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downoutdoorstore downoutdoorstore is offline
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Join Date: Oct 2006
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Need some advice...

I am on a placement year at the minute and have my finals to complete next year so I thought I cannot start my business until then. I know this is not ideal because already people are asking me for the products that I intend to sell and the launch date is 18 months away.

I was out and about yesterday and some people approached me and asked me where they could buy these products. I didn't say much, only told them where I got my boat which would be the competition (and it broke my heart :-( ).

As im still a student im not finnacially flush at the min, so my parents are urging me to start now and they will pay for a lot of the stuff (as an investment) . I have the website done and suppliers sorted out. They are advising me to start around June or July when the season is at its highest.

I won't need a premesis at the start until my degree is finished and then we will setup as a bricks and mortar store also. My father is lending me one of his sheds based at their house until we setup in a business unit.

When im back at uni I could still operate the business professionally as there are two of us.

Is there anything else I need to do before launching? We will be adjusting our business plan for the change.

Kind regards,
Mick
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Genesis77 Genesis77 is offline
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Join Date: Jan 2007
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I am guessing if your parents are willing to lend you a decent amount of money then they are either stupid, love you very much, or have some business/investment savvy about them (my parents would never back me lol). Hard to give an answer but I am guessing your father has some business know how so I would use his brain as much as you can.

In terms of telling people where you got stock from I think it is acceptable to be fairy quiet on this front. When I meet clients they always joke it is top secret etc. and will only open up when I know because I have visited that wholesaler and know he has that line exclusively. It is not impolite to NOT say where you got things from and for what price as obviously this information is exclusive to you being successful. If people really want something they will find it but it is best if you keep them directed to you as much as possible. Again this is only experience from what I am dealing in at present which is about as far removed from boats as you can get.
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downoutdoorstore downoutdoorstore is offline
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Join Date: Oct 2006
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Lol,

I was kinda shocked when my parents said they would back me but its low key just to get trading and my company name out there selling the products. After uni I will be approaching the banks asking for a bit more so I can open a shop.

I figured that it may help my chances of getting a good loan from a bank if I can operate now on a smaller scale and survive. If it doesn't work there will be less to lose while its at this stage.

With regards to my folks and bro, they also know there is a market out there for these products. They are not really business minded but are succesful in other careers. They don't understand why we are carrying out Market research and trying to identify the market properly within out area. I haven't established how much they are willing to invest just yet, but I don't think its a huge amount. Just enough to get the ball rolling.

Mick
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freeform freeform is offline
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Join Date: Jun 2006
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My advice would be that if you wait until everything is perfect then you'll never get started.

This sounds like an excellent opportunity to get going with your idea and start building a name for yourself. You can use this phase to test your strategies and amend them to suit the realities of business.

Provided you have developed a strong business and marketing plan, go for it.
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downoutdoorstore downoutdoorstore is offline
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Join Date: Oct 2006
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Yeah we will still be carrying out the business plan only shifting dates 1 year in advance.

My partner is studying Marketing, Promotion and advertsing for her degree and has designed all forms of Primary and Seconday Research methods. So far we have completed Observation on Saturday and it was looking very good. The next is questionnaires and surveys.

We are still aiming to complete the Plan in full as it may help us to obtain other sources of funding and support.

Mick
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