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    1. libby1885 is offline

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      #1

      Newbie Looking for tips on Starting a Business

      I am a newbie and need some tips on how to start a business?

      Thanks for advising me.
      Want To Be An eBay Powerseller?
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    2. MissWholesale's Avatar
      MissWholesale is offline

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      #2
      Hello Libby,

      Welcome to Wholesale Forum

      If you relate to this analogy, succeeding with a business is very much like a game of monopoly; the more you can create a unique competitive advantage that is difficult to replicate (which doesn't mean just cheapest) the greater the leverage you can create, the more money you will be able to make. A competitive market is one where a large number of players compete with each other to satisfy the wants and needs of many consumers. In a competitive market, no single or group of producers, and no single or group of consumers, can dictate how the market operates. However, with the right strategies, schemes and resources, you can create your own monopoly in your niche and therefore do exceptionally well in business.

      The following are some useful tips for a newbie to start a business:

      1. Start a niche that suits your buying power.

      2. Pick a business name that covers the broader niche, so that in the future you can diversify to other products within the wider niche.

      3. Initially, ensure you clarify with your customers that you're selling just one category of goods. When you grow your business, re-invest profit back into the business by adding new product categories and gradually expanding your stock.

      For example: You can start with kids' clothing. To catch customers’ attention and make them aware of your business, add a slogan to your brand name. For example: Kids Clothing Experts. This instantly signifies that you just sell kids’ clothing and people visiting your site should not expect other types of products in your shop. Later, you could add men's and ladies' clothing to your collection and broaden your slogan to UK's Leading Clothing Experts.

      4. Choose a domain name for your business website that concentrates on your niche.

      5. Make sure to collect customer emails from day one. So that when you add new product lines, you can email your customers for announcing the business expansion.

      6. One of the most important aspects of creating a successful business is to deal with authentic and dependable distributors.

      7. Decide a business structure you are going to use. Will you be working in a partnership, as a sole trader, a company or a trust? Choosing your business structure is an important decision. There are advantages, disadvantages and risks associated with each option.

      8. You should explore different business finance sources, from bank loans to government-backed schemes.

      9. In the UK, register with HMRC. In other countries, obtain a business license, as most of the states and countries make it mandatory to do so before you can start a business. In the US, it is essential to obtain a state and federal Tax ID number for the state in which you operate your business.

      10. You should participate in various affiliate programmes to understand how to leverage the efforts of others to spread the word about your business and products. Affiliate marketing is very much a win win situation, make sure you incorporate it fully into your business model.

      11. Design a marketing plan that is tied to your market research and sourcing. First research, then evaluate and quantify your findings, then source and plan your marketing in accordance with your research to maximise conversions and sales (especially if you are sourcing products that have short demand peak). A good marketing plan is also very helpful in setting deadlines and budgets.

      For more information about tips to start a business, see the following past discussions:To learn more about finding and verifying suppliers see:Hope this helps
      Over 150,000 Verified Sources + Deals 95% Off MSRP + Free Website!

    3. OliverTrent is offline

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      #3
      Might need a little more information, but the best information I can give you, ever, is do your research before you buy. Can you compete? Can you Turn a Profit? Can you make enough of a profit to make it worthwhile?

      You need to ask these questions before you even start contacting suppliers to make sure you know what you need to make and how much you can afford to buy products for to make your business idea viable.

    4. Thank you for this post:

      experience (15 Sep 2013)

    5. experience is offline

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      #4

      Quote:

      Originally Posted by OliverTrent View Post
      Might need a little more information, but the best information I can give you, ever, is do your research before you buy. Can you compete? Can you Turn a Profit? Can you make enough of a profit to make it worthwhile?

      You need to ask these questions before you even start contacting suppliers to make sure you know what you need to make and how much you can afford to buy products for to make your business idea viable.
      Hello Libby,

      OliverTrent has offered you sound advice. Whatever business you want to run it is all about profit, so you must do three things:

      1. Learn what price you can really be confident of selling your product at.
      2. Work out what it will cost you to sell the product. PayPal fees? eBay fees? Postage?
      3. Find a trustworthy supplier who will supply that product to you at a price that will leave you a big profit after all those costs are allowed for. Don't be tempted to work on the low profit margins most people tolerate when dropshipping. There are better ways.

      Remember, profit begins with buying. If you buy at the right price you can make more profit if you have taken everything else into account.

      If you are thinking of importing you must be sure you know your landed cost before you place an order.
      To learn safe overseas sourcing and how to buy small (or large) quantities at best prices see→ http://provenchinasourcing.comLearn to find genuine manufacturers and negotiate small orders at prices way below what wholesalers charge. Written after my health enforced retirement and provides insider information from veteran with experience exporting 1978-1987 importing since 1987 Learn to import the easy way

    6. Genie Sourcing is offline

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      #5
      You got your basics like setting up your company either as a sole trader or going limited.

      There's your product - what you going to sell or are you offering a service? What makes you offering better than the rest and what price do you need to come in at to compete without cutting yourself short?

      Then how are you going to get out there? How are your customers going to find you or you find your customers?

      What business are you thinking of starting exactly?

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