Official Entrepreneur thread...vol. I'm a BOSS!

truthgetsbusy

truthgetsbusy

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I'm not a businessman, I'm a business...man!

Anyway I've recently started the steps of creating my own business.  I've seen others on here start clothing lines and other stuff.  This could be a thread where we can help one another with the steps of creating and maintaining your own business.  No matter what the industry of your product/service it seems like we all have to take similar steps....trademarks, logos, creating websites, advertising, etc.  Me personally I've started a basketball training program for young athletes.  Feel free to share advice and offer support to one another.
 
Let's keep this thread alive. I thought about the clothing line but I realized how over saturated that market is. Tryna find the right niche, easier said than done.
 
i have a great idea for a new business but i just have to develop the technology first.
 
vote for my idea in next months pepsi refresh project..
pimp.gif
 
I'm gonna keep an eye on this thread too. I don't have a whole lot to offer yet, though. Hah
 
i own 3 brick and mortar sneaker/clothing stores and a pretty successful online website, no I will not mention what site it is. I will stay anonymous.

my advice to anyone who wants to get in to this business; DON'T. This will become your life, if you like it then go for it but prepare to be in debt for a long time. The days when you make money from a brick and mortar store aka mom and pop shop are over. everything is debt, more debt and bills.

if you decide to do a shop, then do something related to service, and no products. the hardest part about a sneaker store is ordering merchandise. YOU WILL NEVER ORDER ONLY THE HOT STUFF THAT SELLS. Out of the 1500 pairs of sneakers i order each month, i might sell about 400-500 a month. yes that is all. you will be stuck with the other 1000 and then pray to GOD for them to sell. if you do not understand this, go to your local mall and look at macys. DO YOU SEE HOW MANY ITEMS ARE ON SALE? why do you think they are on sale? BECAUSE THEY DONT SELL. and you will be stuck in the same situation and so on.

REMEMBER THIS WILL BE YOUR LIFE. YOU WILL WORK 24/7.

I ENVY people with 9-5 jobs. weekends off, and vacation time with benefits/insurance and so on.
 
i own 3 brick and mortar sneaker/clothing stores and a pretty successful online website, no I will not mention what site it is. I will stay anonymous.

my advice to anyone who wants to get in to this business; DON'T. This will become your life, if you like it then go for it but prepare to be in debt for a long time. The days when you make money from a brick and mortar store aka mom and pop shop are over. everything is debt, more debt and bills.

if you decide to do a shop, then do something related to service, and no products. the hardest part about a sneaker store is ordering merchandise. YOU WILL NEVER ORDER ONLY THE HOT STUFF THAT SELLS. Out of the 1500 pairs of sneakers i order each month, i might sell about 400-500 a month. yes that is all. you will be stuck with the other 1000 and then pray to GOD for them to sell. if you do not understand this, go to your local mall and look at macys. DO YOU SEE HOW MANY ITEMS ARE ON SALE? why do you think they are on sale? BECAUSE THEY DONT SELL. and you will be stuck in the same situation and so on.

REMEMBER THIS WILL BE YOUR LIFE. YOU WILL WORK 24/7.

I ENVY people with 9-5 jobs. weekends off, and vacation time with benefits/insurance and so on.
 
i own 3 brick and mortar sneaker/clothing stores and a pretty successful online website, no I will not mention what site it is. I will stay anonymous.

my advice to anyone who wants to get in to this business; DON'T. This will become your life, if you like it then go for it but prepare to be in debt for a long time. The days when you make money from a brick and mortar store aka mom and pop shop are over. everything is debt, more debt and bills.

if you decide to do a shop, then do something related to service, and no products. the hardest part about a sneaker store is ordering merchandise. YOU WILL NEVER ORDER ONLY THE HOT STUFF THAT SELLS. Out of the 1500 pairs of sneakers i order each month, i might sell about 400-500 a month. yes that is all. you will be stuck with the other 1000 and then pray to GOD for them to sell. if you do not understand this, go to your local mall and look at macys. DO YOU SEE HOW MANY ITEMS ARE ON SALE? why do you think they are on sale? BECAUSE THEY DONT SELL. and you will be stuck in the same situation and so on.

REMEMBER THIS WILL BE YOUR LIFE. YOU WILL WORK 24/7.

I ENVY people with 9-5 jobs. weekends off, and vacation time with benefits/insurance and so on.
 
roora85 wrote:
REMEMBER THIS WILL BE YOUR LIFE. YOU WILL WORK 24/7.

I ENVY people with 9-5 jobs. weekends off, and vacation time with benefits/insurance and so on.

This. Man. Knows. What. He's. Talking. About.

I haven't had a day off in 44 days; literally. For 10-12 hours a day, I'm at my store. It's all I know. I have not went to a mall or anything of that nature in God knows how long..
laugh.gif
 But I am blessed to be in this position that I'm in. The decisions I made with the people I know lead me to where I am. 

Words of advice to anyone looking to become an entrepreneur/business owner: enjoy your freedom now, and your assets later..

  
Click to expand...
 
Originally Posted by Executive76

pimp.gif


What kind of store do you own Animal Thug
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Click to expand...


