Starting a Small Business

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My business idea is to create a hardware store that is a partnership run company. The reason I chose to create a partnership business is because I thought that it would be easier to work together with someone close that I know of and so it would be better so that we can make joint decisions on important things such as what we need to buy to make the shop look presentable amongst other aspects. There is higher capital contributed by both me and my partner.

The name of the company is called “D.S & J.E Hardware Store”. It will be located in Onslow Village, Guildford, Surrey. There are a few other businesses nearby, for instance, a hairdressers, butchers and newsagents. This is a major factor as the area has a lot of popular places to choose from. There are no other hardware stores available at the moment. It will sell different equipment that is used for DIY purposes. It would need to be in a suitable area where there are different shops around to feel included as well. The start up resources that I need for my business is desks, a computer, a counter and till, shelves, alarm system, trolleys and baskets.

I will need a computer to keep the details of the deliveries. The shelves will be needed for storage what is available on the shop floor. I will need a store room to store all the deliveries and spare stock that I would need later in the future. I will need tills to store the money in but in the store room I would need to keep a safe to put the monthly takings in for security measures. I would need to have an alarm system for obvious security reasons. I will be using a small shop so I will have limited resources needed. I would need trolleys and baskets for the customers to store their goods that they wish to purchase. The counter would need to be quite big in size because I will be keeping the plastic bags and other items behind the till.

My business idea has some strengths and weaknesses both for myself and for the business. I would need trading standard’s help because I would need to prevent underage sales going on for instance if there was a young child attempting to purchase a tool that was too dangerous for them to use it would cause trouble if they kept insisting that they wanted the item despite them breaching the age limit. My partner and I would have to explain that we would get in trouble if we allowed the customer to purchase this particular item

The things that will be critical to the financial success of my business will be that the customers will have to purchase goods from my business in order to “balance the books”, stick to our budget that we have specifically created, have a savings plan so that in a case of an emergency we can have an amount of money to help guide the business along the correct way. We should also pay off the debts that we may have along the way so that the business doesn’t begin to struggle at some point. Me and my partner will be starting up the business out of our own funds but would need to get some money from a close family member, this means that I would need to take out a loan.

I think that carrying out a loan would be possible but I would need to get some money from a close family member.I think that the most difficult thing to achieve is to keep consistent sales going on all the time. I will need to have a very well looked after shop and make it look attractive. My partner and I will purchase certain things for the business by using money that we have saved up together for the business.

We will have to save up a lot of money because we may not want to get money from a bank for the obvious reason which is because of the credit crunch that is happening lately and there could be a problem with where my business is located. It may cause problems for people to come to my store if it isn’t in the right area. Customers won’t be able to come and I won’t be able to get supplies if I am short of money. So I may have to relocate somewhere if possible. If I can’t get stock I won’t be able to sell anything in my store therefore customers will not have a point in visiting my store.

The laws that I would need to abide by are: I want to get a licence for my name of my store so that nobody will copy it and then the authorities will start questioning me about the true name of the store. I will go to my local borough council for permission on the licence that I want to purchase for my store. If I didn’t get the licence and carried on without one I would definitely be prosecuted and sent to jail for a maximum of 10 to 15 years.

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