IDEAS: How Do I Start Up My Own Business?

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HurricaneDominic

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I'm only 17, but watching the UK's Apprentice has made me think of opening my own business.
I wouldn't mind centering it around Tennis items such as grips, vibration dampeners and all the other accessories like them.
I've done a lot of market research, and found that in the UK my 'rivals' i.e. big online retailers sell at varying prices.
What I don't get, is how some online shops are still on the internet? Some of their prices are ridiculous and the most popular generally have the best prices, so how do the other companies stay in business?
I have found very cheap stock which I could buy and sell on via E*letter**letter*Y but I would have to make a profit so would sell on at £1 more than the larger retailer which I guess is not the best idea as most people will notice this.
Can anyone like me buy in bulk from someone like Wilson?

Any other business ideas? Preferably selling things online . .

Thanks :)
 
I love the Apprentice too :)

No idea what the best way to go about setting up a business is, maybe start off with the online auction site, and go from there if things go well?
 
Feña14 said:
I love the Apprentice too :)

No idea what the best way to go about setting up a business is, maybe start off with the online auction site, and go from there if things go well?
Click to expand...

Yeah I was thinking of that 'certain' online auction site, but I'm just wondering which is the cheapest way to get stock? I'd want to be making at least £1-£2 per item.
 
the key to business success is to provide a superior product at a competitive price, fill an underserved or new market, or just plain be the cheapest option. What would set your products apart from the options that are out there? why would someone trust your product over say Wilson's or Babolat's? If you can come up with good answers to those questions, it might work.
 
albino smurf said:
the key to business success is to provide a superior product at a competitive price, fill an underserved or new market, or just plain be the cheapest option. What would set your products apart from the options that are out there? why would someone trust your product over say Wilson's or Babolat's? If you can come up with good answers to those questions, it might work.
Click to expand...

I'm not actually going to make my own gear. I'd trade with stock from the likes of Wilson/Babolat/Head etc.

What is the most popular product Tennis Fans buy on E B /\ Y ?
 
I think some businesses are a front. Maybe these people sell drugs and need an explanation for their income. Money laundering is also another way. I've heard stories about guys with 10 million dollar houses and their businesses are a small building in Jersey with a yearly gross of $80,000 or less. When you need to really wonder how the heck someone is making a good profit, they probably aren't from what you see.
 
I strung a kids racket for free. he told them how great i was. i lowered my price to be the lowest priced stringer. within a week of the free stringing, i had enough to buy another klipppermate lol.
 
Larrysümmers said:
I strung a kids racket for free. he told them how great i was. i lowered my price to be the lowest priced stringer. within a week of the free stringing, i had enough to buy another klipppermate lol.
Click to expand...

I don't know how to string rackets though . .
 
Larrysümmers said:
I strung a kids racket for free. he told them how great i was. i lowered my price to be the lowest priced stringer. within a week of the free stringing, i had enough to buy another klipppermate lol.
Click to expand...

you figured out how to use two stringers to save time? that is worth money

j/k
 
you don't need to be a genius to be succesful, just have a decent idea, it doesnt need to be unique at all, but do it well, have something that will give reason for customers to use you vs your competition and work hard, very hard, over a long period of time.

It might work.

For selling and making a profit, its tough, the distributors will be buying in bulk from manufacturers and then selling themselves or to resellers, it will be hard to beat them on price, Reputation is worth everything in on line sales, hard to compete with mega brands that already exist on line.
 
provide a superior product at a competitive price, fill an underserved or new market, or just plain be the cheapest option. If this doesn't make sense to you or your model doesn't fit this, think twice about trying to be an entrepreneur.
 
ProgressoR said:
you don't need to be a genius to be succesful, just have a decent idea, it doesnt need to be unique at all, but do it well, have something that will give reason for customers to use you vs your competition and work hard, very hard, over a long period of time.

It might work.

For selling and making a profit, its tough, the distributors will be buying in bulk from manufacturers and then selling themselves or to resellers, it will be hard to beat them on price, Reputation is worth everything in on line sales, hard to compete with mega brands that already exist on line.
Click to expand...

selling on **** with listing and other fees trying to make a minimal profit of a pound or two + shipping where money is usually lost wont work.

fwiw, you cannot undersell any massive online retailer due to price minimums set by company who will refuse to deal with you if you sell below MAP. most small tennis shops are struggling and slowly going out of business due to their prices being higher than the online stores and making profit through local stringing.
 
My dad is a small business owner and I ran it while he was in India. Small businesses aren't easy. They are the first to get hurt and the last to recover in a hard economic climate. Getting started takes capital. Many people take out loans or work to save up that kind of cash. You would need inventory and to really make a good start you need a specialty or a market. Things like rackets and tennis gear are hard to get into because they are almost entirely dominated by the big guys.

The people at my club have a side business that sells gear. Maybe if there is a club by you, you could talk to the owner about opening a pro shop and paying lease. Then you could have a place to sell and a legitimate clientele from the start. Restringing would bring you money so I would learn how to do that and getting a deal with a big manufacturer's distributer would help. Remember shoes don't make much money so they aren't worth stocking. Rackets can make about 20-30 bucks a pop so they are you best friends.


You'd want to join a tennis wholesale site.
Try: *******tennis.com

If there's anything else I can help you with let me know!
 
HurricaneDominic said:
I'm only 17, but watching the UK's Apprentice has made me think of opening my own business.
I wouldn't mind centering it around Tennis items such as grips, vibration dampeners and all the other accessories like them.
...
Can anyone like me buy in bulk from someone like Wilson?
Thanks :)
Click to expand...

IMO, trying to buy grips, vibration dampeners from Wilson and then reselling
them will be tough. These are inexpensive items that require high volume to
make a good profit. Plus, how can you compete with the bigger retailers
like TW, who place larger orders so can get better rates?

You might do better selling vibrating dampeners instead...
 
HurricaneDominic said:
I'm only 17, but watching the UK's Apprentice has made me think of opening my own business.
I wouldn't mind centering it around Tennis items such as grips, vibration dampeners and all the other accessories like them.
I've done a lot of market research, and found that in the UK my 'rivals' i.e. big online retailers sell at varying prices.
What I don't get, is how some online shops are still on the internet? Some of their prices are ridiculous and the most popular generally have the best prices, so how do the other companies stay in business?
I have found very cheap stock which I could buy and sell on via E*letter**letter*Y but I would have to make a profit so would sell on at £1 more than the larger retailer which I guess is not the best idea as most people will notice this.
Can anyone like me buy in bulk from someone like Wilson?

Any other business ideas? Preferably selling things online . .

Thanks :)
Click to expand...

Find an idea thats is unique and 'breaks' the rules and conventional mindset. Accept that the world is changing and that understanding that can be very key.
IMO a business practice that provides a more sustainable alternative than the already excistsing competitors has an advantage that will grown arithmetically as awareness and problems from older practises in business become increasingly apparent and widely known.
 
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