Starting own business

Dublingirl80

Hi, I would really like to start my own business. I've an idea in mind for a very small cafe/bookstore, I however am aware it's not a simple thing to do and many fail. I have a steady job at the minute and what I want to know is, where should I start? I'm wondering about evening courses in starting own business, barista courses and also how I would ever go about getting some sort of business loan to rent a small venue. I don't really know where to start but I'm also not in any panic and if I ever did it I foresee having to maintain my current job and keep costs low until it possibly did somewhat well if that ever happened. All I'm looking for is any entrepreneurial advice. I did not do business in college so I feel I lack fundamental knowledge in where to start.

jimmii

A start your own business course is definitely a good place to begin your journey. Your local enterprise office should have one or at least tell you where the nearest is. Given the doom and gloom I've always had good results with books. The margins are lower than most things but people still love to buy them! Just had a look and this year we've done jst over 4500 books that's not bad for 4 bookcases in a small town in Scotland!

Dublingirl80

Thanks so much. Would you say the business is enough to support one person e.g. provide both enough to run it and get a salary yourself and maybe hire one person? This is the aspect I worry most about.

jimmii

Impossible to say. It's going to be a lot more work than you expect and you're unlikely to be able to take anything out for at least 6 months so you need to make sure you have plenty in the bank to cover personal and business expenses until it's operating at a profit.

PickYourName

A few things:

- Do you have any experience in the sector? If not, I'd suggest you get a job in it - even part time - working somewhere similar to the kind of place you'd like to open.

- Talk to your Local Enterprise Office; they have a mentorship program which can be very useful (if you get the right mentor!)

- Read about how others did it: there's a couple of good books out there https://shop.3fe.com/product/WIKARCS and https://www.amazon.co.uk/Setting-Managing-Your-Own-Coffee/dp/1845283279/

- Write a business plan

If a business isn't bringing in enough to support you, there's not much point in doing it. It's quite likely you won't bring in anything to actually live on for the first few months, but after that you really want to aim at having at least a living wage coming in

My own experience: 20+ years in technology, gave it all up four years ago to open a cafe with my partner (who had experience in catering and hospitality). I would not dream of starting without having some experience in the sector.

Where in the country are you? Cafes are now very competitive.

antoinolachtnai

You should do all these courses and learn everything you can.

In the end I don’t know if you will succeed with your plan. You most likely won’t get a loan at all. It takes a lot of capital to open a bookshop and the industry has major problems. The cafe business is also very competitive.

If you can’t commit yourself to working full time in the business i’m not sure how it could work.

I say all that but don’t let that put you off. Take your time and research the whole thing.

In particular take the time to understand accounts - the P&L, the balance sheet and how cash flows. Try to think of it in terms of your business idea. No matter what you eventually decide to do about this particular business learning these things will stand to you.

PattyO88

You can go for Cafe business. Success can be measured in many ways, but the most commonly agreed yardstick for a cafe is whether it is profitable or not.

Generally, more profit equals more success. Profit is an important factor, but it should not be the only litmus test of success. For example, if your store is profitable but you are putting in 80 hours a week in order to make it profitable, it becomes harder to call it a success.

Tips to Open a Successful Cafe
Create a solid business plan.
Take the time to find the right building.
Create a floor plan.
Hire an accountant.
Get local help for funding.
Save money for your own expenses.
Shop around for everything.
Network your heart out.

Good Luck!