Discussion
Some of the regular visitors may remember me asking for advice about a business I was starting called shufflenation. Basically it will sell accessories for a lot of gadgets like Blackberrys, iPhones etc. The difference being I want to sell high quality products only, ones which will last and add to the gadget not take away from it.
I'm a student and entered a university business venture competition where I outlined my idea and had an interview etc and I was accepted. This means I will receive funding and office space to take me to the next level. The funding is going towards having a custom site built and then on stock.
I am still involved in a second competition with the university and supporting companies where it may be possible for me to receive a further degree of funding. For the next stage, I have to create a business plan.
I probably should have already done this but I knew where I was going and didn't deem it a necessity. I have an idea of what I'm going to include, but is there anything the PH experienced business people would put in a plan; which they think would help them along the way or to persuade a possible investor.
Thanks for the help to get me this far and for reading this slightly lengthy post. Once the site is up and running properly (the new one) there will be a PH discount code to show my appreciation.
I'm a student and entered a university business venture competition where I outlined my idea and had an interview etc and I was accepted. This means I will receive funding and office space to take me to the next level. The funding is going towards having a custom site built and then on stock.
I am still involved in a second competition with the university and supporting companies where it may be possible for me to receive a further degree of funding. For the next stage, I have to create a business plan.
I probably should have already done this but I knew where I was going and didn't deem it a necessity. I have an idea of what I'm going to include, but is there anything the PH experienced business people would put in a plan; which they think would help them along the way or to persuade a possible investor.
Thanks for the help to get me this far and for reading this slightly lengthy post. Once the site is up and running properly (the new one) there will be a PH discount code to show my appreciation.
R1chy11 said:
Some of the regular visitors may remember me asking for advice about a business I was starting called shufflenation. Basically it will sell accessories for a lot of gadgets like Blackberrys, iPhones etc. The difference being I want to sell high quality products only, ones which will last and add to the gadget not take away from it.
I'm a student and entered a university business venture competition where I outlined my idea and had an interview etc and I was accepted. This means I will receive funding and office space to take me to the next level. The funding is going towards having a custom site built and then on stock.
I am still involved in a second competition with the university and supporting companies where it may be possible for me to receive a further degree of funding. For the next stage, I have to create a business plan.
I probably should have already done this but I knew where I was going and didn't deem it a necessity. I have an idea of what I'm going to include, but is there anything the PH experienced business people would put in a plan; which they think would help them along the way or to persuade a possible investor.
Thanks for the help to get me this far and for reading this slightly lengthy post. Once the site is up and running properly (the new one) there will be a PH discount code to show my appreciation.
You have started a business and won a contest and funding without there being a biz plan in place already?I'm a student and entered a university business venture competition where I outlined my idea and had an interview etc and I was accepted. This means I will receive funding and office space to take me to the next level. The funding is going towards having a custom site built and then on stock.
I am still involved in a second competition with the university and supporting companies where it may be possible for me to receive a further degree of funding. For the next stage, I have to create a business plan.
I probably should have already done this but I knew where I was going and didn't deem it a necessity. I have an idea of what I'm going to include, but is there anything the PH experienced business people would put in a plan; which they think would help them along the way or to persuade a possible investor.
Thanks for the help to get me this far and for reading this slightly lengthy post. Once the site is up and running properly (the new one) there will be a PH discount code to show my appreciation.
That sounds like a brilliant way of obtaining funds shame we cant do it in the real world.
You need to show a a realistic understanding of your costs and possible market. You cannot rely on free office use and winning contests to run a business, so I would assume worst case and make sure your sums work on that basis.
The thing I would want to know is that you truly understand that financial side of the business, you understand your costs and your payment terms. Clearly you need to be able to accept credit cards on line so understanding what commission you are paying there is vital as is understanding how long you will have to wait for your money. You need to obtain stock, understanding how you do that, what margins you will have, what payment terms etc. is vital.
Cash (or lack of it) is what kills businesses, so a proper realistic cash flow projection is what I would want to see.
Understanding how quickly you can restock, how much stock you are going to hold, how you are going to package it, how you are going to ship it is also vital.
Then there is the marketing side, you need a site, you need it developing, you need to have it hosted. Then there is the need to promote it, I'd be looking for some understanding of how that works.
I'd expect to see that you understand VAT, you have thought through how you will account for it (cash or accrual)? There is the question of what you are going to pay yourself and how.
Really it is about a reassurance that you know what you are doing.
Cash (or lack of it) is what kills businesses, so a proper realistic cash flow projection is what I would want to see.
Understanding how quickly you can restock, how much stock you are going to hold, how you are going to package it, how you are going to ship it is also vital.
