Need advice PLEASE!

unhappycamper

I am a young entrepreneur who has received a grant for a new business. To cut the long story short I have put 40k into my business. I owe the bank nothing and I am putting the finishing touches to my premises at the moment. I just did 'the books' with my father for the first time (he is an accountant). The reality is that I have paid for everything from furniture to insurance and rent and deposit all up front and I am truly happy about this. The thing is I realized just how little money I will have left after I pay for everything. I am still living rent free with the parents so I am okay it's just I have the FEAR big-time. I feel like I am getting cold feet because as soon as we looked at the finances I realized just how tight things really are. Not having money is not an issue when one considers the fact that I can make more but I am genuinely scared of failure I feel nervous as hell. I was thinking my old man might throw me a few quid towards the start up costs but he hasn't and thats fine it's just the entire process is a big reality check and I am freaked out of my mind!! Has anyone been through a similar situation when they started up??? I will barely have a penny to have a drink with a new girl in my life!

CamperMan

what business is it you have started up??

unhappycamper

CamperMan wrote: »

what business is it you have started up??

I have started a business called PopStar Studios we record voice over backing tracks for X factor singers and professional singers. I also produce songwriters.

www.popstarstudios.com

jonnyj

Fair play to you its a great idea. What are you afraid of, you have gone this far! You said everything is paid for, let the company take flight, give out cards, advertise, get out there and let people know what you do and where you are!

CamperMan

nice website!!, I can't comment on the business idea because I know nothing about it, what I will say is you have gone this far now... don't give up!

unhappycamper

Thanks to you both. The thing is that I have the premises I have the equipment I have the support from friends and family I even have booklets and gift vouchers to give out to singing schools and drama groups and I also have a pair of PR girls so I will PR like crazy.

I think the reason I am freaked out of my mind is that it has now come to the crunch and I realize that realizing your dreams requires a massive amount of self belief which I have in abundance but it's crunch time and I need to get out there and I feel like a nervous wreck if it all fails. The final mission I must do is promote and promote and promote and I am scared, I am really scared I can't believe I am so scared. Everything just hit me tonight. The business has been in development for the last 8+ months and I haven't time to really look over my shoulder. I have just got the fear so much tonight I have never felt anything like it, I never get nervous or worried but I am now. I just hope I get a good response from people I really do. The last thing I want is to fail.

Does everyone feel nervous when they are starting a new business?

yop

Keep the head up dude, fair play to you for having the balls and head to follow your idea.

Best of luck with it, nice site.

elgransenor

If you didn't have those feelings about failing you definitely would!
They are healthy and will propel you in the early days which will be crucial.

I am at the early stages of building a website which is geared to providing information for small business and entrepreneurs called www.businessandlegal.ie

I started my first business in 1986 and the one thing that drove me was the fear of failure but the new girlfriend might have to take a back seat or be very understanding:)
Good luck with it anyway.

unhappycamper

yop wrote: »

Keep the head up dude, fair play to you for having the balls and head to follow your idea.

Best of luck with it, nice site.

Cheers,


I am trying to suck it up at the moment and I know I will survive but holy God I am a nervous wreck. What is happening to me! I am like a lunatic!

CamperMan

unhappycamper wrote: »

Does everyone feel nervous when they are starting a new business?

don't know about everyone... but I get nervous...

Even with this downturn, I am working on 2 new business ideas that will see most of my money going into them.. OK, it isn't €40,000 but it's still a gamble... best thing is, there both related to the sort of things I enjoy doing.... I find it is less stressful for me starting a business if I know I will enjoy it... having fun put's the money worry's out of my head..

unhappycamper

elgransenor wrote: »

If you didn't have those feelings about failing you definitely would!
They are healthy and will propel you in the early days which will be crucial.

I am at the early stages of building a website which is geared to providing information for small business and entrepreneurs called www.businessandlegal.ie

I started my first business in 1986 and the one thing that drove me was the fear of failure but the new girlfriend might have to take a back seat or be very understanding:)
Good luck with it anyway.

