Blog posts in Start up business ideas

Starting an online business: an optician's view

As an optician I had a well-respected and secure job that paid the bills and gave me a very comfortable lifestyle, but it never quite gave me the fulfilment I was looking for.

I always wanted to run my own business and considered starting my own practice, but I didn’t think it was something I was passionate enough about to make a success of it. I had always been interested in technology and so it seemed fairly logical to do something online.

Both my business partner (a medical doctor) and I realised that there was a bit of an untapped market in the comparison website niche, because there was nothing offering anything related to health. This, in effect, was where the idea for TreatmentSaver.com was born, a website that allows people to book appointments online for laser eye surgery, cosmetic surgery and dental clinics.

Coming up with the idea for our online business was the easiest bit; taking the plunge to leave my job was always going to be trickier. I’m married and have a young daughter and trying to explain to my wife that I wanted to leave my perfectly good job was met with raised eyebrows, to say the least! My parents just couldn’t understand why I would spend all that time at university only to ‘throw my career away'. I explained to them that I would always have my career to fall back on should things not go as planned.

For me, the financial aspect was always the most difficult mountain to climb, because it’s hard to justify working long hours when you aren’t even getting paid for it. Initially, I worked two days per week as an optician, which gave me enough money to survive and this compromise worked well.

When we started our online business, my business partner and I each invested £25,000, which seemed like a heck of a lot of money at the time. As is probably true with many start-ups, a lot of the money ended up being wasted, as we figured out the best way to do things. We outsourced our web development and this was the single biggest drain on our finances. The first two companies promised the world, but were unable to deliver what we wanted, so we had to pull the plug on their work. This resulted in both a loss of time and money. It was at times like this that I felt like packing it in and returning back to my nine-five job, but with every failed website, we learnt a number of lessons about how better to assess potential web developers and understanding the mechanics of building a site.

It took about eight months to finally launch our website, which is a long time. Looking back, we realise we over-complicated things. We wanted an endless supply of cool features, but in reality we could have launched far sooner with a much simpler site.

The past 14 months has been about growing our traffic and signing up clinics, and we have now got to the point where we can pay ourselves a decent salary. The early days are definitely the toughest and having a strong family behind you is extremely important. I could not have done this without the support of my wife, so in that sense it was very much a joint decision. Hopefully, I can repay her support one day.

Further reading

• Starting an online business
• Is running a business really for you?
• Creating a website

Learning the value of staying small

I’ve always been business-minded, looking for solutions to problems, finding ways to improve things and thinking of ways people could do things better.

I have several family members with their own businesses and that probably influenced me growing up, because I’ve always wanted to run my own business, too. Working for other companies and helping them grow made me realise that this was something I could do for myself, so I set about trying to make that happen.

I was introduced to Nadine, who had 15 years of experience in the travel industry, and we launched eShores in 2007. Nadine and I worked from her spare room for 12 hours a day, seven days a week. Within four months we had built the business up enough to move into a small serviced office and take on two staff. That’s when we knew eShores had really begun!

We saw a gap in the market for a travel company that provided the ease of booking online with the level of service and support offered by high street agencies. We knew that if we were to go down the luxury route and provide high quality service throughout the whole holiday experience, we could create a business that was unique in the market at that time.

Once we’d seen considerable success with eShores we decided to try branching out by launching another website that offered cheap holidays that could be booked online. Quickly we found that marketing the second website was very expensive and difficult, because it didn’t offer anything different from other cheap holiday sites.

Trying to expand the business was a costly endeavour, but it made us realise that it’s not always best to branch out into a different area. If you have something that works, it’s better to focus all your time and effort in to making it the best it can be.

We don’t regret trying out the second business. It had an effect on eShores and took our focus away from the main core of our business, but this simply taught us a valuable lesson in keeping 100% focused on the main product, because this is what works best for us.

My advice to anyone starting out in business would be: choose the market that you want to aim towards and build it around that; and make sure you offer something different – you must stand out if you are to succeed.

Business partners Gavin Lapidus and Nadine Brown run eShores, which is now in its sixth year of trading.

How to set up a successful sideline business

When two young mums with blossoming careers in law decided to take a furniture painting class, little did they know within a year their hobby would be a successful business called Lovely Things.

