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 ......
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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