what did you research ?
Not nearly enough and despite planning and market research it was seriously hit and miss.
I did some product research and sent around a questionnaire to be passed on which regarded prices, products, presentation etc. I looked at near competitors, tested a number of products and prices on eBay as well as offline several times per week selling and trying to get to as many venues as possible.
It took me a while to get onto a 3 day business course where I discovered a whole host of stuff I hadn't really considered. I was just coming to the realisation that I'd no real clue when I went on the course, it was of immense help.
What I hadn't asked was who was my ideal customer, my real market, actually I'd completely assumed. I was totally wrong. Thankfully, the offline selling told me who they were and I got to know a good deal of regular customers which again helped me more than I could have ever imagined.
I found the amount of help for start up business completely overwhelming.
what other options did you consider ?
Getting back into a paid job. Unfortunately they weren't available, at least not for me anyway. The other one was to retrain in something, anything but unless I needed help with my English or Maths there wasn't much available that didn't cost half the earth.
what are your goals both long and short term ?
Make cash and retire in as short a time as possible! Seriously, short and long term I'd like to outsource more of the work or expand the staff.
Where do you see your business in 5 years time ?
I sold all my crystal balls in 2006, (seriously!) I never used them myself, perhaps I ought to have done because 5 years ago I never dreamed the business would have gone in this direction.
Would be interesting I think to share where we all started and how .....
I started with a singe advert in the gardening press, one woman paid me in packet soup once, another in a single £3 stamp, then eBay, just my own stuff. I progressed onto carboot sales and I started the business eventually with a very low stake it was no where near enough capital and took me ages to gain any kind of foothold with such a ridiculously low start up capital.
Author