Thanks

She is in college studying to be a teacher and I know she is 100% understanding of where I am at, I have explained to her exactly where I am at and where my focus is at. I needed this kick, I can feel the new found 'FEAR' energy in my gut and I will transform that energy into hard work until the 'FEAR' disappears. Again it is another hard test in believing in yourself and your ideas but wow when it hits you it's like getting a major punch in the face!:(

I just hope I do well because I have been preparing for this move for a very long time. Deep down I have been putting every penny into the business I just know now it's make or break over the next 2 years.:o

unhappycamper

CamperMan wrote: »

don't know about everyone... but I get nervous...

Even with this downturn, I am working on 2 new business ideas that will see most of my money going into them.. OK, it isn't €40,000 but it's still a gamble... best thing is, there both related to the sort of things I enjoy doing.... I find it is less stressful for me starting a business if I know I will enjoy it... having fun put's the money worry's out of my head..

Well I love recording people it is the best job ever. I have been a musician for the last 18 years. I know I love music and that love has always rubbed off on others. Best of luck with the new business by the way!

CamperMan

unhappycamper wrote: »

Well I love recording people it is the best job ever. I have been a musician for the last 18 years. I know I love music and that love has always rubbed off on others. Best of luck with the new business by the way!

Thanks... touring caravan hire and kayak/canoe hire

stepbar

Firstly congrats on the first step to being self employed. As the saying goes you have nothing to fear but fear itself. Anyhow, I have to complement you for a nice clean and simple website which looks professional. If only more people would go down that route. It doesn't have to cost an arm and a leg. However you might want to put some more relevant stuff on it - e.g details of your "packages" - I've always liked the idea of Gold, Silver and Bronze type packages. Gold could be a full days recording for a grand, lunch, sound and video, voice coaching etc, bronze could be an hour in the studio one song and a copy of your song for a 100eur..... You get the idea.....

P.S I never knew where to look for backing tracks - good link there - http://www.ameritz.co.uk/ie/

"The reality is that I have paid for everything from furniture to insurance and rent and deposit all up front and I am truly happy about this."

BTW perhaps in hindsight, it might have been wise to borrow some money and expand through cashflow. Throwing your pot of money in from the start might not have been a good idea. Did you at least try to negotiate on the rent / insurance to be paid monthly? or even findout about leasing furniture? Truth is now you have feck all money for to finance day to day costs / marketing.

unhappycamper

stepbar wrote: »

Firstly congrats on the first step to being self employed. As the saying goes you have nothing to fear but fear itself. Anyhow, I have to complement you for a nice clean and simple website which looks professional. If only more people would go down that route. It doesn't have to cost an arm and a leg. However you might want to put some more relevant stuff on it - e.g details of your "packages" - I've always liked the idea of Gold, Silver and Bronze type packages. Gold could be a full days recording for a grand, lunch, sound and video, voice coaching etc, bronze could be an hour in the studio one song and a copy of your song for a 100eur..... You get the idea.....

P.S I never knew where to look for backing tracks - good link there - http://www.ameritz.co.uk/ie/

"The reality is that I have paid for everything from furniture to insurance and rent and deposit all up front and I am truly happy about this."

BTW perhaps in hindsight, it might have been wise to borrow some money and expand through cashflow. Throwing your pot of money in from the start might not have been a good idea. Did you at least try to negotiate on the rent / insurance to be paid monthly? or even findout about leasing furniture? Truth is now you have feck all money for to finance day to day costs / marketing.

