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41 Replies Last post: Feb 16, 2008 12:18 AM by MsEntrepreneu

Starting a new business - Any advice / suggestions GREATLY appreciated!!!

Oct 11, 2007 2:48 PM

Click to view CLU925's profile Authority CLU925 26 posts since
Oct 11, 2007
My husband and I are trying to start a new business and I've been doing so much research and information gathering, that my head is about to explode!!

It will be a small store to start off (1100 sq. ft.) and we'll be leasing (not buying) ... It's in a GREAT location for what we plan to do ... selling "biker gear". One report I read said that 10,000 motorcycles rode past this location last year, and a total of 2.8 million people!

We'll be selling mostly generic items, like leather jackets, chaps, gloves, rain-suits, etc, but will also have specialized items for various types of motorcycles (Harley, Honda, Ducati, Suzuki, Kawasaki), and souvenir type items (t-shirts, hats, etc.).

We do not want to get a loan for the inventory and I've heard that there are grants out there for this type of thing, but when I look online, there are SO many and most of them don't seem legitimate.

Also, does anyone have suggestions about the best way and best companies to purchase inventory from? I've spoken to several companies, and they are all so vastly different that I just don't know which way to go.

This is our life-long dream and we have to make it work so we can get out of the city and live happily ever after, doing what we love to do!

Any suggestions to help us succeed???

Thanks!
CLU
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Click to view LUCKIEST's profile SCORE LUCKIEST 8,132 posts since
Aug 6, 2007
1. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 11, 2007 2:56 PM
I am a SCORE Counselor. My first suggestion is to write a BUSINESS PLAN.
A Bus Plan is a document explaining in some detail your plans to develop a successful business.
Is there a local SCORE office that you can visit and talk to live counselors.
Grants are hard to get. Do you have an Accountant??, Lawyer?? Insurance agent??
Have you come up with a business name??
Good luck. LUCKIEST
Click to view CLU925's profile Authority CLU925 26 posts since
Oct 11, 2007
2. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 11, 2007 3:33 PM
in response to: LUCKIEST

I'm working on the Business Plan now - Got the template from the SBA website.

The business we want to open will be in TN and we currently live in GA, so no, we don't have an Accountant or Insurance Agent yet, but I've spoken to several over the phone. I thought it would be best to have someone local to the area. We have some face to face meetings set for next week so hopefully that part will be settled very soon.

What is "SCORE" - I've never heard of that?

Yes, we have a name - That was the easy part!
Click to view maxamillion's profile Authority maxamillion 28 posts since
Oct 11, 2007
3. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 11, 2007 10:32 PM
in response to: CLU925
Since you are just starting, one piece of advice, dont get into large inventory purchases, till you figure out your market. Most suppliers will ask you to pay up front, so keep the inventory to the lowest. I have a client who sells clothing to bikers and they seem to be a great market and loyal. This is a niche market and you should find suppliers who would be willing to sell goods on consginment, as long as you guarantee goods from damage or loss. Only concern yourself with lawyers if you need to sign a rental agreement or get into a partnership. As far as accounting is concerned, dont worry yourself about it until you bring in revenue and need one. Just ensure that you keep all your receipts and fill the check stubs showing what your check was given for. Also ensure you collect local sales taxes and make the remittances. Getting a website for bikers is very important till you build your clientele. Hope this helps
Click to view CLU925's profile Authority CLU925 26 posts since
Oct 11, 2007
4. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 15, 2007 11:11 AM
in response to: maxamillion
This is great - I really appreciate your input!

We are leasing the building from someone and I'm doing research now on where and how to get a decent amount of inventory to start out. We want mostly "generic" items that ALL bikers can use, like leather jackets, chaps, rain suits, do-rags, etc. ... and a small amount of "name-brand" items like Harley, Honda, Ducati, etc. We pretty much know the items we want in the store, and now I have to figure out where to get them. Any ideas on that?
Click to view maxamillion's profile Authority maxamillion 28 posts since
Oct 11, 2007
5. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 15, 2007 3:17 PM
in response to: CLU925
Glad I could help. Surf the web before you make your purchases. There are many stores in the US and Canada who have slow moving inventory who will sell the product for a much lower price. Remember that if you buy in quantity, you establish your business with a good wholesaler or manufacturer, so that in the future you can get volume discounts. Also if you establish a merchant number for credit card processing, ask your bank if you can get a multiple account for the web also. Good luck
Click to view CLU925's profile Authority CLU925 26 posts since
Oct 11, 2007
6. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 15, 2007 3:51 PM
in response to: maxamillion
Thanks, Max ... You've been very helpful.

I found one place online that I like, but I want to research them a little more before I put my money out there .. It's called foxhillfarmwholesale.com, and they seem to have just about everything!

Thanks again for the advice!
Click to view DomainDiva's profile Founders DomainDiva 1,763 posts since
Oct 10, 2007
7. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 15, 2007 3:58 PM
Have you thought about purchasing t shirts in lots of colors and styles and then having a selectiion of logos and things you can iron on or apply at the store?

