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[tigers_gonads]

I'll do some copy and pasting later 

[New POD]

Basically it's a case of listing everything you know to be true and all your assumptions about how you will run the business.

1) Who is your target customer?
2) What will you offer them?
3) Why will they buy it off you?
4) how will you advertise ?
5) How much will it cost you to offer that service
6) what will you do if you get more or less business than you planned?

Then there's the predicted finances.  So you should do this on a spreadsheet.

Best, worst and most likely case of sales, and costs.

Then there's the actual plan. a project plan, a financial plan (call it a cash flow forcast)

[Lizzie Zoom]

Basically it's a case of listing everything you know to be true and all your assumptions about how you will run the business.

1) Who is your target customer?
2) What will you offer them?
3) Why will they buy it off you?
4) how will you advertise ?
5) How much will it cost you to offer that service
6) what will you do if you get more or less business than you planned?

Then there's the predicted finances.  So you should do this on a spreadsheet.

Best, worst and most likely case of sales, and costs.

Then there's the actual plan. a project plan, a financial plan (call it a cash flow forcast)

Plus the most important factor of all:  What is your 5 year profit forecast

[aaronjb]

1) Who is your target customer? People too stupid to do their own electrickery
2) What will you offer them? Electrickery
3) Why will they buy it off you? Because I'm awesome
4) how will you advertise ? GayBook
5) How much will it cost you to offer that service? Thruppence
6) what will you do if you get more or less business than you planned? Take a holiday or starve, respectively

There you go, T-G, pre-filled answers for you... (not helping, am I?)

[edit] There may be a reason I was never any good at self employment

[tigers_gonads]

Basically it's a case of listing everything you know to be true and all your assumptions about how you will run the business.

1) Who is your target customer?
2) What will you offer them?
3) Why will they buy it off you?
4) how will you advertise ?
5) How much will it cost you to offer that service
6) what will you do if you get more or less business than you planned?

Then there's the predicted finances.  So you should do this on a spreadsheet.

Best, worst and most likely case of sales, and costs.

Then there's the actual plan. a project plan, a financial plan (call it a cash flow forcast)

Cheers 

[tigers_gonads]

1) Who is your target customer? People too stupid to do their own electrickery
2) What will you offer them? Electrickery
3) Why will they buy it off you? Because I'm awesome
4) how will you advertise ? GayBook
5) How much will it cost you to offer that service? Thruppence
6) what will you do if you get more or less business than you planned? Take a holiday or starve, respectively

There you go, T-G, pre-filled answers for you... (not helping, am I?)

[edit] There may be a reason I was never any good at self employment

Oh you are naughty 

[tigers_gonads]

Okay, here are a few of the questions from the booklet that I have to fill in 
This is what I have got upto now ...........

My Business Idea

Return to working as a self employed electrician / alarm system / CCTV engineer after a break of 7 years.

My business will incorporate all aspects of domestic electrical and testing work. Supply and fit and upgrade security systems for homeowners and small business, including intruder alarms, smoke or fire detectors, CCTV cameras, security lighting and access control panels. Will provide testing and repair services and some installer survey properties, provide consultancy and plan or design systems before installation

Build up a business which has a self sustained, regular income.

Due to my wife working full time and all household outstanding bills covered by her wages, it is the intention to run the business using savings and NO Credit.

A wage will be only taken when all business outgoings are covered and sufficient funds are in the business account hence slowly building up a cash surplus for which I can use to improve the business further and branch out into other fields applicable to trades.




Business Aims and Objectives (Short, Medium and Long term)


0-6 months:

Make effort to contact old customers built up over 16 years letting them know that I’m back again and available for work.
Spread the word amongst associates I personally know in business around the area.
Promote the business via social media.

6-12 months:

As above plus ........
Extend on old customer list using tactical advertising when funds allow.
Look to gain work on a sub contractor basis in the local and near surrounding area (max 60 minutes travelling from base)


12 months onwards

Business will be re established.
Look to have a stable income from regular clients.
Look to branch out into other fields applicable to trade.




Serious Answers Please    

[Doctor Gollum]

A good summary, just needs bolstering with realistic costings...

[tigers_gonads]

A good summary, just needs bolstering with realistic costings...

Cheers 

[tigers_gonads]

Next bit .............

Personal Profile (About You)
Why are you interested in running your own business? Any previous work experience? Any qualification and education? Training (or short courses)? C.V.
Personal aims and objectives – Year 0-1, Year 2-3 and Year 4-5

I was a sole trader / electrician, alarm system engineer for 16 years until I was forced to cease trading due to non payment of moneys due. I believe that I am much older and wiser since my last venture and now feel I can make a go out of it.

Personal aims and objectives -  To give myself and family a good, stable income with a year on year improvement both in financial gains and quality of life.

My work experience / qualifications are covered on my CV which is included with this application.

Key Personnel

Who will be involved in your business and what will their roles be?

