I need someone who could help me with setting up my business. I'd like to open a furniture shop. ( Well more home interior).
Basically I haven't got a penny to set up the business, so the bank would have to be my great friend and help me out!
Where do I start??? How do I look up for wholesalers? Premises?? Please someone help me!:help:

Some good info in this thread: http://www.sheffieldforum.co.uk/showthread.php?s=&threadid=24991

True. Many thanks but I just wanted to know if anyone had specifically started their own business from scratch. How they started etc..

Any free business plans available online???????

Well I started my own business from scratch but mine is an online business and not really the same thing.

The best thing you could do is contact Senta (based in Chamber of Commerce) and Business Link and they will give you all the advice you need.

Business Link has a wealth of great info on their website if you dont have chance to call: http://www.businesslink.gov.uk/

All the best

From my own (bitter) experience, if you go in under-capitalised you'll sink.

I experienced the bank pulling everything from under my feet just a few months after they'd agreed to offer support during expansion. It devastated my life for years afterwards.

So, make sure you have enough money around to pay yourself for 3 or 4 months AND to pay your suppliers who won't deal with you on account.

If you have plastic start clearing it down now. You need as much and as diverse credit as you can get hold of for use in emergency, but realistically you shouldn't, IMHO, depend upon other people's money unless it's diversified so that one person / company pulling out doesn't cripple you.

The questions you're asking indicate that you still have research to do - wholesalers, premises, etc. If interior decorating would that be more of a service than a retail business? If a service, would you need premises initially or could you operate form home? Will you rely on passing trade or referrals? If the former, you're going to need a place where people pass - sounds obvious but many businesses have floundered on such things.

A business plan will probably help you with the bank, although it's worth remembering that a plan is not reality. realistically look at your potential customers and identify them as far as you can before approaching soemone and asking for a loan.

Even if you go as a Limited Company, your bank may still ask you for a personal guarantee. This means that if the Limited Company fails, the bank will still be able to get it's money back from YOU personally, thus removing the usual protection offered by a Limited Company. So be VERY careful dealing with them.

Joe

Originally posted by Sony
True. Many thanks but I just wanted to know if anyone had specifically started their own business from scratch. How they started etc..

Try not to pay yourself any wages (on paper) this way if you go under ,(bankrupt), you're biggest crediter get paid first, that will be you , yourself.

Originally posted by poppins
Try not to pay yourself any wages (on paper) this way if you go under ,(bankrupt), you're biggest crediter get paid first, that will be you , yourself.

Not quite the same here - I believe that Customs and Excise and the Inland Revenue still get first dibs.

They certainly used to, anyway.

Joe

The key to it all,and I assume that you have already done this is to research your market..
You must do that market research bit before you jump in to the abyss..

Make sure that there are no others nearby ( preferably anyway) doing what it is that you are doing and if they are some, pretend to be a customer and check them out to enable yourself to compare services and prices.
They key is the right place at the right price with the very best service that you can offer..

hope that helps.

Originally posted by Sony
True. Many thanks but I just wanted to know if anyone had specifically started their own business from scratch. How they started etc..
A great many people end up 'starting their own business' through a hobby or interest that unexpectably earns a quid or two, then take it gradually forward.
Loans, shop rents, repayments = bad news, working from home is best.
Sounds like you are in a bit of a rush, though?
Only other thing I could add:
You mention how to find wholesalers. There used to a section at the library on surrey st (business library - is it still going?)
- You could research suppliers of ANYTHING in there. The main source of info for you would be 'trade journals'. For your specificate interest. Ask at the desk.
Or probably just do it online/google
Once you have that source, then you can blag tickets to the NEC (Birmingham) trade shows, then you can meet genuine wholesalers. You may have to print off a business card or something to get tickets, but remember this is not dishonest - you have a genuine interest.

Have been there, seen it and done it since '85. Aint always easy, good luck
:thumbsup:

www.businesslink.gov.uk
www.franinfo.co.uk

Also try shell livewire and the chamber of commerce in Sheffield they are very keen and encouraging.

