I'm after thoughts really more than advice

Having been in the IT industry since leaving school I feel stuck in a rut and bored......It's a long time since I've actually done anything such as fix or install them and find myself mainly pushing paper around the desk and watching time pass slowly by.....(except whan I'm on RRSPORT.CO.UK of course)

So, although I'm happy with the money I'm paid I find myself wondering what to do to improve my working life.

Considered starting my own business but to be honest I only know the computer industry and there is more than enough competition in that sector
That's lead me to start thinking about buying an existing business.......there seems to be a fair number of leasehold businesses for sale for £50K with annual turnovers of £250K....

Has anyone else made this leap? If so please share your thoughts  Current: I can't say...Oh the Shame!
Gone: 2003 Audi S4 - 340BHP of Fun
Gone: 2005 RRS SE, Silver, Chrome Mirrors, Tinted with a stupid spare wheel!
Gone: Audi A4 2.5 TDi Quattro 180bhp
Gone: BMW 535i
Gone: 1985 Audi Quattro
Gone: Subaru Imprezza Turbo (rubbish)

Jonty,

Well congrats on your first step of coming to the notion that working for oneself is the way to go....

But realiity is its not that simple, without writing an essay (and I could), here are some simple tips from our own experience:

1.Sell what your customers want.
Don't focus only on what you want. If you don't think about your customers, chances are they won't buy your product. Make sure you research your market to find out if your service or product makes sense and has a potential customer base.

2. Write a business plan.
If you need it, this is the best way to attract investors and lenders for your business. A good business plan also helps you keep detailed records of your vision and goals and keep on track.

3. Know your strengths.
Focus on what you do well and leave the rest. You don't have to know all the answers and you don't have to cover all the bases. Be realistic about what you can and can't do. Remember, it's better to ask for help when you don't know something.

4. Do your research.
Use classes, seminars, books, and tapes to learn all you can before you start (dont need to do an MBA for sure) but if you don't know anything about running a business, there are plenty of free and low-cost classes, books, and tapes to get the basics down. Try your local library or bookstore, and ask around.

Find out all you can about your market, your competition, possible locations, and what people want.

5. Live within your means.
You need to keep a close eye on your budget or you'll end up in serious debt or out of business very quickly. If you can't get everything you think you need right away, stop and rethink your plan. Sounds boring but its the most important point here!!!!!!!

6. Create a marketing plan.
This is your key to attracting new customers. Map out how you want to get new customers to use your product or service and how you'll keep them coming back. You have to sell yourself to get people to come to you.

7. You can't do it all by yourself (VERY CRITICAL POINT)
The more people you have helping you with the "little things," the more time you can spend growing your business. Don't be afraid to ask for help and advice from friends and family.

8. HAVE SERIOUS FUN !!!!


We started off just 3 of us around our dining table one afternoon deciding to take our expertise in engineering processing, management and commecial investment and apply it to the wifes families small fabrication busness in Vietnam when my brother in law wanted to retire. So in 5yrs we have gone from a factory with 5 local vietnamses guys making metal brackets and screws by hand to designing/prototyping/manufacturing and selling electronic security components and products to the Asia Auto market and now we have a modern factory, 200 staff and sustainable revenues.

Todays economic environment may seem prohibitive but i would say its a big advantage if you have the drive to make things happen and willing to make sacrifices but remember you will make mistakes, just learn from them but it can be very rewarding. Brit across the Pond
07 TATA (LR) RRS SuperVindaloocharged, Buckingham Blue, Stormers, TPMS, Sunroof, Rear Difflock,PDC front & rear, Privacy, Rear twin DVD, premium ice, mudflaps, premium Ivory leather, lined oak, PTI, Sat Radio.

Good tips.. and lessons for us all!

I would say from my limited business experience.. 4 years now..
For an existing business.. why is it for sale in the first place?

Get the accounts in full for as far back as possible?
For any existing business, if current going concern, they should offer a hand over period if they have nothing to hide. Solicitors must draw up everything and cover every area to avoid dispute afterwards.

I have bought two businesses in the past, and both are running well and everything was done clearly and efficiently. Retirment sales are always most genuine i feel...

ayates wrote:

We started off just 3 of us around our dining table one afternoon deciding to take our expertise in engineering processing, management and commecial investment and apply it to the wifes families small fabrication busness in Vietnam when my brother in law wanted to retire. So in 5yrs we have gone from a factory with 5 local vietnamses guys making metal brackets and screws by hand to designing/prototyping/manufacturing and selling electronic security components and products to the Asia Auto market and now we have a modern factory, 200 staff and sustainable revenues.

where is the fu***** DBS???!!!!!



PS: btw nice tips  
L 405 2013 FFRR 5.0 SC
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WINNER - 2009 �Best Avatar� Award
WINNER - 2009 Comedian Of The Year Award

as ayates said

I started my business 7 years ago from ground scratch - at the time I considered buying an existing AV business, however after a long process I basically concluded all the businesses I looked at needed complete change to suit what I believed the future of the AV industry was leading so they offered no real advantage

When looking at buying a business, I would recommend thinking about the industry and where you expect it to be in 10 years time and then consider is the business your buying is geared this way

Kaine

Sending MrsY round to see you Angel, take cover  Brit across the Pond
07 TATA (LR) RRS SuperVindaloocharged, Buckingham Blue, Stormers, TPMS, Sunroof, Rear Difflock,PDC front & rear, Privacy, Rear twin DVD, premium ice, mudflaps, premium Ivory leather, lined oak, PTI, Sat Radio.

i am getting my coat ........  
L 405 2013 FFRR 5.0 SC
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WINNER - 2009 �Best Avatar� Award
WINNER - 2009 Comedian Of The Year Award

Thanks all for your thoughts (except xxxangelxxx who's obsessed with DBS's )

Haven't made any decision yet on what kind of business to look deeper into......would like to change direction but there's obviously more risk in entering a completely new business area.

I think a long weekend of contemplation lies ahead. Fortunately she who must be obeyed understands where I'm coming from and is happy to make the leap with me.....  Current: I can't say...Oh the Shame!
Gone: 2003 Audi S4 - 340BHP of Fun
Gone: 2005 RRS SE, Silver, Chrome Mirrors, Tinted with a stupid spare wheel!
Gone: Audi A4 2.5 TDi Quattro 180bhp
Gone: BMW 535i
Gone: 1985 Audi Quattro
Gone: Subaru Imprezza Turbo (rubbish)

hey i also said that ayates tips are good i am not only obsessed by the DBS ....







































well you are right  
L 405 2013 FFRR 5.0 SC
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WINNER - 2009 �Best Avatar� Award
WINNER - 2009 Comedian Of The Year Award

Quote:

RANGE_LOVER said:

DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS
DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS
DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS
DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS
DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS
DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS
DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS
DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS
DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS DBS

Who says were obsessed

If you own it you will understand.

That is the best way to describe it

 
L 405 2013 FFRR 5.0 SC
--------------------------------------------------------------
WINNER - 2009 �Best Avatar� Award
WINNER - 2009 Comedian Of The Year Award