Forums: Discussions for entrepreneurs and small business.

Anyone in this industry that might lend a helping hand?  I`m working on my business plan and estimating my startup costs.  Should I start my business as I write the plan?  I don`t have some vital information for the plan because I have not started the business.  Help.

 

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BJ Biz

It would be a good idea to start the business along with the plan. It always help. I started my business without a plan. I didn`t write the plan like a year later. Just because I wanted to make sure I knew what I was doing. What I did was wrote a 1 page essay of what I wanted the business to be and how much I needed to start. Once I had that, it was easier to write the plan because I had an idea of what I was doing.

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Edgar Monroy
Web Developer / Owner / Consultant
When starting your own business the need to "know-how" is greater than money!
http://www.nuevolution.net

Home based Inventory service? You mean like a fulfillment service, maybe even dropshipping? I like this idea and I have actually been brokering deals for chinese manufacturers. I started out a couple years ago trying to sell the products on my own but I soon realized that the wholesale industry is way behind in technology. Most wholesalers have terrible websites. Now I run a co-op list which allows my members to buy together so that they don`t have to purchase huge amounts of inventory. If one of my manufacturers has a 500 piece MOQ I simply split it up into 50 piece orders and send out the offer to my co-op mailing list. Once I get my ten 50 piece orders I place the order with the manufacturer and they ship it to me, I then split up the order and send it to my clients. This works well for small items but not for large items because of the lead times and weights involved. If I get a product by air it comes from China within a week or so and my clients get their order within two weeks. I do a small markup on each product but it really adds up. There are lots of ways that this can be done. I hate pretty much every dropshipper because they have such huge markups that you can`t sell the products and still turn a decent profit.

Here`s another idea for you:
Find yourself a good wholesale distributor that will dropship the products for you and then create a wholesale club. Offer the products at wholesale prices with no markup and charge a yearly subscription fee for your wholesale club. If you charge $29.95 a year for the club membership and you get 10,000 club members that`s $299,500 a year and you never have to touch a product! Just a thought!


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http://www.iproductcreation.com

Hi BJ,

You do not need to have started your business to put a business plan together. Eveyone does not start with one, but if you are going go to a lender, you should have your something fairly formal on paper. Anyway, it is always a good thing to have a plan, even a simple one, to follow. Just think of it as a "things to do" list. A couple of the things to think about:  your space situation, can store your products out of sight so they don`t intrude into your family space; can you return products if they do not sell in a certain amount of time, etc. 

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Vannie

Work & Family @ BellaOnline.com
Vannie at Twitter

Larryblenn,
Great idea. I would like to discuss your situation more closely. Maybe we can do some business together? You`re welcome to contact me at your ealiest convenience. Since you`re a member of SUN, you can find my contact information in my profile.

Vannie,
I started my business with a "things to do" list. I am now making an attempt to write a business plan to learn what I may need to improve on or at least pay closer attention to. The business plan will allow me to lay out the vision.


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Vincent Wilcox (a.k.a. KRAKR)
Drummer
My band: Letters Make Words

How far along are you?   While I`m sure you don`t want to reveal to us the more closely-guarded secrets of your business, the sector you`re in has a big influence on what aspect of your business to emphasize the most.  If you`re selling software, emphasizing past projects and license revenue is key.  If you`re selling camcorders, talking about a rising customer interest away from still cameras is a talking point if you want funding.  If you`re selling high-end perfume, analyzing the large beauty market around the world will cement your bottom line.

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"Forget inspirational quotes to keep you going. If by doing what you do, you get an hour every day to relax, be with the ones you love in comfort without doing wrong, then it is all worth it." -Anon.

I know it's has been a while, since you had posted about starting a home inventory business. But I was wondering where you were in the process? Have you started it, yet?

Thanks,

Referencing BJbiz, I would most definitely start writing your business plan, while also exhaustively researching the industry in which you are about to enter. It serves a variety of purposes, but if you are seeking funds, they will definitely want to see an in place plan that accounts for everything from your monthly expenses to the cost of your accountant and lawyer to write up an operating agreement. The more prepared you are ahead of time, the better it serves you also because it also forces you in a sense to set goals and standards for your business. My two cents :)

 

Junk Dawgs

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www.junkdawgs.com

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