Startup Business Plan

Hi Folks

Just joined this forum, and hope to have many posts with ye all.

I am looking to start up my own wee tinting/ppf workshop in Scotland.
But due to the poor economy, cash is not readily available for starting my own Business.
My bank however have requested that If I can produce a good Business plan they will give me a Business start up loan.

So I wish to ask if any of you kind fellow Tinters have been in this same position and have a business plan/template would you consider sharing with me so that I can successfully start my new venture.

Cheers

There are so many different things, just write it all down, organize it being sure and cover all your bases. I have always started my business small and worked them into bigger ones. My advice is start small and keep it that way so you can be in control without a big payment to the bank
Welcome to the board! Don't let Blade see your spelling, we call him the spelling man ( got to watch him, I think he uses spell check on all our post) Dang I hope I have mine right now

You arent gonna like this answer, but dont do it all. Borrowing money to start a new venture would be a poor decision. Ideally, someone wanting to start their own business should have 1-3 years of cash to "float" when you arent making money. I'll admit I didnt have that kind of money when I started, but I did it on the side for years and was able build many referals. But dont borrow money, dont go into debt.

SB ( small business ) loans are a great way to build credit and a good reputation for your company. Good luck BR.........

But Zeus, there is no good reason to get into debt. The misconception that your credit score is important is false. Although, with a low credit score, people may have to pay a little more for somethings (which is why a credit score should not me checked when buying insurance/cell phones etc.). You could easily purchase a house w/o a credit score, and without debt. In order to have a good credit score you HAVE to OWE someone money. BR, dont borrow money to start a biz. Look at Microsoft and Harley Davidson. They operate with 0 debt. They owe NO ONE money. That is a good business plan.

Read this: http://www.usatoday.com/money/companies/20...debt-free_x.htm

i disagree it takes money to make money what is the difference if he borrows it if he is good at what he does he will have no issues paying it back

good luck with the startup of your new business and remember work hard and stay focused

Taking a loan out to START a business does not make people come to his shop. Not only is starting a business risky, he would be taking added risk of a loan, in which he may have to put something up for collateral. It does take money to make money (for the most part), but it should be your money. Only the strong survive in todays economy. WalMart, Microsoft, Cisco Sytems, and other companies that operate without debt are the strong, and they are still doing VERY well. You only see companies with large amount of debt failing. I know this is on a much smaller scale, but the principles of it are the same. Debt is for broke people. Good luck BR, I honestly wish you the best.

There are classes offered through local community colleges specifically aimed at helping you design a solid business plan.

Be very careful with Business Plans.
Of course the banks want to see one to assess you have thought things through but in my experience they do not check your figures and they have no idea of your target market so can not check your proposed sales figures or likely hood of success.
You can therefore make it say what you like and that does not mean it will work. Sure it might get you a loan which then might get you into difficulty very quickly if you do not make your target sales. It is very easy to put down expected sales higher than what actually will happen.

Where in the Borders are you?
I cover all of Cumbria and southern Scotland around Dumfries and the market is not huge.

I have started several businesses and always done a business plan which is essential for your own assessment of the proposed business but things never go according to the plan and I have always been glad that I have not used them to borrow money.

The basics of tinting do not require a large outlay and experience is your main asset so try and do it without the loan if at all possible.

and good luck, (but stay off my patch )

Hi Folks
Thanks for the reply's.

As Callwild has stated I am not looking for much £s just enough to get started.

I now think I shall provide my service from home with a collect and deliver service until more established.
What do yee think ? This would keep initial outlay down.

Don't worry Callwild I originally come from Hawick but now reside further north.
Dont think there is a huge market here either but I would like to think there is enough to make a nice living.
I would also start off as part time with keeping my other employment going untill established.

But any help/Info you can give to me would be much appreciated.

Cant wait to get started as I will definitely enjoy this new venture. ( compared with my previous employment in dead end jobs)

Thanks again folks
Border Reiver

i once played golf with a very wealthy business man as we talked about businesses and operating capital his quote was " any smart businessman would use the banks money , rather than his own money to fund a business " sounds like good advice to me

That's funny.. I was out with some influential businessmen... and they went the other way.. more of a ' You can't get ahead paying interest to someone else ' approach.

Sorry, hes not smart. Being in debt is NOT smart. Look at our country.

