Business Plan Trading Business

new business start up!?

I have found a massive gap within the market place that i now know i can exploit within the retail sector. i have found some local premises and will also be creating an online website business to. my main concern is building a business plan good enough so that my bank will help me financially, or i do have the possibility of family member’s investing also. can i have some thoughts/help/guidance from people who have done start-ups? I believe that within the first 12 months of trading, I could have a potential turnover of £250,000, with a net profit of £146,000. I’m now 80% complete on my business plan, I’m however worried about telling my family my plans, and also leaving a stable job to take such a risk. obviously if things did work out for me against my business plan I would be established and have made a good profit in my first year. what are you thoughts, experience form other start up people would be great!

For a business plan you need to illustrate to potential investors the following:

Start Money = the setting up costs of the business, stationery, computer(s), software purchases, premises, advertising, fax machines, telephones, installation for tel. lines, broadband, rental deposit, staff, registration costs for the company, desks, chairs and everything else you can think of.

Working Capital = the cost of running the company, staff, rent, rates, insurance, light and heat, telephone bills, bank charges, loans, accountancy, audit fees, solicitors, repairs and maintenance etc.

Losses = costs less anticipated income.

Material = cost of what you are selling plus any work or added value to it before sale.

Manpower = Staff, how many, how much, add taxes and NI conts etc.
4 days ago

Profit = Sales less all of the above.

Advice, think twice act once, project your profitability and reduce by 50%, ask yourself why no one else has come up with this massive gap filler, they are there but very rare.

Talk to as many people as you can, listen to what they say (constructive), list the pros and cons and think again. Most small businesses fail in the first year due primarily to insufficient capital, project what you think you will need and add 25% contingency.

Finally do it if you still believe its a good move, you will regret it for ever if you don’t.. Good luck..

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