Turn on thread page Beta

How would you go about setting up your own business? watch

    • Thread Starter
    Offline

    21
    ReputationRep:
    First of all, sorry if this is in the wrong forum, it was the closest I could find.

    Secondly: Please don't bother replying if you're not interested, or don't know anything about business. This is something I'm passionate about as if would totally change my town providing I got it sorted and approached it right.

    The decription of the venture is below, the questions that I am asking are in the last secition of the post.

    ------------

    Basically, I live in a town where there isn't all that much for young people to do. I have an idea to set up a sort of youth club/hang out place for young people with things such as computers, games consoles, study areas, books, arcade games and a cafe.

    We would also have qualified staff offering homework help, advice with regards to applying to university, careers advice etc. Hopefully we would also be able to build links with local businesses to offer some of the young people jobs or apprenticeships.

    It would be open from 8am to possibly 10pm (obviously I haven't thought that far in advance about these details yet) and may open some of the facilities (cafe and computers) to adults during the day in term times until the end of the school day, when it would be young people only (under 20 or with proof they're in education, ie A Levels or a degree).

    I could get in contact with local schools to try and arrange that they allow their students to come to the centre for a taster day in groups of 20-25, so getting business wouldn't be a problem. I assume that all local schools would give support, as most of the young people in this area moan about having nothing to do.

    I could charge a price of £50 per 20 students, which would include a talk about everything we would have on offer, a "taster day" to sample the facilities, and a discount voucher for a free day's entrance after joining.

    Memberships:
    *£1 per entrance, including access to study facilities and computers.
    OR
    *Monthly memberships for £5
    OR
    *Yearly memberships for £45

    With regards to staffing- I know a lot of well educated, well rounded people who would be able to dedicate themselves to the running of the centre, and some of them also have teaching qualifications meaning that they would be able to offer tutoring to the young people who came to us.

    ----------------------------
    So, that's the plan, but where on Earth do I start?

    I won't be wanting to actually do much for the next two years, as I will want to finish my degree, but where would I get initial funding? Do you think the local council would be supportive and provide me with funds to set up the business initially until I get on my feet? I would have around £20,000 saved up by the time I come to setting it up, but I have no idea of the costs of premises, staffing, equipment, etc.

    Bank accounts? Do you need a separate account for a business? Would it be wise to employ an accountant to take care of tax issues- and how much would one charge?

    I assume all staff would have to be CRB checked, how would I go about doing that? Who would I contact to carry that out?



    Thanks to everyone who responds, I would appreciate it!
    Offline

    13
    ReputationRep:
    (Original post by Gemma :)!)
    So, that's the plan, but where on Earth do I start?
    May be you'll try something less difficult and less expensive to risk?
    If you are interested in international connections to reach your goals, you should try to build friendly relations with me.
    This may give you some advances.
    Offline

    1
    ReputationRep:
    Business link might be a good place to start. They should be able to point you in the right direction...
    Offline

    1
    ReputationRep:
    that sounds like it has a massive start up cost?, where would you get the money from what i say is start small grow slowly it does seem like a good idea in essence depending on if your right about the nature of the area
    Offline

    2
    ReputationRep:
    These times are rather hard to set up a business although if there isn't much to do in your town for young people it could be a hit with them.

    Just a little risky.
    Perhaps you can start out as a small business i.e. try-outs in summer, and then get feedback from locals such as pros/cons, or any improvements?
    That way you can be at a bit of an advantage rather then possibly having to take out a loan from a bank.

    =]
    Offline

    1
    ReputationRep:
    (Original post by Tony_Soprano1)
    that sounds like it has a massive start up cost?, where would you get the money from what i say is start small grow slowly it does seem like a good idea in essence depending on if your right about the nature of the area
    Not really, you can rent most of that stuff. If you can find a space which is cheap enough it shouldnt be too hard.

    The difficulty is actually attracting people to it - that is the place where I think it would go wrong.
    Offline

    12
    ReputationRep:
    (Original post by Gemma :)!)
    ...
    Have a look at this: http://www.flyingstartonline.com/public/home

    Also NGCE and NACUE might be worth looking into.

    Basically the first step would be getting some kind of mentor who knows what their doing to agree to give you some advice and support with the project. Don't be offended if they tell you it won't work - just go away and think of an even better idea.

    You will need a business account, you should hire an accountant, £20k won't be enough, you would be relying on grants, donations and loans to get you started and most of the other questions are about things you should leave till much later on (and should be based on market research and a proper business plan).

