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Wish I could offer some advice... unfortunately I'm in a very similar situation.
Have the opportunity, desire, and knowledge to purchase and run the small company I work for now, but I also have student loans and not much cash at all...
Anyone else who has had success opening their own small business and dealt with student loans at the same time?
I have an aspiration to open up my own business. Welcome Greg
Tell us more. Go to Members page and share some info with us.
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I have an aspiration to open up my own business, but...
*Many suggestions, BUT first of all welcome. You *really want to be your "own man" and "work for myself"
It would help if you told us more, What you majored in school, What kind of store, etc.
At would also help to develop a Business and Marketing Plan.
Do you know about SCORE?? SCORE is FREE and can help you be your own man.
Good luck, LUCKIEST
Thanks Luckiest, it's cool that you open up to alot of people who have different interest but share one thing in common and that's to open up their own business.
Well I'm majoring in Business Admin. with a concentration in Information Systems. I'm not very good at number crunching (i.e. accounting and finance) but I've learned a great amount in my management and marketing courses. I was thinking of going for a comic book store since I love to collect and read comics and it has been my passion for quite a long time. I have two locations on where to put my business but one of the locations has just opened up a Borders which could hurt me competition wise. The other location is closer to my home and it is in an outlet mall and thankfully with no bookstore. That's why I listed my business under retail/wholesale.
I already know some distributors that will be vital to my business from gathering information through attending conventions and researching online but I do not want to come in contact with them until I can get this thing off the ground.
I was also looking into opening up a computer store that specializes in selling parts and building custom PCs since I too love to work on computers but the comic book store to me is number 1 and computer store is number 2 or can I actually have both under one roof?
I have an aspiration to open up my own business
Talk to me. Tell me where you are?? How do I get in touch with you??
*Between you, me and SCORE and a good Business Plan , YES YOU CAN *<br /<strong>open up a computer store that specializes in
selling parts and building custom PCs and the comic book store. YES YOU CAN have both under one roof.*
Good luck, LUCKIEST
You seem to have great ideas and too many. Normally confused mind never makes a decision. I fullly appreciate that you want to have comic store/computer store and you must dream big, You also mentioned you not very good at number crunching. There is a lot of difference between theory and practically doing a business.Your best bet would be to start as self employed. Do a project for some company utilizing your management and marketing skills. Get testimonials and build client list. You could get involved with a Direct selling company and sell their products and services. That way you will gain confidence and make money in small amounts. This will lead to building on financilal capital and buisness knowledge to run your store confidently. Baby steps will give you confidence to move forward.
For educational series on how to protect your family and grow your business
peacefully visit to www.lalithabrahma.com
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Don't abandon your dream but do be smart about how to put yourself in business.
Having over the course of many years started, bought and built up a number of businesses ... I absolutely know that having your own business can be rewarding. But it is a challenge and it comes with risks that you have to prepare for and be aware of.
The best way to launch a business is to layout a plan for it (both yourself and your business idea). Here is a quote from Goethe, I have on my website that says something important for you to read and learn from:
You have to plan and prepare when you want to start or buy a business. It is too important to short-cut or not do!
I believe that the starting point is to determine what type of business best suits you. Elsewhere on this site you'll find a post from me about "7 Steps To Find The Right Business". In that, I talk about how the most important thing to do first is to figure out what the "right" business is for you. You might find that of interest to read.
If your number one passion is comic books I would say go with that one ... but figure out a way to get into that business in such a way as to not take on a lot of expense and overhead by opening a retail/outlet mall location. Perhaps you can do a "kiosk" type of location at that mall or something similar and low expense. Or even "co-locate" your business with a complementary business (maybe a coffee-shop or independent book store that does not carry comics). If possible, focus on a niche product line so that you become a source for people to go to (a destination and not a business that they just "happen" upon while shopping) and develop a loyal customer base.
The point to this is to make your initial steps into your market profitable. In my experience when new business owners are "generalists" i.e. they sell products in broad categories in competitive markets ... they better have a lot of money for marketing to drive volume to their store. Often it is better to specialize, develop word of mouth traffic to your location, make good margins on niche products, before you try to broaden out into other areas or products.
So while you are finishing up your degree ... begin planning your business. Find out what makes good business sense for you based on your studies and on what has succeeded for other businesses. Don't assume that the only way to bo in business is to open a costly retail location. Look at other options and think things through before you start spending any money.
I hope the above helps you or gives you some direction. There is a lot of good information and business start-up help to be found on this site from some of the professionals that participate in the community. Do a search for that and read more to get additional feedback that will help you.
Good luck and best wishes to you,
Adducent, the problem with a kiosk is that it would be too small but at the same time it maybe something to start off with. Thanks for the lengthy advice.
Or is it best to have some capital saved up?
I think in your situation (still finishing your degree); it would be best to focus on finishing up your degree ... AND try to save up some capital.
