How are your business and industries doing?

[mickd1961]

I’d be interested in knowing how each of your businesses and industries doing at present.

We’ve been up each of the last two weeks compared to last year but Friday was suddenly slower.

Today has felt spooky.......like just before a big thunderstorm.

I’m expecting to see horrible figures on Monday for this weekends trade.

How are you faring at present and what precautions or plans have you or your company put in place?

[regis80]

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.

[baggieal]

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.

Not a bad time to start Regis if you have plenty of cash flow but genuinely feel for you. Things have only just started in this country and will get a lot worse. One company will drag another one down.

Disney in Florida employ a huge amount of international students and just all been told to leave the country by the end of March and book their own flights or risk bring stranded. Airlines and Tour Operators can only survive for so long.

Retail will suffer big time as consumers are either not spending or moving to on-line. Have friends in trades like building, electrics etc and they are getting loads of cancellations - many don’t want strangers in their houses or even delivery guys at doors.

It’s going to get far worse and soon non urgent operations and hospital appointments will be cancelled too!

Keep following government advice - wash your hands!!!

[boingy]

I mainly work outside so if I lose work it will be due to panic and not fear of contact. Big businesses who rely on stock from other companies will suffer due to supply shortages for sure.

[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.

[9goals2hattricks3pen]

I'm sure an industry that will come out of this even richer is those dealing in stocks and shares because whether they go dramatically up or or down these folk always manage to come out up. And for doing not a lot imo.

[regis80]

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.

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.

Thanks Mick and Al, it’s very reassuring to hear that and as especially you both are quite experienced in this. 6-8 weeks is about it really before I officially launch. Luckily for me it won’t involve anything from China.
That said, the industry i’m going into is hospitality and retail, which is quite worrying. It’s a unique one involving both of these sectors. Supply will be mainly from Europe via UK importers. I think where I am based is an advantage as there is demand for this, but i’m not putting all eggs in one basket and varying my business model so not reliant on one revenue stream.
I’ve managed to defer 2 months of business rates and hoping the high street relief comes in, which will cover this. I hear there could be further government support on this coming our way, fingers crossed.
I have a break clauses at 3 years, which was the norm here and I’m set up as a company so this protects me to an extent. Landlord is considerate which is a bonus for me, but nobody expected us to be where we are in now. I guess in someway I could be okay, but it is quite frightening at the same time. This business is an investment as I’m already employed, so personal survival isn’t affected. However it is the rent that I’ll have to pay when not generating revenue. The worst case is the money I use to pay rent will only be taken from what I set aside for refurbishment, it is going to one hell of a balancing act.

Sorry bit of a rushed post.