Thanks for the feedback very informative, as for the website I think price listings and Gold, silver, bronze is an absolutely brilliant idea!!! Thank-you, I will fix it up! I got a very good rate at €550 per month. My electricity is a card reader which is stupid but at least it means my bills will never get on top of me. I have a a job as a guitar teacher Monday - Thursday so I have a good income of €30 a class privately, I teach 25 a week from my parents home. The idea here is to eventually push the lessons back and back and considering I am teaching from 3pm - 9pm I can fly around promoting in schools and drama groups in the mornings. I just didn't want to get in debt so I saved and used my grant money. I know little about good PR though other than selling myself.

niceirishfella

Unhappycamper,

Nervous-ness is ok, just remember - what you think will happen, most probably will. And the thing about fear/worry is this - if you lay in bed tonight worrying, whats it going to achieve? Nothing......absolutely nothing, better off writing down your worries and leave your thoughts in a diary to clear your mind.
Enjoy this experience - like how often in your life are you going to get to do something like this, the website is brill and I think you've got a unique business there. I'm envious!!

Break a leg dude!

stepbar

unhappycamper wrote: »

Thanks for the feedback very informative, as for the website I think price listings and Gold, silver, bronze is an absolutely brilliant idea!!! Thank-you, I will fix it up! I got a very good rate at €550 per month. My electricity is a card reader which is stupid but at least it means my bills will never get on top of me. I have a a job as a guitar teacher Monday - Thursday so I have a good income of €30 a class privately, I teach 25 a week from my parents home. The idea here is to eventually push the lessons back and back and considering I am teaching from 3pm - 9pm I can fly around promoting in schools and drama groups in the mornings. I just didn't want to get in debt so I saved and used my grant money. I know little about good PR though other than selling myself.

Sorry, did you say your website costs you 550 per month? That's outright robbery! As much as I like the website, knowing about IT etc (having done a degree) it's a fairly easy concept to code if you knew someone good at Macromedia Flash. Defo not worth 550 pm!!! I'm not joking, check out digiweb for pricing regarding hosting etc - http://www.digiweb.ie/business/. You'd be better off getting a website coded and getting someone to deploy it on a server for you.

Re: debt, I wouldn't be necessarily afraid of same. Sometimes it can spur you on a bit. Some of the stuff you mentioned could have been leased which would have reduced the amount of initial capital you would have had to put in and allowed you to spend money on marketing etc. It's all very well spending large amounts of money buying stuff upfront but if no one comes to your studio because you can't afford to promote it that's not much use TBH. I'm not trying to put you down here (because I think you have the guts of a great wee business here in a niche area) but I'm concerned that you may not have an overall strategy written up? Am I right? I think you should market you and your company as an experience company as opposed to a recording studio. A company that provides a singing experience in other words. That's my take on it. That's why marketing is important. Otherwise you're just another recording studio.

niceirishfella

Methinks the €550 pm is his rent.

unhappycamper

niceirishfella wrote: »

Methinks the €550 pm is his rent.

Yes the €550 is my rent, the website was done for €450!! In April when I get my grant I will be able to PR allot more than the next 2 months but the truth is I have little money for promotion straight away but I have got some bookings through gift vouchers! I am updating the website now as we speak!

Check out the prices under the music section! I got permission from the manager of Ameritz to use the link!

stepbar

unhappycamper wrote: »

Yes the €550 is my rent, the website was done for €450!! In April when I get my grant I will be able to PR allot more than the next 2 months but the truth is I have little money for promotion straight away but I have got some bookings through gift vouchers! I am updating the website now as we speak!

Check out the prices under the music section! I got permission from the manager of Ameritz to use the link!

I'd be inclined to flesh out the concept (gold silver bronze) a bit more (e.g is 400 eur too cheap?) Cost it out. BTW I wouldn't be giving away where you get your material!!! No need really.

unhappycamper

stepbar wrote: »

I'd be inclined to flesh out the concept (gold silver bronze) a bit more (e.g is 400 eur too cheap?) Cost it out. BTW I wouldn't be giving away where you get your material!!! No need really.

I think with the recession people have to be getting a bargain to get your business. I also think that bargains are all the rage these days with the economy in such a slump.

