How to start up business

Flyonthewall

googler wrote: »

OP, have you ever watched Dragon's Den?

If you were pitching to them to provide the finance for your shop the way you're pitching here, how many dragons do you think would be willing to back you?

I think they'd all be out long ago.

Yes.

And yet still this thread continues...

But if I were talking to them I'd have completed my research, done a business plan and told them what I'm selling.

gb12345

Flyonthewall wrote: »

Yes.

And yet still this thread continues...

But if I were talking to them I'd have completed my research, done a business plan and told them what I'm selling.

So do your research, (perhaps do your little trial using a market stall) then complete a business plan and approach a bank for finance.

Thugh, having read the whole thread it still sound like a totally unviable proposition to me.

Flyonthewall

gb12345 wrote: »

So do your research, (perhaps do your little trial using a market stall) then complete a business plan and approach a bank for finance.

Thugh, having read the whole thread it still sound like a totally unviable proposition to me.

I am doing. I only asked this question to see if there were any loans/grants I could get (pretty much) right away so I could open a shop.

I've been researching the rest the entire time.

If it doesn't work then at least I know for any other ideas if a shop would ever be possible.

It obviously isn't going to sound like a viable business to anyone on here, no one knows what I want to sell or anything.

Percy1983

It doesn't sound like a viable business as you don't have a realistic business plan and you plans seem based on how people have shopped in the past rather than how they will shop in the future.

Flyonthewall

Percy1983 wrote: »

It doesn't sound like a viable business as you don't have a realistic business plan and you plans seem based on how people have shopped in the past rather than how they will shop in the future.

Course I don't, I've only just started researching it all! I had an idea, I asked a question based on one part of it, started researching the rest and here we are.

My plans are based on how a certain target market shop and, yet again, I am trying to work out the online part to reach the rest of the target market.

Bobster64

My first question would be what experience you have in running a business and what knowledge do you have of the product you wish to sell?

I have run both online and physical bricks and mortar businesses and believe me online business's are far cheaper to run plus you won't be tied to any long term leases.

My advice would be to speak to family and friends and see if they believe your idea is so good they will lend you enough to buy a little stock to test the market. The next stop would be to rent a market stall and see if you can see it. This is by far the cheapest way to see if your product has sufficient demand. I myself have done this on several occasions.

You need to bear in mind the costs of your product, any associated costs for shipping ect. TAX, VAT, accountancy fees, liability insurance. Believe me it is not cheap to run a business.

My best tip would be to get a part time job, ideally one which starts and finishes very very early. This will provide you with a basic income and allow you to build your business in the rest of the day.

Don't let things put you off but be prepared to work work work.

Flyonthewall

Bobster64 wrote: »

My first question would be what experience you have in running a business and what knowledge do you have of the product you wish to sell?

I have run both online and physical bricks and mortar businesses and believe me online business's are far cheaper to run plus you won't be tied to any long term leases.

My advice would be to speak to family and friends and see if they believe your idea is so good they will lend you enough to buy a little stock to test the market. The next stop would be to rent a market stall and see if you can see it. This is by far the cheapest way to see if your product has sufficient demand. I myself have done this on several occasions.

You need to bear in mind the costs of your product, any associated costs for shipping ect. TAX, VAT, accountancy fees, liability insurance. Believe me it is not cheap to run a business.

My best tip would be to get a part time job, ideally one which starts and finishes very very early. This will provide you with a basic income and allow you to build your business in the rest of the day.

Don't let things put you off but be prepared to work work work.

If anyone has a really really good idea they feel has potential but need help with raising finance then drop me a PM and I will try to help you out.

None for running a business. Knowledge in the items, lots.

I know online is cheaper, but I've yet to work out how to get postage cheaper to make it worthwhile and I still need to look around more to find the cheapest prices.

My family and friends don't have any spare money. I'm considering a market stall. I know there's a lot of other costs.

I am looking for a job, but it's not that easy to get one.

Bobster64

Flyonthewall wrote: »

None for running a business. Knowledge in the items, lots.

I know online is cheaper, but I've yet to work out how to get postage cheaper to make it worthwhile and I still need to look around more to find the cheapest prices.

My family and friends don't have any spare money. I'm considering a market stall. I know there's a lot of other costs.

I am looking for a job, but it's not that easy to get one.

If you need any advice then let me know. I have run a number of successful businesses however I now specialise in online.

It may be easier to reduce the cost of purchasing your stock rather than the cost of postage. Once you have a track record you can then look to reduce the cost of your postage based on your sales volume.

Is the product Large/Small, heavy/light? Have you researched demand or is it a specialised product?

Flyonthewall

Bobster64 wrote: »

If you need any advice then let me know. I have run a number of successful businesses however I now specialise in online.

It may be easier to reduce the cost of purchasing your stock rather than the cost of postage. Once you have a track record you can then look to reduce the cost of your postage based on your sales volume.

Is the product Large/Small, heavy/light? Have you researched demand or is it a specialised product?

Thanks.

It's quite hard to find the items cheaper.

They vary in size and in weight. Going by Royal Mail, they'd be classed as at least a small parcel. I'm sure most would be medium parcels due to the depth.

It's more of a collectors item.

Bobster64

I would recommend testing the market online without purchasing any stock to see if there is any demand. As long as you do not actually take any payments it is ok to do this. This gives you the ability to experiment with costs and delivery charges. If the demand is sufficient then you can take this info as proof to a bank or investor who will then lend you the money to get going.