A new business idea?

[Pobshouse]

As Mr Employment is not being a nice guy to me this year, I have always wanted to set up my own business!

I am a trained and qualified vehicle mechanic but my business owner/manager brain needs a brush up. Big style!

I have always wanted to start a Kitcar building business but don't know what I need to get the ball rolling. I've looked at Grants, funding and have tried to set out a business plan but could do with a little help from like-minded individuals to steer me in the right direction to producing 'the next BIG thing' on the Kitcar circuit.

I'd like to be producing the next big sevenesque Kitcar available on the market using a donor vehicle that has only been attempted before as build at home projects. My love of certain Japanese technology has spanned back almost a decade and I would so love to provide a new lease of life to the market.

I feel Lord Mandelson crippled the availability of perfectly serviceable vehicles to better his career but ruin the passion of the enthusiast

Any help/advice or people/organisations to contact would be appreciated?

[GazDavies]

Just my opinion but I wouldnt go with a sevenesque type car if you want to create something new, there are already a shed load of companies making them so unless it really does something unique most will just go with the names that they know.

Replicas always seem to do well, although be carefull what you make a replica of as some car companies dont like this.

Why not make something new and unique? There seems to be a lot of people wanting one of the new road going Formula Fords, maybe something similar would sell well? If you can make something that can go around a track quickly as well as usable on the road it will appeal to a greater audience.

[Pobshouse]

Cheers.

I wasn't specifically thinking traditional sevenesque replica. I was thinking more like a Toniq CB or MEV Rocket/Atomic or Sonic7.

My fibreglass skills/ bodywork abilities aren't my strong point so I was considering a partially/naked looking spaceframe Chassis. My welding skills are far superior and as I've got a Japanese straight 6 RWD donor with 250bhp as standard plus I want to keep the weight down. To either improve on power:weight ratio's or recover any lost hp from an aged piece of Japanese Engineering genius

I've heard of and read stories of a few people that have transplanted that engine and running gear into a sevenesque type car with some minor difficulty but I want to build my sevenesque chassis around the engine and transmission.
Offering a turnkey variant before offering a build-it-yourself kit for enthusiasts!

With the Fast&Furious franchise still going strong amongst the BoyRacers, buying donors may be difficult unless they break them and I could buy them for spares or repair!

[Alanlionheart]

I've been down the route of self employment and it is a hard route, so be prepared.
There are several web sites that will give you some good advice so I don't pretend to be so very thorough in this response. The general issues are:
* Know your market. Do some research to find out whether there is sufficient interest in your product. A good idea is not always a good business proposition.
* You will need to gen up and sharpen your marketing skills otherwise people will not know you exist or how to make contact with you.
* Do you have enough resources to get it off the ground? You will need a sufficient income resource other than this project to pay your general living expenses without funding this. My suggestion would be to concentrate on getting yourself set up in a business you are emminently qualified for and then progress to working on the car.
* Have you costed out how much capital it will take to get your proposel off the ground. If so, where is the capital coming from and can you afford to lose it? If you have not costed the proposal then you should do the maths as a matter of priority or get someone to help you.
* Don't forget that you may need to consider protecing your idea by patenting it
* Get on a course designed to help new business start ups. You may even qualify for some funding but it won't be megabucks. However it should teach you bookkeeping, the difference between profit and cashflow, pricing etc.
* Be aware that new businesses do have an unfortunate propensity to fail within the first 5 years so be careful
* There is the world of difference between getting your regular weekly/monthly pay into your bank account and getting paid by your debtors. If they don't pay you your business could fail.
* Do try to keep clear of debt. Don't borrow money for your business if it can be avoided, especially as banks will almost certainly want to get their hands on your most valuable asset(s)

Sorry if this sounds a tad dire. It is not meant to be.

Going self employed is a fantastic voyage of discovery but it will take over your life, especially in the early years. So make sure that your family and friends are behind you, and allow them input into your life so that they are able to let you know when you are neglecting them ....... your family are your most important commitment.

Hope this helps

Alan