TheCostumeShop.ie: Ronan

Nerves are part of the process, you'll look back nostalgically and say that it was the best part of your life. But for now it definitely doesn't feel like it, then again its the same feeling you get before a skydive or a bungee jump!

Just keep the nerves in check as much as possible, use them positively - as in if your nervous about making money go and pre-sell some gift vouchers untill you feel better about yourself. Remember that emotions have very little place in the actual running of a business, its all about the math and customer experience. Then the emotions come after the work has been done. Celebrate your wins and learn from your mistakes (because they are just lessons that help you win in the future).

unhappycamper

Fancy Dresser wrote: »

Nerves are part of the process, you'll look back nostalgically and say that it was the best part of your life. But for now it definitely doesn't feel like it, then again its the same feeling you get before a skydive or a bungee jump!

Just keep the nerves in check as much as possible, use them positively - as in if your nervous about making money go and pre-sell some gift vouchers untill you feel better about yourself. Remember that emotions have very little place in the actual running of a business, its all about the math and customer experience. Then the emotions come after the work has been done. Celebrate your wins and learn from your mistakes (because they are just lessons that help you win in the future).

Thanks for the kind words and good advice. I hope that one day i can look back and say I am glad I took the risk, I am glad that I am doing this and I know it will be a challenge and it certainly has been challenging so far but we all have to take the plunge at some stage I guess.

stepbar

unhappycamper wrote: »

I think with the recession people have to be getting a bargain to get your business. I also think that bargains are all the rage these days with the economy in such a slump.

Let me put it this way, does the price of your packages justify the costs you will have to bear to provide same? There's really no point picking a price out of thin air and going, "Yep that's a bargain". You shouldn't be in the business of providing "bargains". Be sure you're putting a realistic figure on it, if 400eur is the figure then so be it. But you have to cost it, right down to how much it costs to provide the light and heat for a days session. Recession or no recession, as far as I can see you are providing a niche service and would be entitled to charge for it within reason. This is where your marketing will have to be spot on. Have you approached any schools yet? What has been the reaction?

Sonnenblumen

OP
Fear really goes without saying is a frequent aspect of running your own business, and as you rightly say, fear of failure. Difficult to park it, but you must otherwis eyou'll be driven half crazy and it could potentially affect your judgement. Stay focus, is the best solution.

BTW, I can understand the comfort of being debt free, few are and can cause problems later. On the otherhand, working capital is the lifeblood of all businesses, access to cash is vital and it's uncommon for profitable trading companies to flounder for lack of working capital.

Best of luck.

m5ex9oqjawdg2i

Hey, congratulations on the new business. It's nice to hear how determined people are. The only advice I can give you about your actual business is the website font is a little small. Otherwise it looks great

I recently had an idea of starting up my own business, I am still working at it. Saved every penny I could and bought most of the materials. Not as ambitious as yourself though. I have done a few freebies for family members for practice. I hope to get on out there soon and start making an income. My first job is this Saturday. I am nervous, anxious, excited, afraid and very doubful. I am not sure if I wasted my money or not. I am not sure if it will work or not. You just need to get out there and "DO". You know? My friend started his business about 5-6 months ago. He is still to make a stable income. I think it will be another year before he can take wages from his business, so he tells me.

It won't happen over night, but keep promoting it. Talk about it with people you meet. Think of attending gigs in the local and spreading the word there? I don't know much about the music industry, sorry. I got my first client (sounds so weird saying that) from a simple conversation. "What do you do? oh really? Could you come out to my house and do that?" Use your networks mate

The Philosophy I always adopted is that its better to try and fail then not try at all. Because 1. you wont have regrets, and 2. whatever mistakes you make if it fails, you wont make second time around

unhappycamper

My prices are based on feedback from other customers, they will rise in time as and if the business grows. The idea behind PopStar is to make the recording process affordable to EVERYONE not just rich kids. I am producing 3 artists under this alias WWW.BLACKHORSERECORDINGS.COM so there is an large element of creativity in my work but PopStar is my focus for the next 2 years. I had one guy call me up and he was haggling bigtime. So I am setting the prices at a point that I would describe as 'entry level' or 'affordable'. I want every kid who flips a cheeseburger now and then to be able to come along and show us what they got! When the name grows so does the profit right!

