How are your business and industries doing?

[mickd1961]

From what I am reading from your posts Mick, I really hope this turmoil that we are currently in doesn’t get any worse and things start to turn around quick. There is only so much as business owners can do in terms of contingency planning and then this virus comes along that is beyond our control.
I am employed already but i’m well in the process of setting up a business (sideline), signed a 5 year lease and invested quite a bit of my own personal savings (plus business loan). Sometimes I think i’m really cursed and really wonder what I need to do to get this right. Don’t get me wrong, i’ve ran a business before and understand what is needed for survival. Without getting into the details.. i’m having to pay a shed load for new electrics and building work. The refurb alone is costing me dear, it’ll be another 6 weeks till I can expect to see any money coming in (this is if the virus wasn’t here).. so my prospects are not great.
Some guy told me yesterday it’s not a bad time for me to start because i’m not missing much right now and if you can make it out of this then that is great, but I think I could fail before even starting. It is a worrying time. So I really do hope our government sort this out quick.

To be honest with you Regis if this next 6-8 weeks was going to be a period of set up for you anyway and that you had no hope of taking any revenue during this period then your timing may have been impeccable.

I see the next two months being the worst and if we get away with a two month nightmare then I’d take that if it was on offer now!

What sort of industry is it that your venturing into?

I think this is the key question.

If your chosen field relies on any component from China or you’re dealing in goods that rely in any way from China then prepare for a longer rough period?

A friend of mine makes and sells UPVC windows and he’s now stuffed because although he produces his own stuff up in Dudley all the hardware such as locks and catches are imported from China and he can’t get any at present.

It can be the most innocuous thing that ruins the operation.

Having signed a five year lease I hope you negotiated a “break clause” to allow you to walk away after 12 or 18 months?

You are also liable for business rates from day one of a lease now even if you’re not set up and trading and this can be very costly.

My gut feeling is that a lot depends on the industry you’re venturing into and the supply chain involved?

The very best of luck.