Hey Jow Forums, i want to start a business and go for a headshop
In my city is a huge uni with lot of students but nowhere a headshop selling stuff for weedsmokers etc
I think i could fill a niche
Do you have any tips, suggestions
Btw english is not my mothertongue
stick with cheap pieces. No one buys anything over $10 anymore so you better have other things in the shop besides $1000 bongs
stick with expensive pieces. No one buys anything under $10 anymore so you better have nothing in the shop besides $1000 bongs.
the day you start turning a profit someone else will open a competing shop
but you should still do it. just do the financials with this in mind. you will not have a monopoly forever.
valid?
not valid?
and how do i set up this idea?
Im 21 btw and a student myself but want to escape from this
you need a business plan. start with:
>rent cost on a suitable shop
>cost of stock (check alibaba)
>shipping stock (use a shipping agent)
>fixed costs like electricity, internet, insurance, staff, cleaning
>shop fitout costs
>marketing costs
I would suggest working on a margin (NOT markup but margin) of 60%. i.e. if a bong costs you $40 delivered to your store you should sell it for $100, 60% profit)
based on all those numbers work out how much you will need to turnover to be profitable and make your decision.
as starting capital investment I would suggest cost of stock + 6 months rent and fixed costs at the absolute minimum
okay thanks for the advice
if i have a business plan could i go with it straight to a bank and ask them for the capital investment?
yes absolutely but you will need to build in the interest repayments to your fixed costs
also be aware depending on the amount they may ask for security or a parental guarantee
do you run your own business? or why do you know "such things"
All retarded advice OP. Start selling online, turn a consistent profit, and then move to Brick and Mortar