Then there is the marketing side, you need a site, you need it developing, you need to have it hosted. Then there is the need to promote it, I'd be looking for some understanding of how that works.
I'd expect to see that you understand VAT, you have thought through how you will account for it (cash or accrual)? There is the question of what you are going to pay yourself and how.
Really it is about a reassurance that you know what you are doing.
jon- said:
A slight tangent I know, but expect people like Bose to be very difficult to deal with directly if you're a small online only firm.
Yes just getting stock may be harder than you think if you are small with no track record, some reassurance that you have understanding of how you are going to do that is important.rich1231 said:
R1chy11 said:
Some of the regular visitors may remember me asking for advice about a business I was starting called shufflenation. Basically it will sell accessories for a lot of gadgets like Blackberrys, iPhones etc. The difference being I want to sell high quality products only, ones which will last and add to the gadget not take away from it.
I'm a student and entered a university business venture competition where I outlined my idea and had an interview etc and I was accepted. This means I will receive funding and office space to take me to the next level. The funding is going towards having a custom site built and then on stock.
I am still involved in a second competition with the university and supporting companies where it may be possible for me to receive a further degree of funding. For the next stage, I have to create a business plan.
I probably should have already done this but I knew where I was going and didn't deem it a necessity. I have an idea of what I'm going to include, but is there anything the PH experienced business people would put in a plan; which they think would help them along the way or to persuade a possible investor.
Thanks for the help to get me this far and for reading this slightly lengthy post. Once the site is up and running properly (the new one) there will be a PH discount code to show my appreciation.
You have started a business and won a contest and funding without there being a biz plan in place already?I'm a student and entered a university business venture competition where I outlined my idea and had an interview etc and I was accepted. This means I will receive funding and office space to take me to the next level. The funding is going towards having a custom site built and then on stock.
I am still involved in a second competition with the university and supporting companies where it may be possible for me to receive a further degree of funding. For the next stage, I have to create a business plan.
I probably should have already done this but I knew where I was going and didn't deem it a necessity. I have an idea of what I'm going to include, but is there anything the PH experienced business people would put in a plan; which they think would help them along the way or to persuade a possible investor.
Thanks for the help to get me this far and for reading this slightly lengthy post. Once the site is up and running properly (the new one) there will be a PH discount code to show my appreciation.
That sounds like a brilliant way of obtaining funds shame we cant do it in the real world.
You need to show a a realistic understanding of your costs and possible market. You cannot rely on free office use and winning contests to run a business, so I would assume worst case and make sure your sums work on that basis.
Should I apologize because I was successful in securing a better starting platform for myself then? A lot of people never create a business plan, I'm sure there are some on PH. The point is I AM creating one before fully going into it and spending what I have received.
I have a realistic understanding of costs and possible market which is why I have got this far. I'm not suggesting i'll rely on 'free office space and winning contests' I have a strong work ethic which is why I'm doing this in addition to a degree and another job. I like it that you assume the worst case because you know nothing about the situation I'm in and what research I have done, it just motivates me more.
siscar said:
jon- said:
A slight tangent I know, but expect people like Bose to be very difficult to deal with directly if you're a small online only firm.
Yes just getting stock may be harder than you think if you are small with no track record, some reassurance that you have understanding of how you are going to do that is important.Hi Richy11
reading your post - you want to sell high quality goods/accessories for popular electronic items such as iphones/ipods/blackberries etc ..
This has already been done with excellent results and profitibility by many other real world businesses already. I think you'd find it extremely difficult to make any sort of headway into this very very busy sector of the market with what you've outlined so far. To make any real decent business, you need to have something unique in your product range portfolio. I was at the CES Show in Las Vegas in January, and there was about 5-6 rows of very high quality accesories manufacturers just for the iPod/iPhone with various others also covering other platforms and devices etc. They were all 100% high quality manufacturers. The 'cheaper' Chinese versions and other accessories which you could argue as being of 'less' quality' were in another section all of their own, It was so big I got tired after walking down about 7 rows full of those guys - not to add being temporarily blinded by all the flashing lights!
Currently all your experience is theoretically based, a university course or competition isn't the real world and as I say, if you can design and showcase a new idea or solution, develop and refine it, then offer to mass produce and market, then in real terms you won't really go very far as you'll just be another small fish/reseller in this vast area already.
If you do progress, and do indeed start to offer high quality accessories, what will be your USP? how will you drive customers to choose you over the more established and much larger UK based specialists who've been doing this for years?
Good luck with everything - my tip would be to see if you can find a niche and go for that.
Cheers, Dennis
reading your post - you want to sell high quality goods/accessories for popular electronic items such as iphones/ipods/blackberries etc ..
