I am thinking of opening my own buisness but i am scared to take the first step?

Question

I can't even think of a name...can someone give me some idea's. It is a combined shop that will have engraving, keycutting, watch repairs shoe repairs and gift wear. I am worried about the location and paying the rent etc. I know that people usually have to track this service down. Our jobs are stable at the moment should we take the leap.

Answer 1

It sounds to me that you are only just beginning to think about what is involved. You should examine as many of the possible scenarios of the changing business, in order not to be badly surprized, which many still do. It is a dynamic thing and you must be both firm and flexible, the latter when there is no choice.

Nothing ventured, nothing gained. Good Luck!

Answer 2

If you're in Australia you can Contact a small business advisor at BECs and Centrelink also has a NEIS program for people wanting to start their own business. These are free services and BECs has courses you can attend but you have to pay for the courses.

Answer 3

would you like to do a proven international home-based system instead? it'd save you a lot of headaches. if you're interested, email me at [e-mail] for more information and i can refer you to a website.

Answer 4

Starting a business is always scary but there are companies out there dedicated to helping you succeed. Just two years ago I joined a small business organization called America's Best Companies. They have helped me tremendously. Take a look at them!

www.americasbestcompanies.com

Answer 5

Hi Purplev,

How well do you know the industry you are going into is the number one question. If you don't but are thinking that there is a demand for the service I would recommend doing a lot of research and working in the industry prior to considering it.

Location would be the key (forgive the pun) for success in this industry, as you would be need an area that has high pedestrian traffic. Shopping centres or malls are perfect options for this kind of venture. You would find that people drop off keys or shoes before going to work or shopping, and pick them up on the way home. Maybe look around for a busy centre that doesn't yet have the service and approach the centre management and try to negotiate a good deal. Choosing your business name is a highly personal thing, don't try to over think it and the right name will come up.

It is a tough business climate at the moment I have just started my own finance brokerage and believe me things are tough. I am lucky because I am in a service industry and have low overheads but you guys would have considerable ongoing costs like you mentioned. If you are fairly happy with your jobs and think you can tough it out for say twelve months why not wait until the economic climate improves, this time could be used to plan and research your business thorughly.

Anyway best of luck and if you need any help in the future for vehicle or equipment finance I would be happy to hear from you.

Kind regards

David

http://www.equipfin.com.au/

Answer 6

when you say your jobs are stable

does that mean that you and your partner both have jobs?

could one of you keep working while the other  gets the new business started , this way you have something  coming in.

the other thing is once you jump in to the business you get the urge to push  the business to make it happen and to make those payments. have done it twice if you want it bad enough

you will find a way to make it happen,

this probably didn't help

But all the best with whatever you decide

Cheers Darryn

www.sickofwork.com.au

Answer 7

It sounds to me like someone said earlier that you are in the beginning stages of developing your business idea. From the basic idea you have of the store, it sounds like something people will need. People are always loosing their keys, needing repairs on shoes and watches. I know I have to get a pair of shoes redone, and I only know of one place I can go. These types of stores are difficult to find and if you can get your business up and running, it could turn into a big success.

I think the first step you need to take is if you (and if you have partners) are financially able to start up a business and if you can get loans. With the economy these days, who knows who is eligible for a loan. Also, while you are doing that look for a space that is a good location and where the rent is manageable.

While this is going on, the name and aesthetics will come. Those take time when you have the complete vision in your head. When you are ready to open, make sure to take the time and build a website for the store. This is key to get you on the web and out to more people than you think. I know of a great website that will be able to help you build a site in about 15 minutes. It's called myABCspace.com. It is a site dedicated to providing small businesses with an easy-to-use website. It offers tools and services that help you tap into the Web to compete more effectively and win more business. Your myABCspace page can be used as a stand alone webpage or as an effective way to supplement your current website while avoiding costly updates normally associated with using outside help.

If your small business does not have a website, you are probably losing more customers than you can possibly imagine.

With your myABCspace account you can:

• Allow customers 24/7 access to information about your products and services.

• Connect with the over 90% of people under the age of forty who use the Web almost exclusively to find products and services that they are looking for.

• Easily post coupons, announcements, promotional items, pictures, videos, and just about anything you want to help promote your business!