Starting a business, need some help with the initial idea
Discussion
Hi all, I will be graduating this summer and have so far had no luck on the job front, this has lead me to thinking of starting my own business, (this is something I wanted to do anyway). I have capital avialable (up to 50k). I have the drive, but am really struggling with the best idea, I am interested in cars & computers, so would like it to be something around these. But every idea I have a put it down on paper and it doesn't seem to make finacial sence to me.
So I am open to any ideas, (it doesn't have to make a fortune, obviously this would be nice!)
So I am open to any ideas, (it doesn't have to make a fortune, obviously this would be nice!)
What any business needs a steady flow of customers, who are paying enough moeny for what you are supplying in order for the business to be profitable.
So start your business plan by considering the point at which the customer gives you the money. Why have they given you the money? Only 2 possible reasons, because you have done something for them (that they wanted) that either they couldn't do for themselves, or don't want to.
Generally you get more money for the former, though the latter can be made to work, but usually needs employees to be really profitable.
Trouble is, it can be very difficult to predict what people are going to fancy. Some time ago I set up to make and fit custom kitchens, nice ones too, and well priced. Nobody came, and I had to close down. Now I build and repair kit cars, and have a queue. Wish I'd never bothered with the kitchen thing, but who knew at the time?
So start your business plan by considering the point at which the customer gives you the money. Why have they given you the money? Only 2 possible reasons, because you have done something for them (that they wanted) that either they couldn't do for themselves, or don't want to.
Generally you get more money for the former, though the latter can be made to work, but usually needs employees to be really profitable.
Trouble is, it can be very difficult to predict what people are going to fancy. Some time ago I set up to make and fit custom kitchens, nice ones too, and well priced. Nobody came, and I had to close down. Now I build and repair kit cars, and have a queue. Wish I'd never bothered with the kitchen thing, but who knew at the time?
Hi StevenJ
The 'Command chain' idea has already been done by the major manufacturers, they're developing those kinds of solutions/systems to be in place over the next few years. With the amount of R&D, testing, proof of concept in a small company, certifications, independant testing on top of the computer systems, programming and hardware needed, means it'd not be suitable for a small one man company as the OP is/will be.
OP - there are oppotunities out there but can be very difficult to find and unearth and then develop and nurture into a potential solution/offering for customers to purchase. Idea's however should keep coming and being thought of naturally, and its good you've come to a place like this to have a 'foray' into suggestions from completely independant respondents and 'strangers' !
I say you keep thinking, wondering, thinking of potential solutions, think like a customer perhaps - why do you go to buy the things you do? analyse them, listen to what friends and family say about why they buy things and what motivates them to open their purses/wallets. Take that concept further, ask around (just like here!) etc etc
It's what I've done/doing/will always do - I've managed to build up experience in the IT sector and have spotted a niche where I can combine IT related concepts to Business to provide unique and forward thinking products/solutions. Stay positive and don't be deterred. You will have bouts of wanting to throw it in and 'fergeddaboutit' but stick with it. work somewhere which is related in something you might like to do - I mean, you still have to pay the bills right!
So I'm totally and all for the motivation. however, look very carefully at the risks and potential dead ends. I along with I'm sure much more experienced than me business people, will shoot holes in ideas and thoughts, but hey, it's done so that it will prompt you.
some interesting suggestions so far - the High End Install of car hifi etc, yes has potential, however it's been done and dusted and throughout the last 5+ years, even prior to the recession, there's been a good 'shake out' of the lesser outfits as demand has fallen quite a bit. Modern cars come with pretty good setups already from factory (Logic 7 BMW, B&O Audi, Bose Lexus etc) so alot of potential custom just doesn't need to upgrade anymore. Those who do want upgrades, go to the specialists that are left and although not many of them, those that are offer a very very very high quality service and have 'joined' up in a nationwide type program. To try and go head to head with those guys will be difficult!
the above can be said of almost any industry sector out there though, however, as already mentioned, if you can offer something as a USP in perhaps a 'service' orientated requirement, you do stand a good chance of diving in and going for it.
