MSD_crafts started this topic @ 18:54 on 26/07/2005
Hi Everyone
I am new to this forum and thought I would introduce myself.
My name is Nicola and I have been making my own Handmade Cards and other crafts for just under a year now. Since I was young I have wanted to run my own business and work with children.
I have been thinking about the idea of starting a Craft Party Business for Children in my local area. I have found out there isn't any other Craft Party Businesses in my local area. I have also asked some people I know if they would be interested in my idea, and got 100% possitive feedback.
I have started putting my Business Plan together, but I am confused when it comes to my Financial Forcast. How can I forcast the future?
Also, I was thinking about doing some more research to find out what protential customers would like, with regards to craft parties, etc. Although, I am unsure how I would go about this.
I was told that I maybe able to get a Goverment Grant/Loan to help me get started but not too sure about that. I have a jointly own our home which if it came to it I would put up as security, but was wondering if there was another way to get help with funding. I don't work due to child care problems. But I am able to put some funds from savings into the business.
Sorry for all the questions and Thank You in advance for any advice you can give.
Thanks
Nicola
RE: Newbie with questions
The best people to speak to regarding grants would be Business Link. They update their databases on a faily basis for all the grants & government funding available. Have a look in your Yellow Pages for the nearest centre.
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Darren J Upton, Director, 1st Accountancy Services Ltd
www.1staccountancy.biz
RE: Newbie with questions
JasonJ3k | 30/07/2005 12:11 PM
business link will point you in the direction of start up support if there is any in your region. If your based in tyne and wear then speak to me as i am in contact with all of the startup organisations. www.inbiz.co.uk if you are unemployed. market research - im not sure what your after here essentially you just talk to the people that you think will be interested in your service and get their opinions. important questions to ask are - would you use this service. do you think the price is reasonable. can i have your contact details to let you know when i launch. how often would you use the service.
Forcasting is difficult you just have to make a reasonable guess based on your market research of how much you will sell. This may help you though. There are 1000 people living in your village (the total size of your target market) - you talk to 100 of them and out of that 100 20 say they would use your service on average twice a year. You can now work on the principle that 20 in every 100 will use your service - based on your total market this then becomes 200 out of 1000. 200 x twice a year = 400 sales per year.
400 sales x £20 per sale = £8000 per year
Split this figure over 12 months but show your figures increasing over time as more people know about your business so month 1 you may on have 10 sales but in month 12 you have 60. If your business is seasonal or based on school holidays then this should be reflected in your forcast.
Finally when your ready then visit my site www.thecreativespring.com and consider our business startup design package. We are on the national business link register which means that if there is business link funding in your area you should be able to access it to use our services.
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