When a business is in its early stages, one of the biggest financial outlays that the fledgling business owner has to think about is the cost of covering premises. The risk of signing a lease for premises can be massive if the business initially fails to make enough income to cover costs. That’s not enough reason to be disheartened when thinking about starting a business though.
Considering the UK’s economic climate at present, it should come as no surprise that businesses are trying to cut back on their overheads to stay afloat. Many successful businesses have started without premises of their own. Extraordinarily it is not just office-based businesses or traditional home businesses that have managed to thrive without a door of their own. Restaurants, bars, retails shops, and art galleries are all examples of businesses which have dodged a bullet and sailed through the first few months of starting out without the burden of paying rent. These are some popular ideas for a travelling business.
The idea started with supper-club type events, but has grown to be a viable business for many organisers. Rather than hosting guests in their own home, chefs and vent organisers organise dinners and entertainment for as many as 100 people in temporary premises. They might use a disused shop, a library, or a church hall. The point is that it is possible to present a successful dining event and still deliver great results without paying rent, and the locations can be an added attraction.
Alcoholic drinks are lucrative business. The British public know how to clear out the contents of a bar, and if the bar will come to them that can only be a bonus. Along the same lines as a pop-up restaurant, travelling bars will open at premises around the city, often with only a temporary events license which allows the sale of alcohol. It is a less common concept that the restaurant, but bear in mind that there’s no need for a kitchen, and a lot less mess to clean up.
One of the delights of working in a field like events management is that much of your work can be done from home; all you need is a laptop. Of course, you’ll also need an excellent contacts book and a strong brand. Even providing a catering service is viable without your own kitchen. Pubs, schools, and community centres usually have kitchens which are not in use for a good chunk of the week. Ask about using their kitchen on an ad-hoc basis and you’re almost certain to get a great response.
There are some differences to running a remote, or travelling business. The most important aspect is that you have great contact links; if it’s not possible to visit your premises then your clients need to know where to find you. A great website will also go a long way to promoting your business and to bring in new clients. The take-away point is this: don’t let a lack of immediate finance hold your business back. There are ways and means around every obstacle.
David Richards is Managing Director of Gener8 Finance who provide invoice financing(http://www.gener8finance.com/invoice-finance/) to companies to help increase cashflow and encourage business growth.