This has already been done with excellent results and profitibility by many other real world businesses already. I think you'd find it extremely difficult to make any sort of headway into this very very busy sector of the market with what you've outlined so far. To make any real decent business, you need to have something unique in your product range portfolio. I was at the CES Show in Las Vegas in January, and there was about 5-6 rows of very high quality accesories manufacturers just for the iPod/iPhone with various others also covering other platforms and devices etc. They were all 100% high quality manufacturers. The 'cheaper' Chinese versions and other accessories which you could argue as being of 'less' quality' were in another section all of their own, It was so big I got tired after walking down about 7 rows full of those guys - not to add being temporarily blinded by all the flashing lights!
Currently all your experience is theoretically based, a university course or competition isn't the real world and as I say, if you can design and showcase a new idea or solution, develop and refine it, then offer to mass produce and market, then in real terms you won't really go very far as you'll just be another small fish/reseller in this vast area already.
If you do progress, and do indeed start to offer high quality accessories, what will be your USP? how will you drive customers to choose you over the more established and much larger UK based specialists who've been doing this for years?
Good luck with everything - my tip would be to see if you can find a niche and go for that.
Cheers, Dennis
siscar said:
The thing I would want to know is that you truly understand that financial side of the business, you understand your costs and your payment terms. Clearly you need to be able to accept credit cards on line so understanding what commission you are paying there is vital as is understanding how long you will have to wait for your money. You need to obtain stock, understanding how you do that, what margins you will have, what payment terms etc. is vital.
Cash (or lack of it) is what kills businesses, so a proper realistic cash flow projection is what I would want to see.
Understanding how quickly you can restock, how much stock you are going to hold, how you are going to package it, how you are going to ship it is also vital.
Then there is the marketing side, you need a site, you need it developing, you need to have it hosted. Then there is the need to promote it, I'd be looking for some understanding of how that works.
I'd expect to see that you understand VAT, you have thought through how you will account for it (cash or accrual)? There is the question of what you are going to pay yourself and how.
Really it is about a reassurance that you know what you are doing.
Thank you very much for this, some of the points I already have looked into but others I haven't. As I've said before I've never done anything like this before so I will miss certain things, thanks again for pointing some of them out.Cash (or lack of it) is what kills businesses, so a proper realistic cash flow projection is what I would want to see.
Understanding how quickly you can restock, how much stock you are going to hold, how you are going to package it, how you are going to ship it is also vital.
Then there is the marketing side, you need a site, you need it developing, you need to have it hosted. Then there is the need to promote it, I'd be looking for some understanding of how that works.
I'd expect to see that you understand VAT, you have thought through how you will account for it (cash or accrual)? There is the question of what you are going to pay yourself and how.
Really it is about a reassurance that you know what you are doing.
R1chy11 said:
rich1231 said:
R1chy11 said:
Some of the regular visitors may remember me asking for advice about a business I was starting called shufflenation. Basically it will sell accessories for a lot of gadgets like Blackberrys, iPhones etc. The difference being I want to sell high quality products only, ones which will last and add to the gadget not take away from it.
I'm a student and entered a university business venture competition where I outlined my idea and had an interview etc and I was accepted. This means I will receive funding and office space to take me to the next level. The funding is going towards having a custom site built and then on stock.
I am still involved in a second competition with the university and supporting companies where it may be possible for me to receive a further degree of funding. For the next stage, I have to create a business plan.
I probably should have already done this but I knew where I was going and didn't deem it a necessity. I have an idea of what I'm going to include, but is there anything the PH experienced business people would put in a plan; which they think would help them along the way or to persuade a possible investor.
Thanks for the help to get me this far and for reading this slightly lengthy post. Once the site is up and running properly (the new one) there will be a PH discount code to show my appreciation.
You have started a business and won a contest and funding without there being a biz plan in place already?I'm a student and entered a university business venture competition where I outlined my idea and had an interview etc and I was accepted. This means I will receive funding and office space to take me to the next level. The funding is going towards having a custom site built and then on stock.
I am still involved in a second competition with the university and supporting companies where it may be possible for me to receive a further degree of funding. For the next stage, I have to create a business plan.
I probably should have already done this but I knew where I was going and didn't deem it a necessity. I have an idea of what I'm going to include, but is there anything the PH experienced business people would put in a plan; which they think would help them along the way or to persuade a possible investor.
Thanks for the help to get me this far and for reading this slightly lengthy post. Once the site is up and running properly (the new one) there will be a PH discount code to show my appreciation.
That sounds like a brilliant way of obtaining funds shame we cant do it in the real world.
You need to show a a realistic understanding of your costs and possible market. You cannot rely on free office use and winning contests to run a business, so I would assume worst case and make sure your sums work on that basis.
