we have worked together so we are really colleagues not friends out of work. she asked me to join her to set up an introduction agency. not an online one, but one where we would meet our clients face2face.
We have made up our own business plan, like what we'd offer membership plans. but we are unsure of the marketing and how to drum up the first two important clients! who can we turn to for some advice.?free is best at the moment.
2007-09-13 10:19:32 · 6 answers · asked by Anonymous in Business & Finance ➔ Small Business
I am not worried about our friendship as I said we have worked together for over 5years now and we do work very well together. I just need advice on how to move on from our drafted business plan really. thanks
2007-09-13 10:37:44 · update #1
ok most of you are focusing on the partnership? I still need to employ staff right, so I am going to have to work with other people? so what you are saying is that I can do this on my own? really? mmh.I understand that alot of people would fall out over money issues,but I see it as half the worry of the business, having someone else to help you work things out?
2007-09-13 10:44:39 · update #2
Okay,
The simple part first..........The legalities.........
Partnership agreement. I suggest you draw up a partnership agreement just in case things turn sour and to avoid any grey areas ie. one person may stump up the cash to start the business whilst the other partner is doing all the work. Get it agreed from the START as it can cause huge problems later down the line if there is no agreement in place. Ask any solicitor.
Tax office. Register yourself as a partnership, Limited company or Limited liability partnership with the tax office. You have three months to do this from when you start trading. If you do not do this you will face penalties of £100 plus. See an accountant and get it done properly. Some will offer you free advice during the first few meetings.
And now the tricky part...........
Financing. Do you need money for the project to start it up. I can see you have prepared a business plan and this is always the first thing a potential new business should prepare prior to going into business. this is the first thing a bank and any prime lender will ask for. Is it feasible and does it contain all of the necessary information, not just the figures.
Marketing. Seeming as you do not intend to do this online you should start off concentrating on the local area and expanding from there. Put adverts in shop windows, hairdressers, petrol stations and anywhere else you think the ideal client would see them like pubs and nightclubs and so on. Bus stops. As I said concentrate locally before moving on and start with a small level of growth. Don't try and run before you can walk as one of the main reasons new businesses fail is that they run out of money and have tried growing too quickly.
Corporate. Have you considered coroporate clients as this is where the money really is. Hit the gyms and the beauty and nail parlours with adverts.
My only true advice would be to start the business as a very small operation and work, work, work, work and do as much as you can yourself until you feel happy at the extra costs of taking staff on and growing things. Do not do this until you have money in the bank and have factored in for your debts such as tax and costs.
And lastly............
I wish you the very best of luck
2007-09-14 02:02:37 · answer #1 · answered by veilofmistiness 2 · 1⤊ 0⤋
If you decide to do so, have a proper Partnership Agreement drafted by a solicitor maybe with a limited liability clause making you a limited company or partnership. You are fine now but a business relationship is a different and harder one than a work friendship, that expense now may save you heartbreak in later years when say for unforeseen circumstances the partnership breaks up. if you are married do not let your spouse do the books.Do them yourselves but pay an Accountant he will save you more than his fees in tax savings if you are successful
2007-09-13 17:32:04 · answer #2 · answered by Scouse 7 · 0⤊ 0⤋
Business Link - free advice from bank accounts to advertising - just book an appointment with an advice you's have nothing to lose!!
2007-09-13 17:59:12 · answer #3 · answered by Adam 2 · 0⤊ 0⤋
50% each? who hold the money and who do the dirty job?
partnership for 2 people only is a bad idea. If possible more partner is better or sleeping partner involved with money is better.
2007-09-13 17:41:03 · answer #4 · answered by kelly c 3 · 0⤊ 0⤋
i'm also about to start up my own business with a close friend of mine, i have found these site's women in business co uk , start ups co uk & business link gov uk (they are all free) really helpful loads of advice, but business link has to be the best one it has loads of advice, sign up with them online and get all the info you'll need. Good luck
2007-09-13 19:45:39 · answer #5 · answered by Anonymous · 1⤊ 0⤋
keep in mind, that if you do,your friendship will splinter when it comes to business and money
2007-09-13 17:34:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