New Topic
Post Reply
Follow Topic
I just hit on a great concept for a retail store. I know it will work because it's similar to an existing succsessful concept. As far as I can tell no one has tried it.
Among it's attractive components are a low start-up cost, definite franchisability and a simple, marketable concept.
I need to find start-up funding. Probably as little as $75,000 to start plus additional working capital.
I am absolutely sure this is a winner!
Someone help me get this going!
Ted
As this is a retail concept, I need capital to build out a first location. There will be some equipment costs, but most of it would involve fixtures and decorating and, of course, inventory. Practically, we could get by with very limited amounts to get up and running.
One of my concerns is that this idea seems pretty obvious to me and fairly simple and does not require a lot of expertise. It is also similar to several already operating franchise concepts although with a different product. Because of this I am a little worried of putting my plan out there to too many people because it would seem very easy to copy or steal. surprisingly, it doesn't appear that anyone has tried it. Which brings up another question- how can I find out if anyone else is doing this or if there is some practical reason they aren't that I'm just missing?
Ted
As a previous owner of a franchise retail shop I can tell you that $75K is probably about right for start up costs. Of course without knowing what you plan to sell, can't say for certain. Ongoing expenses are pretty high (rent; maintenance fees; payroll; advertising; insurance; utilities; supplies; inventory; taxes, etc.). It will take some time to reach break even, much less profit.
Unless you can find somebody to partner up with who can provide the cash you'll need to bootstrap this startup. You won't get a loan without your own cash infusion, collateral, excellent credit and applicable managerial experience (as phanio noted).
Check out my blog below for a viable funding source that bridges the gap for those that can't get traditional funding. However, you still need to prove worthiness and you should have attempted to raise funds on your own. Simply asking for a handout won't cut it. You should definitely see if you qualify below.
Sylvia,
I've been watching your site and it's intriguing. I hope it works and when it launches I'm going to post my idea and see what people think.
I really just came up with this idea so I haven't done much with it yet, but I'm pretty sure I've got a good idea. This is the first idea I've hit on that I know has great franchising potential. It should be attractive to investors because it's going to offer a relatively fast return and I know it will make money.
Ted
Ted, glad to hear you're planning to participate at Preneuraholics.com. Your idea sounds intriguing and I hope to hear more about it.
The most recent testing of the new site uncovered some glitches (to be expected) that are being worked out. Launch will take place this month. Keep checking the blog for the launch date and learn how to prepare your posting for optimal funds.
Ted,
Before you actively seek capital for your business, it would behoove you to do some work on the business plan. Although you probably don't need to produce a 4 color 40-50 page plan at this stage - the plan development process should identify exactly how much capital you will need and for what purposes, as well as all other key resources that will be needed.
If you'd like to discuss your specific situation (in confidence) send me a Pm or contact me directly.
Post Reply
