First Start-Up Business Stories

Discussion in 'Starting a Business' started by Shawie, Jun 3, 2015.

  1. Shawie

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    Jun 3, 2015
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    I thought I'd start us off on this subject where we can all share our first start-up business success/failure stories. We all had to start somewhere right? I've heard that it takes a few sometimes more failed attempts before one is successful in the business world. However, I do know some are also very lucky and not have to endure those steps.

    Here is my story:
    When I was 21, I was forced to quit my first "real" job working for an internet company. At the time I had $5000 in my bank account and I decided to open up a thrift store. The project last about 5 months officially opened for 3 months before I had to shut it down. It was an amazing experience and one that I would never take back for the world. At the very least I learned what NOT to do.

    • Do not attempt the business alone.
    • Have at least 1 year in capital to keep the business afloat in case profits aren't returned immediately.
    • Location is important but make sure the shape/size is appropriate for your merchandise.
    • Friend and family are not as quick to volunteer to help as much as they say they are.
    • To make money you need to spend money.

    The most fun part of the thrift store venture was getting the merchandise. You'd be amazed how many auctions are available out there for people looking to get rid of things in one big bulk OR storage units where owners default on their monthly rent. I remember thinking once "MAN I wish I had a bigger storage place!" because people were winning $5 storage units the contained sofas, washer/dryers, and such. If only I was in the position to hire someone to stay and maintain the store I probably would have spent most of my time advertising and acquiring merchandise.

    What is your story? :)

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