Business Plans

[Lee]

Just been searching this old thread and was quite surprized to see the negative - but probably honest comments...so I just wanted to ask a couple of questions...

@Dave - did you go ahead with the venture? If so, how is it going?

@logobear, jennywren, dreamglass - if you guys are still running your shop/businesses, have thigns got better? Is now a slightly better time to get involved or given the chance to start your businesses now - would you? Or would you do it part time or not at all..?

I'm just curious....

[Lee]

Not sure if my earlier post got through - strange things been happening on my work pc earlier!!

[jennywren]

yes I'm still trading, but like logobear I was already established for 16 years when I move into a shop. I was in a market before that and even then it was risky, as you lose some customers as they don't know where you are and get into a habit of shopping else where, I have gained customers but embroidery has boosted sales, you can not do it part time nor full time, you have to give all time. hours are longer than a full time job, when I say things are tight, but that I mean you pay all the bills and take a decent wage, and I put everything left to invest in the business. We might have a order for say example £3000.00 order for embroidering on t.shirts, which we have just finished, you buy in bulk to get the best price, but different size small, med large, 1XL 2XL and then 3XL means you are ordering more than you need to get the best prices so maybe a a quarter of what you buy can't be used because the size, so for a while you have what we call dead stock, till the next order through but you still have the problem of sizes, plus if we are late with our orders we have a time penalty, we are gong to over with a view to out sourcing some of the work. Also when you get a big order you have to turn work away because there is not enough hours in the day and night, Most night we was working till three in the morning and then open the shop. I think what I was trying to say in my last post in this section, I do not envy anybody starting up in this climate, it will be a long hard struggle if you not established as there is a huge learning curve that cost you in the beginning. That is not to say don't do it or do it, I jumped in business blind and I love every minute of it and have no regrets but one, I wish I knew what I know now because I would have still done it but would have make more money, knowledge is everything but it is learnt at slow pace, because no one is going to tell you everything that you need to know to stay in business for it is exactly why it called business. I have people come into the shop and say I'm in the same line as you who supplies you, do you give it them. NO. This question is asked at least once a week, if they are in a different area of sales to you sometimes I bend over backwards to help (if I like them ) What I will say about starting a business if you feel that you are ready or to go into a shop then do it, only time will tell and you will then know if it works, as they say if you don't try they won't buy, so if they don't cry. But one way or another you'll know by trying. Only you can decide if your ready. Sorry if i ramble but there is so much i would like to say on this subject.

[Lee]

Thanks for a great reply! I have the opportunity to test the water for a small monthly (short-term) contract, an indoor unit really... My only concern is I dont have a range of products, but them again I know someone who only sells autographed signings in there and he does ok.... I think trading online without having built up a rep as a real trader is too difficult as there is too much competition at some rediculous prices... maybe I just need to bite the bullet!

[jennywren]

I didn't start out with that many lines but every penny I earned went into stock and more stock, didn't get a wage for 18 months. But I did work nights to keep my home fires burning.

[SciArtImages]

I am a total amateur, but to offer my opinion I have deliberately designed my business (very small scale to support myself and hoping to do it with no debt) to sell on 3 fronts - online; in person at art / craft markets and to bricks and mortar outlets. And I am lucky to have no property overheads. But each of the outlets have larger investments than I imagined, and lessons are learned on the way. Eg try not to carry too much stock of ANY kind - I have enough paper bags for the next century (I would now buy a tenth of the amount at five times the unit price) and make stock you do have work as hard as it can.
Oh, and don't get tempted to buy too much kit (damn, just about to buy a flat bed press to go with the mug set up I didn't have a few weeks ago!)
Ooops!
I think the best advice (not being great at taking it myself) would be to read it all, listen to none and make your own mind up - YOU are going to be the one responsible for it all so do that - take some responsibility!!
Neil

[jennywren]

Good advice from sciartimages, Paying for advertising has always been a waste of money for us. hand out flyers has paid of more and outside shows with flyers have brought more people in, if some one happy with what we do, I ask, can you recommend us on your Facebook. Good service and word of mouth is also good.

[Lee]

Thanks all, the opportunity I have allows me to carry on earning a wage in my day job so to speak, and Im also starting small hahaha, but like you say,its up to me, just gotts give it a go!!! Oh well, here goes...!