ARGHH - we are buying our own business.

[helsi]

Dh has been really unlucky in jobs and he is so skilled as a caterer and chef that we decided we would be better off working for ourselves. Only a pipe dream at first but we have now put in an offer on a small business in our area - she has accepted the offer and off we go. We are remortgaging the house to pay for it as we have no savings but we still have some equity left so we are not risking all our house!!
I am so nervous I feel sick all the time and am not eating which is doing me no good at all. Its affecting me really badly. I just hope we can make a go of it.

[helsi]

has anyone else bought their own business before and can you offer any encouragement to me?

[JustHumphrey]

Good luck, helsi!

There's nothing like working for yourself - it's bloody hard work (as I'm sure you know), but it's also fun, rewarding and gives a great sense of achievement.

The most important thing we learnt in the first few years is to be flexible - if something isn't working, change it, don't be stubborn.

Another important thing we found was not to spend huge amounts of money on advertising - there are always hoardes of people willing to take your money, with no guarantee of any success.

All good businesses are built on a foundation of loyal, happy clients, and word of mouth is the best advertising there is.

Build things up gradually, then you'll be able to adapt as you need to - and also have the occasional spare ten minutes for a cup of tea!

Wishing you all the best.

[PandaG]

All the best Helsi - are you going to be running a restaurant/cafe then, or making food for people to eat off premises, or supplying to other shops?

[Yorkiegirl]

Message withdrawn

[IvortheEngine]

Good advice here helsi and good luck with your new venture. I look forward to reading your threads in future. I do hope you do some asking us what we'd like to see on your menu if we were customers! There are places I love to eat and places I hate to eat. My tips for success would be:- good menus, good ingredients, sensibly priced dishes and a variety of dishes and prices, nice furnishings for comfortable eating and smiles on the people serving. Don't forget the business side. You need to keep on top of your stock ordering, paying of invoices, submitting of invoices etc. Good luck! P.S. I forgot about researching other places in the area or others doing the same as you if it's not an eat in place.

[Judy1234]

You need to check quite a few things. Obviously check it out, very carefully. Also presumably you're buying the property - freehold or leasehold. So you need a property lawyer to look at that.

Are you buying the shares in a limited company or just the assets? That makes a big difference to the purchase.

You need a written agreement to purchase. You should get a solicitor to do that for you. You need certain promises and warranties from the sellers in writing.

You need to check nothing is planned nearby which colud shut it down like a compulsory purchase of the road or planned motorway or stuff like that.

YOu want to make sure the agreement you have stops her setting up the same catering business 2 doors down.

Also I'm afraid you and your husband should have a contract too about your shares in the business as sadly people fall out, divorce etc and then kick themselves they didn't have that kind of thing in place between them.

[bettythebuilder]

Good Luck with everything, helsi!

I haven't bought a business, but have recently set my own up.It is bloody hard work, but I keep telling myself that at least I can't get sacked . And the satisfaction, and feeling that you're working for yourself, is great.

I found Business Link to be very helpful in the beginning, and I believe that there is a govt organisation called Yorkshire Forward that helps businesses out in the West Yorkkshire area.

[helsi]

Hi all,

thanks foryour encouragement. the business estate agent we are using has been going for 50 years and has put us in touch with a fantastic financial adviser who is sorting out the mortgage etc and he also uses a great solicitor who will conduct searches etc and also we get great advice on all the insurance etc that we get.

Initially the business is an established sandwich shop and delivery service. The current owner also does outside catering but to be honest dh can do much better. We see the established business as just a base that we can build on and get better and better hopefully.

[IvortheEngine]

Good for you, helsi. Where are you based? Will you be doing buffets for office meetings? The ones dh and I go to can be very hit and miss and sometimes the hotel or catering company charge a huge amount for really yukky food. The nicest ones get the repeat orders and the hotels with rip off food tend not to get meetings booked there in future unless there is no competition in the area. I'm a big believer in having a choice of menu with different prices i.e. a menu for £5 a head, one for £7.50 a head etc. Also, of course, offering separate meals prepared for those with special dietary requirements.

[Judy1234]

Are you buying the assets of the business or shares in a company that owns it? Will you and your husband own it in joint names?

[helsi]

HI ALL, WE WENT TO PAY THE DEPOSIT YESTERDAY!! QUITE EXCITING NOW.

YES WE WILL OWN IT IN JOINT NAMES. WE WILL BOTH BE PARTNERS IN THE BUSINESS.

YES WE WILL DO CORPORATE STYLE BUFFETS TO AS THIS IS AN AREA THAT DH SPECIALISES IN. WE WILL HAVE VARIOUS MENUS AVAILABLE CONTAINING DIFFERENT TYPES OF FOOD AND DISHES AT DIFFERENT PRICES TO SUIT ALL BUDGETS AND TASTES.