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  • #967358
    NigelF
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    Hi all,

    I’m new here so please forgive me if I don’t ask the right questions.

    Now what I want to do is buy my own business and with your help hopefully be able to achieve that.

    Now I’ve been working in hospitality for the past 19yrs, so it would only be smart I keep going with that sort of thing.

    Where do I start?

    What sort of software do I need? Ive come across “MYOB RetailHospitality” and it says it needs to be accompanied by “MYOB RetailManager” there’s 5g’s. Is there anything else out there that is cheaper and will do the same job?

    Should I buy a Franchise (where I know i’ll get the help and support I need from the company) or should I go it alone?

    For me to be able to get a business loan what sort of things do I need to provide for the bank for me to be able to get this?

    Well I think that’s enough brain picking for the moment, would appreciate any thoughts yo might have.

    #1025645
    jeriwilson
    Member
    • Total posts: 6
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    Hi Nigel

    I am not an expert in the hospitality industry but I do know a bit about accounting for small business and software. For your hospitality question – maybe you could post a little more specific information about what venture you are looking to go into so others can help you further?

    I have clients that use MYOB Retail Manager (not Retail Hospitality) and there is a significant investment involved in purchasing the software and then being trained how to use it correctly and/or have it reviewed by professionals.

    If you can give me some more information about what kind of business you are looking to go into, if you need to track stock/inventory, pay employees, create invoices, etc. – I can provide you with a bit more information as to where to start looking.

    For the bank to get a business loan, you often need to have a good credit rating, business plan and financial projections, sometimes property they hold as security and up-to-date tax returns.

    Re franchising, I have never done it but I have worked on clients accounts that do and the main thing to way up is what they can provide you for the fees they charge compared to what you already know and can source from your experience and contacts already in the industry?

    Hope that helps :)

    Jeri

    Jeri Wilson
    http://www.calculatebalance.com

    My Money Tracker | Ever imaginged getting your monthly accounts done each month in the time that it takes to drink a cup of coffee?
    http://www.calculatebalance.com/mmtbusiness.html

    #1025646
    NigelF
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    jeriwilson, post: 30326 wrote:
    Hi Nigel

    I am not an expert in the hospitality industry but I do know a bit about accounting for small business and software. For your hospitality question – maybe you could post a little more specific information about what venture you are looking to go into so others can help you further?

    I have clients that use MYOB Retail Manager (not Retail Hospitality) and there is a significant investment involved in purchasing the software and then being trained how to use it correctly and/or have it reviewed by professionals.

    If you can give me some more information about what kind of business you are looking to go into, if you need to track stock/inventory, pay employees, create invoices, etc. – I can provide you with a bit more information as to where to start looking.

    For the bank to get a business loan, you often need to have a good credit rating, business plan and financial projections, sometimes property they hold as security and up-to-date tax returns.

    Re franchising, I have never done it but I have worked on clients accounts that do and the main thing to way up is what they can provide you for the fees they charge compared to what you already know and can source from your experience and contacts already in the industry?

    Hope that helps :)

    Jeri

    Jeri Wilson
    http://www.calculatebalance.com

    My Money Tracker | Ever imaginged getting your monthly accounts done each month in the time that it takes to drink a cup of coffee?
    http://www.calculatebalance.com/mmtbusiness.html

    Hi Jeri,

    Thanks for the reply,

    I’m looking at a cafe, so I need to be able to put orders into terminals to print to the correct printers (whether it be kitchen or bar) also I need the employees to be able to clock in and out using this system, print daily, weekly and monthly reports, track stock/inventory, tell me what I need to order and how much, workout payroll and tax.

    If you need anymore information please let me know.

    Cheers Nigel :)

    #1025647
    Anonymous
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    • Total posts: 11,464
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    Hi Nigel,

    Welcome to the forums – what an exciting time for you :)

    This article would be worth a read for you: http://www.flyingsolo.com.au/p309431586_The-7-deadly-sins-of-buying-a-small-business.html

    The author, Craig Reid, is a regular on the forums and has a cafe consulting business too – might be worth getting in touch? You’ll find his contact details at the bottom of that article.

