A friend and I are trying to start up a business but aren't sure about where to start
Starting a business
What will you be selling?
Start by buying ethereum
Start with your heart
1.) What will it do
2.) How will you make money from it
Once you can answer those two questions, you're good to go my dude
What are you thinking of selling? Physical products or services? Whats your profit margin? Online or retailer? Is there much competition? Space for company growth/expansion?
Music e.g. CDs, vinyl
Or a coffee house which would sell coffee and baked goods
For the music store there isn't any competition as many have closed down but they closed down years ago and there are three places that sell coffee in the town
There isn't a profit margin yet, currently we are drawing out the plan
there's a reason all of those music shops has closed. No one is buying physical cds or vinyl anymore. You might get the usual sale or two when some hipster buys vinyl, but i am sure you wont sell enough CDs to cover your costs.
We're of going with the coffee idea due to the lack of music sales but we're going to try and survey people about these two options so that we know what the people would want more
This. It's not really a profitable idea selling CD's, Pandora, Spotify and the internet in general have outdated CD's media wise. Vinyl is not such a great idea either. Vinyl has comeback don't get me wrong but it's just a fad right now and i don't see much of a future for Vinyl's. Any other ideas you've have OP?
There was that coffee house idea
Its not a bad idea. If you do decide to go that route just be aware of where the location of you're Coffee House if and when you lease. Don't want to end up a block away from one of the big Coffee Shops it'll just drain your business. If all else fails get yourself a liquor licence, bars are recession proof lol.
If you wish to open a coffee shop do it right. You want it to be inviting and cozey. It has to be clean and modern. Like any big chain coffee shop. how much money do you have on hand. ?
You want at least 75k to cover lease, construction and permits/ blue prints.
Take a 50k equipment loan for all kitchen essentials, tables chairs, sofas etc..
It can be done. You just need money.
If doing a co owner operation your weakest link is the one with lowest credit score.
It would be co owned and we don't have any credit score
Good luck getting a Loan then.
A lot of banks are willing to do equipment loans worth up to 50k. They use the equipment as collateral. If you can't get a loan you guys need at least 100k to get the ball rolling. Toughest part is getting health permits and blue prints approved by the city.
Holy shit, is that Ronald McDonald in the background with a shotgun? What a badass!!!