TintJunkie must be a Dave Ramsey fan. I agree, start small, working out of the house evenings and weekends til you really build a good base.

I have to agree, In the end when the Lion lays down with the Lamb, you want to the Lion!

Yup, and with his common sense approach to debt, it has changed our lives. Ive got less than a year to be debt free...minus the house.


Now, everything, including our business is done with cash/business account. Our business is debt free. Dave says you cant buy your way out of debt, but Obama is trying.

I agree and disagree with you on this. A business loan can be the best thing you could ever do for yourself. However I dont think a tint business is a great idea for a business loan. The simple reasone bieng that for the first few years, your going to be somewhat slow, and just dead slow in the winter. So you dont want to ad to your overhead in your first few winters. You are going to have a hard enough time paying for the shop and etc. I actualy know establshed business that use a line of credit to get them through thier winters. That makes sense, because they borrow it in the slow months. Taking enough to cover the payments during those months. Then pay it back during the busy months when they can afford to do so. A strt up loan for a tint business? I just have to say it is a bad idea!

A smart business man never uses his own money! I agree with this and use it often when talking about starting a business with people, but not a tint business.

Nope...a smart businessman doesnt. If you make enough money during the busy months, it will float you throught the slow months. Why would you want to pay interest on money you arent earning? No one can win the arguement of borrowing money. Again, look at the companies that operate w/o debt...they are KINGS!!!!!!

Even though my opinion means nothing... I think TintJunkie's got it.

I had three people in recent memory to look to as role models in business. 2 of them (one of them is a tinter, who trained me, and the other is in my immediate family) used all of their own money, and constantly reinvested in their businesses (and other other investments on the side, like real estate eventually). The other one, used loans, lines of credit, and everything to float his inventory, etc. 2 of the 3 are still thriving during this recession and the other one is bankrupt...

In time I'd like to only 'borrow' money if I actually have the 'real' money elsewhere to pay it right off should things turn for the worst... But what do I know.

Again just to clarify I do not include a tint business in this statement. Because for one, the start up costs are not all that high, but let me explain that statement. Lets say your looking to start up up a business that requires a intial start up cost of $100.000. You have that much saved up and can easily use your own money, so you could do it yourself if you chose. The problem with this is two things. The first bieng that if the business never takes off, you are out your money. Wheere if you had an investor, you would still have all of your money, an they would be out. The second problem is that now you have nothing for other investments, that could be making you money in other ways.

as far as your debt free co's bieng kings. well of course the kings will be debt free, they are making a killing and have no reason to be in debt. However look at all the co's that begged borrwed and stole to start up, and now are sitting on top of the world. Also the reason to pay interest on money you would be making is actualy quite simple. Because in the right cases, you would never have made that money with out the loan. If I could bring in $250.000 profit from a business I had to borrow money for, and nothing if I never borrowed it. I am most certainley going to borrow that money, and gladly pay the interest rate for a few years. Because in the long run I made out much better.

thank you and just to clarify something i think its very difficult to move into a shop and eventually expand on little to no working capital, but i do think a line of credit would be the way to go for a tint business thats what i meant.

I dont think taking out a loan to start your own business in a field that you dont have any experience in is a very good starting point. Whether its film or anything else.

I just read the first few post, so im just assuming you dont have a lot of experience, I could be wrong.

There are several books available that will guide you through writing a business plan....

I started out 11 years ago with $194.00 and worked mobile from the trunk of my Monte SS...
After a year, I bought a truck, paid it off, then another newer truck and paid it off.....

Made and saved enough for a deposit and a few months rent on a VERY SMALL shop on the busiest road in or town, less than a mile from most of the car dealerships in our area.....
A few years later, the opportunity came up to buy the commercial land beside my little shop....
My theory was, nothing ventured, nothing gained.... Got a loan and bought the land and the existing business... (a brake and lube shop, with a 50x50 building, with all equipment and clientele) Added my business on with a new 40x60 building in the rear...

Now we are in a significant amount of debt, but my assets have grown exponentially and are worth more than we owe.
Had I not taken the chance, I would still be in that 24x24 cookie oven with no windows or bathrooms or worse, back working for someone else......

My point being, that it is possible to start a small biz with little or no capital, but unless you're independently wealthy or win the lotto, a small business loan is almost necessary for future growth.... Nothing ventured, nothing gained....

Good luck in your venture, I wish you the best....