Starting a business

Inmate
Inmate

A friend and I are trying to start up a business but aren't sure about where to start

SniperGod
SniperGod

What will you be selling?

ZeroReborn
ZeroReborn

@Inmate
well then

Fuzzy_Logic
Fuzzy_Logic

Start by buying ethereum

Dreamworx
Dreamworx

@Inmate
Start with your heart

Booteefool
Booteefool

Cool.

Lord_Tryzalot
Lord_Tryzalot

@Fuzzy_Logic
How?

MPmaster
MPmaster

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

FastChef
FastChef

@Inmate
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?

Stupidasole
Stupidasole

@FastChef
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

Spamalot
Spamalot

@Stupidasole
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.

SomethingNew
SomethingNew

@Spamalot
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

askme
askme

@SomethingNew
*thinking

whereismyname
whereismyname

@Stupidasole
@Spamalot
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 It's not really a profitable idea selling CD's, Pandora, Spotify and the internet in general have outdated CD's media wise.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?

Spazyfool
Spazyfool

@whereismyname
There was that coffee house idea

Lord_Tryzalot
Lord_Tryzalot

@Spazyfool
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.

Boy_vs_Girl
Boy_vs_Girl

@SomethingNew
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.

haveahappyday
haveahappyday

@Boy_vs_Girl
It would be co owned and we don't have any credit score

askme
askme

@haveahappyday
Good luck getting a Loan then.

iluvmen
iluvmen

@haveahappyday
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.

TechHater
TechHater

@Inmate
Sba.gov

whereismyname
whereismyname

@whereismyname
Holy shit, is that Ronald McDonald in the background with a shotgun? What a badass!!!

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