Afraid to take the plunge

[blueberry]

I'm not really sure how to put this but ah well, here it goes!

I've been toying with the idea of having an online business for ages (well 1.5 years to be exact LOL) and I basically have an idea of what I'll be selling. I'm not a business savvy person mind you, all I've ever done in my whole life is buy buy buy (I even buy for work LOL) but since we are going to be connected at home soon, I thought of making some use of my broadband bills and make this empty dream a reality. And I am desperate for extra money, and have even thought that if the business go well I'd quit my job and become a full time WAHM. The problems so far are:

1. I don't know how to go about finding a supplier and designer for my products.
2. I don't know where and how to market my products (but I basically have a target market).
3. I'm scared no one will buy my products and that I can't compete with the real shops and especially the big players.
4. I'm such a chicken and have zero biz sense.
5. I don't have a lot of money to start my business with and I don't want to take up a loan.

I have the idea but not the courage for execution. DH is only providing moral support and he bought me a PC to start with (and an issue of a financial magazine with features on online biz for my inspiration), but that's all (and I wonder why he has all those financial help books, especially the ones about becoming a millionaire! :rolleyes: ). I have a few highly biz-savvy friends who would jump at this opportunity but I can't possibly talk to them as they are such opportunists and I fear they might hijack this project or worse, steal my ideas.

Help!!!!!!!!

[babybiz]

Before you start anything I would really look into it more and fill in the gaps in your ideas. Then when you are ready put together a business plan, marketing plan and finanical forecast and you will be ready to take the plunge :) I worked for 18 months before I went live with Stork Gifts and my ideas changed so much over that time as I learnt and planned. I believe that those 18 months saved me years and quite possibly the whole business from falling flat on it's face (and I could have done with another good year or so but it just kind of happened so I'm learning the rest as I go along!). First pit stop has got to be www.businesslink.gov.uk there is so much info it'll keep you going for ages. I would start by reading the basics and use questions you have from that to explore deeper. There are loads of business forum sites out there.

Also if you are going to be trading online you need to learn about ecommerce, what you need, how to break into the market, how to reach your customers, what your customers want, how will you sell to them? Learn about websites, payment processors, internet security etc. Then how will you sent to them? Trust me I found out the hard way that can be very complicated in itself everything from invoicing, receipts, packaging materials.

Once you have a really good business plan ready and you've taught yourself to answer the questions you now have you'll be in a really strong position to decide how to get funding and what your options are. But I really recommend you plan plan plan because it's worth it's weight in gold plus like any big decision it'll give you cooling off time to work out if you really do want to do it.

Stick with it though because as hard as it is running your own business has such great rewards. One look at me would convince you I would be the least likely person EVER to start up a business of my own and the only job I ever had was a couple of years learning and working as an accountant!! You don't need to be a stereotypical business person in fact I think it helps if you're not because they tend to expect quick returns.

HTH's and good luck :)

Tashxx

[Miranda]

I agree with Tash entirely. Plan. Can't really say much else as she's said it all so well!

Not sure if you're in the UK or not but local Chamber of Commerce may help you find a manufacturer

[Christina]

Good luck and i hope it works out for you.

Cx

[blueberry]

Thanks Tash for the advice, and Miranda and Christina for the good luck vibes. It seems like I'm all alone in this battle, DH is only giving moral support :angry: :laugh: . Looks like I still got a lot more to do before attempting something like this and maybe I could go ask around at several ministries and see if I can attend some courses. In the meantime maybe I'll try get the hang of selling online through ebay and through a local auction website called lelong.com

Thanks again.