I will be working as a sole trader initially.
Using previous experience, I will be looking after all aspects of the business.
At a later date if work dictates, I intend to bring people I know and trust in the various trades on a
job by job / sub contractor basis.


My Personal/Business Strengths Weaknesses Opportunities Threats
Strengths

16 years experience in the field as a sole trader.
Over 30 years experience in his field.
Large database of past customers.
Older / wiser.
Since my bankruptcy, I have already built up my score to well above the local average using good financial practices.
   
Weaknesses

Bankruptcy – working on building up credit score, know from past experience will never get in this situation again.

Opportunities

Giving myself a chance to build a successful business.

   
Threats

Any other business competing in my field of expertise.



Blue text is my words
The Weaknesses, Opportunities and Threats fields are the ones which i'm struggling to fill with anything relivent if anybody has any useful imput 

[Doctor Gollum]

Threats could simply be life... ie things that either prevent you working or temporarily divert your attention...

Doing this debt free is the only way to do it, but to that end, I would consider an emergency fund for both the house and the business... Initially aim for £750-1,000 for each and then as time allows, build it upto 6 months of expenses for both household and business. That way, if your washing machine or Dewalt drill suddenly dies, it isn't going to be a problem, you simply go and buy a new one.

If you can add this into your plan, it will demonstrate a level of preparedness that 'normal' people would go into debt for.

Similarly, demonstrate an allowance for retirement beyond the state pension.

[zirk]

My thoughts -

Okay, here are a few of the questions from the booklet that I have to fill in 
This is what I have got upto now ...........

My Business Idea

Return to working as a self employed electrician / alarm system / CCTV engineer after a break of 7 years.
Self Employed Electrician in Electrical Systems and Safety which will also include Value Added services such as Alarm Systems, CCTV Engineering and modern day Data and Network Cabling Installations.

My business will incorporate all aspects of domestic electrical and testing work. Supply and fit and upgrade security systems for homeowners and small business, including intruder alarms, smoke or fire detectors, CCTV cameras, security lighting and access control panels. Will provide testing and repair services and some installer survey properties, provide consultancy and plan or design systems before installation

Build up a business which has a self sustained, regular income.
Build up a Business which has a self sustained and regular Turnover.

Due to my wife working full time and all household outstanding bills covered by her wages, it is the intention to run the business using savings and NO Credit.
My Wife is in Full Time Employment and this presents a major contributing factor to our Household Income, therefore it is the intention to initially Start Up the Business using our own savings and without the need for additional Out Sourced Funds.

A wage will be only taken when all business outgoings are covered and sufficient funds are in the business account hence slowly building up a cash surplus for which I can use to improve the business further and branch out into other fields applicable to trades.
Not sure this is good statement as you will probably by expected to take some Earnings or Drawings during a Start Up stage and you have already stated Funding by Savings which would be included within your Profit and Loss and Cash Flow Forecast Statements., so may be something like this -

Hmm, not sure, still thinking about it. 






Business Aims and Objectives (Short, Medium and Long term)


0-6 months:

Make effort to contact old customers built up over 16 years letting them know that I’m back again and available for work.
Spread the word amongst associates I personally know in business around the area.
Promote the business via social media.
Contact previous Customers built up over 16 years in order to establish their awareness of the new Business Venture.
Promote the Business using Family, Friends and Established Associates I personally know within the Business Capture Area.
Additionally Market and Promote the Business with the help of Social Media Methods.

6-12 months:

As above plus ........
Extend on old customer list using tactical advertising when funds allow.
Look to gain work on a sub contractor basis in the local and near surrounding area (max 60 minutes travelling from base)


12 months onwards

Business will be re established. (I think I would take this out, unlikely any New Start Up will be Established after Just 12 Months)
Look to have a stable income from regular clients.
Look to branch out into other fields applicable to trade.
Look to have a stable Turnover from regular and referred Clients.
Look to expand into other Fields applicable to the Business Trade.

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Serious Answers Please    
[/quote]

[tigers_gonads]

Zirk   

That's pretty much what I was thinking in my head but much more eloquently put 

Thanks 

[Nick W]

Zirk   

That's pretty much what I was thinking in my head but much more eloquently put 

Thanks 

Eloquence would require less of the redundant jargon.

[tigers_gonads]

Zirk   

That's pretty much what I was thinking in my head but much more eloquently put 

Thanks 

Eloquence would require less of the redundant jargon.

The problem is, my lovely mentor loves that sort of shite 

Here is another one .............  she is insisting on me researching 3 of my "so called" competitors websites and I have to identify strengths and weaknesses from them including there pricing structure 
Now if I was opening a shop, it would be no problem.
You pop in incognito, eyeball the prices and deco / advertising and bog off 
But I know and anybody else in my game knows that websites don't give accurate prices for labour rates which is what she is demanding.
Also if you ring them up, they are vague as fick until you let them get through your front door. THEN the bartering starts