Example - My mum's hairdresser, mid to late 40's lady, does house visits, no premises. I talked to her one time, lovely woman and great to talk with. She said I'll do 10-15 visits a day, between £10+ depending on requirements. She's never in our home for more than 20 minutes for my mum's style. So she's clearing a minimum £100/day, £500/wk £2000/month. She said, if I want to go on holiday or buy something nice for the house, I'll squeeze in more visits etc. She mentioned she sends all her details to the accountant each week who sorts out all the tax etc. So I said thats the minimum, what have you cleared max in a month?! she then said, well I will do weekends and really pack the appt's in close and the max she can do for say 3-4 months before scaling back to have a rest is .. gulp - £5-6000 a month!
I might have to retrain as a hairdresser!
Good luck, keep at it and in the meantime prop yourself up if you need to work etc. I wish I had 50K initial startup funding, I have had less than a fifth of that and about 90% ready to hit the green light!
Cheers, Dennis! West London & Slough UK!
The 'Command chain' idea has already been done by the major manufacturers, they're developing those kinds of solutions/systems to be in place over the next few years. With the amount of R&D, testing, proof of concept in a small company, certifications, independant testing on top of the computer systems, programming and hardware needed, means it'd not be suitable for a small one man company as the OP is/will be.
OP - there are oppotunities out there but can be very difficult to find and unearth and then develop and nurture into a potential solution/offering for customers to purchase. Idea's however should keep coming and being thought of naturally, and its good you've come to a place like this to have a 'foray' into suggestions from completely independant respondents and 'strangers' !
I say you keep thinking, wondering, thinking of potential solutions, think like a customer perhaps - why do you go to buy the things you do? analyse them, listen to what friends and family say about why they buy things and what motivates them to open their purses/wallets. Take that concept further, ask around (just like here!) etc etc
It's what I've done/doing/will always do - I've managed to build up experience in the IT sector and have spotted a niche where I can combine IT related concepts to Business to provide unique and forward thinking products/solutions. Stay positive and don't be deterred. You will have bouts of wanting to throw it in and 'fergeddaboutit' but stick with it. work somewhere which is related in something you might like to do - I mean, you still have to pay the bills right!
So I'm totally and all for the motivation. however, look very carefully at the risks and potential dead ends. I along with I'm sure much more experienced than me business people, will shoot holes in ideas and thoughts, but hey, it's done so that it will prompt you.
some interesting suggestions so far - the High End Install of car hifi etc, yes has potential, however it's been done and dusted and throughout the last 5+ years, even prior to the recession, there's been a good 'shake out' of the lesser outfits as demand has fallen quite a bit. Modern cars come with pretty good setups already from factory (Logic 7 BMW, B&O Audi, Bose Lexus etc) so alot of potential custom just doesn't need to upgrade anymore. Those who do want upgrades, go to the specialists that are left and although not many of them, those that are offer a very very very high quality service and have 'joined' up in a nationwide type program. To try and go head to head with those guys will be difficult!
the above can be said of almost any industry sector out there though, however, as already mentioned, if you can offer something as a USP in perhaps a 'service' orientated requirement, you do stand a good chance of diving in and going for it.
Example - My mum's hairdresser, mid to late 40's lady, does house visits, no premises. I talked to her one time, lovely woman and great to talk with. She said I'll do 10-15 visits a day, between £10+ depending on requirements. She's never in our home for more than 20 minutes for my mum's style. So she's clearing a minimum £100/day, £500/wk £2000/month. She said, if I want to go on holiday or buy something nice for the house, I'll squeeze in more visits etc. She mentioned she sends all her details to the accountant each week who sorts out all the tax etc. So I said thats the minimum, what have you cleared max in a month?! she then said, well I will do weekends and really pack the appt's in close and the max she can do for say 3-4 months before scaling back to have a rest is .. gulp - £5-6000 a month!
I might have to retrain as a hairdresser!
Good luck, keep at it and in the meantime prop yourself up if you need to work etc. I wish I had 50K initial startup funding, I have had less than a fifth of that and about 90% ready to hit the green light!
Cheers, Dennis! West London & Slough UK!
