How to start up business

Flyonthewall

I'm glad people are trying to help and pointing out things to think about, but can we pretend this for one moment:

I have a product that can't be sold online, only instore. Let's pretend thousands of people will want to buy the items, possibly even more than one everyday. Let's say I can get these items for £1 and sell them for £20 each.

I can cover all costs and make a nice profit by owning a shop with them items, regardless of what they are.

Now, how do I afford to get the shop without first selling anything?

In the end if I can't get the shop the rest doesn't matter anyway.

notanewuser

Flyonthewall wrote: »

Yes, I have. I've also sold things online for a profit. In fact, with everything I buy I get it cheap and with things I sell I have quite often made a profit, but obviously that is selling as a private seller rather than business.

If you're buying stuff to sell on then you're already a business and should have declared this to HMRC.

My brother in law has a sideline in online selling. He uses a spare room as a stock room and sells via amazon and eBay. He's doubling his money (making at least £1k a month) - not bad for a few hours a week.

Percy1983

Flyonthewall wrote: »

I'm glad people are trying to help and pointing out things to think about, but can we pretend this for one moment:

I have a product that can't be sold online, only instore. Let's pretend thousands of people will want to buy the items, possibly even more than one everyday. Let's say I can get these items for £1 and sell them for £20 each.

I can cover all costs and make a nice profit by owning a shop with them items, regardless of what they are.

Now, how do I afford to get the shop without first selling anything?

In the end if I can't get the shop the rest doesn't matter anyway.

I don't understand, you are saying that people already sell on ebay/amazon.

If you plan is so water tight put a business plan together and go to the bank (or other investor), if its an amazing sure fire hit they will throw what ever money you need at you.

By all means if thats amazing and we are far apart I will run a franchise for you so you have greater national coverage.

Flyonthewall

notanewuser wrote: »

If you're buying stuff to sell on then you're already a business and should have declared this to HMRC.

My brother in law has a sideline in online selling. He uses a spare room as a stock room and sells via amazon and eBay. He's doubling his money (making at least £1k a month) - not bad for a few hours a week.

No, I've sold private items. Like I bought and played a video and 7 years later sold it on and was able to make a profit. I haven't bought anything to sell, I was just meaning that I understand the whole buy low, sell high, know where to sell thing that you need to do well if I were to start a business.

Sadly I don't have a spare room, but if I could get hold of the right stock at the right price I know there are certain items I could make a good profit from by selling online.

Flyonthewall

Percy1983 wrote: »

I don't understand, you are saying that people already sell on ebay/amazon.

If you plan is so water tight put a business plan together and go to the bank (or other investor), if its an amazing sure fire hit they will throw what ever money you need at you.

By all means if thats amazing and we are far apart I will run a franchise for you so you have greater national coverage.

I'm sure I'd do alright, but I don't know that I could prove it to a bank/investor and even if it seemed an amazingly good plan on paper there's no guarantee that any business will do well so based on me having nothing if it goes wrong I doubt they'd throw money at me.

What I'm saying is, pretend that I have the rest sorted and there is a good chance I can make a profit with a shop. Nothing amazing, not guaranteed, but a good chance. How do I get started?

Percy1983

Flyonthewall wrote: »

I'm sure I'd do alright, but I don't know that I could prove it to a bank/investor and even if it seemed an amazingly good plan on paper there's no guarantee that any business will do well so based on me having nothing if it goes wrong I doubt they'd throw money at me.

What I'm saying is, pretend that I have the rest sorted and there is a good chance I can make a profit with a shop. Nothing amazing, not guaranteed, but a good chance. How do I get started?

Start small, sell online with little overheads and initial stock and prove there is market for what you want to sell.

Flyonthewall

Percy1983 wrote: »

Start small, sell online with little overheads and initial stock and prove there is market for what you want to sell.

Ok, how do I start without selling online?

Percy1983

Market stalls, car boots are the only option without online.

Well the easy option is an ebay shop or amazon or play.

I know you say not everything will be easy to post, but if you can sell them and post them and make small profits it will show a clear market for said goods.

I will say a good example of this is oak furniture land, they have gone from an ebay shop to national retail shop.

Another point is even if the shop is the best option having an online/mail order arm certainly won't hurt. Of course if its gets big you can move away from selling on ebay or such and have your own direct site.

Savvy_Sue

Flyonthewall wrote: »

Ok, how do I start without selling online?

I think you have to start by working out some other way of raising the funds for the initial costs of leasing a shop. The simplest is borrowing from family, but it's not necessary a good idea. Other ways are putting it on a 0% credit card, which brings its own problems. People are suggesting online sales because it's a way of turning a profit with minimal overheads. Another alternative is to work yourself silly with a second job and save every penny you can.

You're right that no bank is going to throw money at you ...

Flyonthewall

Percy1983 wrote: »

Market stalls, car boots are the only option without online.

Well the easy option is an ebay shop or amazon or play.

I know you say not everything will be easy to post, but if you can sell them and post them and make small profits it will show a clear market for said goods.

I will say a good example of this is oak furniture land, they have gone from an ebay shop to national retail shop.

Another point is even if the shop is the best option having an online/mail order arm certainly won't hurt. Of course if its gets big you can move away from selling on ebay or such and have your own direct site.

I wouldn't make any profit though online through Amazon/ebay. There is a market for it and the products sell higher than what I could buy them for but fees and postage take all that profit.

If I had a shop I'd have my own website and no problems and I could sell the odd thing on ebay/Amazon to get more people to the website/shop. But I'd need the shop first because one or two items isn't an online business.