Business plan

[sellers]

Hi folks, im after a bit of advice regarding my business plan. I'm after 5k from the bank, to pay for a van, elecsa and advertising as I want to go on my own.

Having a read seems i have to go in quite prepared which i did presume.

I'm a bit stuck with the market, and how indepth i need to go with it. I know of quite a few electrical firms around here, but do i really need to find out how they operate as competitors against me? etc

 

[The Godfather]

Hi folks, I'm after a bit of advice regarding my business plan. I'm after 5k from the bank, to pay for a van, Elecsa and advertising as I want to go on my own.

My first thought would be, why do you want to go into debt before you've started your business?

The Godfather

 

[Dane]

Hi folks, im after a bit of advice regarding my business plan. I'm after 5k from the bank, to pay for a van, elecsa and advertising as I want to go on my own.Having a read seems i have to go in quite prepared which i did presume.

I'm a bit stuck with the market, and how indepth i need to go with it. I know of quite a few electrical firms around here, but do i really need to find out how they operate as competitors against me? etc

Im in the same boat, but as Godfather says re debt.

Im avoiding debt as much as possible and upto now i am doing very well and nearly got all tools i need.

Working for a few friends on jobs they need a "hand"

saving for a cheap vehicle, even an estate.

Business link offer a "workshop" where they give advice on business plans and are very usefull.

 

[The Godfather]

Sellers:

It would be a better idea to try and get established before going into any kind of expenditure before hand.

The Competent person scheme could wait. Advertising is relatively cheap in local and free mags.

Yellow Pages etc is something that can be done later.

Are you doing any work for yourself at at the moment?

The Godfather

 

[jibspark]

Hi folks, im after a bit of advice regarding my business plan. I'm after 5k from the bank, to pay for a van, elecsa and advertising as I want to go on my own.Having a read seems i have to go in quite prepared which i did presume.

I'm a bit stuck with the market, and how indepth i need to go with it. I know of quite a few electrical firms around here, but do i really need to find out how they operate as competitors against me? etc

flog ya golf and buy a van, get a copy of dreamweaver and build yourself a website, then learn some search engine optimisation. ( domain name and hosting for a year will be about

 

[sellers]

Yeah I'm doing work myself, getting quite busy. I can have work from a few builders (friends of the family) put they would rather I was Part p'd first. My work have 30 blokes, and they have recently laid 6 young lads off, and we're still not busy, so i'm fearing for my job a little being at the younger end of the scale. Which is why i would rather set up sooner than later.

I do have a bit of a rough van, always breaking down. ('98 caddy) so i can't really rely on it. Which is why I've come to the point where I want to get the wheels in motion. Proffessional looking van, signwritten, advertising and elecsa registered. I know its not going to be easy the way things are right now but I'm really up for putting the effort in and getting my business going.

I do have 1k saved, but I've been saving this for 1. incase i got laid off, or 2. for some safety money when i go it alone, so I dont really want to be spending it.

Tom

 

[Evans Electric]

How much to make the old van a bit more reliable ? Try to get your first year out of it instead of starting by owing

 

[The Godfather]

Yeah I'm doing work myself, getting quite busy. I can have work from a few builders (friends of the family) put they would rather I was Part p'd first. My work have 30 blokes, and they have recently laid 6 young lads off, and we're still not busy, so i'm fearing for my job a little being at the younger end of the scale. Which is why i would rather set up sooner than later.I do have a bit of a rough van, always breaking down. ('98 caddy) so i can't really rely on it. Which is why I've come to the point where I want to get the wheels in motion. Proffessional looking van, signwritten, advertising and elecsa registered. I know its not going to be easy the way things are right now but I'm really up for putting the effort in and getting my business going.

I do have 1k saved, but I've been saving this for 1. incase i got laid off, or 2. for some safety money when i go it alone, so I dont really want to be spending it.

Tom

Tom, do consider the advice given.

Don't go into debt , unless your anticipated workload consists of good leads, and you can pay back all monthly payments.

And most importantly, consider your own personal circumstances before venturing into any financial commitments..

As for your current Van, is it viably repairable?

Don

 

[green-hornet]

I would strongly advise against going into debt at this moment in time.

I set up my business with a business development loan of

 

[wozz]

I can see why sellers is tempted the business interest rates are good at the moment and borrowing a fair amount can result in not paying alot per month. Saying that there is no way I would be considering it if i was just going out on my own. I didnt have that much work when i first started, the only reason i kept going was my overheads were very low, i didnt have to buy any tools, pay for a scheme or a van as i paid for them up front when i had the money.

A sign written van is nice, but its only the van sitting outside, a couple of printed polo shirts will be less than

 

[Dane]

I like the idea of polo shirts and wear them all the time, could even do a fleece jacket.

Parish magazines is another one i never though off, and will definitely be trying that in the next one

 

[jibspark]

i never thought of parish mags either, ive just registered with them so i should get a call next week. do you get much business from it?

 

[wozz]

ive got two regatta lined fleeces printed back and front for

 

[Dane]

i never thought of parish mags either, ive just registered with them so i should get a call next week. do you get much business from it?

where abouts do you register? my brains not in forwards gear yet.. sundays are lazy days lol

 

[jibspark]

where abouts do you register? my brains not in forwards gear yet.. sundays are lazy days lol

dam right, im nursing a hangover as we speak!!

its here: http://www.parishmedia.co.uk/