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New business, advice?

Discussion in 'General Chat' started by T3nnant, Apr 9, 2013.

  1. T3nnant
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    T3nnant Active Member

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    [Apr 9, 2013]
    Right its come to the point where iv decided to go all in to owning and running my own business.
    Im currently employed, but due to working 8-4:30 mon-fri i find it hard to have time for anything.

    I want to open my own gym as whenever i go after work (around 6-8) its always packed, I can get a Unit in my current industrial estate no problem as there are a couple empty.
    My problem comes to the money side, i do have some savings, but with paying for car, phonebills and general upkeep im not left with much.
    Iv been looking into Grants, and understand there are different types.
    Some where the government will help you out in exchange for providing jobs or somewhere you can pay them back at a slower rate in exchange for taking up property lease.

    Does anyone have any experience or advice?

    There is alot more detail to go into of course but i wil be doing my homework.



    My mate is currently unemployed and is Well into his bodybuilding so it only seems natural to have his help, along with another mate whos an ex pro boxer.
    As i say i have the location in mind, I also have contacts for gym equipment, the downside is that the basic equipment (catering for around 10 people) will be around £15,000 Not including furnishing the unit, e.g cloakroom/changing room, dual toilets, lockers, reception. The electric, water and heating are included in the rent or the unit.

    The reward would be great, personally id love to have the freedom to do what i enjoy.

    I have the number for the local business advice centre and ill try and make an appointment on my dinner break tomorrow.
    Other than that it would be great if anyone has any ideas or advice for me?

    id love to hear all comments, even the negative ones. They will all help in my quest.

    chris.
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  3. BBlackburn
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    BBlackburn Member

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    [Apr 10, 2013]
    No idea about the grant side of things, but good luck with the new business I would love to open my own gym and have time to go whenever I want to and stick to a program and diet for once.
    So good luck!!
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  4. s3dave
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    s3dave TFSI Hybrid

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    [Apr 10, 2013]
    How are you going to stand out from the big boys with all their high tech? If you think or want all the time/freedom in the world dont open your own business, it just doesnt happen, until it has matured to a point that you are virtually doing nothing in the business, and have all bases covered by employees.. that can take years..
    Not trying to be negative, and if you put the hours in and try to keep employment low until you are sure its taken off, you will reap the rewards..
    Ohh and good luck.. ;)
    #3
  5. T3nnant
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    T3nnant Active Member

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    [Apr 10, 2013]
    Thank you!

    Im not trying to compete with places like Banatynes or fx leisure, im currently at a smallish gym (around 200 members but only
    around 15 at a time, including dance or spin classes)
    I just want to be able to offer fitness at a decent affordable price, with no contracts to tie you down, open at decent hours for people to come and train and with a helpful friendly atmosphere.

    Big gyms dont treat you right, after all youve paid youre membership and you still feel like you have to give more to get any help.

    I didnt have time today to see about a meeting with a business adviser so ill have to see if i can get one tomorrow. Id love to have this in motion before december.
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  6. StateOfPlay
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    StateOfPlay Well-Known Member

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    [Apr 10, 2013]
    Before you ask for a grant you will need a solid business plan. This is what they will tell you at Business Link who are a government sponsored advice service.

    £15000 for equipment, what about maintenance for when they break down? Can you rent equipment instead rather than laying out capital? How many customers do you need to break even? What is it, £40 a month? £35 a month? 100 members will bring you revenue of £42000 a year. Out of that you will need to pay salaries, maintenance, heat and light, liability insurance, cleaning, advertising, accounts, telephone service, rent, and rates.

    What you need to do is work out how much all this will cost.

    Then work out how much you will charge for members to use it.

    And then work out how many members you need to make a profit/break even.

    Once you know how many members you need, you then need to work out if that is achievable.

    The Business Link will help you with all this. Good luck to you.
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  7. T3nnant
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    T3nnant Active Member

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    [Apr 10, 2013]
    Thank you very much!
    very helpful.

    As above iv started to lay out the basic, and yes iv emails a few people on the idea of renting equipment which could also offer a varied selection to users.
    Would the business link be free advice or would i have to start paying after iv dealt with the basics?
    #6
  8. StateOfPlay
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    StateOfPlay Well-Known Member

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    [Apr 10, 2013]
    Business Link is a government advice service, free of charge.

    The current Government have seen fit to change the name from Business Link to GOV.UK. In an era of cost cutting, it is remarkable how much cash they throw around changing the names of existing departments!

    So look for GOV.UK and they will give business advice free of charge. https://www.gov.uk/browse/business

    The website looks like it isn't working very well at the moment, which again doesn't surprise me.
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  9. T3nnant
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    T3nnant Active Member

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    [Apr 10, 2013]
    Thanks.
    Yes iv been having a look about and came across this site.
    Ill have to read up a bit more at the weekend when i have a little more time.
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  10. s3dave
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    s3dave TFSI Hybrid

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    [Apr 10, 2013]
    Be careful with Business Link all though it is good, just recently a friend who as a business wanting help on an EORI number so he could export, Asked for advice there,,,they must have sold/given his details to a private firm that tried asking for fees to sort it out...
    #9

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