Where To Go From Here....

[jonnyboy]

Lee
I am away at the moment but thinking laterally, and looking around all the various motorwas on the continent, what about LPG based conversions? Petrol vans generally are uunloved by the trade so inexpensive, but for the "private" driver a nicer experience and of course livelier and cheap to run, autogas is freely available on the continent. Its just an idl thought but possibly a good niche for next year (too late for 2011 season now) ?

 

[Red C220]

In the current economic climate, breaking even and covering your overheads is the equivalent to makin a profit.

It generally takes 3 years to get a business estbalished unless you get a slice of luck before hand.

For 3 years draw as little as you can and pump as much as possible back into the business in stock. The more stock you hold, the greater your chance of sales.

Today wasn't a great day for me, I appointed a liquidator for my business this morning. It was inevitable as I've watched customer after customer go bust over the last 8 months.

I'm an importer/wholesaler who is business to business and I could see this coming for at least 6 months.

My last set of accounts showed a net profit, but by chosing to liquidate I've wiped out £120,000 a year in fixed overheads, get the opportunity to start again but far more streamlined.

This means I'm actually going to be making more money by selling less product, then if things pick up I can pick it up again.

The hardest thing for me is laying off staff, it's hard to look them in the eye and know you've just pulled the rug out from under them.

I have some pieces of advice for you, based on my mistakes and experience over the last 20 years of business ownership.

Set up a limited company, do not trade as a sole trader.

If you borrow money, never put your house up as collateral for a business loan. If you must borrow against your house, get a secured loan, then put the money into the business as a directors loan. Always keep your business and private assets seperate.

Pay yourself a salary strictly as if you are an employee.

Avoid giving a personal guarantee for anything for a Ltd company at all costs.

Good luck though, it's really tough out there. I've genuinely not known anything like the business climate we have now.

 

[Deleted member 37751]

Just as another quick update to anyone vaguely interested; I sold three vans in one day yesterday!!

Hopefully it will be a sign of things to come, I'm hoping my biggest problem will be keeping my stock topped up!

Thank you to everyone for their advice. When it is down to me to generate my income, it's hard when there is no-one there to gee you up but you 'orrible lot have been terrific and I genuinely thank you all from the heart of my bottom..

 

[rascalmaster]

"thank you all from the heart of my bottom"

 

[Deleted member 37751]

Seems strange reading this thread again, but I thought I'd give you all an update because I joined this forum at roughly the same time as I started my business and the two run parallel;

Business is good, so good in fact that I'm expanding (not my waistline) my operations into different parts of commercial vehicles.

We're going to be getting a recovery truck and also looking to move to a more prominent site.

I'm also going into business with someone that I've known for a while but the timings never been quite right for both of us and now it is. He's more 'business-minded', whereas I'm more 'sales-minded' if that makes sense.

The flip-side to this is that I'll not be around much from in a few weeks time but I'll make sure I check in as often as possible.

 

[trapperjohn]

Good Luck with the new venture. Onwards and upwards.

CHEERS.

 

[seven]

Good luck mate. Hope it works out well for you - I am sure it will.

 

[A210AMG]

Good luck,

From the start of this thread to maybe being in an AMG car soon = great work !

 

[TDE1]

Congrats on getting to this stage - best of luck with the new plans!

 

[m2287]

Congrads and good luck... Bet you are glad you stuck with it!

 

[jaymanek]

SPX ive just come across a lovely old sprinter recovery truck that will be on ebay in the next few days... Its a 99T with the 2.9 diesel... really solid old thing with a nice bed and new winch... will be priced at around £3500 if of any interest.

 

[GreetMe]

Glad to hear things are going well for you.

I'd say by Saturday afternoon you'll be about about ready to get an E55.

 

[ringway]

Seems strange reading this thread again, but I thought I'd give you all an update because I joined this forum at roughly the same time as I started my business and the two run parallel;

Business is good, so good in fact that I'm expanding (not my waistline) my operations into different parts of commercial vehicles.

We're going to be getting a recovery truck and also looking to move to a more prominent site.

I'm also going into business with someone that I've known for a while but the timings never been quite right for both of us and now it is. He's more 'business-minded', whereas I'm more 'sales-minded' if that makes sense.

The flip-side to this is that I'll not be around much from in a few weeks time but I'll make sure I check in as often as possible.

Best of luck, Lee.

 

[neilz]

SPX ive just come across a lovely old sprinter recovery truck that will be on ebay in the next few days... Its a 99T with the 2.9 diesel... really solid old thing with a nice bed and new winch... will be priced at around £3500 if of any interest.

I was surprised - there are some real bargains to be had on eBay, thought recovery vehicles cost a lot more than that!

mercedes vario spec lift recovery truck 7.5 ton | eBay
MERCEDES 1114 TILT & SLIDE CREW CAB RECOVERY TRUCK | eBay
1995 MERCEDES 310D BEAVERTAIL RECOVERY VEHICLE | eBay
MERCEDES 814 Tilt Slide Recovery Truck ~ Winch ~ PTO ~ 7.5 Tonne ~ | eBay
MERCEDES BENZ 310D RECOVERY TRUCK CAR TRANSPORTER BEAVERTAIL T&T | eBay
1992 (J) MERCEDES 814 RECOVERY LORRY / TRANSPORTER 7.5 TONNE | eBay
MERCEDES 814 BEAVERTAIL TRUCK WITH WINCH RECOVERY TRUCK | eBay

 

[neilz]

And, like Ringway said, best of luck with your expansion!

 

[NW_Merc]

On the back of this thread, some of the northern contingent know, I too have started my own business in photography and related products. I own the building I'm situated in, so lucky in that its an investment. At the moment times are hard as it takes time to build a good reputation. From the previous posts, I thought that I was doing something wrong and that's why people aren't coming in through the door. However, I understand from what has been said that it is a slow process and sure enough the business will pick up soon hopefully.

My premises houses my studio, photo printing machines (soon to be installed) and custom picture framing service.

I started this business after much thought and being made redundant from my previous job. I'm not expecting to become rich over night, but just to have enough money to pay overheads and suppliers and my mortgage on my house would be enough for now.

 

[Bellow]

Onwards and upwards Lee - good for you. Long may it continue.

 

[Beetnik]

Good luck but be absolutely sure you're doing the right thing by going in with someone else - it's all too often a recipe for disaster.

 

[WOODYTHEWISE]

The very best wishes, and the best of British to you.

 

[Scott_F]

Seems strange reading this thread again, but I thought I'd give you all an update because I joined this forum at roughly the same time as I started my business and the two run parallel;

Business is good, so good in fact that I'm expanding (not my waistline) my operations into different parts of commercial vehicles.

We're going to be getting a recovery truck and also looking to move to a more prominent site.

I'm also going into business with someone that I've known for a while but the timings never been quite right for both of us and now it is. He's more 'business-minded', whereas I'm more 'sales-minded' if that makes sense.

You're not starting a wheel-clamping operation are you ??