However, after friends and family expressed interest in their up-cycled pieces, Charlotte Dennison (pictured, a lawyer for the Crown Prosecution Service) and Charlotte Smith (a legal assistant for Ryedale Council), both 32, decided to showcase their products at a local market, and the pieces were quickly snapped up by local stores. The Charlottes also now sell their goods on Ebay and Facebook.

Here the pair from North Yorkshire share their tips on how to run a sideline business.

On support from family and friends

Charlotte D: “When we started Lovely Things I was on maternity leave, looking after a three-year-old and a four-month-old. Charlotte Smith was back at uni as a mature student and looking after a 10-year-old.

“Luckily my husband is a policeman who works shifts and my in-laws live locally and Charlotte Smith’s parents help her out. There is no way we would be able to run our business without them, because we just couldn’t afford childcare.”

On teamwork and communication

Charlotte D: “We split the big jobs in half. For example, if we’re decorating a table and chairs, Charlotte (S) will do the first bit and I will do the second bit. This way no job is too big, and we don’t get bored half way through!”

On keeping overheads low

Charlotte S: “As we’re still in the very early days, we keep our own books and our overheads are low. We don’t have fixed prices for our items and encourage customers to make offers.

“We did consider getting our own website produced, but because we could use Facebook, Twitter and Ebay for free, it was hard to justify the additional cost.”

On flexible working

Charlotte S: “Being able to work in the evening and weekends allows us to fit Lovely Things around our family and work lives.”

On believing in your products

Charlotte D: “If I could go back to last year, one thing I would change is I’d have more belief in our products earlier on. We were too nervous to go and rent a market stall to begin with because we were worried no one would be interested in our products.

“But it turned out to be the best thing we did, because it was at a market that we got talking to the owner of a local interior design business, who offered us space in her shop for our things. You just need to speak to everyone, because you never know who you are talking to and you really need to shout about your business. You have to believe in yourself, your business and its products.”

This guest post has been provided by Lima Curtis writing on behalf of ExpertMarket. 

Welcome to the self-start society

The Startacus platform – the “self-start society” – was launched in August 2012. Recently, the collaboration element of the site was unveiled, which will allow members to add projects and connect and collaborate to help bring their ideas to life.

The primary objective of Startacus is to inspire, support and motivate people across the UK and Ireland to fully realise their self-start potential. The site aims to make a long-term social impact. Many people have great creative ideas, but are baffled by the bureaucracy, obstacles and even terminology that exists and acts like a barrier, preventing them from going any further with their ideas.

In a nutshell, the ethos behind Startacus and the self-start society is to remove those barriers and to provide a place where those creative ideas can take root and grow.

We are aiming to bring together all people with ideas - be they exploring their creative potential for the first time, or an experienced self-starter or entrepreneur. Fundamentally, Startacus is a place where self-starters and great minds can come together, to collaborate on their big ideas and make them more of a reality.

The Startacus collaboration platform provides a unique dedicated space where projects and ideas can be worked on; where connections between self-starters can be made and where all the tips, resources and tools needed are signposted. Users can create public and private workspaces, request to help others, and seek collaborators to help make their own ideas a reality. If help is only needed with certain aspects of a project or business, bespoke workspaces can be created which are specific to an individual’s own needs.

There is a train of thought that society is broken, that the economy will continue to drag its feet and that employment will be hard to find. However, with the launch of Startacus, self-starters everywhere can get that little bit closer to doing their own thing and making their ideas a reality.

Alastair Cameron is the founder of Startacus, which is aimed at self-starters in the UK and Ireland. The platform aims to be the online place for self-starters to connect, create and collaborate.

Aged 50-plus? That's no reason not to start your own business

The economic downturn has been tough on most households, with the rising cost of living not being matched by a similar increase in earnings and many people facing redundancy as businesses look to cut costs.

For older workers, the situation can be extra-stressful. Quantitative easing has reduced the value of pension pots and annuity rates have fallen, while vacancies for experienced workers are at a premium. Yet many of those over the age of 50 affected by the downturn have sought to use being out of work as an opportunity.

Research from Nominet Trust has found that 32 per cent of workers over the age of 50 are self-employed, compared to just 13 per cent of those below this age. But just why are the over-50s more prepared to strike out on their own? Or is it just a case that older workers are better at running their own firm?

We’ve been looking at the issue of being an older entrepreneur and have found that older people are more likely to start their own firm than younger people, and even those beyond state pension age are giving it a go. In fact, around nine per cent of those over state pension age are still in work.

