And the answer from the bank is........

No!!! But ...this is not a bad thing.
The run up to D-day was really stressful for me. I ended up with a cold (still trying to get rid of that!) and a headache that lasted 4 days, which I think was caused by the stress. Trying to research at my house, write it up at Mum and Dads because I dont have the software on my computer, then getting it printed by Matts work was not an easy task either! In the end, I was really happy with the business plan, but really struggled with the cash flow. I decided to take in what I had, stick to being honest, and hoping for help!

So the day of the meeting arrived. And this was the day I realised I didnt have anything to wear that was suitable for a meeting with the bank. All my old clothes dont fit, for obvious reasons, and the bag of clothes recently donated to me were mostly to big...lengthwise! I did after about 45 minutes of tears and tantrums manage to find a dress that hopefully fitted the occasion.
Matt dropped Evie and I off early to make a good impression. Yes, Evie came with me. I had people that could look after her, but I chose to take her with me, as she is the whole reason I am doing this. I want a job to fit my family commitments, so she has to be included in these decisions. Luckily she slept through, and attracted the attention of many cooing employees!
The whole meeting only took half an hour, because the first question asked was how much money I had myself to put in, the answer of which was not a lot....thats why I need to borrow some! This was the point where they decided to inform me that they offer loans on a 50% match basis. Hmm.....strangely enough I didnt have a couple of grand to offer! So, with that there was little point in taking it any further. Its not the end of the road though, as there are other avenues to try first. E factor and Princes Trust are next on my list. Both of which have interest rates that are approximately half that offered by bank, so he has probably actually done me a favour! Oh, and in fact my bank manager is on the panel of E factor, and since he likes my idea and thinks its worth a shot, I hope to see him again soon!

This weekend though, Im taking some time out. Monday, I will get back on the case....but until then, I'm going to relax with the family!

Eeeeeeeeeeeeeeeeeeeeek!!! Need to practice fluttering my eyelashes....

I was feeling excited.....now I'm freaking out a little! You know those conversations you have with people, saying 'oh yes, thats in a few weeks time'.....hmm....well I've been talking about my bank manager meeting like that and only today, realised that actually I meet him in 6 days. Do I feel ready? Hell no! Typically, the more I try and put together my costings, the more little things that crop up that I will need, slatwalls, pegboards, carrier bags....and who knew a mirror wasnt a straightforward item to price up?! I actually think that when...not if but when...I get this business off the ground, I'll actually have less brain ache.
I do have a couple of unique things up my sleeve. I am hoping to be able to stock items that currently can't be bought in Grimsby, in fact, for one item, not in England yet :) I am also waiting to hear back from a surprise contact who might help me get the edge I need to be different from other places.
So, more than anything, I need to get it all on paper, but of course what has happened? Oh yes, the ink has run out. This whole project is certainly testing my nerves!

Please remember, I appreciate all feedback and suggestions. My intention is to help support mums like myself in nursing their little ones, whatever their confidence level with doing so, and also bring some different maternity styles into the town.

I cant believe that in just 6 days I might have an answer as to when my business is likely to be able to be launched! Well best get my beauty sleep whilst I can! Fingers crossed next time you read this, I'll be a very happy bunny! :D

cash flow charts, google optimisation, wtf??!?!

Ever get the feeling that you need a dictionary in life?! Well I am beginning to realise that setting up my own business is a whole new world and language to me.
I have been a busy bee researching, getting in touch with suppliers, completing paper work, but after my second meeting with my business advisor today, I have come to realise I have only just scratched the surface of this journey into self employment.
I made an attempt to talk to a fellow market stall holder after being introduced by the market officer. The answers I got to every question was 'lots' or 'I dont know'. Considering she is running a business, I was hoping for better advice than that! She also suggested I start with an outdoor market stall....hmm....probably not ideal for pregnant and breastfeeding women who would like to be trying things on! I got the firm impression that she didnt want me there. So, next step, is to measure the size of the stall I am looking at, to get an idea of how much stock I will need.
The biggest headache for me now is looking into setting up the website. The business option I thought would be the easiest, will likely be the hardest. So I am now looking at my options there.
And cash flow charts....which I will be seeing in my sleep soon! Oh my lord...! Its all the little things isnt it? Shop rail fittings, cash registers, labels......so.....will I get much rest over the next couple of weeks? Probably not! With 2 weeks until I meet the bank manager, I need to get my head around all this business.....and hope he likes my smile... :)

Am I there yet?!

