By Ron Anderson, business adviser:
For many people, the “dreaded” business plan and cash flow can seem like a meaningless task when all you want to do is get your business up and running. For some, it can also be an overwhelming task putting pen to paper and looking at figures.
Here at the BIC we work with you every step of the way to create your business plan so that you can hit the ground running. We don’t just provide you with a template and send you on your way.
In my role here at the BIC I am frequently asked “why do I need to write a business plan”. My answer is a well-planned start up company has a huge advantage over one that has been rushed or developed too quickly. A business plan is not just to show bank managers or funders. By taking the time to research your industry and make financial projections, your plan will become your ultimate to-do list. Your plan can be used to benchmark your progress as it happens and become a working document that you can amend as you set yourself new targets.
When Gill Ellis first came to see me we spoke about her idea and what structure the business would take. We worked together on her plan until Gill was ready to become her own boss.
I met back up with Gill to talk about her start up journey and how Tickety Boo Revivalsbegan.
Explain what your business does?
I take pre-loved and pre-owned furniture and revive it into something desirable. I also upcycle household items such as picture frames and create something new. I do a lot of my work from home but also have a base at a shop in Ryton.
Where did the idea come from?
A few months back my partner was looking for some new furniture and whilst onFacebook I noticed lots of people were giving items away. I restored a great piece of furniture I got for free and I loved the whole process. The satisfaction I got from giving a new lease of life to furniture that belonged to someone else, made me think I could do this as a business. I was unemployed at the time and have four children so the thought of being my own boss and the flexibility to fit in with family life was very appealing.
Who are your competitors?
There are quite a lot of businesses out there that upcycle furniture, but my scope is doing it affordably. Some places are quite expensive.
What is your unique selling point?
My furniture is affordable and I provide a collection and delivery service which not all small businesses can offer. I use my own van to keep costs to a minimum for the customers and myself.
What help did you receive from the BIC?
I chose to come to the BIC for advice as it’s right on my doorstep. I met with an adviser and they told me all about the New Enterprise Allowance (NEA) programme. As part of the programme the Job Centre offer you a choice of enterprise agencies to work with, but there was no question that the BIC would be my choice as I was so impressed with the service I had already received.
The thought of writing a business plan and cash flow terrified me, but I was given a template and we broke it down into small sections so that I was focussed on one area at a time which made it so much more manageable. Having a mentor put me at ease, knowing that if I had any questions you were just a phone call away, and even now that I’m up and running I know should I need advice I can still give you a call. The BIC also set up a meeting for me with an adviser from the bank which was very helpful too.
How do you advertise your business?
I do the majority of my advertising online through my business Facebook page, my website, Gumtree and Pre-loved.
What are your company goals?
Hopefully as the company grows I can have my own storage and workshop space and then increase all avenues of advertising. I may need to employ a delivery driver at some point but everything else will stay with myself as I enjoy doing it so much. I do try and get my daughter involved in painting some of the items at home and my son helps out with some of the heavy lifting and deliveries.
If you had one piece of advice to give someone just starting out, what would it be?
Take the leap of faith. I took a risk and the personal gains have been immense and I will always have that, no matter what happens in the future. I have taken the initiative to start my own business and I have gained so many skills such as time management and bookkeeping. I would definitely recommend the BIC to anyone looking at starting a business either for guidance or even just confirmation you are doing things right.
For more information about the starting a business call: 0191 516 6149
For more information about Tickety Boo Revivals call: 07882194722
The programme run by the BIC is being part financed by the European Union’s ERDF Competitiveness Programme 2007-13, securing £1.47m ERDF investment. Working in a consortium led by North East Enterprise Agencies Ltd (NEEAL) local Enterprise and Development Agencies in the North East have matched this ERDF investment with £1.47m of their own funds.