Starting a Business

Hi lads,

I'm thinking of setting up a business in the form of a bookies. I am currently in my 2nd year in Cardiff Uni doing Business Enterprise. Just as a thought would any body know what paths I'd need to go down to set this up. I know it's a risk at such a young age but I am passionate about it and really think I have the competencies at hand to make it work.

Cheers

see topcat trouble is i would think you would need a fair bit of wonga for backup also theres all the red tape and organisations you would have to belong to

As with any business it helps if you have a decent amount of experience. There are basically 3 types that you need:-

(a) Customer operations - working in a betting shop on a day to day basis dealing with customers of all types as they place their bets and collect their winnings. This is essential, but you need it from both sides, both working and as a punter. Could you afford £5 a week (i.e. give up two pints in the Students Union) to place two 50 pence bets a day 5 days a week. Keep a log of bets, losses and winnings and cover all types of bet.

(b) Business specific operations - how the betting shop sets the odds, ensures it can pay out if lots of customers win etc. Usually gained by working as a manager / assistant manager in a betting shop.

(c) General business operation - how to deal with leases, business rates, rents, employing staff, business plans etc. Your course should give you a decent start in this, but may not cover some of the practical issues e.g. how to cope with staff who are not fully co-operative.

Can't speak for how a bookies is set up, but for pretty much any business in the UK nowadays, you have to comply to various government regulations most of which are a right pain in the arse and designed to make them money as they all cost. I've been running a business from home for 15 years now and the first and probably the most important lesson I learned was not to expect to make any money in your first 6 - 12 months through start up costs, competition, market forces etc etc. You have to use that time wisely by learning everything you can about your business but also how other business can impact on yours and try and set up links to likely sources of outside income. I now have an annual turnover in six figures and still work from home. Its great being your own boss, but don't expect it to happen without a lot of blood, sweat and tears along the way. Hope that helps mate and good luck.

You're better off going underground and starting an illegal betting firm. Hire some loan sharks, start a porn business.

Millionaire within a year.

Buy me a pint at the next home game.

Can't speak for how a bookies is set up, but for pretty much any business in the UK nowadays, you have to comply to various government regulations most of which are a right pain in the arse and designed to make them money as they all cost. I've been running a business from home for 15 years now and the first and probably the most important lesson I learned was not to expect to make any money in your first 6 - 12 months through start up costs, competition, market forces etc etc. You have to use that time wisely by learning everything you can about your business but also how other business can impact on yours and try and set up links to likely sources of outside income. I now have an annual turnover in six figures and still work from home. Its great being your own boss, but don't expect it to happen without a lot of blood, sweat and tears along the way. Hope that helps mate and good luck.

Out of interest what do you actually do ?

Hi lads,

I'm thinking of setting up a business in the form of a bookies. I am currently in my 2nd year in Cardiff Uni doing Business Enterprise. Just as a thought would any body know what paths I'd need to go down to set this up. I know it's a risk at such a young age but I am passionate about it and really think I have the competencies at hand to make it work.

Cheers

Why a bookies - I can put you in touch with my mate who sold out ( Stan James bookies) if you want - drop me a PM and I will give you his email address

If someon sticks £100 on a 1000-1 bet will you have enough to pay out?

If no, then id suggest you haven't thought it through.

If yes, then I'd suggest you invest your 100k more wisely, far safer starter businesses out there.

Yeah, far too much risk and market is already beyond saturated.

Yeah, far too much risk and market is already beyond saturated.

Correct , big brand game these days, no room for the independent.

Yeah, far too much risk and market is already beyond saturated.

Correct , big brand game these days, no room for the independent.

Very true. When I first started punting in the late 80's there were independents all over S Wales. Very few, if any,left now.

I guess the Internet would be a possibility but as other posters have said,you need a barrow load of cash behind you and a scissors the size of Ridsdales ego to cut through all of the red tape.

Yeah, far too much risk and market is already beyond saturated.

Correct , big brand game these days, no room for the independent.

Very true. When I first started punting in the late 80's there were independents all over S Wales. Very few, if any,left now.

I guess the Internet would be a possibility but as other posters have said,you need a barrow load of cash behind you and a scissors the size of Ridsdales ego to cut through all of the red tape.

It was always a punt doing business with you Alfie with your dodgy prices !!

Cheers lad will help me a lot thanks for the replies