You're not in a situation where you need to make a quick decision because you want (or need) whats known as a "first movers advantage". If you really have the 'itch' to do something and need to 'scratch' it; do it on a small scale with little (if any) financial exposure. Use that experience (good or bad) as one to learn from ... real world experience will complement your studies for your degree.
You say you know lots of distributors...would these distributors happen to deal in beauty products? If so, you could start your own business today and your initial investment would only be about 500 dollars--maybe less. You would gain all of the benefits of owning your own business without the sleepless nights worrying about paying your overhead costs. You could take the money you make, and slowly invest it into your comic business, and then, WHEN you were ready, you LAUNCH!! If this intrigues you at all, you can contact me at firstname.lastname@example.org. Best of luck to you in everything you do!
Plenty of time later to open up your onw business. Looking back, I wish I had crammed my four years of colleg into five....
I have never met anyone who said they stayed in college too long.
My financial advisor once told me that you can always make more money but you cant make more time. Funny a advisor told me that but the point is if this is your dream I would follow thru. If there is one thing I would pass on from owning a business is prepare enough to be able to just dive in. Create a business plan working our your 1 year, 3 year, 5 year projections comparing to your competitors, and of coarse adding in your differentiating factors and if it looks profitable then congradulations.
I have a business plan written up for 2 years to start, just to get things off the ground. I'm going to try and make an appointment to see a local SCORE counselor soon.
Miyoshi, all of the positve affirmations won't make you successful. For that, you need passion and hard work, or just plain dumb luck. You're yound, and you obviously already have the passion, so you're further along than most .... but....
You note that you are about to get your degree in business but you're not good at accounting and finance (aka business). You need to rethink your path. Without some sense of business, you've either got to have great timing or great luck, or experience. You have no experience and you know the economy sucks right now, so if you don't have a product that is just plain "hot", you'd better not set up "brick and mortar" for a while.
Don't give up on your passion, and continue to work hard, (Gary player once noted "it seems the harder I work, the luckier I get") but work with the internet for a while. Gather some momentum. Learn how to use the internet as a marketing tool and how to get yourself and your product to stand out. The continued education will be invaluable, and far less costly than setting up shop.
Best of Luck
Welcome to the world of the entrepreneur...
First, I would like to offer you a positive statement - There has never been a better time in history to start your own business! Until you prove the worth of the products or service you want to sell, it may not be a good idea to start a store-front business. Start with one of the many options you have available to you regarding a virtual store at eBay, Google, Yahoo and more.
Second, you may not know exactly what your first business should be. My recommendation is to sit down and write up everything you like...hobbies, products, services etc. Now write-up everything you think is wrong with what you like. If you can offer more benefits, better benefits, unique benefits to what is out there, you may have the beginnings of a new business.
Check out my site, www.answerguy.info if I can help guide you in your effort to achieve your goals, please let me know.
Gary Scaife, The Answer Guy
If you are really serious check out this site. Request the password if you want more info.
You do not want to put your dream on hold.
You must have a "Burning Desire", a strong "Why" to achieve your dreams and goals. It needs to be written down.
You need to associate yourself with good wealth inspiring books. My suggestion Think and Grow Rich. I can send you a free ebook copy if you don't have it.
You need an excellent mentor or success coach to help coach you to success. I can make a good suggestion for you.
You need to be coachable or none of the above will work.
Have you considered being a Shaklee Independent Distributor??
Check out my website to see if it is something you would be interested in: www.shaklee.net/hippiechick
Email me anytime if you have questions: email@example.com
Decide what you want to do and get a job in that business.
Learn the ropes while you work on paying you student loan.
Then when you are ready you will know the business inside out.
Do not start a business of you own owing big money or borrowing money to start your business.
I THINK YOU SHOULD DO BUISNESS,IF U WANT GUIDANCE FOR AN CONSIDERATION THEN GET BACK TO firstname.lastname@example.org
Hi,I have an opportunity for you for a consideration if yes get back to email@example.com
i am inneed in investers willing to take a chance and be willing to make alot of money as this company grows my goal is to be world wide includeing government contracting
Look into sharing space. Start small, work your way up. As always you should have experience in the area that you would like to start. Like the other response SCORE is a great place to start with a objective opinion.
Some consider now a great time to start. Lots of help out their.
Hello. How is it going with your dream now? You say you deal with Information Systems. Have you ever thought about creating an online comic book store?
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I really want to be my "own man" and "work for myself", the problem is that I'm still in school trying to finish up my BS in Business Administration and I have student loans to deal with after I graduate. I want to open up my own retail/wholesale store but with the economy right now, I fear that a business like that won't last a few months. I also live in California, and the cost of living is awfully high too so I have to throw in rent, storage, and utilities into my costs. Should I put my dream on hold of owning my business on hold and pay off my student loans? Should I look into something different? Or just ditch everything as a whole?