Originally posted by Sony
True. Many thanks but I just wanted to know if anyone had specifically started their own business from scratch. How they started etc..

I didn't answer this, either...

I left my first job when my wife got a job somewhere else and started freelancing. It just seemed like a good idea at the time. I wish I'd thought it out a little more as I would have certainly made sure I had more money in the bank!

Joe

Started my own onlines business in 2003 with about £15k and it still wasn't nearly enough.

I spent nearly 6 months researching my chosen field before making the decision to take it forward.

Know your territory, it's no good having a map of New York if you need to find Doncaster.

It is always better to begin self-employment whilst still employed if this is possible.

As my busniess is internet based, I have the luxury of being able to work from home and this without question has enabled me to keep my overheads to a minimum.

As Joe has already pointed out, having a business plan in place is essential and will almost certainly be a key factor when approaching a lending organisation such as the bank.

I myself attended SenTa, based at Albion House, Saville Street, Sheffield. They provide valuable information on business planning, costing of products/services, basic accounting etc. The course lasted about 8 weeks and can be taken either in the morning or as a night session, each semina lasting about 3 hours.

In addition to the above they have a wealth of knowledge and contacts that they can hook you up with.

A word to the wise, it is not enough to want to work for yourself if you are doing it purely for the money. Sure the status of being a Director is fabulous, but takes time. Owning your own business is like a love affair. You have to want to do it because you believe in it with a passion.

Make certain that you have the backing of your family and friends. Make them aware that you will be investing a hell of lot of time into the venture and that this will without doubt have a detrimental effect on family life.

Timing is all important, get it wrong and it will cost you dearly.
Test the water, is there a market out there for your idea.
Analyse your strengths and weaknesses, be brutally honest
Do be prepared to work long hours for little or no reward
Learn by the mistakes of others.

This list is not exhaustive...

Here are a few links to websites you might find helpful.

http://www.bizhelp24.com/index.htm
http://www.hmce.gov.uk
www.inlandrevenue.gov.uk/startingup/
www.startups.co.uk/
www.businesslink.gov.uk/
www.dti.gov.uk/bestpractice/
www.bcentral.co.uk/

Some other helpfull resorces are.

Small Business Guide 2003 Book ISBN 0-9540812-4-2 (may have been revised)

NatWest Bank
Lloyds TSB
HSBC
Barclays Bank
All the banks above have information on starting a business and most will provide you with a start-up pack complete with CD-Rom data on all aspects of start-up.

Feel free to visit my website, I appreciate it not everybodies cup of tea, but this has taken 12 months to build, many late nights and hell of lot of PASSION and I have loved every single second of it (www.candy-kiss.co.uk)

If it feels right, commit yourself to setting a date and just DO IT, you never know, it might just work.

Good Luck

I forgot to include the following link for your review.

www.syif.com/

This is the South Yorkshire Investment Fund, could be worth looking at.

sent you pm

I need someone who could help me with setting up my business. I'd like to open a furniture shop. ( Well more home interior).
Basically I haven't got a penny to set up the business, so the bank would have to be my great friend and help me out!
Where do I start??? How do I look up for wholesalers? Premises?? Please someone help me!:help:

you need to contact the princes trust for funding(18-30 years old)or business link are rather good.if you are over 30 they can still give you some good advice.you could look in the Trader(buy at most newsagents).they have alot of wholesale companies for furniture.i set up my business about 18 months ago and i had no money at all(dss).we are internet based(really good if you have very little money as your not thinking about buying a shop.you really have to please your bank just to get a basic account with them(you will need a business plan and a cash flow forcast...evil things those forcasts!)premises can be very expensive,(lease,rates,heating,lighting,insurance etc.):thumbsup:

Whatever you do never ever use your personal credit card to pay for business supplies. I know of someone who because his customers failed to pay or paid late he had a cash flow problem.
So to continue he started to use his credit cards topay for supplies.
He eventuallycouldn't afford the repayments and he lost everthing, including his house.