Forums: Discussions for entrepreneurs and small business.

Hello from an entrepreneur located in Texas,

I have a great product to sell; it’s an improved model upon a normal product.  I have the capital to start the business.  I have an initial business strategy planned to introduce the product and a longer term distribution strategy to build a strong company infrastructure. I am willing to temporally quit my job and therefore have the time to fully pursue this endeavor.

What I don't have is any experience in the selling/distribution business.  I don't have much experience in selling, although I have read alot of books regarding the subject. I don't have extensive experience in running my own company, although I have 8 years experience in help running my family business. However I do have the passion to become a great salesman/business man.

What I would like is advice for starting this company? Any advice would be much appreciated. (also if there is a strong market, I will be finding smart and entrepreneurial partners/distributors to capitalize on this opportunity from a post on Startup Nation)

Thanks for your time,

Ray

Maybe advice upon:

- What will I need (licenses needed for TX, best corporation type, etc…)

- Great marketing and packing services in the DFW area (I prefer local for now, maybe after I prove a market exist for my product, I might explore online services)

-I don’t need any information on patent/copyright laws.

- ANYTHING YOU THINK WOULD HELP ME ALONG IN THIS PROCESS

- Other ways of introduce a product into the market besides selling to local stores (my initial business plan is to test the market by selling to small ethic grocery stores. If the market is strong, they will continue to order more of this product. This way I start my business by selling the product to retailers and establish a distribution system. What are your thoughts for my initial business plan?)

Hello Ray, I wish you best of luck and pray that you will get success in you dream. I suggest you not to quit the job it is safe side for your income. Today the business become very competitive and to survive in this competitive business is really difficult. So what I suggest is make your job as part time and start business for rest of time.

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Thanks for the advice Marius.  Yeah that probably the safest way to start.  With my job its actually much easier to have a break than other jobs.  I'm a IT consultant, so I go by contract to contract.  After my contract is up, its all depends upon me to find another contract.  So I can stop contracting for 1 year and that shouldn't really affect my IT career.  I think you are giving sound advice though, so I'll think about it.  thank

If you want to setup a new company, try setting up a LLC as then your personal assets are safegaurded against business liabilities.

Also selling to local retailers first is a great way to test the market and minimize risks as well. I would definitely start with that if I were you.

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