Starting up my own business - fed up of working for employers. What steps to take?

Cubanista

Evening everyone,


I have been thinking about this for a little while now and i think i would really like to venture into starting my own business.


I am getting fed up with working for someone and i want to be my own boss.


However, the issue being that i am a total newbie to business so just came here looking for advice on how to start up. If you can provide as much info as possible, i would be truly grateful.


I have a couple ideas of what i want to buy/sell. I just need to figure out a plan, draw up ideas and work out how i can get started.


Ideally, i would prefer to start with my own money. I don't have much saved up right now, but i would like to start up with a small(ish) amount and build up the business from there.


I don't want to run a physical store, but more of an online store so keep the expenses down.


If you can provide any info, and if you have started a business of your own from not much money and made a success then it would be nice to hear from you.


Thanks,


Cubanista.

MalcolmY

Cubanista wrote: »

However, the issue being that i am a total newbie to business ..

You may benefit from buying an existing small business and negotiating a long handover period so you can learn the ropes.

Flyonthewall

First you need to research the items you wish to sell. Find out what the competition is like, what the cheapest price is you can get for them, how much you can sell them for, what selling fees you'll have as a business, how much postage will cost (and if it's something easy to post) and how much profit you'll make on each sale. Also remember you may get returns or have delivery losses.damages so you need to account for that.

If you can't make a profit there's no use continuing to look into how to get started.

If it does work out you'll have to register as self employed, declare all earnings, keep a record of everything, obviously buy the items, buy packaging, set up accounts, think carefully about the best places to sell and so on.

There's plenty of information online on running a business and on selling places. Research it all and read as much as you can. If selling on ebay, for example, make sure you know how selling works. That includes returns, descriptions, pricings, terms and conditions and more.

The_Pink_Scarf

Don't underestimate the hard work, but I do love these types of success stories
http://thebusinessaim.com.ng/its-all-about-the-customers-and-placing-them-at-the-centre-elliot-dawes-and-adam-rossiter/
All started with selling their products pretty much from one of their bedrooms!