Wanting to start my own business, but where to start?

[peacocky]

I've seriously been concidering opening my own online consignment for high-end clothing, shoes, accessories, and jewelry, but I have not the slightest idea where to start. I've concidered just starting out with an Ebay store before stepping into the big leagues with my own domain. I've also concidered taking out a small loan to get some inventory to start with as well. Those who do have their own online businesses, am I on the right track, or am I so off course that I should forget about it? Any and all advise is needed!

 

[IntlSet]

Do you have a business-savvy friend who can help you make a business plan?

 

[peacocky]

Do you have a business-savvy friend who can help you make a business plan?

I have one that talks too much does that count? Seriously, I'm probably the most business-like one. the rest of my friends are just social.

 

[twiggers]

I've often thought about this myself as a side hobby! Would be interesting to see people's responses.

 

[CastoCreations]

By consignment, are you thinking of having artists 'loan' you their work to sell and you take a percentage (usually 40%) or are you going to make wholesale purchases so that you actually own the inventory?

As a jeweler, I've worked with several stores, both online and brick & mortar. I have several consignment agreements with signed contracts. I also have drop ship agreements (I keep everything on my end and send it out when it sells on their site - they get 15-25% of the sale price).

I prefer wholesale purchases where they pay 50% of the retail price and then own the items. It's easier for me, I've got the money up front, and they have more incentive to push for a sale because they need to get a profit. It's riskier on their end if the product doesn't sell though.

There is another online forum called The Switchboards (switch boards) for female small business owners. You could probably get a ton of questions answered by reading posts there and asking questions.

 

[peacocky]

Most of the brands I'm wanting to sell, don't wholesale, so most of it I will take in on loan to sell for others, or buy myself to sell. I will probably take in my own wholesale inventory of what I can buy on wholesale. I'll have to check out that site.

 

[pinkish_love]

allison.. goodluck.. i think consignment store is a great idea.. i think many of your clients would be PFers lol

 

[handbags_4u]

I run my own business. It started as an embroidery business and has evolved into a business where most of my business is local embroidery for the golf course, city schools and locals just needing embroidery done and an online handbag website. From my experience a website just subliments the brick and mortar unless you are really big and well known. We are steadily building repeat customers online but most people just don't want to deal with less known companies because of all the fraud out there. That is really a shame because a good run smaller business can actually give you better service. As far as Ebay goes. Never sold there.

Good luck.

Inventory is always a problem, especially when it doesn't sell.

 

[Baby Boo]

i think if you start with a web page- advertising what u do and what u have u can slowley build from there. even if you only start with lil things and waht u have on hand, with the money u make u can buy more inventory and u keep doing it till u end up with extra cahs. it will be hard in the beggining. but your already a valued memeber here so youve got like 20,000 potential clients that u dont really nnneeed to sell youself too since most of us already 'know' you

kwim?

 

[lmpsola]

Allison, I really don't have any advice! I am clueless, but I do want to wish you the best! Good luck on everything!