My goodness, I had no idea how much work goes into setting up a business! Trying to look after Evie as well taking the time to complete research and business plans has certainly been hard the last couple of weeks. Thankfully, with parents on hand, and a great E factor advisor, I've (just about!) managed to stay on top of it all....although when I attended the last meeting, I was handed part 2 of the business plan to complete. An average size business plan to complete for a bank is 3 pages apparently....the E factor one weighs in at a hefty 26! But I am half way through.
I've had a great response so far through survey monkey. Plenty of suggestions and ideas which I will do my best to accomodate for. I have also just printed off a number of surveys to take into places such as the town centre, childrens centre, surgeries....the list is endless. My aim is for 10 responses per place, which doesnt seem as daunting!
Of course the other side of the research I have to complete now is the costings. Sounds simple enough but now I have to consider set up costs - rents, stock, driving/tranport costs (warehouse visits and party plans for example), signage, advertising, cash registers, card payment costs....the list probably goes on!
Of course research is much easier when people actually get back to you. I went to the last meeting with the intention of providing some birth rate details from our local area. After 2 unsuccessful calls to the hospital (which kept transferring to Scunthorpe!), I got in touch with the council. I did eventually get a response, literally 5 minutes before heading in to my meeting! She only had stats from 2009 though, so has said she will try and find and more information for me over the next few days.
I have until May 16th to complete this second part, and then I have a meeting with my bank on the 2nd June.
So, I'm guessing I'll probably be spending a few days with my babysitters....I mean parents before those dates!

In the meantime, If you havent already, please let people know about this blog. Also, if you know anyone who can fill in my survey please direct them to http://www.surveymonkey.com/s/BT7HFTQ
It all helps me!!

So, this is really happening!!

Ok...this is starting to seem real now!
Last week, I had my first meeting with E Factor. It was great to have E Factor back me on my dream. Friends and family will always support me, but to get the support of a business advisor is a massive boost. I spent an hour with her, telling her my ideas, discussing how feasible it would be to set up, and how the business could progress. She was very impressed with how much research I had done already, although I didnt feel as though I had done enough! I have been sent home with a business plan to complete before my next E Factor meeting.
This is the point where I realised that there is a massive difference between having an idea in my head, and actually attempting to make it happen! Although with help from my sister, who has been through it before, it does seem a little less daunting!

I have had a bit of a break from this, due to family visiting from abroad. I also took a trip down south with family. It got me thinking, and made me realise that I have a few reasons for wanting this to work -

• I want my independence back. I love the idea of being a stay at home mum (finances allowing) but I also want to prove to myself and others than I can be more than just a mum.
• I want my daughter and step children to see that even if you havent been to uni, or found a career choice straight after school, that its ok, and you can still make your own opportunities in life.
• With one wage in the household, we get by, but I want to able to afford the little luxuries in life for our family, without spoiling them of course!