Thanks for all the ideas. I found myself this evening taking apart a computer for a family member. So perhaps pc repair/upgrades could be it. Low costs as well that could leave other avenues open as well. So charging 30 an hour to change bits on computers for people who think they are complicated. I mean they really are that difficult. Replying on the phone so please excuse all mistakes.
Chris3003 said:
Hi all, I will be graduating this summer and have so far had no luck on the job front, this has lead me to thinking of starting my own business, (this is something I wanted to do anyway). I have capital avialable (up to 50k). I have the drive, but am really struggling with the best idea, I am interested in cars & computers, so would like it to be something around these. But every idea I have a put it down on paper and it doesn't seem to make finacial sence to me.
So I am open to any ideas, (it doesn't have to make a fortune, obviously this would be nice!)
What was the degree in? Did you do three years for a graduation picture on your Mum's mantlepiece or would it be useful in this new venture?So I am open to any ideas, (it doesn't have to make a fortune, obviously this would be nice!)
Chris3003 said:
Hi all, I will be graduating this summer and have so far had no luck on the job front, this has lead me to thinking of starting my own business, (this is something I wanted to do anyway). I have capital avialable (up to 50k). I have the drive, but am really struggling with the best idea, I am interested in cars & computers, so would like it to be something around these. But every idea I have a put it down on paper and it doesn't seem to make finacial sence to me.
So I am open to any ideas, (it doesn't have to make a fortune, obviously this would be nice!)
You would do well to tell us if you have any areas of expertise or interest. Is there something you know a lot about?So I am open to any ideas, (it doesn't have to make a fortune, obviously this would be nice!)
You can always make money providing your labour, washing cars for example.
If you don't mind getting up stupid early you could buy flowers from a wholesaler and have stand by the side of the road. Though you need to consider the safety angles; I suspect this sort of pitch is contested and if you have large sums in cash on you...
Start a window cleaning round.
Buy a transit van and do the "man with a van" thing.
But you'll probably make more money from something where you have specialist knowledge. For example my first business was buying and refurbishing motorbikes. I was interested in them and knew a bit about them so it was easy. Other things not requiring capital and easy to get into that I have done for money include:
Gardening / mowing
Repairing / modifying fishing tackle.
Managing properties for people.
Car washing
Painting and decorating
Teaching aerobics
House clearances
But as I said, it would help to know more about you.
Manks
Chris3003 said:
Thanks for all the ideas. I found myself this evening taking apart a computer for a family member. So perhaps pc repair/upgrades could be it. Low costs as well that could leave other avenues open as well. So charging 30 an hour to change bits on computers for people who think they are complicated. I mean they really are that difficult. Replying on the phone so please excuse all mistakes.
IMHO the market for that has been saturated, as too many people "have a mate who can fix it for less" 
Also the cost of a new pc continues to fall (excluding recent exchange rates), so price the upgrade too high and they will either upgrade at PUK Wurlde instead or just buy another base unit...
mcflurry said:
Chris3003 said:
Thanks for all the ideas. I found myself this evening taking apart a computer for a family member. So perhaps pc repair/upgrades could be it. Low costs as well that could leave other avenues open as well. So charging 30 an hour to change bits on computers for people who think they are complicated. I mean they really are that difficult. Replying on the phone so please excuse all mistakes.
IMHO the market for that has been saturated, as too many people "have a mate who can fix it for less" Also the cost of a new pc continues to fall (excluding recent exchange rates), so price the upgrade too high and they will either upgrade at PUK Wurlde instead or just buy another base unit...
sevros1981 said:
open a pet supplies shop or a fish and chip shop.
Cash happy.
Guessing here, but I'd have thought the former would potentially struggle in today's environment due to competition from supermarkets and people like Pets at Home, combined with the economic downturn. Cash happy.
The latter is ever popular but fish and chip business is very competitive - there are plenty of people looking for good shop locations. Getting change of use on a retail unit for hot food sales isn't always straightforward either.
Both would require plenty of outlay.
Manks
ehouse.Gassing Station | Business | Top of Page | What's New | My Stuff