Hi,
I’ve owned three businesses in the last ten years, I’m 35. I worked for companies in between as well. But I’d like to pass on some of what I think I learned, if you will.
0) Location, location, location.
1) Consider a franchise. If marketing, including advertising is not your forte, and if you are not manufacturing your own product, you might do better with a franchise. Start-ups (at least the ones I did) require a lot of expensive advertising. Franchises not only have a name, but may have advertising programs for you to take advantage of. Just buying wholesale and marking up the 30-40% to retail is not going to cut it. You won’t make money. Unless you have some good sources of products, it may be better to go with a franchise which will sell you products cheaper because they supply all their franchisees. (more…)
