You really do need some equity behind you and it does depend on the type of business.After years of trying and always wanting to find and grow a successful business, the so called secrets to success are so simple as to be embarrassing when you write them down. Anyway I am way past the stage of being embarrassed so here are my rules for running a successful business.Rule Number 1Is there a market for what you are proposing to sell?Don t listen to friends or family, they will generally agree with you out of politeness. Do some research on the streets, at work, at clubs, social events. In your specific case I would talk to sporting clubs and try to find out where they buy their stuff now?Talk to at least 500 people and more if you can. Don t ask them would they like to see a store or have a store like you suggest. Ask them this one important question?If there was a store, would you be be prepared to buy something?When you have finished this survey, you will know if there really is a market. Please interpret the research honestly and don t pretend to yourself there is a market when none actually exists. For example if they are currently buying say on eBay at cheap prices, how will you compete with that?Be very honest at this stage, it will save you a fortune.Rule Number 2Work out your overheads - ALL of them and don t try cutting corners. Lease of the shop, rates, taxes, lighting, heating, air conditioning, stock, staff, theft, security, your wages,advertising, time spent with suppliers, payment terms with suppliers, travel, expenses, overdrafts, loans, personal equity and there are more.Work them all out and don t compromise because costs NEVER go away.Rule Number 3Simple as this may seem revenue less costs is profit. Revenue in truth is meaningless or as they say revenue for show profit for sanity. It doesn t matter how much you turnover if it doesn t cover your costs. Work out your break even point. It s easy to do.Buy a football top at $30 Sell a football top at $50. You make $20. How many of those do you have to sell to cover your costs of say $0.2m dollars a year? 10,000 is a lot of tops so can you shift 200 of those a week?I know it is more complicated than that but you have to work out what the cost price and the retail price is for your line of products, and then do a forecast as to what sales you think you need to do. That will get you a break even point, and anything over that is profit. If so how much would they be prepared to spend a year on goods like this?Rule Number 4Do a proper business plan which is the most annoying thing in the world to do. In fact it s a pain in the rear but without something written down you won t ever know the truth. In Ireland where I live 3 out of every 4 start up business fails for this very reason. No research, no business plan and no planning.Follow these 4 rules and be honest with yourself. Rule 1 covers the market and the competition, rule 2 deals with the bit no-one really works through in detail. Rule 3 is find your break even point and Rule 4 applies only if you have done everything before it.If you do and things look negative stop it right there and kill the idea stone dead.If on the other hand it looks good, in other words there is a market, there is competition but you can compete, you know and understand your costs, you have your break even point, done a business plan and then done your planning, good luck and really go for it.Best single tip, start with the end in mind!
You did not say what kind of business it is that you want to start. But, that is OK. Let me tell you about Mine. I started a Delivery Service with a 13 year old Truck and a $500.00 Charge card to buy Gas with about 4 years ago. Today, I have 5 drivers and the Lowest Paid Driver has Earned over $70,000.00 so far this Year! She has been with me since the Beginning. She Toughed it out and now makes a GOOD Living! My Little Company will be paying taxes on Over $200,000.00 this year Net Income. Hard work and Determination are worth Much More than Money.
there is no standard amount as such.what is it that you want to do or what is your budget?some people start with a lakh or two or more.some people may start with a couple of thousand rupees or less.please don t ask me for examples!
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FIRST U DESIDE WHAT TYPE OF BUSINESS YOUR GOING TO BE DO. THEN YOU ASK THIS TYPE OF QUESTION.
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