Some people will waste a lot of time dreaming of a business that is just not going to work. Most new businesses will fail, that is just a fact. There is nothing like your own business to drive you broke within the first year of beginning it. Do yourself a favour and DON’T quit your nine to five before reading this….
Start up costs
Lets say you want to open a candy store. What equipment do you need, what merchandise do you need? Lets look at some examples of just some equipment that would be needed for a candy store, because it is a start off business lets pretend it is a craft candy store that starts as an E commerce ship to you business. Here are some items you might need right away.
WordPress ECommerce website: $400
Cotton Candy Machine: $39.99
Advertising expense: $150 – Including logo design and starter advertising expenses on social media. This can also include branding where you tell an advertiser your story and they find a way to tell the story on the web.
You also may want to learn some from home candy recipes that are creative, store well and can’t be purchased from a standard retail store.
Options for starting up
You can always apply for a small business grant right now with Start a company. Or you could save up and use your own capital. Either way you are going to want a business plan that you can scale, and can exist in multiple markets. This is why I recommend starting any business online then scaling it to store front.
I would start the lowest product pricing for a speciality candy store with a package that costs a minimum of $14. With any business you want to charge a rate for your minimum product that is not going to drive you broke if that is all you sell. When a business first starts it is considered lucky if you can sell your low ticket items to begin with. Especially since establishing a brand is a long term adventure not a short term fluke.
Want to start a business? I can help Email Ashtonderoy@gmail.com . I will help you free with business planning, I can offer marketing services and I will bring things to your plan to pitch ideas. Remember when starting a business you should make any idea work as a simple website venture and expand it to a bigger idea.
The Question loan offices or government officials ask about your business
Do you have Educational/Work experience in the field in which you wish to start a business?
Do you have $1000 to invest in your business? To qualify for a small business loan in Ontario you must invest a minimum of $1000 in your business. .
Do you have dedicated consumers/subscribers? Weather you want to publish a novel, or start a candy shop you need to have people who will care about your project. You need to prove they are dedicated by either getting 1000 subscribers to a Facebook page, or getting a kick-starter campaign off the ground.
Do you have a web domain? Establishing your .com is the first part of any new business venture.