  
I franchised a metroPCS store. It's a good company to invest in, and we seen that it had potential in 07-08. Finally after saving up enough money and getting the right partner, I officially acquired my own business. Shares have been being bought at a crazy speed, and investors have been thriving off the success we've been having lately. A year ago, stocks were priced at $5.22 a share. Today, have risen above the $9.00 range.

Check this:

[h2]
[h2]MetroPCS Communications (PCS) Crosses Pivot Point Resistance at $9.07[/h2]
Written on Fri, 05/28/2010 - 3:13pm

By Chip Brian

SmarTrend has detected shares of MetroPCS Communications (NYSE:tongue:CS) have bullishly opened above the pivot of $8.93 today and have reached the first resistance level of $9.07.
We are watching for a cross of the next upside pivot targets of $9.15 and $9.37. Also, the shares are currently trading above the 50-day moving average of $7.71 and above the 200-day moving average of $7.34.
SmarTrend, our proprietary pattern recognition system, alerted subscribers to buy shares of MetroPCS Communications on April 05, 2010 at $7.30. Since the call, the stock has risen 24.4%.

http://www.mysmartrend.com/news-bri...ations-pcs-crosses-pivot-point-resistance-907
Click to expand...
[/h2]
 
I know this might sound stupid and all but I want to open up something small like a barber shop then hopefully I will eat off that so much so that i can open up another and eventually a chain of em or maybe even a completely different type of business.
 
A barber shop is a good investment. Put the right barbers in there, have them pay you weekly/monthly for using your chairs and you're generating income. Everybody needs a haircut man. That's a service/necessity. It always sells.

Some tips I would like to share about a barber shop:

-Location. Just like any other business, location is key. A barber shop's location is important because you want to generate a lot of walk-in business which will in turn; pay your barbers. The traffic you get from walk-ins can determine the price you may want to charge your barber for the chair. More walk-ins, more money.. Good locations for barber shops? Corners. Expensive but lucrative..

-Great barbers. Not good but great. Stylists and barbers who tend to focus and take their job as serious and the shop owner himself are the ones to choose. Everyone comes back for a good cut.

-Getting a business license for a barbershop with a sales tax ID will enable you to purchase barber shop supplies at a wholesale price which you can sell to generate retail-priced profits. I.E. hair supplies, brushes, shampoo etc. Business license will require you to install proper plumbing which is important for a barber..(sinks, restrooms, etc.)

Such much more I would like to share. Just do a little research and you'll see..
 
Originally Posted by roora85

i own 3 brick and mortar sneaker/clothing stores and a pretty successful online website, no I will not mention what site it is. I will stay anonymous.

my advice to anyone who wants to get in to this business; DON'T. This will become your life, if you like it then go for it but prepare to be in debt for a long time. The days when you make money from a brick and mortar store aka mom and pop shop are over. everything is debt, more debt and bills.

if you decide to do a shop, then do something related to service, and no products. the hardest part about a sneaker store is ordering merchandise. YOU WILL NEVER ORDER ONLY THE HOT STUFF THAT SELLS. Out of the 1500 pairs of sneakers i order each month, i might sell about 400-500 a month. yes that is all. you will be stuck with the other 1000 and then pray to GOD for them to sell. if you do not understand this, go to your local mall and look at macys. DO YOU SEE HOW MANY ITEMS ARE ON SALE? why do you think they are on sale? BECAUSE THEY DONT SELL. and you will be stuck in the same situation and so on.

REMEMBER THIS WILL BE YOUR LIFE. YOU WILL WORK 24/7.

I ENVY people with 9-5 jobs. weekends off, and vacation time with benefits/insurance and so on.
Click to expand...

this guy is doing it wrong.

you will only work 24/7 if you WANT TO. why do you think people want to be business OWNERS? cuz they wanna OWN the business, not WORK on the business everyday. you say you envy the 9-5 people, but for what? vacation time? how about vacation whenever you want to because you have an automated system? how about never getting yelled at by ANYONE and never having to answer to ANYONE? yeah you don't get that with a 9-5 job.

the people who WORK 24/7 are 1) too cheap to want to pay wages to employees, 2) too lazy to hire and train, and/or 3) too lazy to revamp the way they do business and make it more efficient
 
^^^ That is an extremely ignorant statement.


The reason that you work 24/7 is b/c you and only you are the one who cares about your business. Yes you can can hire employees, but building a business comes from the owner not from the employees. The employees make things go round, but the owner makes things STAY.

When building a business you can't think about what you want to do - you have to expand that and look at where you want to go and what is going to take you there. YOU are the only one that can do it. Granted someone around helping isn't a bad thing, but you need to make that business go and take an identity.

In no way is it considered cheap to not hire employees. Some start up companies don't have a need for other employees until the reach a certain growth potential.
 
Executive76: yes

bc60997: no, it's not. it's the difference between successful and smart business owners and your average, run of the mill business owners. why do you think some entrepreneurs are known to own multiple businesses? once they have a set system + trusted employees running the show, they start on another business. that's the only thing i can think of where you're working long hours because you're constantly working on something new. but after a year in business and you're still working 24/7? something is wrong with your business plan or you are spending wayyyyy too much than is necessary. that's what i call a FAILING BUSINESS. even if your company is making profit, you have failed because you are putting too much time into your business. how can you expect to enjoy the fruits of labor when you're busting your %%# everyday? a successful business can run without a hitch even if the owner/founder isn't there.
 
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