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hi all, im currently making plans to start up on my own as a domestic appliance engineer, a few places have asked me for my business plan, which i have tried to draw up but im not really sure what i need to put in it.
if anyone has a template or a copy of there business plan i could look at for advice i would appreciate if you could email me it.
are there any other documents i should look at drawing up, i have a few meetings this week with potential work providers and not sure what i should take with me??
any help will be greatly appreicated.
thankyou
kevin.
Re: Business plan???
Hi Kevin,
What, I assume, the bank/s are looking for is a simple financial plan of what you’re looking to do.
What they look for is a plan of what income you will have and what costs you will have. What they are looking for really is your costs, you can control your costs, you can, to much lesser degree, control your income.
When it comes to income what they’re looking for is what is guaranteed income, that is to say that you KNOW what that income is and will be then they’re looking for proof essentially that what you’re telling them is the case, especially if you’re looking for an overdraft.
Banks will only bet on a sure thing, they don’t take chances.
And therein lies the problems with this business from a security point of view…
There’s no guaranteed work level. There’s no guaranteed rates. There’s no “contract” worth the paper it’s written on. There’s no value in spares stocks.
I have sat for hours and hours pouring over various spreadsheets and business plans for such things and, TBH, I was wasting my time on the whole apart from one thing, it taught me I was wasting my time.
I know this seems very negative but it isn’t really as it brought me to a startling realisation, you do it yourself and finance it yourself or you don’t do it. Wherever you possibly can, you self-fund. You don’t take on debt and you don’t take on work that doesn’t earn you anything.
Harsh, I know, but bitter experience is a good teacher.
HTH
K.
Re: Business plan???
yip i agree with k . wouldnt waste to much time on spread sheets etc for the bank..although they love them..
start making money and deposit into bank they will soon see you know how to generate income..financial history helps as you can prove income..
if you dont have to much expense,s put running costs on credit card and pay of end of month/60 days..before you have to pay intrest.. if after a few months you are running up credit card then you may not have a good buisness and you would need to stop and think if you can make money from white goods industry??
if you really need to borrow money from bank go and see an accountant and get him to do a cash flow projection… ie what you expect to earn ovne the next 12 months..
ally
Re: Business plan???
I would agree with the previous comments. Our trade is one that you can start doing on a shoestring, with a cheap van and a basic set of tools plus the most common spares. I didn’t even have a van at first, I was using my old MGBGT sports car, with a trailer if I needed to move a machine. I did enquire about the Enterprise Allowance scheme but at the time they were not offering help for businesses within the service industries.
I’ve never gone into refrigeration as you do need more expensive equipment for re-gassing and I considered that it might be a risky investment if a big proportion of customers declined such repairs on cost grounds.
I’ve never had an overdraft or other business loan and have never made a business plan for this particular business, although I did do one for a garage door installation business I was planning when I lived in England.Re: Business plan???
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Re: Business plan???
ive done the rbs plan its actually quite good, im not looking for it for financing or anything, all my start up costs are self funded 😥
i was talking to business gateway about taxes etc and they suggested i do a plan and bring it in and they would help, other than that i dont see a need for a plan either..
thanks for the advice guys
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