Who owns their own business?

[Swizzy89304]

Doesnt matter what it is - I just want to know how much capital Ill need to start my own business. Im thinking of at least £20,000.
Ive looked at the market for head shops in my area, and there is a MASSIVE demand for one! Everyone Ive asked said that they have to travel all the way to the Bazaar in Leicester for their paraphernalia. So, I had an idea.
Why not open up my own head shop in my town? I wouldnt just cater for the younger/pot smoking generation, Id sell pipe tobacco, flavoured tobacco, cigars, Zippo lighters, ashtrays. Among that would also be bongs (cheap to expensive), pipes (cheap metal to glass blown and ceramic, plus wooden), all different rizlas, stash tins - and ones suitable for people who just smoke tobacco aswell - lighters, lava lamps, a variety of clothing and Dreadlock care kits, Rasta Tams, cigarettes, ashtrays, Herby keyrings, among loads of other things. If business went well, Id also start thinking about opening a small Hydroponics shop nextdoor - just the basics though like lights, mylar, reflectors, ballasts, nutes, blackout blinds, timers and relays, books etc.
Also in the head shop, maybe a small section selling CDs that stoners listen to, with some choice hardcore music for the X fans.
What do you all reckon - it would be run by me (duh), and a couple of good friends.

[highjinx]

it prob would work swizzy but if you opened up a shop like that your gonna have the cops keepin a close eye on you!
theyr not gonna think a person with a shop like that isnt connected with weed!
you could do it but you would have to be extra carefull!

[tadaa]

50% of small businesses fail in the first year. If you don't have any experience or a degree in a field of business you will probably be part of this statistic. Without experience or knowledge you better have a great idea and some luck if you want it to be profitable.

[chisme]

i own my own buisness i sell weed lol its great i get up when i want do what i want im my own boss!!! lol


chisme not claiming benifits for 19 yrs:thumbsup:

[notrightquite]

My guess is that you'll need around $75k to start.

[litespeed]

If you set up right, why pay rent for a place,
GO to the ""Flea Market/ Swapmeet"" and set up
they will come. be there sat and sundays...
I pay $$40.00 for a table each weekend, and make about 3500 to 4000 a mo. selling goodie. full range of Hydroponics Things... I started it with about 650 dollars and it has grown. have to get good out lets. I got a resell lic. and business lic.

[Nikita123]

Doesnt matter what it is - I just want to know how much capital Ill need to start my own business. Im thinking of at least £20,000.
Ive looked at the market for head shops in my area, and there is a MASSIVE demand for one! Everyone Ive asked said that they have to travel all the way to the Bazaar in Leicester for their paraphernalia. So, I had an idea.
Why not open up my own head shop in my town? I wouldnt just cater for the younger/pot smoking generation, Id sell pipe tobacco, flavoured tobacco, cigars, Zippo lighters, ashtrays. Among that would also be bongs (cheap to expensive), pipes (cheap metal to glass blown and ceramic, plus wooden), all different rizlas, stash tins - and ones suitable for people who just smoke tobacco aswell - lighters, lava lamps, a variety of clothing and Dreadlock care kits, Rasta Tams, cigarettes, ashtrays, Herby keyrings, among loads of other things. If business went well, Id also start thinking about opening a small Hydroponics shop nextdoor - just the basics though like lights, mylar, reflectors, ballasts, nutes, blackout blinds, timers and relays, books etc.
Also in the head shop, maybe a small section selling CDs that stoners listen to, with some choice hardcore music for the X fans.
What do you all reckon - it would be run by me (duh), and a couple of good friends.

I would recommend that you write up a detailed business plan. It is time consuming and somewhat of a pain, but It will get you to think about every aspect of your new venture. You don't want to spend your first months figuring out who your supplier are, where to spend your marketing dollars etc.
I have found that most people who love what they do become successful.

You have got to follow through and make yourself push this idea forward. Otherwise, it will just be another "Pipe Dream".

Good Luck!

[Syrus]

on a similar subject i was wonderign bout, whats the average price for starting a pub?

[Pulse]

50% of small businesses fail in the first year. If you don't have any experience or a degree in a field of business you will probably be part of this statistic. Without experience or knowledge you better have a great idea and some luck if you want it to be profitable.


yea 50 % fail but keep into consideration of why they may fail. people lose interest, some arn't devoted, partnerships break up, and money problems. just keep in mind there is more than 1 reason why they break up. plus some of them arnt as big as yours and can just simply quit or stop. he dose bring up a good point though, goto a bookstore or the library or research it online. but find out more about what you are going to do. do a busniess plan. and dont cont on any income for at least the first year. thats my 2 cents:thumbsup: good luck

[Smokin EnDo]

75k are you joking? Thats going to buy you a 1 room hut. You need a nice store front in a city about $150k+, products are going to be pricey at first because nobody will buy from you unless they are well advertised. Than maintainance, insurance, security, utilities. It will cost you A LOT of money and you will probably make almost no profit for about 1 year or so, depending on popularity, if any. Owning a retail business, unless the product you are selling was invented, copyrighted, and owned by you, is difficult. You may make about 10 cents for every few hundred dollars, that is why Apu running the local quick mart isn't living in beverly hills he is in poverty. Sorry to be negative, very negative actually, but owning, maintaining, and operating a business is tough. Good Luck though i really do hope it works out for you!

[midlifecrisis]

Don't listen to any of the negative shit, Nikita has it right, you need a business plan. Now this might sound corny but you have to actually pretend to own and operate a business in your head. Keep a journal of all your thoughts as you run your virtual business.

Start off with a storefront, where? how much? Buy, Lease, Rent? Does the space need to be remodeled? shelving? lights? a sign for the outside. Write down everthing you will need just to open the doors on day one! Don't forget inventory. Add 10-15% and don't expect to get this money back for 6 months.

Now monthly bills, payroll, payroll taxes, electricity, water, rent.... have 3-6 months covered before you start.

Research your products, see how low you can buy wholesale, what they are selling for at retail. How much do you need to sell to maintain your monthly bills, how much to pay back your initial investment, how much to make you rich? Will you execpt credit cards? figure in your monthly costs, transaction costs.

Once you have it all figured out...go over it again you missed some things...then run some worst case scenrios, can you get through them?
Most businesses that fail...fail to plan!!! Yeah I know cliche, but true!

Visit some Head shops in other cities, talk to the owners, tell them your plan and ask them for advice, you will be suprised at how often small business owners are willing to share their knowledge to an eager entrepeneur.

GOOD LUCK!! BE CAUTIOUS AND DREAM BIG!!:pimp: :thumbsup:

[Irv]

wishing you success, dream big, you can do it!!:thumbsup:

[Starchild]

If you are serious about this my friends make one of a kind stash boxes and pipes handcarved at a reasonable price..

my email is [email protected]

[notrightquite]

If he wants to start a small business, and doesn't want to move into the city (he said he's got a good demand right where he is) then he won't need ads or a big storefront. He can get by on 75 I think ...