Hi
Hope someone can help me. i quit my job a year back for family reasons, but now i find it difficult to sit idle and ofcouse its leading to financial problems. I know and i have proved time again where ever i hav worked, that i am hardworking, and my hard work pays. There are two options in my mind and i m not able to deicide which one to start with. Firstly, as i have worked as a teacher in the beginning of my career, i thought of opening a PRE SCHOOL. Secondly, i m also interested in opening a BOUTIQUE, as most of my friends and family members say i have a taste for fashion.Now i am realy not able to decide which one would be more profitable with low risks.
please advice me and give me some tips on how to start a business.
regards
Quoting from [KM]:Hi
Hope someone can help me. i quit my job a year back for family reasons, but now i find it difficult to sit idle and ofcouse its leading to financial problems. I know and i have proved time again where ever i hav worked, that i am hardworking, and my hard work pays. There are two options in my mind and i m not able to deicide which one to start with. Firstly, as i have worked as a teacher in the beginning of my career, i thought of opening a PRE SCHOOL. Secondly, i m also interested in opening a BOUTIQUE, as most of my friends and family members say i have a taste for fashion.Now i am realy not able to decide which one would be more profitable with low risks.
please advice me and give me some tips on how to start a business.
regards
I am quite familiar with India and the business environment, before Dr. Singh and after Mrs. Ghandi. A lot has to depend on these factors:
- Location
- Type of business, service or supply of goods or consumer items.
- Nich in the business, knowledge and expertis
- Market - survey of the demographic groups, the various segments of buyers; Innovators, Early adopters, Early majority, Late majority and the Laggards.
- Capital - initial layout investment, burn-out rate and return of investment.
- Product - such as branding, pricing, distribution and promotion.
First of all, write your business plan, using the SWOT analysis on your plan, and submit this plan to venture capitalists who has the money to invest into your business. Your b.p. should include the above 6 points, with the overall summary as: Time, Money, Manpower, Material, Machinery, Merchandise, Management and Market.
Example: if you are located in Mumbai, you have a distinctive advantage being in the commercial centre of India, and if you are doing a product that has high end profile, that is the good platform to start.
If you are thinking of starting a pre-school children education centre, you have to get a place big enough to accomodate the children, you have to have hygiene standard, an education program, child psychology consultant, and early learning development. Start with a survey to the demographic group of families with young children, with the money to spend on their children, both working parents who will leave their children to baby sitters anyway. Make projections as how much to charge per child, and what will be the projected returns if you have N number of children in your school at what age group. You have to calculate costs of employing teachers, nurse for health and hygene maintenance and someone to do the accounts, invoice or billings and collection of payments and handle the money. If you have some past experience and if children of your own, this will be your advantage.
Street Smart.
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Quoting from [KM]:Hi
Hope someone can help me. i quit my job a year back for family reasons, but now i find it difficult to sit idle and ofcouse its leading to financial problems. I know and i have proved time again where ever i hav worked, that i am hardworking, and my hard work pays. There are two options in my mind and i m not able to deicide which one to start with. Firstly, as i have worked as a teacher in the beginning of my career, i thought of opening a PRE SCHOOL. Secondly, i m also interested in opening a BOUTIQUE, as most of my friends and family members say i have a taste for fashion.Now i am realy not able to decide which one would be more profitable with low risks.
please advice me and give me some tips on how to start a business.
regards
Don't even think of opening and stocking your boutique until you know the competition.
![[em12]](http://img.alibaba.com/images/eng/style/icon/emoticons_surprised.gif){kind=icon}
Secondly, find a good deal with a wholesaler. The ones that drop-ship are the best to deal with. This is because you don't have to arrange shipping.
Host a couple flea markets to gain some experience with little risk.
When you start selling out your inventory. You will learn how to increase your stock without getting "stuck" with it. Nothings worse than that.
Start small.
Eventually you will have enough knowledge and venture capital to open your boutique and hopefully dominate your region!
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i m manufacutrer sports goods.
Ionly want to manage my business at a best time !