Our study also notes that "the desire to do something pleasurable" and "achieving a better work-life balance" are two of the main reasons older people strike out on their own, and that a lifetime of experience in the workplace is a valuable asset to the small-business owner. As report author Barrie Hobson notes, older workers tend to be "more mature, less stressed, usually [with] better interpersonal skills with customers [and] more reliable".

While older entrepreneurs may be more suited to starting their own business, everyone could do with a little assistance to get their start-up off the ground - especially financial help. The Community Development Finance Initiative is one possibility. It involves a non-profit organisation lending money to individuals, businesses, social enterprises and charities for the benefit of the local community. There are many such groups dotted around the UK, and you can find your nearest one here. 

Supplied by over-50s home insurance specialists Castle Cover.

 You might also want to read the following Start Up Donut case studies:

• How I set up a business in my 50s
• How I set up my olderpreneur enterprise
• How I became an olderpreneur

What is being done at British universities to inspire budding entrepreneurs?

A new trend is emerging at universities across the UK: students are avoiding the struggle of trying to get a graduate job by embarking on a route to self-employment while studying. According to a recent survey of 1,000 students commissioned by Viking:

• 70% of students find the prospect of starting a business appealing given the difficulty of the job market at the moment
• 90% aren’t afraid to take risks
• 85% are dedicated to succeed in business, promising ‘never to give up’
• 40% are prepared to sell personal belongings or fundraise to acquire enough capital to start a business.

While it may appear naïve or daunting for 18-25 year olds to start their own businesses without any experience and alongside the pressures of studying, the latter three statistics reveal key entrepreneurial traits. Some of the most successful businesses are run on a blend of energy, fresh thinking, enthusiasm, perseverance and discipline – attributes many students have in large measures.

Young entrepreneurs face the same challenges as any start-up, such as obtaining finance and establishing a customer base, but the government is getting behind this tide of budding business owners. David Cameron recently declared: "The future of our economy depends on a new generation of entrepreneurs coming up with ideas, resolving to make them a reality and having the vision to create wealth and jobs."

Support programmes are sprouting up across several university campuses:

• BaseCamp at Bristol University helps students to get their ideas off the ground by offering free office space, seed funding and a mentor programme.

• The Hatchery is the business incubator at Sheffield Hallam University. It provides students with a creative space to develop ideas and meet like-minded peers and take advantage of 24/7 office facilities.

• HeadStart at Nottingham Trent University is a structured process to help students shape their business concept, identify and evaluate the opportunities and potential, and put together a business plan.

Successful products of these programmes include Sam Piranty, who benefitted from BaseCamp funding to set up film production company InHouse Media, and Adam Roberts, who runs his business Go Dine from a hot desk at HeadStart.

“The support we receive from the team is excellent and it's good to share your ideas with other entrepreneurs based here,” Adam comments. “I have monthly meetings with a mentor, which sharpens my focus and helps clarify my thoughts. We’re fortunate that the university was forward-thinking enough to establish HeadStart. There should be more schemes like this for entrepreneurs. If you’re inexperienced in business, it is almost too difficult to set up without this kind of backing."

Universities are hot beds for entrepreneurial ambition and students should be encouraged to cultivate their ideas into commercial ventures. Nurturing young talent will doubtless produce a host of unique products and services and give the economy a much-needed shake-up.

BCSG creates, distributes and supports value-adding products and services to small businesses through financial institutions. For more information visit www.bcsg.com.

Why don’t more women start businesses?

Research commissioned by the Association of Accounting Technicians suggests that women who leave their chosen profession to have a baby face a pay cut of up to £20,000 a year when they return to work.

The study of more than 2,000 women who have chosen or “been forced by time or financial constraints” to abandon their chosen career after giving birth found that 60% of respondents earn less now than they did before they went on maternity leave.

Some 70% are over-qualified for the jobs they now do and such positions would have been “below them” before giving birth. The average working mum earns £9,419 less a year when compared to previous income, while necessity has forced nearly a quarter of respondents to take any job to make ends meet.

A third said the difference in salary has “affected their life negatively” and one in seven admitted that it had affected their marriage. Four in ten do their current job because it “fits in with family commitments and brings in extra money”; with just 16% saying they are passionate about their profession; and 30% describing their current job as “menial”. While working hours were reduced to enable mums to balance parenting responsibilities, only 20% of respondents said their current job was less stressful.

