my friend started a company this winter break and decided to exclude me, because for some reason he felt my ideas were not worthy enough. fortunetly for me lol i honestly and lets keep this between us felt that his idea was stupid, so i was less then upset. i decided to look into my own ideas and came up with one inparticular which i will not mention until the paperwork is completed, because i have an excellent location, and the demand is growing. i realize ofcourse that any idea has many problems and take a lot of time to actually start up. therfore i decided to partner up with the friend whose business had failed like i figured it would and a second friend for financial backing and business knowledge.
once we though over the idea realized that the profits will not make us rich, however will provide us with an investment which will definetly prove profitable in the future. i began to look into the cost of supplies and realized that they were cheaper then i had planned, and i actually found a wholesaler willing to pricematch any cheaper supplies with their 110% price match guarantee.
Now i am down to the most important decision, although we have the area mapped out for competition, we cannot find a property with the appropriote area for an affordable price. we are left to think that renting though safer with less to pay and less to lose is just throwing away money, we would rather lease or mortgage a property but that requires funds far larger then originally anticipated. we will not be able to get the financial backing from any bank since we are only college students with undeveloped credit. we did consider getting an investor but then he will collect our profits with no labor, a fourth partner however is already too much managment. we seem to be procrasrtinating, however i fear the day that competion realizes the potential of the area, my hard work will all be forfited. WHAT TO DO?????????????????
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4 comments:
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Hey Ryzhikov,
Nice to meet you. I truly understand the problem you are facing right now. As a new business owner, you sure have alot to worry about.and being a business owner this young, make it even harder to begin a business. You seem to have your plan all worked out for you, but the issue you mention is quite crucial to your investment. I think you should consider renting or leasing the place for couple of years. If you business runs good or produces sufficient profit, then comes the time to decide whether its worth buying. No offense, as being quite inexperienced in this field you would be risking alot by trying to own the place. By renting, you can at least secure the option of changing your location, if it does not work out fine. Just a suggestion. Hope it was helpful and it work out fine for you. Let me know, if I can be any help, because I also have experience in doing and running my own thing. Good LUCK!!
Have you visit the Field Entrepreneur Center next to the Career Development Center at the second floor of the VC Building at Baruch College yet? You might be able to get professional advice, consulting, or a mentor there. The idea of having an investor is not bad, but I do not know what your situation is. It is generally good to have a mentor or a guidance.
stop procrastinating!!!! get on it...business is a risk
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