Who owns their own business?

[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!!imp: :thumbsup:

midlifecrisis Reviewed by midlifecrisis on 03-01-2006. Who owns their own business? 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 Rating: 5

[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 ...