This would give your customers LOTS of choices....
Click to view CLU925's profile Authority CLU925 26 posts since
Oct 11, 2007
8. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 15, 2007 4:07 PM
in response to: DomainDiva
Absolutely - I thought it was a great idea, and now you've confirmed it ;-)

We found out from the local stores that tourists seem to love t-shirts and hats with the name of the town as well as the name of your business on them, so we are definitely going to include those too.

It's a real "hot-spot" for riding motorcycles - some of the best scenery in the country, so the logos and pictures will mostly be the type that they (we) would buy .. "I survived the Dragon Trail", for example.

Thanks for your input - I appreciate it!
Click to view WEBillions's profile Mogul WEBillions 154 posts since
Oct 10, 2007
9. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 15, 2007 10:36 PM
Definitely start working on your website and logo. You'll want a simple logo that would appeal to your target audience. You'll get more traffic to your website if you start a blogging site where you talk about all things biker. Since you really need this to work, go ahead and start putting your business information everywhere, including in the signature of your emails, on your voicemail, everywhere. See if you can get some PR somewhere your target audience might see it. Start thinking about promotional offers to try to bring people in.
Click to view maxamillion's profile Authority maxamillion 28 posts since
Oct 11, 2007
10. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 15, 2007 11:01 PM
in response to: CLU925
Regarding the foxhill website, do check witha lot more sites and the actual distributors of famous rather than third party wholesalers. This will reduce your cost further and will also give you more marketing depth.

In reference to T-Shirts, I have a friend in the Clothing business for over 20 years and manufacturers for very large names like Nike, Wal-Mart etc. Be careful about the T-Shirt business, it is very competitive. Also the quality of T-Shirts is very important. Bikers are good paymasters and want good quality for themselves. As far as the website is concerned dont go overboard. The blog is great once you have a client base after a number of months. There are a number of people who will develop a good site for $500. Web hosting for a Linux site should be $10.00 per month and a good Windows based site should be $15.00 per month with all the perks with your own business mail address and complete control of the site. Avoid developers who create a site where you are reliant on them for changes and charge you an arm and a leg for these changes
Click to view Perrottalaw's profile Start-up Perrottalaw 5 posts since
Oct 15, 2007
11. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 15, 2007 11:21 PM
I am a Georgia/Tennessee attorney and one of the things that I have found with my clients is that local business development centers and chambers of commerce can be very helpful. Often, they are linked up with local universities and can help you with grants and writing a business plan, and they typically help for free. After all, it is in their best interest to have as much business as possible in their area. They may even be able to help link you with other businesses and suppliers.
Click to view CLU925's profile Authority CLU925 26 posts since
Oct 11, 2007
12. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 16, 2007 8:29 AM
in response to: WEBillions

I love this website - I've had great responses and suggestions - Thank-you!!!

I really like the idea of putting our business information out there now, and I definitely will do that.

One of the most popular cabin rental companies in the area (renters are 90% bikers) has agreed to give every renter a flier announcing our grand opening in March. In exchange, we will have their fliers in our store, and will refer folks to them. We also plan on having a live (local) band and a raffle the day we open - The winner of the raffle will get a free weekend in the best cabin they have, which is a 1.9 million dollar cabin and is awesome!! (They're "donating" it to us ...in exhange for us referring people to them.

This is a really small town and the barter/trade system is still big there. We're using local vendors, bands, etc. whenever possible. The local band that will play on our opening day is really good and they've agreed to play for just tips!!

Our first biker ride will be for the Volunteer Fire Department - yep, they only have a volunteer department - can you imagine?!? Many of the locals we've met have told us that if we do things like that for the fire dept., the animal shelter, etc. that we'll be "in" ...

Thanks again for your suggestions!

Signed ...

Proud owner of Cherohala Biker Gear!!!!!!!!!!!
Click to view CLU925's profile Authority CLU925 26 posts since
Oct 11, 2007
13. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 16, 2007 8:32 AM
in response to: Perrottalaw
This is great info - We will be up there in the next couple of weeks getting our business license and I'll definitely check into this while we're there. I've started my business plan using the SBA website, but I can sure use all the help I can get .. especially if it's free!

Thanks so much for your suggestions!
Click to view CLU925's profile Authority CLU925 26 posts since
Oct 11, 2007
14. Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!! Oct 16, 2007 8:40 AM
in response to: maxamillion
I will definitely check a lot more sites for inventory before making a decision, and going to the actual distributors is a great idea.

I know what you mean about the t-shirts. Being bikers ourselves, we do buy t-shirts and sweat shirts from different places we ride, but only if they're good quality. As I'm looking at inventory I'm always asking myself if this is good enough quality that WE would buy it.

I have a friend who develops websites and she's going to do ours for free and set us up with a good web-hosting site, so I think we're in pretty good shape on this ...

Thanks!
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