The thing is if I fail I will have sacrificed an awful lot to meet that failure. I am off the cigarettes too and I was having frightening dreams last night, no fun at all I might be just nervous but as people have mentioned here a reality check is a very good thing and I am feeling that today.

The font on the site is a bit small you are the second person to mention that to me, I will have to get on to my web designer.

Thanks for all the wonderful feedback from you all you have been a great support at this time.

di11on

No reward without risk.

If you don't go for it, you'll never forgive yourself.

Give it your best shot. The very worst that can happen is that you fail. You're young and you have lots of time to reinvent yourself, pick yourself up and go again - and that's only if the worst happens. Considering you're not in debt it sounds like the odds are on your side to start with... you're with the folks so it sounds to me that you have a good safety net under you. All you have to loose it the 40k you put in. It could be a lot worse.

Go for it man and good luck!

niceirishfella

All good positive stuff from all here!

There's no such thing as failure - even if you do. It's all business life experience, the kind you can't pay for.

I'll give you an example, theres a number of large VC's in the states that will not invest in a co/project/idea if the proposers don't have a business failure behind them.

unhappycamper

Hey lads thanks a million for the wonderful positive feedback, this has been some really great feedback

I went into the premises today and the place is coming together and the carpet man and furniture are all due this weekend so setup and ready in exactly a month isn't too bad at all (if I dare say so!)

bibbly

Im glad to see everyone is giving you the positive response you deserve..

If you are on a very tight budget you should identify areas that you will need help in eg. PR, online marketing, etc.. and sit down and go through your family, friends, and friends of friends and see if you can call in favours.

My advice would be seek advice on areas you are not an expert in from people who know best. it will save you money asking people you know..

There is no point trying to do it all yourself..

A business like this requires excellent marketing, and you will be surprised how many people will hear about your business through word of mouth..

I have a background in PR and would be happy to give you some cheap ideas to promote your business, if you PM me.

its good in a way that you used your own money if you live at home, i presume you have no morgage so you have nothing to lose and everything to gain..

The best of luck.

unhappycamper

Thanks


Yeah I think from a PR PERSPECTIVE I am clueless. I don't think going around to schools and putting up posters will be enough at all. PM on the way.

betonit

use facebook & twitter. get as many friends on face book as possible , annouce stuff. Friends of friends will see your updates. There are variuos apps you can use the spread the word

gypsy777

A bit of SEO (search engine optimisation) on the site might help you to draw custom your way.

Ranking front-page on google for terms like 'recording studio' could bring some convertbale traffic and give you some good exposure.

('Recording studio' gets around 4400 searches a month in ireland on google)

I only live round the corner if you want some help with this sort of thing.

Feel free to PM me.

Mickk

unhappycamper wrote: »

I am a young entrepreneur who has received a grant for a new business. To cut the long story short I have put 40k into my business. I owe the bank nothing and I am putting the finishing touches to my premises at the moment. I just did 'the books' with my father for the first time (he is an accountant). The reality is that I have paid for everything from furniture to insurance and rent and deposit all up front and I am truly happy about this. The thing is I realized just how little money I will have left after I pay for everything. I am still living rent free with the parents so I am okay it's just I have the FEAR big-time. I feel like I am getting cold feet because as soon as we looked at the finances I realized just how tight things really are. Not having money is not an issue when one considers the fact that I can make more but I am genuinely scared of failure I feel nervous as hell. I was thinking my old man might throw me a few quid towards the start up costs but he hasn't and thats fine it's just the entire process is a big reality check and I am freaked out of my mind!! Has anyone been through a similar situation when they started up??? I will barely have a penny to have a drink with a new girl in my life!

