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Discussion in 'Starting Your Business' started by AA Aziz, Mar 17, 2016.

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  1. AA Aziz

    AA Aziz Entrepreneur

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    Hello
    I'm aspire entrepreneur i wish to start a retail business very soon, i have been saving some money for it at the moment I'm a technician working in a manufacturing company. My question is i need expert advice on how to began as some time i use to have mix feelings investing my long time savings into business? Thanks.
    AA. Aziz
     

  2. Valerie

    Valerie Entrepreneur

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    Others on this website are surely more qualified than I am to answer your question, but maybe I can steer you in the right direction with some questions of my own:

    1. Have you been doing your research on the retail market?
    2. Do you know what you want to sell and where you want to sell it? Choose your business location wisely. Choose your employees wisely.
    3. How much are you willing to pay for initial start-up?
    4. Will you be needing special equipment to begin your business (i.e. cash registers, inventory scanners)?
    5. How do you plan on marketing your new business? Do you plan on making a website?

    All of these things, along with other financial factors, like acknowledging you may need investors to support you, need to be considered. Have you meshed out a business plan? Do you feel like you could open your retail business and be able to keep in running for a long time with the plan that you have right now?

    I hope some of this helps. I'm sure other people can add a lot more to this, so hopefully you'll have more answers incoming.
    Good luck with your endeavors.
     
    AA Aziz likes this.
  3. j1984

    j1984 Entrepreneur

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    Starting your first business is always going to be a worrying time, but there are ways to dip your toe in without having to invest all your hard saved money.

    Obviously not knowing what you intend to retail, but could you not look at using amazon drop shiping to use your knowledge of a particular market to retail products that you do not need to hold as stock.

    By doing something like this it lets you get to grips with business, the amount of time needed to dedicate to this and hopefully this makes you more money to put towards bigger and better things.

    Hope that helps.
     
  4. AA Aziz

    AA Aziz Entrepreneur

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    Tna
    Thanks Valerie the point raise and advise i surely take note of it.
     
  5. ianternet

    ianternet Entrepreneur

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    investing is all risk upfront. you dont know until later. for example I invested in a reality tv sponsor ship for a product and it turned out to be flopped, 30k gone. It is an experience for me and I learned from it. you just have to know metrics and get data but with the specific deal I did, every placement and demo is different and sponsorship on a tv reality show proves hard to gather a lot of data. you just have to jump into and understand there is going to be a loss, if you know that then you can make it successful. also the business needs to be catered to the audience you have and if its a local investment then placement is imortant I suggest watching the Profit. an amazing show that helps local businesses and helps you understand thes risks and numbers associated with it.
     

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