Im investing in a business eny advice?

So next year me and my friend (who currently works at the business) will be taking on the roll of the 2 bosses at a small car valeting centre, the current owner (not sure if he rents) is giving us the site for around 10k as he has 3 other business on the go. I know nothing about this role were do I start? What to look out for? What will in entail? Any business men/woman on here?

Advice: get real advice, don't look for answers here. I'm sure there is some professional help center you can call. And it really comes down to one thing : Risk versus investment versus reward.

a reply to: PhoenixFreeman
I think you have misunderstood the title of the forum.
"Board business and questions" means any business or questions relating to the workings of the "board"; that is, ATS as a whole.

originally posted by: MessageforAll
Advice: get real advice, don't look for answers here. I'm sure there is some professional help center you can call. And it really comes down to one thing : Risk versus investment versus reward.

Agreed.

When going into business, getting professional advise is always best. As is covering your butt so make sure you have the proper insurance (valets get blamed for dings and dents all the time) and set up a corporation or other entity to limit your liability.

First things first, get all your paper work in order. Get insurance, liscences, permits, and an accountant unless you are proficient in finances. If you are partnering with a pal, make sure you write a comprehensive business plan that includes how you each get paid. Go ahead and pay for a few hours with a lawyer who is experienced with business law and liability. They can set you straight and can bring things to your attention that you would never even consider otherwise. . a reply to: PhoenixFreeman

originally posted by: PhoenixFreeman
I know nothing about this role were do I start?

This would definitely be your biggest concern. If you have no prior knowledge or work experience in this field, you are most likely going to fail. I would recommend you get a job in a similar business, work for 2-5 years to get a feel of what is needed to manage & maintain a place like that.
A year of reading internet articles, books and getting advice will not suffice.

a reply to: DISRAELI

Lol I didn't know were else to put it

a reply to: Woodcarver

Thank you

a reply to: Clairaudience

I worked with the boss of a site cleaning company if you can call it that it was basically me the boss and 4 employees, she had to get contracts and all health and safety and stuff then buy new stock monthly appart from that it seemed pretty straight forward get the houses done on time get paid, pay the employees, the hardest part was fighting with other business to get the contracts.

You shouldn't even consider buying a business without having contracts created and a business plan.

Even if the business did well(which is unlikely if you know next to nothing), what contracts are in place to ensure money goes where? What's to stop your partner from taking all the proceedings?

That's where a basic business plan is needed.

Also this should be in general chit chat.

you will need to learn many things from different fields.

I can give you one advice that you could follow: always overestimate your costs and always have contingency money...

a reply to: OrphanApology

It is now lol

a reply to: demus

Thanks

All business investment is a gamble, so do your homework.
Don't invest money you can't afford to lose. That is very important.

Get an accountant to audit the business. The fact that you don't know if he rent or owns the premises means you don't have a full background.

a reply to: PhoenixFreeman

I can only repeat the information that many company and ex-company directors told us:

1. Own your own company land or property. Otherwise the landlord will just jack up the rates the minute you start making a profit. I've seen this done by various universities. They'd set up an office block as an "incubator". Then the minute the startup actually started making a profit or gained a research grant, they'd jack up the rents to get a slice or all of the money.

2. Start with a small project with the goal of making a profit as soon as possible. Then use those profits to expand onto larger projects.

3. Avoid the banks. They'll lend you money, require that you use your home as security, then the minute you start making a loss, they will snatch the money back and take your house with it.

4. Get everything related to property, money and time in writing ... lease/ownership. Some councils would grant a permanent loan on some property, wait for the residents to do it up, then the council would claim it back and sell it
off to developers.

Looks like you are doing all three, so it looks OK.

originally posted by: sunnyade
Get an accountant to audit the business. The fact that you don't know if he rent or owns the premises means you don't have a full background.

He rents

a reply to: stormcell

1 was not aware of this thanks

2 already did/am doing this is my larger project start iam looking at now

3 I really do not trust banks at all with enything but I am going to have to pay employees from the bank unless I can take it all out and give cash in hand id rather do that if poss

4 thats what iam planning on doing this why iam start looking into things now also was not aware of the council thing, this why I come here for advice thanks peeps

originally posted by: sunnyade
Get an accountant to audit the business. The fact that you don't know if he rent or owns the premises means you don't have a full background.

My sister is an accountant you think she could help?

I do find the location of this thread quite amusing, but hey, we all make mistakes. It's cool. I concur with many others that your biggest concern will be operating legally. One of the deterrents to me attempting to realize some of my ideas in the past, aside from a lack of capital, was the red tape that certain businesses must go through. I'm not sure about your particular line of business, and considering it was already established you shouldn't have many problems. Plus, the guy you bought it from might be able to give you some advice where that is concerned. Insurance, as was mentioned, is probably the most important thing. For cars, employees, and the innocent bystanders, lol. Good luck. Oh, and taxes. You should probably make sure you stay on top of that. If you don't then the government gets all mad. Keep detailed records as well. And this is pretty obvious, but don't start bringing raccoons or ferrets or ducks to your place of business. You will thank me later.