Anyone fancy starting a new business with me?

Anyone fancy starting a new business with me?

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Discussion

RedAndy

Original Poster:

642 posts

110 months

Tuesday 9th June
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I have always wanted to work for myself, but young family prevented it. Lockdown has made me re-evaluate priorities and as daft as it sounds I am really thinking of leaving my secure well paid but dull and unrewarding job and start a business... IF I can find someone to do it with because I lack the funds needed and the skills!

I have two epic ideas and don't mind which i do. One is to open a pub, the second is to go in to kit cars (or more accurately bodywork for conversions).

I know both industries are on their knees, but I have some experience in both, and i can spot a new way of doing stuff/gap in the market.

For the pub one I'd like someone who has food cert/license/and some recent experience (of management) in hospitality. Is anyone a deputy manager and reckons they can go one better? GOOD pubs are thriving, its the weak/peripheral ones that aren't. Obvioulsy i plan on doing a good one! Would be city centre Ips/Nor/Bury/Camb.

For the kit cars I need someone who is good at fibreglass/bodywork..maybe works in accident repairs but would prefer to do more East Coast Customs? More local to Stowmarket though in some rural farm conversion barn type thing.

A partnership is the only realistic way forward to set up because i can't do it all alone. Anyone fancy a punt/chat?

Simpo Two

72,165 posts

221 months

Tuesday 9th June
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Well, you need a business plan and then try to work out how long it will take to give you an income you can live on. Before starting any business you must know the market. If you want a stranger to hand over a 5-figure sum you'll need to give them reasonable confidence that they'll ever see it again.

Unless you have dragon abilities, I'd stay with the well paid job.

ETA better off in the Business forum really: https://www.pistonheads.com/gassing/forum.asp?h=0&...

Edited by Simpo Two on Tuesday 9th June 10:47

herbialfa

1,489 posts

158 months

Wednesday 10th June
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In my opinion at the moment dont go down the pub route.

Pubs are being paid their fair rate through insurance at the moment which covers their overheads.

However, I think a lot of people during lockdown have realised just how much money they do spend in the pub compared to sitting at home in their back gardens with friends. FB is bombarded with photos of "Pallet Bars" and I for one am going down that route.

When pubs do open, yes they will be rammed but that will soon die off then 5p a pint will be added. I've always enjoyed the social side of a pub, but have I really missed it? Then no. My friends have came to mine or I have gone to theirs and a damn sight cheaper as well. Plus no problems with drugs/ fights etc.

Just my 2p worth though!

Khaki Suit

446 posts

120 months

Thursday 11th June
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If you lack the funds and skills what do you bring to the package?

What market research have you done on either option?

Piginapoke

1,162 posts

141 months

Friday 12th June
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Khaki Suit said:
If you lack the funds and skills what do you bring to the package?
Two epic ideas.

RedAndy

Original Poster:

642 posts

110 months

Saturday 13th June
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Piginapoke said:
Two epic ideas.
bingo!

RedAndy

Original Poster:

642 posts

110 months

Saturday 13th June
quotequote all
Khaki Suit said:
If you lack the funds and skills what do you bring to the package?

What market research have you done on either option?
great question and straight to the point! I am not skint, just not liquid enough to make the transition. profitablity is one thing, but cashflow would be my downfall in the first 6 months. I have broad managerial skills and sales/marketing, plus the plan. i am currently managing the rebuilding of a £450k turnover organisation with over 20 "employees". I play with cars a bit and enjoy myself on a hobby basis, but to go pro needs that additional step up in quality that only a pro can do. So Its not like i want someone to do it all for me, I just recognise that if it is going to work out I'd need some help.

The market research I am currently working on: I know the gaps I want to exploit but yeah i am very well aware i need to demo/quantify it for it to be even remotely interesting to investment. Tricky bit is not necessarily demoing MY plan, but in justifying the entire sector which is broadly seen as risky or probably even disastrous. We all know the mantra "How do you make a fortune in the kit car industry? Start with a bigger fortune". That's not always true - some of them do very well, though I know MANY more don't. Starting from a very hard place really, but that's where I'm going with it.


RedAndy

Original Poster:

642 posts

110 months

Saturday 13th June
quotequote all
Simpo Two said:
Well, you need a business plan and then try to work out how long it will take to give you an income you can live on. Before starting any business you must know the market. If you want a stranger to hand over a 5-figure sum you'll need to give them reasonable confidence that they'll ever see it again.

Unless you have dragon abilities, I'd stay with the well paid job.

ETA better off in the Business forum really: https://www.pistonheads.com/gassing/forum.asp?h=0&...
yep working on both BPs, i have some experience with writing them from previous jobs I've had, and i have some really good support contacts locally. That's teh hardest bit -its the cash flow for the first 6 months that'll ruin me. You're right about the staying in the job, but it's head vs heart and I'd hate myself forever if i didn't at least look in to it in a serious way (like doing a BP and following it through with professional help/advice from accountants etc)

I didn't know there was a business forum - a very interesting read thanks smile

RedAndy

Original Poster:

642 posts

110 months

Saturday 13th June
quotequote all
herbialfa said:
In my opinion at the moment dont go down the pub route.
i hear you. i think there are gaps in the market, but I'm certainly not suggesting I'd be a millionnaire in 5 mins. The BP I am writing will be realistic, and if it isnt gonna work then I won't take the plunge. But i have to at least have a good investigation into it, even if only to satisfy myself that it's a bad idea.