Respondents’ average age for having their first child was 25 and 38% thought their employer wasn’t supportive enough throughout their pregnancy. Flexibility around school hours, job location and low stress levels were found to be the biggest priorities for working mums, with salary fourth on the list.

Many of us would like to believe that starting a business offers women a better alternative, yet it seems that many women are not planning to start their own business any time soon.

As reported by the FT in August, according to an Ernst & Young survey, just 16% of the 1,000 working women questioned wanted to start their own business, while the “Global Entrepreneurship Monitor UK Report 2011, which surveyed more than 10,000 people in the UK, noted ‘that men tend to have more positive entrepreneurial attitudes than women’ and even that women were more risk-adverse when it comes to entrepreneurship.

Whether that is true or not, are there any other reasons why more women – particularly young mums – don’t start their own business? Leaving aside all of the common reasons why both sexes don’t start their own business, lack of access to finance is often stated as a hurdle more likely to affect more women more men. Childcare is another huge issue, of course.

And however much we like to believe otherwise, balancing the demands of running a business with family commitments remains a massive challenge. The dream of being able to really have it all remains just that for many women – a dream.

As journalist, author and mumpreneur expert Antonia Chitty admits: “Almost all mumpreneurs are doing it so they can spend more time with their family, and it’s always a bit of a struggle to find the right balance. It’s hard to find enough time for your business, your family, your partner and yourself.”

Perhaps none of us should be surprised that many mums compromise by earning less and doing jobs they don’t want to do or hate, rather than start their own business.

• We’d like to read your thoughts – why don’t more women start their own business?

Is your business idea viable?

This is a question that would-be entrepreneurs need to ask themselves. It is not enough to have a good idea – or even a great idea – for a product or service. What you need to find out is whether you can provide that service or product to enough people who will pay enough so that you make enough profit.

So where do you start? The first thing is to research is what is out there already. If the market is saturated with competitors providing the same goods or services as you, then your business must have a pretty compelling USP (unique selling proposition) to make it stand out.

Check out the competition

How are your competitors doing? Companies must file their accounts at Companies House, and companies listed on the London Stock Exchange will have to provide detailed financial information to the public, which means that you can find out quite a lot about them after a few clicks on the internet.

Market research

The next thing to do is firm up the scale of your potential customer base and how much they would be prepared to pay. The best people to tell you about this are strangers (friends and family might fib to protect your feelings). If you need the results of the research for attracting funding, it can be worth paying professional market researchers who will present impartial findings in a clear way. If you end up doing the research yourself, strive for professional looking results. Common research methods include questionnaire and interviews with interested parties.

Conduct a realistic appraisal of costs

Think through every penny you need to spend to sell your goods or services, and make a note of them. Have you counted business premises, transport costs and tax implications? If you are making a product it is easy to focus on components and blank out these other issues which still have a bearing on whether your business can be profitable.

Think about business models

Finally, think about the structure of your business and whom you will be working with. If you lack certain skills, should you consider going into a partnership with someone who can make up that deficit? Or should you be considering setting up a limited company? Setting up a company can only take a couple of hours with a formation agent, and mitigates the risk in case your business turns out not to be viable.

• Paul Bryant is a director at company formation agent Set up a Company.

The three key ingredients for launching your new business

Let’s be real right from the outset — going into business for yourself isn’t always easy. If it were an easy thing to do then everyone would be doing it. As business owners, we find ourselves, particularly in the early stages of a business, having to be a master juggler in that we are managing a whole host of different tasks at seemingly the same time.

Not only are you consumed with the “doing part” of providing your products and services, but you find that there is a myriad of other things you need to be concerned with such as marketing, managing staff, being on top of the numbers, staying updated on the ever-changing legislation landscape and ensuring that you are on top of any red-tape burden that is imposed on your business. The list doesn’t end there, but you get the idea.

Being passionate about what you do or good at what you do isn’t enough to build a successful and profitable business. Anyone can have a good idea but it takes someone very special to build a successful business. So to avoid becoming part of the nasty statistic that shows that over 80% of businesses ultimately fail in the UK, with a higher mortality rate for start-ups, it is really important that you embark on your journey with a solid foundation in place. The three key ingredients — or 3Ps — are:

1. Passion

Being passionate about what you do is so important because during the more challenging periods, which you will most certainly face when establishing your new business, it is this passion that will carry you and propel you to overcome whatever obstacles you face. Being passionate about what you do is not enough by itself but is a vital ingredient in any successful business.

