I want to launch a business for people planning for their loved ones after they die – is it feasible? Dave Fishwick replies

I’ve had a business idea for years – but is it viable? Bank on Dave replies 

This is a bit of a longshot… but I’ve had a business idea for many years and don’t know where to start.

After losing my fad at the age of 14 to cancer, I have always wanted to create a business which carries on the legacy or love of a family member.

In simple terms when people take out a funeral plan or even just sign up to the app/service they can buy gifts, upload videos etc for future dates after they have passed.

For instance my wife suddenly lost her dad just after we met and he never got to walk her down the aisle. 

If he was signed up to this business he could have uploaded a video and/or picked some jewellery for her special day in case he didn’t make it.

This can also be for special events e.g milestone birthdays or even wedding anniversaries.

From someone who has lost family members I know what comfort this business could bring to people’s lives and the possibilities are endless. 

Flowers, gifts, messages etc can be purchased and automatically sent for a certain date in the future.

This is a business I have thought of for many years – not so much for making lots of money but for the comfort it would have brought myself and my wife if this was available for our fathers. 

If you could offer any advice in anyway I would be most grateful.

Dave Fishwick, This is Money’s business doctor, replies: It must have been tough to lose a parent at such a young age, so it’s nice to hear it’s made you want to make a positive difference to others in the same position. 

This isn’t an idea I’ve come across before, and I would suggest, as a first step, doing plenty of research to find out if it is viable and if anything similar is being offered by anyone else.

I lost my father to Parkinson’s Disease, and I miss him terribly. My dad used to say to me: ‘David, whatever you are going to do, make sure you do it now because there will be a time when you can’t.’

Dave and his dad: He used to says – ‘David, whatever you are going to do, make sure you do it now because there will be a time when you can’t.’

If no one else is doing it, it doesn’t necessarily mean there won’t be a demand, but you’ll have to work harder to sell it. 

Not only will you have to persuade customers to entrust your company to provide the service, but also to make them aware the service exists and that they could benefit from it. 

It’s not the most cheery subject thinking about the time after we’re gone, so many of us don’t prepare for it until we’re diagnosed with an illness, or not at all if we go suddenly.

You need to determine if this can be a stand-alone, self-sustaining business without additional revenue from related services such as life insurance, funeral plans or, as you suggest, an online florist or gift sales company. 

Without getting myself into too much trouble, I know some people would benefit from a service which offers speedy delivery for last-minute birthday or anniversary gifts, mainly me. 

I always forget birthdays and my anniversaries, and Mrs F does get very cross with me.

A note of caution: if you are planning to take money from the public for a service in the future.

Ask Dave a question 

Dave Fishwick, right, and Rory Kinnear who plays him in film Bank of Dave

Dave Fishwick, the man behind Netflix’s Bank of Dave, is This is Money’s small business doctor.

If you want to start a business or have a question about running yours, email to ask Dave:

[email protected]

The principal objective of the FCA’s CASS rules is to keep client assets safe in the event of a firm’s failure. 

A fundamental requirement of the CASS rules is that firms must keep client money separate from firm money in segregated client money bank accounts and register custody assets appropriately. 

You must ensure that you comply with the Money Laundering Regulations 2017. An unregulated firm will need to abide by the regulations if, for example, they hold client money as part of a transaction (i.e. estate administration in case of death)

It would help if you also decided how much you would get involved logistically. 

Are you going to operate as a web-based business which sources from third parties and has the product drop shipped to your customers, or will you stock and ship products yourself? 

If it’s the latter, you’ll need the additional funding to set up premises and the other overheads to cover their upkeep and staffing.

It might be more sustainable to offer the service alongside other gifts and greetings, as you suggest, or alongside a business which already deals with people who are planning for after they’re gone.

If you offer this service, you will take on the responsibility of people’s dearest wishes, which might not be needed for years to come, so you should only embark on this if you’re confident it can succeed in the long term. You have the time to give and make a plan for succession after you retire from it.

I understand your desire to create a business for social benefit, and I admire your intentions. 

However, if you don’t have a clear and well-researched plan with realistic goals and work hard to achieve them, you probably won’t make a profit, and the business won’t succeed.

Many new startups don’t succeed because they take on overheads, and before they build up enough revenue to cover them, they run out of cash. 

If you embark on this as a standalone project, I would recommend that initially, you do it in your spare time where possible and from home to keep your costs to a minimum until you find out the level of demand for it and scale the business accordingly.

As a starting point, I recommend that you make a clear plan and answer the basic questions: how will you fund it, where will it be based, who will perform the critical functions like sales, management, logistics and accounting, and if you decide to go ahead, I wish you the best of luck. 

Another saying from my Father was: ‘Every day that you wake up and you are not feeling the wood sides (the coffin sides), then you are having a good day!’

This post first appeared on Dailymail.co.uk