Starting a stainless steel components company

When I made the decision to start my own stainless steel components company, I was unsure where to even begin my journey on the road to being self employed. Most of the stainless steel companies had been in the business for over 30 years and had a wealth of knowledge. A lot of companies had already gained ISO9001 accreditation and had a good customer base. Unlike these companies I had the experience of working within a stainless steel components company, but I had no experience of setting up a company or employing a work force, this was to be my challenge.

Most of my knowledge was in the field of ball valves (Kugelhahn). I had spent long hours as a junior on the production line of these. Also i had able to take a closer look on pipe clamp (Rohrschelle) production.

I decided I needed to approach a bank for the financial backing to support my company. After all I needed machinery, staff and materials to make the components. I knew that if I approached the bank with a business plan it would put me in good stead. I already had a personal bank account, but needed a business bank account and a business name. I approached the bank I would be asking for financial backing and applied for a business account.

I needed to find some finance of my own to put towards the banks contribution. I asked round for people to sponsor my company with the promise of shares in my company. After all if my stainless steel components company took off they too would be reaping the rewards. I got the backing of some businesses that I had liaised with in my previous job.

I knew that if was to approach the bank and they said no, then it would only be shear determination on my part that would get my business started, this was at the back of my mind through the whole process of starting my stainless steel components company, and yes I did have set backs.

When I finally got the financial backing my next step was to find the premises in which I would want to work, with the best location for my business. This wasn’t all I also needed good financial advisors so I had to find an accountant and a lawyer who would do the best job for me. I knew that there would be a vast amount of paperwork involved, and that I was going to have to spend a good deal of time with these people as they would be sorting this area out for me.

I finally got everything sorted: premises, finance, lawyers and staff. It took a lot of hard work to even make it this far. I am due to open my new business at the end of the week and I hope I have done enough ground work to keep afloat during the 1st year. If I make it into the 2nd year I will be hopeful that my business will as successful as I planned before beginning this venture.