Suggestions on starting small business

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Nacho_ire

Guest
Hi Folks,
just joined the forum today, and Im wondering about starting a new business. I have done a lot of background work and have a business plan "in-development". I would be set up as a sole trader, selling, mainly online and through wholesale also. I am currently looking at taking a loan for about €20,000 to cover expencess, equipment and other bills, (including mortgage which I would be paying for from the loan). I would be working from home and, the running of the business would be very inexpencive, major outgoing would be materials (inexpencive), shipping (varies). feasibility
I am looking for advice with regards to which bank to go to, advice in starting a small business in general with regards to internet, advice on feasibility of a back giving a loan in this current ecconomy. The business structure is sound (of course I would say that). I would be looking at making about 30-40,000 profit a year, not much I know but the work i will be doing is my passion and have a great deal of excitment about this project.

thanks in advance for you help.
Nacho
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Enterprise boards are very helpful, and they run courses on setting up in business which could be useful to you.
 
Hi Nacho ire

I found your thread when looking for advice on setting up internet business. I was wondering how you were doing. Like you, my idea is something that is my passion. Plus I'm not particularly commercially minded. I was made redundant a few months ago from a very very different business. I have a profession (which I hate) and didn't have to be commercially minded or deal with money. I would dearly love a shop but I haven't a hope of this and am thinking an internet business might work. Would you mind telling me where you went for advice ......:confused:
THanks
 
why would your business start up loan be paying your mortgage?
surely you'd pay this from the salary you take from your business. Is this a limited company you intend to start up?
have you costed insurance for this business and evaluated the real expense of your materials?
you need to give this a lot more thought and a business plan is a good idea, dont forget the purpose of the business plan might be to prove to yourself that this wont work.

€20,000 capital sounds very low to me. I imagine you could treble that. depending on what credit terms you get from your suppliers and what credit terms you offer to your clients (30/60/90 days plus a provision for bad debts etc)
good luck but you need to really ask yourself hard questions before going ahead.
 
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