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How to start a business successfully?

Discussion in 'General Business and Entrepreneurship' started by FenWoFon, Apr 9, 2016.

  1. FenWoFon

    FenWoFon Entrepreneur

    I have been thinking about starting a low budget business alone, I basically wanna start up buying cheap and selling 'expensive', I was thinking about selling t-shirts and phone's batteries and that kind of stuff to start off, do you guys think that it would be a good idea to do this for a while? or is there anything else I could do?

  2. CoolSpot

    CoolSpot Entrepreneur

    There are not many products I havnt looked into the margins on, t-shirts and phone covers I have done a fair amount of research on.

    The issue I found with clothing is it's a high return item (dosnt fit, dont like the color etc) along with that, quality really shows on clothing, if you are spending the minimum you possibly can on your product, eg/ $3 per printed shirt, and then expect to sell that at $25 a shirt, you will end up with a lot of complaints about quality. With clothing I found you would be far better to spend more to get better quality and then brand and market it as a premium, so instead of spending $3 a shirt and selling for $25, you would be spending $20 a shirt and selling for $60, but in order to make it work you need to be able to create the demand around the product.

    A lot of phones dont have removable batteries now, so that one might be kind of limiting, you would need ot do a lot of research into the batteries that are in demand, and then look at the MOQ and the shelf life of a battery to ensure you are not shipping dead batteries if it takes you too long to sell the stock.

    Weather it's a good idea, no one here can really say, the research that I do into the product will be based on how I would promote the product. It is also going to depend massively on how you are thinking of unloading the products, as this will effect the qty you are able to sell.

    The list of things you can do is endless, it all comes down to how creative you are at finding an entry point into your selected market and the skills you are able leverage in order to separate yourself from your competition.

    If you dont do it you will never know, if you can find a small supply and have outlets where you can test then thats the way to move with it.
  3. ReadmeByAmy

    ReadmeByAmy Entrepreneur

    If you are planning to start a business at first make sure that you have an interest in the choice of business that you want and you had a good business plan. Because if you lack this attitude of interest then you will not have that determination in working hard to make your business successful. And if you have a good business plan it will give you the right direction to focus in reaching your business goals.
    seancojr and Ladyferoz like this.
  4. Corazon

    Corazon Entrepreneur

    Regarding the thread's title, there are tons of reading material on the subject matter. However, there is not sure-fire formula for a start-up. For me, the first approach is the client base. Do you have prospective clients for your business? It is not practical to rely on walk-in customers or stray buyers who would, by chance, read your promotion in the social media. If you have a market base like your family and friends then your chances for success is much higher.
  5. FenWoFon

    FenWoFon Entrepreneur

    Such a good answer you have given me, I will consider all that you said and try to mage some arrangements before starting, I should start by buying one of two pairs of T-shirts to see how the business goes, also in my country, people buy batteries like a lot and here it might become a good business, people do not even know how to charge phone's batteries properly and I could actually take advintage out of it.
    CoolSpot likes this.
  6. rz3300

    rz3300 Entrepreneur

    Well you seem to have a sense of what you want, but not really the product or area of business, which of course is important in how you approach your business. My bet is that at this stage you are going to want to do a lot of research into the markets that you are thinking about and find out what it takes to compete. If you think you can compete, focus in and then do some more research.
  7. 111kg

    111kg Entrepreneur

    It all depends of your budget and how creative you are. The best tip I can give to you is to create such a service that would be asked for even from day 1. From there, you can scale it up, depending how much time do you want to invest in it.
  8. Ladyferoz

    Ladyferoz Entrepreneur

    There are great responses here and you are in the right forum. There is tons of information about starting a business, and since you chose reselling, I would recommend finding out what you really would like to sell. Sit down and evaluate your options, look at the market you are in, do your research.
    You mentioned that people in your country buy batteries a lot, so I assume that older phones are still popular there right? Ho about something like portable phone chargers? I would be inclined to buy a portable phone charger than pay a high amount to replace it. Offer a creative solution to a problem. Good luck
  9. FenWoFon

    FenWoFon Entrepreneur

    I will deffinitely take a break at work and start thinking about it again, however, thanks for the advices, if I ever think about anything new, I will happily share it with you all.
  10. Apolloniac

    Apolloniac Entrepreneur

    Do you have any market for your products already? Where do you plan to sell it? How much? Before you start going into any kind of business I think you should research about the industry you're going into. Do you have a lot of competition there? How much is your capital? It's best to have a plan first.
  11. Jack Benoit

    Jack Benoit Entrepreneur


    Thе bаsiсs оf аny gооd suссеssful businеss аrе

    1. А grеаt idеа.
    2. А grеаt tеаm tо соnvеrt this idеа intо а suссеss.
    3. А smаll саpitаl tо mаkе surе thеrе is еnоugh runwаy fоr thе idеа tо mаkе а suссеss.
  12. Alaine

    Alaine Entrepreneur

    I'd start at the very bottom. Is there are a market you sell to? People who'll be more than eager to buy the things you sell?

    And you have to offer better deals than your competitors because everyone is looking for a good deal. Or you could focus more on quality so that though you sell your products at slightly higher prices customers will still flock over because they want to buy quality products.

    All the best!
  13. Steve Clarke

    Steve Clarke Entrepreneur

    Every business has its own characteristic that makes it successful; but the basic thing is to have a clear and proper business plan on paper; a thorough knowledge about the product and service you are dealing with and the appetite of taking risks.
    I have been in shoe business; Oasis Shoes North Hollywood for last 5 years and learned a lot eventually and tasted profit.
  14. bob1978

    bob1978 Entrepreneur

    If you don't have any prior business experience, then sure. That could work to teach you pretty fast the ins and outs of entrepreneurship.

    When you get burnt, consider it a successful experience. Everyone has to experience that at least once. After that, self-reflect to see where your strengths are, and what you're good at. Use that and start a new business based on what interests you. You'll find that to be more rewarding, and hopefully a more profitable endeavor.
  15. Benjamin Jones

    Benjamin Jones Entrepreneur

    I think my main piece of advice when starting a business is to plan everything to the last detail. When I first started 4 years back I didn't even have a business plan and my first venture failed, which I am glad about. I now plan my day to day activities which makes my business a lot less stressful.
  16. CheckTheNumbers

    CheckTheNumbers Entrepreneur

    Need to meet a need or strong desire, no way around it. If you aren't doing something worthwhile, what's the point? You can't sustain a business without people wanting you to exist, it's why most businesses fail. They do nothing special.
  17. jona

    jona Entrepreneur

    You really don't have to start a business to sell t-shirts. The whole "sell t-shirts online" thing has been done a lot, yet it is very profitable and you can accomplish 100% automatization.

    It goes like this:

    Design a t-shirt or go to fiverr and hire a guy to give you a couple of t-shirts designs for 5$. As with everything these days, you have to go Niche, perhaps some politic themes or a recent meme as long as you don't infringe any copyright.

    Build and online store with something like Shopify.

    You can then connect your shop with printing and delivery services like Printful.

    Do some marketing, advertise your t-shirts on some niche sites that fit the theme of your designs.

    Sit back and enjoy your profits, providing your designs were good and topical.

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