I think you need to put it in perspective, you have a nice earning as it is, you get 750 cash a week for 25 hours doing what you love and have no overheads, even rent! Put any fear into the back of your mind and concentrate on the new business. My shop is just around the corner from you on Camden St if you want to drop in some flyers you can. The shop is called Fighting Fit. Btw some cheeky free advertising is putting a link to your site in your sig

Also what was your experience going for a grant like and how much did you get? There have been numerous posts on here about applying for grants, would be good to hear from someone who actually got one...

Neiler21

Hi,

First off can i say congratulations on getting as far as you have,and it is a great idea.

Some great advice on here and you should listen to it,i always do,i dont post alot but i come on most days and see how people are doing etc,great place for great advice!!

I will tell you something that was told to me only 2 weeks ago which is related to your main concern,cold feet ..first off you should get hot water bottles there good..just kidding .. Im in the process of setting up my own business with a good friend of mine,we are meeting people each week trying to secure investment so we have met some interesting people lets say!

before xmas my brother who is a successful business man himself,gave me the name of a friend of his,he is a propery developer among other things,he basically built the majority of estates in sligo aswell as owning a new retail park,so he has over 30 years experience and a clever man to boot,not to mention the fact he is worth well over €20 million!! We rang him up and asked him could we look around his retail park as we needed a premises for our future business,he was very grounded when we met him,and he realised we were two young lads starting out so he spoke with us for over 2 hours,the main thing he told us was,"every man/woman in this country starting a business has got cold feet just before opening,its natural,so dont worry about it,once you take the leap you will be fine" and those words alone meant alot as we have been feeling pressure,asking questions "will it work" "what if it doesnt" etc .. moral is,if you are starting the business you cant expect everyone else to be as excited,focused on the times ahead,the important thing is that you are,you believe in the business and more importanly yourself!

I wish you the best of luck and I hope to see your name at some stage

unhappycamper

Mickk wrote: »

I think you need to put it in perspective, you have a nice earning as it is, you get 750 cash a week for 25 hours doing what you love and have no overheads, even rent! Put any fear into the back of your mind and concentrate on the new business. My shop is just around the corner from you on Camden St if you want to drop in some flyers you can. The shop is called Fighting Fit. Btw some cheeky free advertising is putting a link to your site in your sig

Also what was your experience going for a grant like and how much did you get? There have been numerous posts on here about applying for grants, would be good to hear from someone who actually got one...

Do you know I seen fighting fit only yesterday it is a great name for a business. I will be getting booklets, flyers, cards designed and I would only love to get some free advertising, sounds really cool so thanks a million for that warm welcome. In relation to the grant I applied to my local city council which is Dublin obviously. They sent me to an enterprise board based on my locality. I did an interview with a very fine elderly gentleman who then arranged a business mentor for me. I did two 62 page business plans with my mentor Mr Paul Doyle (cracking guy) and the second one was accepted as a final plan, good enough for the board. Then I had another more testing interview with the manager of DEB who then went through every aspect of my business. After that 5 copies of my business plan were sent to 5 different decision makers for DEB all from different business backgrounds, banking and finance to name a few. The decision was made after a long 5 months and I was awarded €7,500. The money was given to me in two installments. I have received the first half and after 'doing the books' I can now show my expenditure and earnings, once that is cleared I receive the second installment. If my business grows into either a franchise or it just needs a larger space I am now eligible to apply for a capital grant which is the ability to borrow up to €175k from the banks. DEB pay off the bank 50% straight away and I have 2 years before I have to pay DEB 25% of that 50% so I get 25% free essentially.

unhappycamper

Neiler21 wrote: »

<SNIP>

Thanks for the support I guess starting a business is not that scary after all. It really just comes down to the fact that once you begin you must stick with everything, every task must be completed on the spot. I wish your business very well in the future, you clearly have a good mentor.

stepbar

unhappycamper wrote: »