Anyway, whilst away, there was still research I could carry out. Some of the stores with sell maternity/nursing online only in Grimsby, have bigger stores where I was staying. I decided to have a look at the stock, styles, prices etc. As I walked into one store, with the pram of course, I had to ask where the maternity section was. The advisor told me it was upstairs on the first floor. Ok, thats fine, I'll take the lift.....where was the lift? Well, I basically had to leave the store, walk around to the shopping centre entrance and use the shopping centre lift. Not very practical. I opted to leave baby with my Mum, whilst I took the stairs. As I reached the top, I was surprised that the Maternity section was on the other side of the store. If I wanted to try it on, I would have to walk back across to side of the store where the stairs were, go downstairs, and head to the changing rooms on the other side of the store. Now I'm not sure about anyone else, but when I was heavily pregnant, I certainly did not want to do that!!!
On a brighter note, I did find a national store (incidentally not one we have here) that sold a nice range of mursing wear at very reasonable prices. I bought two lovely tops for just £20. Brilliant. Just a shame I had to travel 4 and half hours to find it! It did however remind me how much easier it is to feed my daughter discreetly with a top designed for that reason. Lets face it, we dont like showing off our tummys by pulling up our tshirts, do we?

So I now have ten days to complete my business plan, and get this idea off the ground. I still have tonnes of research to do, so I'd best prepare myself for a busy few days!

Meeting the Market Officer...

Today was the today I could actually get some figures to put on paper to help with my E factor meeting next week. I met up with Linda, the market officer, who I knew from organising last years street party. I told her I had been given 3 different rent rates, and she very quickly put my mind at rest! She gave me a map which showed which plots are currently available and how much they each cost. Matt and I took a wander around and found a good plot for £102pw. She explained that the first 4 weeks rent would be discounted, to give me chance to get word out. As well as this, I dont start paying rent until I actually start trading. In other words, I can sign the contract, and spend a couple of weeks getting it ready, getting stock in, getting a sign done..all the little things.
Todays talk has made me really excited about the project, and it certainly seems achievable! It would be part time, I have confirmed I can take Evie with me to work, and I have been told that I can advertise other businesses so long as they arent the same business line as other market stall holders.
Im going to take another look at the price of stock, (any feedback on what kind of clothing you would like would be great!) keep thinking of a name, and keep all my fingers and toes crossed!

Oh, and the department store that stocked the nursing bras down a narrow rail....still there of course! I was miffed and ready to put in another comment, but hey, if they cant be bothered, why should I? If nothing else, I hope to bring a bit of common sense into the placement of my stock!

Thanks for reading....I'm getting closer to the finish line!

Researching the big guys!

Today was the day I really started checking out the competition. It took longer than I thought, because it occurred to me that I dont just need the information of those who are selling similar products, I also need to find out which other places arent.
Unbelievably, I had 19 stores that had the potential to offer maternity and nursing wear, 3 of which offered some sort of service for pregnant or breastfeeding mums. 1 major store, is actually getting rid of all left over maternity wear and will no longer sell them. I was slightly concerned at this, but after a little chat with the manager, she explained it wasnt a localised decision, but a national one, and now only larger stores will sell maternity stock. Another national store sells maternity wear, but not one single item of nursing wear. The 3rd national store sells no maternity wear, but has increased its nursing wear in the past year.....from one bra set, to two. Spoilt for choice arent we?!?! Also , these are logically hidden, sorry I mean stocked down a narrow rail, which doesnt fit a pushchair, and myself and another woman basically had to take turns to have a look! Common sense has not prevailed here! I have made a suggestion for them to turn the rail around so there is plenty of room, which I will check in a couple of weeks to see if it fell on deaf ears.
I did find two stores that dont sell maternity wear in the shop but can order it in. Perfect.....so long as dont want to try before you buy to make sure it fits you or suits you. One store, specialising in serving plus sized women told me how they dont sell maternity wear but do sell a lot to pregnant women who cannot find any suitable alternatives in this town. Two of the assistants here told me that I could make an absolute killing selling maternity and nursing wear around here.

So, the research seems to support my idea.

• This town currently has 2 stores supplying maternity wear, but that will soon become one.
• Nowhere sells nursing/breastfeeding outfits.
• We have 2 stores that sell nursing bras. The cheapest of which is around £16 for one.
• Nowhere is selling swimwear or coats.

So, now I'm looking forward to meeting the market officer on Thursday, and getting some prices together.

Feeling very hopeful!