Starting my own business, need your input

[ket]

Thats right guys, I've decided to start my own business. As is the key to a successful business, do your market research properly, be flexible and give the consumer what they want. So thats where you guys come in, as both joe average and possibly enthusiasts, what would YOU like to see a PC tech shop sell?

[busetibi]

where to start.......
are you sure that now is the right time to be starting up a PC tech shop?
England has been hit badly by the current world finance problems and I believe 09 is going to get a lot worse before it gets better.
most businesses fail in the first two years because of lack of cash flow or the person running said business not understanding cash flow and not having enough money behind them at the start, I take it you dont have a mortgage being that you're only 24.
as a guide, work out how much you would want to earn in a year then have at least 1 1/2 times that in the bank.
get yourself a good accountant, talk to him/her, tell them what you intend to do and how you see your business growing over a yearly period, set yourself goals and try to reach them.
be prepaired to work your ass off for little reward, once you start keep going, at times you will say to yourself "sod this" but you dont come across as a quiter to me
I wish you well, but I would rethink about starting up a business atm.
GL. HF.

[ket]

Got all those bases covered I've been thinking about this for a few years now, and the last month or so its become a real option, not just a pipedream.

[Nightwatch]

I agree with busetibi, and I'd add that -if you do decide to go ahead- you should keep it very cost-efficient as much as possible. On eof the things to consider is to keep it as of internet based initiative, at least until your business nicely picks up; such as on ebay and amazon, offering parts, and custom builds. But, as you would well know it better than me, as you've investigated the market, I believe quite a few people do offer such services on the Internet, e.g. eBay, very cheaply as well, probably by having facilities to to bring parts from the far-east very cheaply. So, this is something needs to be looked at carefuly IMO, as far as the rivals are concerned in this type of business.

You can try to built your PCs from old/discarded/returned/faulty stocks, by repairing and modifying them. I believe there is some market for (properly) reconditioned PCs, they are advertised as such, clearly, and it seems to attract customers because of low selling prices.

[Grump642]

I might add, do not be afraid of losing business by offering a bit of free advise. You can build a good rep that way and customers for life. Most big online e-tailers , like NewEgg, have forums. Get known there by helping people with problems. Put your business in your sig.

[audioave10]

Good Advice so far...and GOOD LUCK!
As you surely know - make a good deal and your customer will tell
10 people. - make a bad deal and your lost customer will tell 100
people.

[ket]

I have those bases covered as well as joe average and maybe enthusiasts, what are the kinds of things YOU want to see for sale in a tech shop? I won't try telling the consumer what they want, I'll listen and stock what they want.

[Nightwatch]

If you're gonna enter the componant business, then the range is the sky, I'm afraid. I personally look for everything when I check an online shop, from mouse mats to CPUs. I think most of the customers would prefer a wide range, as wide as possible, but catering this wide range is difficult, financially I mean.

But maybe you want to specialize on some specific components, then it's hard to guess IMO, particularly in this economic environment. As far as it seems, all sales numbers are going down the drain.

Theer is one option like going for cables, fans, lights, case modding stuff. Cheaper to accommodate the business, yet if you find catchy items it'll have a better chance of selling. That, of course, if you're not intending to dive into CPU, GPU type business. Very expensive to cater. And I, as a regular customer like all, search for the best price for such rather expensive items and in such a market, can you expect taht you can cut the prices even below the big businesses. For example, check the scan.co.uk, my usual shop, they sell quite chaper than the market prices, so it means you need to offer those items even cheaper. Can you do that? Because many people go theer and the others, so you'll need to attract those customers away from the already established companies.

I'd say, if I were in your shoes, I'd go for the cables, fans, modding, etc, type of stuff, a range in which uniqueness does count and people can part with their cash more easily when buying such not-so-expensive items. Well, may not be the best opinion, but as you asked, I'm just trying to think.

[Grump642]

High quality SATA cables, good fans( like Noctua), and a good selection of thermal paste. Things like these often get forgotten, and low price means higher mark-up w/o raising eyebrows.

[audioave10]

I must admit that when I go in a shop I'm always dissapointed to
not see fan controllers, LED fans, gaming periferals and other rare
goodies that a hardware ho like me likes to see. These items don't
have good profit margins...which is why I don't see them. They feel
that someone will just order those items online anyway. Having a
"selling" inventory will be difficult I'm afraid.

[rockingmtranch]

I took Business Admin last semester. Apparently, many people take the class just to start a business. There was a lot of information to absorb for sure (have you written up a business plan?) and since I have yet to start a business of my own, I don't feel advice would be any benefit. I will however say I believe you have great courage in wanting to open your own business and truly wish all the luck of the world to you. 95% of all business' in America are small business and numbers like that tell you what keeps a country running. I'm sure it is the same where you are so, go for it. Then I'll only be able to say, "Ket did it. Why haven't I opened a business of my own yet?"

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