2. Preparation

Preparation is all about making sure you have a viable business model before you begin. It is about being clear on what your proposition is and who your target market is. A business plan is a vital document that must be prepared. In a nutshell a business plan is the road map of your business. It shows the destination you are seeking and details the path you will follow and the resources needed for you to get there. Financial projections form a major part of a business plan. You must know your numbers. Remember a business that fails to plan, plans to fail!

3. Persistence

Provided you are passionate about what you do and have done the necessary preparation then you must have the drive, motivation and determination to see it through and not give up at the first hurdle.

But provided you have all of the three attributes, then there is absolutely nothing to fear about going into business for yourself. There will be obstacles and challenges but there is also no greater feeling and sense of achievement than being the master of your own destiny and building your own successful business. Good luck!

Kelly Clifford is the author of Profit Rocket and founder of Profit in Focus.  A Kindle edition of Profit Rocket can be downloaded for free from Amazon during 24-28 November 2012.

Ten tips for starting a business

Setting up your own business can be tricky. The amount of questions flooding your mind can be overwhelming – Who are my target customers? How much stock do I need? Where should I set up? The list can go on and on. If you're starting to give up on your dream, fear not! Hopefully, the following 10 tips might help you…

1 Make sure there is demand

Proving a service that people want or stocking items that will sell might seem like an obvious point, but you'd be surprised how often small businesses fail because they are offering something that ticks neither of those boxes.

2 Lower your expectations

Opening a business, especially if it's your first, can be a head rush. In the excitement, lots of people get too carried away to see the bigger picture. Ask yourself simple questions: Do I really need that much money to start my business? Do I really need this much stock? That attitude will keep your feet on the ground and help you save money.

3 Location, location, location

Location is a more important consideration for some businesses than others. Make sure that you're not too hard to find, or you might lose out on customers. For example, a craft shop might benefit from being located away from the hustle and bustle, but it might not suit a cafe. Think of the lunchtime rush!

4 Stake out the opposition

A spot of espionage is crucial. Find your rivals; check them out; and see what works for them and what doesn't. Then think about what you would do better, and how you can not only emulate their success, but better it.

5 Create a quality website

If your website is shoddy, people will pass by your business quicker than the tinny click of their mouse. Even if you have to pay someone to design your site, it will be worth it.

6 Know what you’re talking about

Again, this might seem obvious. No matter what you're doing, make sure you install confidence in customers by being able to answer any questions that come your way. It's a crucial skill.

7 Check out online forums

The internet is likely to be full of people talking about your area of business. Spend some time looking through posts to see if you can pick up any useful hints.

8 Go to trade shows

Trade shows are a great way to show off to potential customers. They can also be useful ways to snoop on the opposition!

9 Don’t be afraid of big ideas

Taking risks is the lifeblood of a successful business. A quirky promotional campaign or an unusual service on offer can really help small businesses find their feet.

10 Spread the word

More often than not, word of mouth can be a great way to get people interested in what you’re selling. Keep reminding your friends, parents and partner to spread the word!

• This has been a guest post by James Archer writing for Hill Interiors

How to deal with business risks - known and unknown

Running a business is risky business, but how do you deal with risks that you don’t even know exist?

Former US defence secretary Donald Rumsfeld once summarised the problem of planning in the face of uncertainty in his famous phrase “unknown unknowns” – things that can have a big effect on us that we don’t even realise we don’t know about.

Once you’ve realised that the map to your future has gaping holes in it, what should you do?

One option is risk assessment. This can be as simple as just writing down a list of all the risks you can think of and then getting people you know or expert friends to suggest others.

Unknown unknowns will always be there, of course, but by listing your risks you reduce the number you haven’t thought about. And simply stating a risk can sometimes help alleviate it, too. For example, in the recent Facebook IPO, the company stated its lack of revenue from its mobile product as a huge risk to its business. Simply making that risk well known is likely to create the concern and attention among Facebook’s shareholders and staff that is needed to actually mitigate the chance of it being a big problem in the future.

Another great idea when tackling unknown risks is to employ the right people. After all, you cannot control what the future will bring, but you can certainly affect which people will be around in your business to deal with it. Having the right staff can mean employing people who can act autonomously, because one risk may be that something happens to you, the business owner.

It might mean getting people with the right skills – so that you’re not the only one in the firm who can perform a certain function. While youth and energy are often ideal qualities in a new hire, future problems might trouble a young traveller much more than a seasoned explorer.

