you turn away contract work and concentrate on the footfall cafe concept?

Get your self a good set of professional advisers. I am a professional myself by trade and work for the bigger players in my chosen field. My advice to you and other new start ups, smaller businesses is to go for the smaller sole practitioners. You get a better service and unlike the bigger firms who care more about the bigger clients you will be ther bread and butter. Go for a local solicitors and accountants with a long terms post qualification expertise. I see a lot of potentially good business get burnt cos they think they can save on the professional fees and then something comes out the woodwork - so get the righ advice from the offset.

Work out a business plans - what do you need your takings to be a weekly, monthly yearly basis to break even and subsequently make a profit. What happens if you do not make that target. What is your contingency plans?

Any forms lending involve? Which banking system are you planning to use? Any overdraft facilities (most probably)?

Speak to a bank relationship manager.

Leasehold property lease - look around the area your planning to rent in. What's the going rental? Are you going to do any works to the shop? Negotiate a rent free. Business rates? Any relief? Are you allowed to do so under the lease? Insurance premiums? Maintenance costs? Can you operate from the premises?

Most of all be prepared to work hard, sacrifice and have a mix of both good and bad times. Be prepared to make a loss!! Be prepared to make plenty of mistakes and learn from them.

At 23 your young and there will be days your mates will be clocking off at five. You will probably have to carry on late into the night. Just remember the long run it is worth it.

[Guest Mickyblueeyes]

You could approach patisserie Valerie about setting up one of their franchises, from what I understand you buy into it and then can use their expertise suppliers and such like so then you will be able to run your place but with the backing of a successful company then in a few years you will have the experience and the contacts to start out on your own.

Franchises from a reputable reputation. The only problem with this is any franchise agreement worth the paper it is written on would have post term non compete clauses which could hinder (or my likely would) hinder any chance of opening on your own and using the contacts for at least a year. Whether a company like patteserie Valerie would go after a sole trader is another question.

[katieakita]

Don't know much about running a Bakery but if you can make a half decent Humble Pie around here you will be a millionaire as plenty on here need a very big slice of it after the slating off of the club this afternoon.

[Rincewind]

Can't blame them for expecting them to win every game with the whole team putting in excellent 10/10  performances.

[Webbo]

Can't blame them for expecting them to win every game with the whole team putting in excellent 10/10  performances.

[Jattdogg]

Can't blame them for expecting them to win every game with the whole team putting in excellent 10/10 performances.

Layoff off the vodka ken you're losing your marbles mate. Wrong thread

[Captain...]

Franchises from a reputable reputation. The only problem with this is any franchise agreement worth the paper it is written on would have post term non compete clauses which could hinder (or my likely would) hinder any chance of opening on your own and using the contacts for at least a year. Whether a company like patteserie Valerie would go after a sole trader is another question.

 

I wasn't aware of that, and this is exactly why you should do your research and investigate every option and the consequences of everything you sign. As someone said up there don't sign up for anything you can't afford, or don't understand and don't tie yourself into any unnecessary risk.

[Rob1742]

I'm a business owner.

First point learn your market what is it that you offer that will differ from the competition (if anything). If there is a different twist, be prepared for copy cat competitors. How can you continually evolve what your doing?

Establish the aim of your business how do you want it to grow.

Plan the next five years (within reason) where do you want the business to go. What's the long term project? Is it one shop growing to ten? Is there a potential franchise package aim? Yes, seems a long way away but planning from the offset will help you make decisions in the short term (most probably harder times).

Who are your suppliers? In this instance, what are your key ingredients? Can you afford to go for the cheaper option? Or will this effect your products and business in the long run? If you can't get cheaper produce on your key products can you go for the cheaper option on the less critical stuff?

Are there any good local suppliers you can link up with to get a discount?

How long before you want/need to bring staff in? Part time/full time? Temp/perm? How will deal with a large unexpected order (happens sometimes!!). Will you turn away contract work and concentrate on the footfall cafe concept?

Get your self a good set of professional advisers. I am a professional myself by trade and work for the bigger players in my chosen field. My advice to you and other new start ups, smaller businesses is to go for the smaller sole practitioners. You get a better service and unlike the bigger firms who care more about the bigger clients you will be ther bread and butter. Go for a local solicitors and accountants with a long terms post qualification expertise. I see a lot of potentially good business get burnt cos they think they can save on the professional fees and then something comes out the woodwork - so get the righ advice from the offset.

Work out a business plans - what do you need your takings to be a weekly, monthly yearly basis to break even and subsequently make a profit. What happens if you do not make that target. What is your contingency plans?

Any forms lending involve? Which banking system are you planning to use? Any overdraft facilities (most probably)?

Speak to a bank relationship manager.

Leasehold property lease - look around the area your planning to rent in. What's the going rental? Are you going to do any works to the shop? Negotiate a rent free. Business rates? Any relief? Are you allowed to do so under the lease? Insurance premiums? Maintenance costs? Can you operate from the premises?

Most of all be prepared to work hard, sacrifice and have a mix of both good and bad times. Be prepared to make a loss!! Be prepared to make plenty of mistakes and learn from them.

At 23 your young and there will be days your mates will be clocking off at five. You will probably have to carry on late into the night. Just remember the long run it is worth it.

So many things to look at. You can't take your eye off the ball and you need to become a master of so many situations.

Then there is the staff. Some will run through brick walls for you, some will disappoint you and it hurts because you are putting so much effort in and certain staff don't care.

If you get it right, it's a brilliant feeling. It's brilliant because you have had to get so many things right, make so decisions and you have had to learn so many things yourself.

if you get it wrong it's horrible.

It is incredible how rounded you can become, how many skills you have to learn. It really is a great feeling and it will change you as a person.

Well worth it, but like I say, if you get it wrong it's horrendous getting out of it as it takes time and lots of money.

One thing for sure, you came on here with a comment that you have a thought of opening business but don't have much idea. If you were to go through with it, you will have a completely different mindset in a few years when you have suddenly had so many new areas of learning thrust upon you.

Estate agents, bank managers, accountants, tax advisors, solicitors, builders, customers, suppliers, staff, utility suppliers etc etc etc. You have to deal with them all and make your own decisions, whereas employees generally just deal with a select few of these people