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Start Up Advice

by Jamiechickmarketing
11 replies
Hello all

I have been approached by an acquaintance to start up a bulk buying/selling business, probably via eBay initially. ( Or any business that could be a success )

The difference is the acquaintance is a very successful business person, and has a lot of money to spend on product/stock. He wants to start up something along side what he does and build it up.

Obviously what product/stock is the key, aswell as first class service and shall be looking into this early this week.

This is potentially very big for me if I can take it in the right direction.

Can I have any views on this on what YOU would do in this situation, what products you would be thinking about and how youd take this forward?

Any feedback would be most appreciated

Kind regards

J
#advice #start
  • Profile picture of the author anthonyfrye
    First, I would make sure the person is someone you want to work with. Make sure his way of doing business lines up with how you would do business. If not, you may not want to join him in a partnership.

    As far as the product, I would research products that relate to what he wants to build alongside of what he already does since that is the point of this business. If you have products that compliment what he already does in his other business, you guys can feed off each other.
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    • Profile picture of the author China Newz
      Think a good point is made in that you need to be careful who you partner with in terms of a business relationship. If this person is your friend, you may risk that friendship. Often times, relationships become strained in relationships. Just something to consider.

      In regards to product, probably the best thing to do is to research different markets. If you can find a product that you are passionate about that is for all the better. Maybe go to the Small Business Administration and seek advice from them about starting a business and find an adviser that can help you with starting a business. They offer free mentors at the SBA and you can probably find one with experience selling goods through Ebay. They can tell you were people have made mistakes and where people have succeeded.


      http://www.sba.gov/content/find-business-mentor
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    • Profile picture of the author Steve B
      If I were in the driver's seat, I would rule out anything that is:
      • Perishable
      • A fad or based on a fad
      • Heavy, bulky, fragile or otherwise difficult to ship
      • Found in local stores
      • Easily copied (i.e. bait for knock-offs)
      • Sourced by only one or two manufacturers/suppliers
      • Political, cultural, religious, or ethnic
      • Illegal to own, or related to gambling or sex
      • A one time purchase (instead, think regular repeat sales)
      • Prone to having a shelf life
      • Prone to being easily outdated by technology
      • Regulated or subject to government oversight

      OK, I've narrowed the field for you. Now there are only about 50 million products left for you to choose from.

      Good luck to you,

      Steve
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  • Profile picture of the author Rbtmarshall
    The difference is the acquaintance is a very successful business person, and has a lot of money to spend on product/stock. He wants to start up something along side what he does and build it up.

    what does he need you for? what roll are you bringing to the table
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  • Profile picture of the author arthking
    I'd just be careful when you have someone with a lot of money. just because you were successful once doesnt mean you will be again. and once you already have the money you might be more willing to throw it at things that aren't completely necessary. Still keep the mindset of lean startup would be my advice
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  • Profile picture of the author Cobaki
    Do you trust the person enough for you to build partnerships with him? I agree with what most have said. You would not want to risk your time, money and effort on something that you are not sure of. But if you want ideas on what products to sell, you can start narrowing your choices down by choosing your target market.
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  • Profile picture of the author jlag2351
    If you trust them then run with it. You might hit it big or go broke but that's entrepeneurs for you. You take risks, work your ass off and hope you make it!
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  • Profile picture of the author brettb
    Be careful. Earlier this year I lived in China, where most of this stuff is actually made.

    I bought some shoes - they lasted 3 days!

    Now imagine if you'd bought 10,000 of them.
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  • Profile picture of the author Cobaki
    Just like what you have mentioned, he is successful and he has a lot of money. I do not really think that he would be giving you that opportunity if he does not need something from you. Before you invest anything on it, be a hundred percent sure of the kind of transaction that you are trying to enter.
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  • Profile picture of the author ReapingGrim
    From experience, if they go on and on about how much money you can make, they are usually talking rubbish. Use common sense and you should be fine.
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