Off-Topic Starting a business

Discussion in 'Off-Topic Chat' started by Skooshbag, Sunday 22nd Feb, 2015.

  1. Skooshbag Club Member ★ ☆ ☆ ☆ ☆

    Scotland Lee Dumfries
    105
    34
    any small business owners? You'll know the frustrations of starting up on your own. So many brick walls and restrictions and red tape. Too old, crap credit etc etc. Every day comes another stab of disappointment
     
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  2. Duc de Pommfrit Moderator Staff Team

    United Kingdom Chester Northumberland
    2,923
    1,863
    What is it you need to know?
     
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  3. Skooshbag Club Member ★ ☆ ☆ ☆ ☆

    Scotland Lee Dumfries
    105
    34
    Can someone loan me £12,000?
    I jest

    Nothing really, just wondering if others have been of are currently in the same boat and are frustrated as I am
     
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  4. Nighthawk Guest

    United Kingdom Richard Milton Keynes
    5,369
    3,146
    14
    I never have been but out of curiosity, what type of business are you starting up? I have nothing constructive to add, just being nosey :Laughing:
     
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  5. Skooshbag Club Member ★ ☆ ☆ ☆ ☆

    Scotland Lee Dumfries
    105
    34
    It's a gaming lounge, or gaming centre if you like. Various HMV's around the country used to feature one. In my mind it's something that would benefit both myself and the area, but so much hassle trying to get everything in place it's unreal. i'm no further forward today than I was 6 months ago, if anything I'm actually further back in progress
     
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  6. Nighthawk Guest

    United Kingdom Richard Milton Keynes
    5,369
    3,146
    14
    Sorry to hear that mate, I hope it works out for you in the long run. Best of luck with it all
     
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  7. DeviateDefiant Co-Founder Staff Team

    United Kingdom Leo Northants
    9,206
    2,977
    3
    I've been self-employed since I was 18 (now 24), I run a Design & Marketing company with my best mate. The first 2 years were just scrapping by, coming on and off benefits to make-up any shortfall in income and struggling to get paid a fair amount for any job due to being young, lacking a proper portfolio or any real resources - I mean I can remember jobs we had taking weeks of full days for £50-100 each. That was the norm, we lived together in a sparsely furnished house, survived off super noodles and beer, and I had half my ambition set on bagging the next chick, but despite everything had a vision and was determined to succeed.

    It was a long climb and honestly it hasn't been till the past 2 years that it's truly been secure.

    The biggest single issue with running a business (or even this club) is self-motivation, when there's no-one telling you what to do, it can be hard to be driven, to keep pushing yourself and to better the competition. It's very easy to become complacent, "this will do I'm earning money", but that's the downfall, no business is 100% self-sustaining - you need to push and push.

    Two more quick points, firstly 80% of new business fail within the first 18 months - you've got to know what you're getting into at the start, you need to run figures, you need to plan for the worst, you need a pot to pull from and be prepared to lose it all.

    Secondly, one from my old man, "the only way to build up a business is off the back of an existing income", unless you have huge amounts of capital, if your families ability to eat is based solely on the possibility of your business succeeding, you're going to be in for a hard time. There's a tipping point with everything, until you hit it, until you can count the pounds and know you're safe driving in head first - you need keep your "base" secure, that's your home and being able to afford to live.
     
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  8. Galgo Senior Member ★ ★ ☆ ☆ ☆

    I'm self-employed also, and have been for a few years now.

    The one piece of advice I can offer you is to be flexible. Don't just stick with a business offering one product or service only. Take a look at all the wealthy business people in the world and you'll find one thing in common with them all: they've all got many fingers in many pies :Smile:

    If you offer a range of related services you'll more than likely have customers that originally wanted one service crossing over and buying some of the others you offer, if you see what I mean. Kind of like offering a one-stop shop in some ways.
     
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  9. exec Premium Member Club Supporter

    United Kingdom London
    2,863
    1,492
    I wanted to setup a business too, but the financial side of things is too much, I don't want to take out a loan and don't have enough spare cash to put into the start up funds, then there sthe fact that prices for anything in London is so expensive, renting out a retail shop as a restaurant/takeaway is very high. Scrapped the idea of a business for now, as I am saving up for another property.
     
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