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going full time, Welcome
A classic case of what came first. The chicken or the egg.
I am a SCORE Counselor and I can help you branch out. Do you have a Business Name??
Do you know about SCORE?? SCORE is FREE and can help you succeed.
SCORE and I can help point you in the right direction.
Good luck, LUCKIEST
Before you decide to go full time, perhaps it would be wise to review how its gone as a part time venture. Have you seen growth or profitability over the past 3 years? You should also think about running some projected numbers to fully understand how much more you would have to sell to cover rent (and other associated costs) for a storefront. You may find that it would require an unattainable level of sales. While there is a certain element of risk to leaving your full time job to run your business, running projections beforehand will allow you to walk in with your eyes wide open, as opposed to simply hoping for the best.
Finding an investor seems to be a popular notion on this forum, but the truth is that for most businesses, an investor is an unrealistic option. For something like a retail store, investors have little incentive to work with you unless you have a track record of success (like you've built businesses and sold them before). If you need startup money, you are better off looking for a working partner rather than an investor.
Is it necessary to go from nothing to a full time retail launch in one step? Are there not some interim stages that would allow you to generate start-up revenue and test your market? For example, why not make up and place some of your products in existing skateboard or BMX shops on consignment? If they sell, you make up some more, put them in more stores, repeat the process, and save the profits until you have enough money to open your own shop (or, more likely, until you have the proven success on a small level to attract a financial backer who can help you go big). Just a thought. Best wishes.
Thank you so much. You have been a big help. We will look more inot getting into some local shops. Do you have any information on government grants?
Hope all is well. Have you found the solution to your business needs?
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I am currently co-owner and lead designer for a screen printing company. We are looking to also branch out into our own clothing line to "serve the extreme sports world". Me and my business partner have been working from home part time for about 3 years now. we obviously have every intention of going full time. The problem we have now is that we are floating between the "we need the customers to go full time, but we need to go full time to get the customers". I'm hearing a lot about finding and investor, but i don't know how to go about finding one. We already have the equipment that we need but we don't have a store front for people to drive by. we need up front finance for a building and for advertisement. if someone could point me in the right direction, that would be great.