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business startups

 
#1 business startups
27/09/2006 12:03

entrepreneur

I am considering leaving consultancy to start a business from scratch. Would appreciate views on opportunities based on criteria below.

I am not looking for an original "Dragons Den" type idea. I want to put in my own time and money (up to £250K) to generate a small income and to grow it in my own time as my own boss.

In particular any views on Retail markets or internet markets? And on franchise businesses versus cold start?

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#2 RE: business startups
27/09/2006 14:18

anon to entrepreneur (#1)

People should obviously look into this type of move carefully if they want to actually become entrepeneurs.

However are you referring to opportunities, for consideration or otherwise, as a Franchisor or a Franchisee initially?

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#3 RE: business startups
27/09/2006 14:54

eh? to anon (#2)

Is this thread some kind of skit?

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#4 RE: business startups
27/09/2006 16:46

anon to eh? (#3)

What do you think?

My question was a response to entrepeneur.

The initial disclaimer was put in for the sake of randomn hecklers. I wouldn't necessarily want to see you in troubles of your own making, that could have been avoided.

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#5 RE: business startups
27/09/2006 17:33

entrepreneur to anon (#4)

Not a skit.

I am highly experienced in Strategy and Business Development but in large businesses where the criteria involve big investments, high barriers to entry, need for substantial returns and no personal risk.

Now, I am looking for a small investment, with low barriers to entry, growth potential and to personally risk my own cash. Vast financial rewards are not the driver for the decision but neither do I want to run a B&B in Scarborough.

...and by the way I am already fairly clear on what I am going to do. I just wanted another view on what markets are seen as "attractive" versus "dead dogs". And on whether anyone here has personal experience as a franchisee of a retail chain.

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#6 RE: business startups
27/09/2006 17:42

Ivan to entrepreneur (#5)

I run a Benjy's

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#7 RE: business startups
27/09/2006 19:08

entrepreneur to Ivan (#6)

...actually I was hoping for something a bit more expansive.....e.g. I run a benjys, have opened my fourth branch, the franchisor is supportive and it has been an interesting and profitable experience.....

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#8 RE: business startups
28/09/2006 10:36

anon to entrepreneur (#7)

Not convinced you are likely to get many entrepeneurial stories from the internet and retail markets on this site, with some possible exceptions.

Personally if I was in your shoes I'd get hold of some reliable and up-to-date market analysis (in the middle of the planning phase preferably) and when I'd shortlisted some possibilities - start looking around the marketplace. Both retail and internet are highly competitive because barriers to entry are still quite low.

Id look to get my timing right and identify market trends. Id also look at closer competitors and prefer to find a small number of successes than many or none. You cant rely on market trends alone these days, but its usually far too competitive to completely ignore them either.

Franchisee tends to be lower risk because you can take a look at how its been done before, making comparisons with few differentiators (like location) within the franchise. Obviously you are less of your own boss and subject to the constraints of the franchise agreement (which can vary widely from almost none to almost everything).

Is being your own boss one of the main things driving you on this? If you want some risk but not high risk, and you are not after vast rewards why are you not investing the money in a medium risk portfolio?

You could get reasonable returns on £250k.

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#9 RE: business startups
29/09/2006 10:30

Automated Robot to entrepreneur (#1)

Entrepreneur...

I worked my way up in an int'l professional svcs firm (not acc/mc), switched to a tiny start-up food/service business, sold up/moved on to self-employed consulting tackling strat and org transformation projects. Am now building own public sector consultancy. Ups and downs along the way; mostly ups and going stronger than ever today.

There is no such thing as easy money. If you want easy and safe, put it in the bank or for a bit more of a thrill, stocks. Or a bit more hands on, do up a house. If you want to start a business, however...

Checklist: a real idea/svc/product (don't mean making money, working for self etc.), a degree of passion to pull you through the weak returns and dark days, some money (nowhere near £250k), the support of good people (my wife is the best - but not available!)... oh and some luck (first client, market forces etc.).

Question: What evidence can you point to in your life that you are an entrepreneur and not just a good/effective manager? These are completely different attitudes, approaches and skill sets. It is rare to cross over.

Question: Why do you want low barriers to entry? They are your best defence against competition and your best indicator that those who are on the other side have become lazy.

Leave an email if you want to know more. Good luck.

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