Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Start up finance

Options
  • 06-12-2020 9:33pm
    #1
    dartboardio
    Registered Users Posts: 2,436 ✭✭✭


    Hi, I have been thinking for a while about setting up an online retail business with the possibility of an actual shop eventually. The products are in demand and I already have the domain and name registered just to be safe.

    I will be using shopify for my website to sell the products and there is quite a good profit margin with low costs.

    My question is, what would you recommend I do/look into for financial assistance so i can maybe rent a storage unit and buy quite a bit of stock to start me off?


Comments

  • Options
    #2
    dartboardio
    Registered Users Posts: 2,436 ✭✭✭dartboardio


    I have already secured the domain name and registered the company name.

    What is the next step that I should take?


  • Options
    #3
    Gloomtastic!
    Registered Users Posts: 8,479 ✭✭✭Gloomtastic!


    Sorry OP, I moved your post from where you originally posted it. Hope it didn’t confuse you too much.

    The Gloomster

    As a start-up, I would try and keep costs to an absolute minimum. Taking on rental commitments before you have an idea what your revenue expectations are, may not be the best idea.

    Bootstrapping is the name given to start-ups with no money behind them. You have to beg, steal and borrow as much as you can to get your business up and running.

    Any spare space where you live should be utilised before entering into any binding rental agreements. What about friends/family who might have some space you could take for your first six/twelve months.

    Doing this would also impress any potential financial backers - including those aforementioned friends and family.


  • Options
    #4
    dartboardio
    Registered Users Posts: 2,436 ✭✭✭dartboardio


    Gloomtastic! wrote: »
    Sorry OP, I moved your post from where you originally posted it. Hope it didn’t confuse you too much.

    The Gloomster

    As a start-up, I would try and keep costs to an absolute minimum. Taking on rental commitments before you have an idea what your revenue expectations are, may not be the best idea.

    Bootstrapping is the name given to start-ups with no money behind them. You have to beg, steal and borrow as much as you can to get your business up and running.

    Any spare space where you live should be utilised before entering into any binding rental agreements. What about friends/family who might have some space you could take for your first six/twelve months.

    Doing this would also impress any potential financial backers - including those aforementioned friends and family.

    Haha I was a little confused alright!

    And yeah that sounds the best way to go then, we are going to be running as mainly online website so maybe we should keep it that way for a while anyway.

    The only expenses we will have at first will be advertising, Google advertising and Facebook advertising along with promo material such as flyers, stickers and leaflets etc.

    I suppose I'm more so looking for some extra funding to enable me to do advertising online on a broader scale and also buy in some stock so I have the items there at first


Advertisement