Just Been Told Yesterday - No More Job!

[john5748]

Hi,

I got some news I was not expecting yesterday, I am going to be made redundant some time next year??

Before people say sorry to hear or anything it isn't really that great of a shock as I was due to retire from my current job in 2008 anyway (aged 40) so the pay off should still be quite good .

I suppose it just means that I am going to have to plan my next career a little bit sooner than I had originally anticipated.

Even before this news I had been toying with the idea of opening up an aquatic shop over here in Northern Irealnd, maybe selling additional dry goods for other pets as there really is not a lot of competition.

Currently there is only one other shop over here that stock marine and a decent set up of tropical.

Has anyone on here any experience on setting up a new business, especially aquatic related?

I understand a lot of research is going to have to be done by myself, on both sides (buisness and fish) and I am old and wise enough to understand also that it is a huge commitment for myself which isn't going to give me a huge wage packet every month for my time and effort.

But I think enjoying my work may be enough of a compensation as long as there is enough for my family.

Would love to hear what you think, but this is not going to turn into a poll to decide what I do next

 

[annka5]

Probably not a nice feeling, even if it does suit your future plans well! Sadly, happens a lot.
I'd say the first point should be to draw up a business plan. Some banks will provide free information on how to do this, also the internet, books, etc. Most new business go bust early on becuase of lack of cash rather than lack of profit - you need to concentrate on this area. It's not as bad for retail outfits (customers pay cash) but if you hold stock (dry goods, filters etc) for 70 days then thats 40 days where your cash is tied up (assume you get 30 days credit). Etc.
That will let you see how feasible your ideas actually are (assuming you are realistic in the plan), where you need to reign yourself in a bit, if you can make a decent living from it, how long it'll be before you have the money to take on staff members, etc.
IMO: best idea is to do what you most want and what your gut says is right, but you need to do it with your eyes open and sure teh sacrifices are worth making. GOOD LUCK!

 

[john5748]

Well I have about nine to twelve months to start working everything out before I finish my current job. I think one of the most important things is going to be finding the right location and size of premises for my needs.

 

[catxx]

when chatting to a fish store near me, they confessed to being hideously in debt despite having two large stores, one in the heart of the wealthy, Hampstead (of course the rent for that store alone is SILLY money).

 

[CFC]

One of the key things to remember about selecting a premises is that it MUST have easy parking near by. To start with the majority of your trade will come from people passing by who see the sign and decide to pop in for a look, if they cannot park easily they will just pass on by.

 

[Ethos]

Very Important, what CFC said.
Also make sure your fish area is clean and well lit, if you do proceed to do it. I know its kinda repulsive to me if I see a dark dirty fish area...It doesn't need to be spotless, but no wet spots, stains or odors.
Hope this help a little...

 

[piper]

And a nice big display tank infront to invite people in

 

[john5748]

One of the key things to remember about selecting a premises is that it MUST have easy parking near by. To start with the majority of your trade will come from people passing by who see the sign and decide to pop in for a look, if they cannot park easily they will just pass on by.

Yes I couldn't agree more especially in the initial phase prior to establishing a client base.