need to get moving

jamiebro10

Hi all,

I am 24 years of age. Have no collage degree or trade behind me. But I don't want this to stop me.

For years I have wanted to start my own business but never had an opportunity to. I am currently a store manager of a retail carpet shop. Don't get me wrong before I go any further but this is just not a job for me. I feel if I don't do something now I will get stuck in a rut and I will never fulfill my dream.

I have a business idea but the start up cost is high. I have experience in the industry I am looking to get started in and I know there is a market for it, but again money is a huge issue. Being so young I have no collateral(not that I would have a chance of getting a loan anyways) and I can't get my parents to do this for me as they ae struggling as it is so using the house is a no no.

I am literally at the idea stage of the business but am looking for advise as to what I should be doing first to get this going. I have no business plan done yet or anything

I am completely open to having a partner/partner's in this.

Any idea's?
Help?
Advice?

Thanks in advance

Jamie

wmpdd3

What will your usp be?

jamiebro10

wmpdd3 wrote: »

What will your usp be?

Unique and interactive communications store. A customer focused multi choice experience

pedronomix

OK, all you have is an idea for a business. Without a lot of work/research/plannning, not just gut feeling, it may turn out to form the basis of a viable business.
You have no money, no collateral and no hope of accessing it through any connected channels, you want to go into retail....No Chance. Now if you can find a way through perhaps online to get into your target market in a very modest way. Thus you could build some capital, credit worthiness and prove your ability, you might be able to do it in time.

jimmii

I opened up a retail shop last year it is tough and expensive to get going and extremely hard to get it financed if you can't do it yourself. I was a retail manager before this and trust me it gives you no idea what it is like to run a retail business. Its a lot more fun though thats for sure!! I was in a similar spot to yourself and the chance to do it came up and figured you don't get those chances too often so took it. I was doing retail management for years and in the last year and a bit have learnt ten times more than I ever did working for someone else. I would suggest taking the time while you are raising money to get in as many courses as you possibly can that are in any way relevant anything in HR, accounting, marketing, social media etc. Put together a business plan and look at it honestly and ask yourself would I invest in this business?

TheCostumeShop.ie: Ronan

Step one get a very detailed business plan together.
Step two get a mentor - look at local enterprise boards or local business people, business angels etc.
Step three - take out every business owner in your sector to lunch, pick their brains - be very upfront and honest with your idea. You dont need to give away the golden goose but generally ideas arent as special as people like to think. It's all in the execution.
Step four - De-risk the project, does someone have some of the stock you want to sell in storage? Could you profit share with them? Is there a similar business with a person near to retirement who would like to make a non cash investment in their retirement?

Best of luck, dont let no funds slow you down. When i started off I didn't have a bean to my name either.

bdo

Buy a very small amount of stock first - and sell it down the local market, on ebay or on donedeal. You will be amazed how much you learn about buying, financing goods, customer needs, price points, cost of promotion etc.

msdoc

microfinance.ie
businessangels.ie

Buttercake

jamiebro10 wrote: »

Unique and interactive communications store. A customer focused multi choice experience

Like an Apple Store?