Need some advice

Discussion in 'Growing and Managing a Business' started by Arcaign, Mar 11, 2010.

  1. Arcaign

    Arcaign
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    Myself and my partner have started a golf shirt company. We provide modern golf shirts for modern golfers. We are currently in phase one, the quality check phase, ensuring that the shirts meet the quality we would like to put out on the market. As the golf shirt industry is very competitive, we feel the product we have and the price we offer will fill a niche gap that has not been addressed.

    The feedback we have received has been nothing short of motivating and positive so our next step is to start to grow, however, in order to do so we need inventory as to fulfill online sales. Aside from online sales, we will approach pro shop but because we are limited to the area in which we live, we won't get the national exposure we need to build up revenue to put back into production.

    Are investors the best way to go for a start up company? and if so what is the best course of action to approach them?

    or is there another option that I may not be thinking of?

    Any advice is greatly appreciated.

    Thank you
     
  2. houstonVijai

    houstonVijai
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    Investors will be your option since you are used your capital to fund the startup. You also contact banks but not sure at this economic condition.

    YOu can also try other avenues many owners are trying like LendingClub.com but interest rates might be high. You can try for Angel investors or venture capitalists in your area.

    Hope this helps.
     
  3. Fergal

    Fergal
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    Arcaign you should probably prepare a business plan, if you are going to approach potential investors (actually you should probably prepare one, even if you are not approaching investors). You can view links to business plan templates in our Useful Business Resources / Links thread. If you have any questions or require advice on the preparation of your business plan, please post them here.

    I'd agree with houstonVijai, that you should also look at other options for financing your business. Options to consider are friends and family, credit unions, your own funds or enterprise support agencies in your area.

    When setting up your business, look for ways that you can reduce your overheads and keep your set-up costs to a minimum. The less your borrow, the less repayments you will have to make in the future.

    For example, you might be able to come to an arrangement with a shirt supplier, whereby you only order from them, after your customers have ordered from you and made paid you for their shirts. This could work well for the online part of your business. You might even be able to come to a drop ship arrangement with a supplier - i.e. you pass the orders, which you receive from your customers, onto your supplier, who then ships the product directly to your customers.

    It's great to receive positive feedback on your product. However, you also need to be careful how you analyse that feedback. People generally want to be positive and supportive and sometimes this can yield market research that is a little misleading. When speaking to people about your product, ask them if they have bought a similar product in the last six months - this will give you a more accurate assessment of the sales you are likely to make.

    I hope this helps at least a little, please post back with your thoughts and good luck with everything.
     
  4. Arcaign

    Arcaign
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    I appreciate to advice and value it. The business plan is definitely something we are doing which includes an investment portion explaining who we are what we do and why we do it including all the important information. With regards to the feedback, it's coming from 3rd parties so completely unbiased people appreciate our product.

    Thanks again!
     
  5. JohnTyler

    JohnTyler
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    I agree with you. I think these tips are use full. I am business student and i know what is better to run better business.
     

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