    Best of luck Gemma
    • Thread Starter
    Offline

    21
    ReputationRep:
    Thanks to all who replied, I appreciate all advice.
    Possibly a better idea would be to either start a lot smaller, or wait for a little longer and spend more time on the planning stage whilst raising funds and talking to investors.
    Thanks again, I will take into account all of your advice.
    Offline

    16
    ReputationRep:
    (Original post by Gemma :)!)
    Thanks to everyone who responds, I would appreciate it!
    The idea is really good but there are a couple of issues with your proposal in my view. First of all your membership costs should be re-evaluated, with them prices you will FAIL big time. Costs will include capital investment, rent, insurance, bills, wages, admin etc, to name a few. At your proposed revenue, you will need 100+ plus member from first day of operation which is highly unlikely. This proposal is a FAIL unless the financial side is in smooth working order. That is the most important aspect of your business and you will be told this by any person with basic business sense.

    Secondly your proposing a youth centre'esque/ educational facility/ internet cafe and day centre for adults. Is there really gonna be a demand for such a facility within the community your planning this for? Most facilities of this nature are now widely available in most communitites, normally run by the council or charitable organisations for FREE. These are the 2 main issues I have with your idea, I really dont think it is the best thing to do. Invest in something more realistic that will be worth your while. And btw, which town was it?
    Offline

    0
    ReputationRep:
    I think it's fantastic that you want to start your own business, however I agree with the comments above that, on the face of it, your proposal doesn't really stack up financially. With such a business, you would have high set-up costs (not to mention all the "hidden" costs such as insurance that others have already mentioned). There is a reason why councils normally provide services like this, and that's because there's no return on the investment..!

    Having said that, I think you've quite possibly hit upon a real consumer need (i.e. that young people want somewhere to be entertained or to socialise), and there's other ways you could meet that - maybe it's just an internet cafe for instance, or something more leisure-oriented like paintball?
    • Thread Starter
    Offline

    21
    ReputationRep:
    Oh I do understand that the financial thing needs to be thought of- I wasn't proposing that those are the final prices, as I said I'm fairly clueless with the whole thing. All that I have is an idea (and by the way, there isn't anything like that in our town at the moment, so it would be something that people would come to) and a small amount of cash to get me started.

    I realise now that I'm more likely to have to wait a little longer and save up more, but that's fine because it will give me more time.

    I can save on the staffing, as I have the staff structure fully worked out. There are a group of my friends who would be willing to work for me for minimum wage initially- under the terms that when the business is stable, their wages will be fair in relation to the profit of the business.

    I can see that I will have to do a lot more research on the matter. I have no idea what I would do about premises either; I can't find anything available online to get an idea of how much it would cost, so I will have to go and get some of the numbers of local managers in the area to ask how much rent they pay.. hopefully some of them will be nice enough to tell me so that I can get an idea!

    Thanks for your help everyone it does mean a lot to me that I will be able to do something- even if it turns out not to be quite this "big".
    • CV Helper
    Offline

    11
    ReputationRep:
    CV Helper
    http://www.businesslink.gov.uk/bdotg...cId=1073869162

    Follow the guide to structure your thoughts. Initial view is you don't know how much anything costs and that is your starter. Given there doesn't appear to be any profit in this, I'd be hard pushed to see why any investor would invest - they want a return on their money.
    Offline

    13
    ReputationRep:
    Firstly I dont think there is money to be made in this.

    For a start is there really demand for this and will people pay? I really doubt it. How do you filter out the scum who will not come and smash your stuff up/nick stuff?

    It also soudns liek it will have to grow slowly over time. Your staff will need to be reasonably qualified if they want to be adivising others about seirous matters not just a bunch of 25 year olds.

    Your local council will not fund you but a lot of organisations do give money out to business start ups - you will have to google them

    Your 20k will be eaten up very quickly.

    I would read the businesslink website - you might want to consider sources of finance and what sort of legal entity you will be - ie sole trder or ltd company etc
 
 
 
Poll
Who is most responsible for your success at university
Useful resources

Articles and guides:

Hands typing

Degrees without fees

Discover more about degree-level apprenticeships.

A-Z of careers Advice on choosing a careerCV writing helpCovering letter helpInterview tips

Featured recruiter profiles:

CGI logo

CGI is open for applications

"Offering a range of apprentice and sponsored degree positions."

Deutsche Bank logo

Deutsche Bank is recruiting

"Thrive in an international banking environment"

ICAEW logo

Merck

"Merck is a global leader in specialized pharma & chemicals – join us!"

Army logo

The Army is recruiting now

"With hundreds of roles available, there’s more than one way to be the best."

Bianca Miller, runner-up on The Apprentice

Handle your digital footprint

What would an employer find out about you on Google? Find out how to take control.

Quick links:

Unanswered career sector and employment threads

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.