Friday, 13 February 2015

It's Down To You To Make Your Business Work

These days working for a company has its risks. Or working long hours makes you rethink your lifestyle and many people start to look at running their own business.

I have seen & helped many people start their own business from all types of background and all with different financial situations. Those who make their business work are the ones who don't wait for customers to call them, but who look for unique ways to promote their business and offer a service with value.

With all the help, support and money in the world, it still does come down to you to make your business work.
 

A high percentage of new business setups in the UK, especially those entering the world of being self-employed "Entrepreneurs" for the first time will fail. With a new business it can take 3 - 4 years before it starts to see a return. Fortunately mobile cycle services are in high demand and with careful planning, you can make a return after year 1. Note: this will depend to each person’s individual’s circumstances.

The first step: Check your personal financial monthly out goings (Make a list from your bank statements and see where you can cut back on or even better cancel accounts not required) Your credit cards mortgage, etc payments will all have effect on the out come of your business.

  • How much do you need to live on per month for your first 1 year in business?
  • Do you need 2 cars? (If you are lucky to have 2 cars in your house hold, can you sell one or both to buy your van?)
  • Have you been left inheritance or been made redundant and have money in the bank? If so do you really need to invest all of it, to earn it back and then pay tax on the profit? For example; having £30k would set up a professional mobile business, but you could just use £15k and drip feed your business for the first year or put a percentage of your monthly income from the business back in to your business. This will depend on what type and value of van you will buy, your biggest expense. Remember the van is your main tool; your workshop, stores and advertising tool. Don't buy cheap think professional, long term & reliability!
  • Will you need to borrow money to start your business? There is pro's & cons when borrowing money.



Cycle Tech Bournemouth choice was a brand new long wheel base transit with low roof. Would this van suit your business needs?

Now I suggest if you really want to start and run your own business and make a success of it, then you should read as much information on this Blog as you can, by printing of the pages and making notes.
 

Then put pen to paper and make a list:

  • Of things you will need to start your business
  • A list of what you need to run your business.
  • How you will find your customers.
  • Who will be your customers?
  • Your working location.

This is a very basic business plan that gives you an idea of what to expect and to start planning the next step.
Read our frequently asked question PAGE
"You will need to know how your business will operate from day to day, be able to find solutions and this must be something you really want to do.
Then just go for it, by doing it to the best ability and professionalism that you feel comfortable with the level of risk & finance!"
What kind of setup do you intend to be?
There are now many mobile bike businesses out there, some have been trading for many years and there are many new start-ups. Some professional and some running as a hobby or even scraping by.
I suggest you search "Mobile Bicycle Mechanics" web & images, to see what you like the look of and what you aim to be, also taking note of what does not look like a business you would use.
You will need to be prepared for the journey ahead
It’s no different from driving your car across winding mountain roads. If your car is not prepared your chances of your car braking-down or having an accident on a bend is very high. By having poor brakes, tyres and not having any knowledge of the road ahead puts you in for a scary ride. People make that journey every day and survive, but being prepared you can be ready for any unforeseen situations. That's what makes your business succeed, especially in your 1st year.


Will your business be ready for unforeseen circumstances on the road ahead?
 

Being a good mechanic is only part of running your business.  
Your business isn’t a product, a price, people, or a service. It’s all of it, working together. Laying it all out can help you find opportunities for growth, discover what’s not working as it should, and strengthen your own understanding of just how your business works.
This isn’t a “when I have time” kind of exercise. This is now or never.

To be in business you have to be in business. 
For a hotel owner to survive he is not just going to rent beds/rooms.
As he is in business he can also offer other services; drinks, restaurant, tours.......... etc. but he has to be in business to do other services, that we call "add-ons" you can make money from. 
Owning your own business has its risks.
Cycle Tech UK shares its knowledge with new and exciting Members, but it still requires a unique person to make a business work. 
You can find a lot of information on this Blog to help you decide if this business is for you and to start a business plan for your journey to owning your own mobile bike business.
If you would like to receive a copy of our information brochure which provides further details, joining fee, including an overview of our business model, how much you could be earning and forecast then please contact the Cycle Tech Team Email:  info@cycle-tech.co.uk