Should I apologize because I was successful in securing a better starting platform for myself then? A lot of people never create a business plan, I'm sure there are some on PH. The point is I AM creating one before fully going into it and spending what I have received.
I have a realistic understanding of costs and possible market which is why I have got this far. I'm not suggesting i'll rely on 'free office space and winning contests' I have a strong work ethic which is why I'm doing this in addition to a degree and another job. I like it that you assume the worst case because you know nothing about the situation I'm in and what research I have done, it just motivates me more.
A friend of mine owns the largest business in the UK of the type you are intending to start. Its a hugely competitive and cut throat marketplace.
Thanks again for the replies. I don't expect this venture to make millions, not at all. I do however believe that the direction I want to take, there is a gap in the market. I know that with generic 'accessories' there is a lot of competition which is why since starting out I have changed my approach slightly.
Knowing in my mind what I want to do and looking at possible competitors; while there are similarities, there are also things which I want to do different.
Knowing in my mind what I want to do and looking at possible competitors; while there are similarities, there are also things which I want to do different.
Hi Richy11
Excellent that you've mentioned you've spotted a niche in the market, and intend to exploit it with ideas !!
that's EXACTLY what I'm doing and progressing with as well, and I'm quietly confident It'll sell well and be an excellent alternative to what's out there already!
As soon as I read you saying that, I can understand the drive you feel, so go for it ! with regards to a business plan, the reason I'm not doing one is becuase I'm funding things myself, so far, I haven't needed to go and raise capital or funding although I do have a backup plan in place to get me some funding if needs be.
In your case, you are going to be going to 'show' others your idea and direction, that in my mind rightaway leads to the potential someone will nick your idea and beat you to it. I'd look into drafting up confidentiality agreemeents with anyone you speak to about this - the banks, lawyers, financial advisors to help protect the direction you are taking.
Whilst personally, I still think that the high quality accessories marketplace is more than adequatley covered, perhaps theres one or two products I didn't see at the CES that are the ones you'll be bringing in and distributing here in the UK coupled with your ideas on how to move them forward.
Good luck once again!
Cheers, Dennis!
Excellent that you've mentioned you've spotted a niche in the market, and intend to exploit it with ideas !!
that's EXACTLY what I'm doing and progressing with as well, and I'm quietly confident It'll sell well and be an excellent alternative to what's out there already!
As soon as I read you saying that, I can understand the drive you feel, so go for it ! with regards to a business plan, the reason I'm not doing one is becuase I'm funding things myself, so far, I haven't needed to go and raise capital or funding although I do have a backup plan in place to get me some funding if needs be.
In your case, you are going to be going to 'show' others your idea and direction, that in my mind rightaway leads to the potential someone will nick your idea and beat you to it. I'd look into drafting up confidentiality agreemeents with anyone you speak to about this - the banks, lawyers, financial advisors to help protect the direction you are taking.
Whilst personally, I still think that the high quality accessories marketplace is more than adequatley covered, perhaps theres one or two products I didn't see at the CES that are the ones you'll be bringing in and distributing here in the UK coupled with your ideas on how to move them forward.
Good luck once again!
Cheers, Dennis!
R1chy11 said:
siscar said:
jon- said:
A slight tangent I know, but expect people like Bose to be very difficult to deal with directly if you're a small online only firm.
Yes just getting stock may be harder than you think if you are small with no track record, some reassurance that you have understanding of how you are going to do that is important.I'm not saying this to scare you, but I've been through all this and it's been pretty s
tty at points.Edited to remove brand names.
Edited by jon- on Friday 16th April 15:24
Never attempt to trade solely on price, especially if people twig you are new and small, I could make a good business buying your product cheap and selling higher on E-bay or I could choose to make a loss for 6, 12, 18 months to close you down. Make sure you have something quality to add to what ever you are selling, and make sure that what ever system you choose for delivery works well, slow delivery puts me off, cheap products with expensive delivery puts me off as well. A delivery price that encourages more purchasing can help, Amazon used to do free delivery on orders over £15 pounds, I am willing to bet that most orders came in at over £15.
What do people feel would work better, Free shipping highlighted on the home screen. This will however be reflected in the initial price and possible put me slightly more expensive before they add their shipping.
Or will this work against me and should I price similarly and add postage as normal. As a buyer which option do you think would work better. Would the lower price initially take you to the competitor?
My USP is not going to be price. I know this is as bad a thing as it is good. A lot of the products i'll sell, the distributors wont sell to ebay sellers.
Or will this work against me and should I price similarly and add postage as normal. As a buyer which option do you think would work better. Would the lower price initially take you to the competitor?
My USP is not going to be price. I know this is as bad a thing as it is good. A lot of the products i'll sell, the distributors wont sell to ebay sellers.
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