How to start up business

googler

Flyonthewall wrote: »

They look like invisible numbers with a £ infront.

I know the type of item I want to sell, I know the rough prices of some, but overall I don't know exactly which I'd buy, how many I'd buy, I've yet to find the best place to buy them and so don't know exact buying costs and, for a shop, how much I sell would depend partly on where it is located.

Thanks for the startup figures. However, I am still researching everything so I don't have exact figures or even rough figures.

You're going to have to decide on this before you start trading, though, so why don't you make some assumptions, decide on some figures, and on the basis of those, plug your projected figures into a business plan spreadsheet, to find out how you'll stand?

The whole idea is to figure out "what if I ...?", and see how results vary depending on what you put in.

Flyonthewall

This thread was simply about finding out if I could get funding for a shop.

Obviously I know there's more to it and I know I'd need figures, but I'm still researching it.

EPL

Flyonthewall wrote: »

This thread was simply about finding out if I could get funding for a shop.

Obviously I know there's more to it and I know I'd need figures, but I'm still researching it.

Yes but gaining funding from ANYWHERE, for a retail outlet is going to need a structured business plan. No person/investor/bank/grants institution is going to part with their money unless you can give them forecasted figures of your projected turnover.

To date, you have said you don't know which exact items you will buy, how many you will buy and how many you think you can sell - you are going to need to prove their is a demand for what you want to sell.

I would strongly suggest in the first instance that you forget about things such as ebay listing fee and postage etc and try and sell some through ebay (even if it means you making a slight loss through postage and listing fees). That way it will give you a clear idea of the demand and a realistic assumption of how many you think you can sell.

Flyonthewall

EPL wrote: »

Yes but gaining funding from ANYWHERE, for a retail outlet is going to need a structured business plan. No person/investor/bank/grants institution is going to part with their money unless you can give them forecasted figures of your projected turnover.

To date, you have said you don't know which exact items you will buy, how many you will buy and how many you think you can sell - you are going to need to prove their is a demand for what you want to sell.

I would strongly suggest in the first instance that you forget about things such as ebay listing fee and postage etc and try and sell some through ebay (even if it means you making a slight loss through postage and listing fees). That way it will give you a clear idea of the demand and a realistic assumption of how many you think you can sell.

I know I'd have to get a business plan no matter what, but all I wanted was any places I could go to for funding once I'd sorted all the rest. Which is basically none even with a business plan.

I can't make a loss and forget about postage and fees. I refuse to make a loss when with some thought I may be able to get around the problems. And I can't forget about important details. But I'm working on it so...

kittiej

Without knowing what your product will be what about party plan?

All sorts of stuff has been sold this way and you need advertising more than premises for that. Try to get more orders for parties by giving an incentive to the next potential host/ess. You don't need glossy brochures like big businesses to start with.

Have you actually got any stock?

Edit I see you don't have any stock so do you have a supplier? I would do a Del-Boy fill a case, see if the council offers street pitches cheap or a market stall and do party plan as well. Shout it from the rooftops how good your products are and how they will enrich the lives of those who buy them and become the envy of all their friends.

OK so a bit OTT but if it worked for Sir Alan and Chris Dawson ......

http://www.therange.co.uk/fcp/content/chris_dawson/content

lincroft1710

Flyonthewall wrote: »

Am I not allowed to want to have a product I like and that I don't want to go yelling about on a forum? It's just something I'd like to sell, no one needs to know what it is and so there's no point in mentioning it.

Have you ever thought that if you did mention the product(s), there is a chance that one or more posters may say "That's just what I'm looking for, but no shop for miles stocks it!"

Or if you get the reply "No-one wants those anymore", you'd at least know it's time to move on to the next idea.

People have been very patient and helpful on this thread. You've had good advice from some very knowledgeable and experienced posters who want to encourage new business. But they also give a reality check when it is needed.

kittiej

http://forums.moneysavingexpert.com/showpost.php?p=62272567&postcount=92

Reading this post, why don't you do this as a business?

I am struggling to find someone who is hungry to start their own business if I am honest. I am also concerned about 'buying low to sell high' in a lot of cases you buy low and sell low and have to sell many units of them.

The customer is King atm and they should dictate what products you sell otherwise you might end up with stock you can't shift.

People would pay good money to have business consultants offering the advice here

Others have given good advice because they have the experience. Even large companies have to cater to their customer's wants and needs as there is always a danger of becoming outdated and dying.

Flyonthewall

lincroft1710 wrote: »

Have you ever thought that if you did mention the product(s), there is a chance that one or more posters may say "That's just what I'm looking for, but no shop for miles stocks it!"

Or if you get the reply "No-one wants those anymore", you'd at least know it's time to move on to the next idea.

People have been very patient and helpful on this thread. You've had good advice from some very knowledgeable and experienced posters who want to encourage new business. But they also give a reality check when it is needed.

No because it's something that collectors/fans of the items will always want so I know there's a market and I know how many stores sell similar items within at least a 10 mile radius of me.

Indeed they have been helpful and they clearly have knowledge and experience and, once again, I thank them for that. However, I understand it all, I knew it all and I have the answer to the question I wanted, plus a couple of other things to consider.

Flyonthewall

kittiej wrote: »

http://forums.moneysavingexpert.com/showpost.php?p=62272567&postcount=92

Reading this post, why don't you do this as a business?

Thought about it, but although I can do exactly the type of site I want for my own sites, other people will want things that I can not do. For example, amazing graphics or something in a coding language I don't know. So sadly it isn't really an option.

Flyonthewall

kittiej wrote: »

I am struggling to find someone who is hungry to start their own business if I am honest. I am also concerned about 'buying low to sell high' in a lot of cases you buy low and sell low and have to sell many units of them.

The customer is King atm and they should dictate what products you sell otherwise you might end up with stock you can't shift.

In most cases, yes a lot of units do need to be sold. But that doesn't bother me and it's not the case with all items. Whatever I do I'll start it off with testing products and see how well each one sells.