Do you know I seen fighting fit only yesterday it is a great name for a business. I will be getting booklets, flyers, cards designed and I would only love to get some free advertising, sounds really cool so thanks a million for that warm welcome. In relation to the grant I applied to my local city council which is Dublin obviously. They sent me to an enterprise board based on my locality. I did an interview with a very fine elderly gentleman who then arranged a business mentor for me. I did two 62 page business plans with my mentor Mr Paul Doyle (cracking guy) and the second one was accepted as a final plan, good enough for the board. Then I had another more testing interview with the manager of DEB who then went through every aspect of my business. After that 5 copies of my business plan were sent to 5 different decision makers for DEB all from different business backgrounds, banking and finance to name a few. The decision was made after a long 5 months and I was awarded €7,500. The money was given to me in two installments. I have received the first half and after 'doing the books' I can now show my expenditure and earnings, once that is cleared I receive the second installment. If my business grows into either a franchise or it just needs a larger space I am now eligible to apply for a capital grant which is the ability to borrow up to €175k from the banks. DEB pay off the bank 50% straight away and I have 2 years before I have to pay DEB 25% of that 50% so I get 25% free essentially.

Well that's fair enough. What I would say is that in some point in the future (should you want to expand) you will have to go to a bank to do same (unless you have a suger daddy who will fund same!). See how your initial investment goes and I'm well sure that you should have no problems if things go well. I'm a prick when it comes to business. My saying is that if there's isn't a market you should forget about same. A lot of people have unrealistic ideas about how business works and because of that I can't take same seriously. You seen like you have researched your idea ( abeit a few points I have raised) but anyhow I hope same works out. Tell us how things work out in 6 months time. As ever I'd be happy to help out (BTW I have a Degree in IT, A Masters in Strategy and work for a Bank). So I'd be more than happy to give you a helping hand.

unhappycamper

stepbar wrote: »

Well that's fair enough. What I would say is that in some point in the future (should you want to expand) you will have to go to a bank to do same (unless you have a suger daddy who will fund same!). See how your initial investment goes and I'm well sure that you should have no problems if things go well. I'm a prick when it comes to business. My saying is that if there's isn't a market you should forget about same. A lot of people have unrealistic ideas about how business works and because of that I can't take same seriously. You seen like you have researched your idea ( abeit a few points I have raised) but anyhow I hope same works out. Tell us how things work out in 6 months time. As ever I'd be happy to help out (BTW I have a Degree in IT, A Masters in Strategy and work for a Bank). So I'd be more than happy to give you a helping hand.

Invaluable effort on your behalf and I appreciate your input. I will call you in a few months and we could meet for lunch perhaps? PM me your details and I will do the same, regards.

VO

Had a look at the siite - great idea. In relation to the project do you have a business plan including P & L and more importantly cashflow statements. If not do so and set realisitc targets for yourself. In relation to selling how are you going to sell - don't just depend on yoru website , use any networking opportunities taht you can look at BNI, Venture Networking, Networth and se eif any of them are for you. Use all of the social networking sites also. Most importantly chose your target market carefully and the means of targeting them. Then go at it.

By the way if you can survive in the current climate - just think of how you will do when things inevitably pick up.

unhappycamper

VO wrote: »

Had a look at the siite - great idea. In relation to the project do you have a business plan including P & L and more importantly cashflow statements. If not do so and set realisitc targets for yourself. In relation to selling how are you going to sell - don't just depend on yoru website , use any networking opportunities taht you can look at BNI, Venture Networking, Networth and se eif any of them are for you. Use all of the social networking sites also. Most importantly chose your target market carefully and the means of targeting them. Then go at it.

By the way if you can survive in the current climate - just think of how you will do when things inevitably pick up.

A PR company just called me today in fact and they are meeting me next week at a do so things are already looking up. Happy days. Those networking sites look very interesting I must have a good look and research them. Yeah I have done projected earnings and I am keeping the books in order to which is all new to me. Thanks for the support.:):)

FusionNet

hi unhappycamper.

