New Business Help Needed

slighlty lost

I’ve been offered a wonderful opportunity to be backed foropening my own business

For obvious reason I do not want to put up location orproduct as I have put in so much of the ground work for sourcing a good locationand stock

It will be a retail outlet which in have full faith in andthat I can do it as I have many years’ experience in running a similar shop butdid not look after any of the business side or paper work



The problem I have is the start-up information needed

First of all my business plan I’ve gotten so many differenttemplates but these are not helping

I know I will make myself look clueless here with some of myquestions to follow but I don’t know the answers and I’m not afraid to ask thequestions



How much stock is needed for start-up –how can you work thatout



Insurance quote you need a load of info before they willquote you and I have no idea what this cost it could be €50 or €5000



Projecting takings for 3 years –is this guess work

drunkmonkey

You need to work out the stock but keep it tight. Insurance depends on the business, you need to discuss that with your insurance company try insure my shop.ie they have very good prices.
Projected earnings again is guesswork all you can do is make an assumption.

Have you sat down and made a business plan and a cash flow forecast, it doesn't sound like you have, you need to do that properly to figure out if your business is a runner.

The enterprise boards do a start your own business course again it's something you should do before starting.

I'm concerned that someone is personally loaning you money when you haven't even a cash flow forecast done, you shouldn't take their money unless evey other option of finance is available as its one sure way to loose friends and family.
Get your business plan and cash flow together, take it to your accountant and bank and see will they give your the finance. If they agree you probably have a business on your hands if they all refuse think long and hard before you take a personal loan.

slighlty lost

Hi Drunk monkey thanks for your reply first of all it won't be a loan it will be a gift but it will still be a lot of money that i do not want to take a chance with just because it is not mine
No i haven't done a business plan as above this is something i'm finding difficult

I have signed up for the business course and have been told i will understand the business plan better after doing this

This is not something i will enter into lightly I'm no fool and understand the hardwork that will be needed and the risk i will be taking if i follow on probalby one of my reasons for posting here was to get some info in plain english before i go further into this