    All the best,
    Jayne

    #1025648
    ray_223
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    NigelF, post: 30341 wrote:
    Hi Jeri,

    Thanks for the reply,

    I’m looking at a cafe, so I need to be able to put orders into terminals to print to the correct printers (whether it be kitchen or bar) also I need the employees to be able to clock in and out using this system, print daily, weekly and monthly reports, track stock/inventory, tell me what I need to order and how much, workout payroll and tax.

    If you need anymore information please let me know.

    Cheers Nigel :)

    Hi Nigel,

    I used to work for a company that developed Point Of Sale (POS) software that does all of this.
    There are a number of software packages available but as far as I know they are all rather expensive!!!
    Just Google “POS software”

    good luck.

    #1025649
    Bookkeeping Solutions
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    • Total posts: 29
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    Hi Nigel

    I have several cafe clients. When starting off, most have taken the KISS approach with their Accounting package. While it would be great to have a system that does the whole lot for you, it can be rather expensive. There are many cheaper alternatives that will do the same job.

    Quickbooks or MYOB will certainly cater for your early days, you can look at upgrading once you have got your business making you some decent money. I would STRONGLY recommend finding a good Bookkeeper and Accountant to keep you on track.

    A business plan with profit and loss projections and cash flow forecasts would be a must, one to make sure that your venture is viable, and two because if you want to borrow money to start up then your bank will want to see something. A good Accountant should be able to help you with this. I have several templates for Business Plans, and am more than happy to email them to you if you want to have a look.

    #1025650
    Karen Wardle
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    • Total posts: 363
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    Hi Nigel

    Congratulations! After 19years I am sure you know your industry very well and have developed contacts and experience that will serve you well.

    It is great that you have found flying solo as you will find answers to all of your questions.

    The thing to remember is that working for someone else within a particular industry is VASTLY different to running your own business within that same industry. Often people have an idealised version of what running their own business is going to be like. You cannot pick and choose the fun, interesting, good or profitable parts of business. You are responsible for them all, even the bad ones.

    You will be dealing with staff, suppliers, accounts, managing the day to day, marketing and so on. You will need to develop skills that you may not currently have. You will need to stretch yourself and step out of your comfort zone.

    At times you will ask yourself if you have done the right thing. You will be juggling many balls and there will be times when you will wonder if you have bitten off more than you can chew.

    But then there will be days (and as your business grows these will be the norm not the exception) where everything goes right, your customers love your product/service, opportunities that you have been chasing start to pay off, your accounts become easier to manage and everything begins to fall into place.

    I would strongly suggest developing a business plan and documenting your research thus far. Then get help to fill in any gaps. One of the most important sections of your plan will be the marketing aspect of it. Too many people open or start a business and then try and work out where the customers are. That is back to front. You need to work out who the customers are going to be and then decide how you will market to them.

    With regards to franchising, as Jeri mentioned you need to decide what ‘added value’ you are getting for your money. Most franchises are based on a sale price and then you also have to pay a monthly figure which can either be a set fee or a percentage of sales.

    Also if buying a franchise you may be limited to a particular territory. As a franchisee (you) you will be restricted to the area granted by the franchisor (usually the ‘head’ body that you purchased from, unless you have negotiated directly with a third party). They will usually stipulate that you use their products only and use their equipment etc. This can be a good or bad thing depending on the type of franchise that you are buying.

    Be careful also as usually within the contract, the franchisor has first right of refusal. Which basically means that if at a later stage you decide to sell your franchise you have to give them them the first option. They usually build in a time period in which they are able to respond. This can be a headache if you have another buyer waiting in the wings.

    I have been involved in two franchises. One was good, the other was not so good.

    Nigel, running your own business can be the best experience of your life. Sadly though it can also be the worst. I am not trying to deter you I am just trying to give an honest overview of what self employment is like.

    Owning your own business can be the greatest thing. It was for me! Just make sure that you do your homework first and don’t rush into it.

    Nigel, as Peter Brock once said…………..’bite of more than you can chew, then chew like bloody hell’.

    Good luck

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