Business advice

[richtagg]

Hi,

My colleague and I are looking to go into business for ourselves. We've been thinking long and hard about the options and we've had talks with banks and wholesalers about finance etc.

Does anybody have their own business? Or do you have any advice to help us avoid common mistakes!

Would very much like to hear back from anyone.
Thanks
Rich

[johnep]

Act with caution if you have any family responsibilities. Others have used several credit cards if unable to get bank loan. My son borrowed £17,000 this way and paid no interest for years by using balance transfers. Not so easy now.
Do not splash out on expensive cars etc until have money can afford to lose.

My financial year starts in May. This means I have almost two years before I have to pay tax on those figures--however does mean must be scrupulous about keeping acounts--difficult to remember if leave in drawer or on a spike!
Good Luck,

johnep

[admin]

Originally Posted by richtagg

Hi,

My colleague and I are looking to go into business for ourselves. We've been thinking long and hard about the options and we've had talks with banks and wholesalers about finance etc.

Does anybody have their own business? Or do you have any advice to help us avoid common mistakes!

Would very much like to hear back from anyone.
Thanks
Rich

Do you mean opening up a pharmacy, or some other kind of business?

[richtagg]

Hi,

yes sorry I was a bit vague.

We want to open a pharmacy business with some specialist services.
We've spoken to unichem about their pharmacy loan scheme and the bank and both seem like good options.

We've a lot to think about, eg. how much to borrow, where to locate our business, whether to buy a new start-up or buy an existing business and modify it.

It's all a bit daunting, but we're both very passionate about it and want to give it a go.

[admin]

Originally Posted by richtagg

Hi,

yes sorry I was a bit vague.

We want to open a pharmacy business with some specialist services.
We've spoken to unichem about their pharmacy loan scheme and the bank and both seem like good options.

We've a lot to think about, eg. how much to borrow, where to locate our business, whether to buy a new start-up or buy an existing business and modify it.

It's all a bit daunting, but we're both very passionate about it and want to give it a go.

Good luck to you matey - I hope it goes well for you. I personally think the best pharmacy is one that doesn't rely on one surgery. A few years ago a friend of mine bought one from an old couple, who were happy to retire. The pharmacy gets scripts from quite a few different surgeries, and I have always thought that was the best way to be.

I know of people who have asked the local surgery owners if they are moving, as they are planning a 40k re-fit. They are then told the surgery is staying put, and six months later it moves and their business is gone, along with a wasted 40k.

I would think that if you can get 100 hours opening (maybe 3 of you) then it would be a lot cheaper then paying for stock, goodwill etc of an existing pharmacy. I might be wrong though, as I have never owned a pharmacy. My accountant does specialise in tax saving measures, so employ a good one as they will save you a lot of cash!