One final tool that is often employed is to turn future unknown risks into something a bit more manageable is business insurance. After all, you may not be able to conceive of all the problems that may confront your business, but the chances are someone has had to deal with them before and that they will be covered by some of the more general terms within an insurance contract.

Whatever risks your business faces, don’t lose sight of the fact that the unexpected can bring good as well as bad. After all, who’s to say that alongside the future risks you face, you won’t also find rewards you weren’t expecting, too?

Barney Jones works for XLN Business Services

Meet Dave - the bank manager with a difference

Could the reputation of banks sink any lower?

Outrageous bonuses and revelations of mis-conduct dominate headlines. At the same time, money is still being pumped into the banking sector — coming from us, the taxpayers, and printed by the Bank of England. It’s all part of the Government’s plan to get banks lending to businesses again.

But it just isn’t working. This week’s Trends in Lending figures show that loans to small businesses have fallen again and the Federation of Small Businesses (FSB) continues to highlight the “computer says no” culture in banking as four in ten SMEs are refused credit.

Enter Dave Fishwick

Dave Fishwick is an entrepreneur from Burnley. And he has a dream — to open a bank that will give savers a 5% rate of return and which will lend money to local small firms that cannot get funding anywhere else.

At first glance, Dave is not the obvious candidate to shake up the banking system. Let’s just say he’s not your typical bank manager. But when you’re looking for a revolutionary, you need someone with passion, a straight-talker — above all, someone who never takes no for an answer.

Dave is your man. And by the time I finished watching the two-part Channel Four documentary, Bank of Dave, I was convinced Dave could single-handedly turn around the fortunes of the whole country.

What’s so great about Dave Fishwick?

1.   He’s a successful businessman

A self-made millionaire with a minibus firm, Dave has two rules in business — rule one is “never lose money” and rule two is “never forget rule one”. He set up the Burnley Savings and Loans (shades of Jimmy Stewart in It’s a Wonderful Life) and — legally unable to call it a bank — he gives it the genius slogan “Bank on Dave”.

2.   He’s straight-talking

Dave tells it like it is. There’s a fair amount of colourful language but he’s so charming — and anyway his message resonates with everyone he meets — so he doesn’t offend. Not surprisingly, the high street banks get regularly trashed by him — “all they’ve done is s**t on people”.

3.   He never takes no for an answer

An entrepreneur, according to Dave, is someone who turns no’s into yeses. Trying to get a banking license from the FSA is a monumental challenge though. Banking guru Andrew Hilton tells him he’s got “no chance” and that he needs £50 million just to open. Hilton also suggests that Dave’s ambitions are “above his station”. Boo hiss. Dave looks crest-fallen for a few seconds but then he’s back up and running, telling his solicitor, “It’s going to be a bank and that’s that”.

4.   He’s a nice guy

He buys his customers cups of tea and coffee as they queue, he offers his small business customers valuable advice as well as a loan, he sings in the car and he’s fond of a chip buttie.

5.   He focuses on the things that matter

Dave’s main ambition is to lend money to small firms so they can grow. His branch in Burnley is basic but it does the job. What he loves to do is get out there and meet the people and lend them the money they need. There’s £185 for busker that needs a new amp, £1,000 for an internet firm and £75,000 for an outdoor pursuits company. A struggling café gets money to improve its kitchen and sees business soar. A tropical fish superstore wants £5000 for a shark tank and £500 for three black-tipped reef sharks. It sounds crazy but the idea is to create an attraction to draw in more customers — and it works.

6.   He challenges the rules

Getting a bank licence proves impossible — the FSA refuses to meet him — but he finds a way around it. He gets a consumer credit licence so he can lend money. Then he finds a clever way to take deposits from savers by linking the savings to the loans. Finally, he takes out insurance so that if Burnley Savings and Loans were to go belly-up, there would be no need for taxpayers to bail him out.

The day of reckoning arrives, six months after he starts the venture. The figures from the accountant are in. They show that Burnley Savings and Loans has made a profit of £9,511. Dave is delighted. “Chip butties — come on, let’s go”.

Then he walks out of his tiny Burnley branch and straight into the nearest charity shop where he gives the astonished ladies at the till a cheque for £2,000. Continuing up the high street, he hands out the rest of his profit and a bit more to several other charity shops.

It’s banking, but not as we know it.