Firstly congrats on the Venture. I have two brothers in the recording/mastering business and it can be very exciting. Ive been lucky enough to work with and hang out with some great musicians of late and you cant find better people. I started my IT/security business 18 months ago. It is scary, it is hard and there are days where you wonder why you do it. Then you have the days where its all worth while. I tried and failed 8 years ago and just got back on the horse again and tried not to make the same mistakes.

My only real advise to you is, dont get carried away with too much bling and expence. I got told one by a millionaire business man, if it costs you money and doesnt make money dont buy it!! Now obviously not true for all things but it basically meant dont go mad! I bought a lot of my equipment second hand and i try to keep over heads to a minumum. do as much as you can yourself and keep lean. In the next year we will see a lot of bloated companies vanish, the lean ones will survive.

You have heart, dedication and good ideas, just stay confident, sell yourself that your the best for the job and be proud of what you do. Be honest with people and do the odd nice jesture and it will come back ten fold.

Hope it goes great for you..

unhappycamper

I taught finding a place was hard but my God managing painters and decorators is a totally different kettle of fish. And as for the carpert guy (no comment!!) What a pack of tin roofers! I am done with them so it's onwards and upwards! Today was a long day!

Mr Clonfadda

When i started my business i sold my house in cork, moved my wife and child back to waterford to live with my parents and setup business in rural Enterprise park. I was nervous as hell that i would end up with no house, no money, no job and living with my parents.

that was in 2001. I now employe 8 people plus myself and wife and i'm still nervous if a have a few badd months it could be all gone. It's that but that drives me to be the best as i can. I can't imagine being able to do my job without that.

Best of luck with the business

Chief

good luck with it all unhappycamper, you sound well up for it and thanks for posting here as i'm getting ideas from the responses meant for you to so thanks to all your advisors here to. great forum & community. all the best m8.

unhappycamper

Chief wrote: »

good luck with it all unhappycamper, you sound well up for it and thanks for posting here as i'm getting ideas from the responses meant for you to so thanks to all your advisors here to. great forum & community. all the best m8.

Hi Chief,


I am glad you have enjoyed the posts here, I have enjoyed the discussion too, as a matter of interest I was contacted by this company http://www.vipcard.ie/ they want PopStar Studios on their card which will give me direct access to college students who want to record but at a discount (very cool). I have been invited to their big opening night next Thursday so things are looking up (not that they have been down!) I have to say the studio is looking very nice for the small budget I am on. I met the landlord today and he seems very happy with the improvements I have brought to his premises. He also asked how long did I intend on staying. I told him 5 years. So all I need now is loads of customers, I have updated my web site prices to www.popstarstudios.com. I have also been on to a SEO (Search engnie optimizer) I am meeting him for a business meeting at 11 AM. The funny thing is that he lives in the lane opposite my new studio! Class!

homeOwner

unhappycamper, can I ask when you rent or lease a premises and do improvements, do you pay for them or does the landlord deduct it off the rent? In the current climate is there much room to negotiate on price when it comes to leasing a commercial premises, some of the prices quoted on estate agency websites for office/warehouse space seems really high?

unhappycamper

homeOwner wrote: »

unhappycamper, can I ask when you rent or lease a premises and do improvements, do you pay for them or does the landlord deduct it off the rent? In the current climate is there much room to negotiate on price when it comes to leasing a commercial premises, some of the prices quoted on estate agency websites for office/warehouse space seems really high?

Because of rents dropping landlords are not giving any concessions for doing up their premises unless it's a major €30k + build. When I was looking at a warehouse in Glasnevin the landlord was happy to give me a month monotorium to build the studio. I felt in the financial climate the risk of owing the bank €1000 per month and the landlord €1000 was to much. My landlord visited yesterday and said 'wow you have really done a great job here' but no offer of a contribution in any way was mentioned. The thing is that I am based centrally in town and when doing my market research that was a big requirment from singing and drama schools.