Need some advice. Thinking about starting a new business!

Discussion in 'Starting a Business' started by Fizi_wizi, Aug 5, 2011.

  1. Fizi_wizi

    Fizi_wizi
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    I live in an area that has a high population of south asians (indians, pakistanis). As you may or may not know, weddings are a huge affair in these cultures with average weddings consisting of around 500-600guests. Anyway, i've noticed that alot of people find it hard to get caterers or venues that accommodate such huge orders. Therefore i had the idea of starting a business which would help people find appropriate venues, caterers, florists etc. for free. The idea being that i would team up with these other businesses and ask them to provide discounts for the business im sending their way. The customers buying the services would pay me their deposit (around 10%) and then would pay the rest of the amount on the day of the event which i would then pass on to the business providing the products/services. I haven't seen anyone else doing this in the local area and based on the amount of weddings thrown every year, i am positive i could get a good amount of customers.

    Even though i've thought up the idea i have Absolutely no idea where to start. Any suggestions?
     
  2. JPM

    JPM
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    You should probably start by researching costs. What would your overheads be? How many clients would you need to justify it being a full time job? Maybe do some research with local companies you mentioned and ask their opinion on the idea? Would they be willing to work with you?

    Set up a social profile on one of the big networks and look for feedback and suggestions, post polls and interact with other social media profiles and pages for small business in the field you are targeting.
     
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  3. HorizonPath.net

    HorizonPath.net
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    I believe there is merit in this business idea. I agree with JPM, you need to do your homework first. Starting a business requires a lot of work and planning. Primarily, make sure the business is something you would be passionate about putting your energy into it. Make a business plan, research, etc., but here are a couple of ideas that might help.

    1. Consider partnering with someone who is South Asian, speaks the languages, and knows the customs very well. Many cultures prefer to work with those they are most familiar with. And this could open more doors for you as a new business.

    2. Consider talking with wedding planners about your idea. They can provide some good feedback and you might find opportunities to partner with someone to expand a business already in existence with established resources. This could save you some time. Or, you could position yourself as a resource for wedding planners themselves!

    3. When considering venues and suppliers, choose those who are culturally friendly with open arms to diversity. The energy that follows an idea needs to be supportive, positive, and nurturing. Make sure you have enough venues that support your idea to cater to other cultures. Sadly, many are still prejudice and close-minded.

    4. Do your research with venues and suppliers to find the range of expenses and make sure you have room for margin.

    Essentially, you are creating a niche for South Asian wedding planning. Best wishes in your idea! If you're passionate about it, I hope it works out for the best.
     
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