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Interested In Starting A New Business

by entreinterest, Window Shopper

  • Created: July 7, 2009, 1:36 am
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3 comments

Background: I am interested in starting a small retail business (sole proprietorship) selling cell phone accessories (covers, chargers, etc.). I would probably just occupy a small space in a local mall.

 

Question 1: I know I would have to pay for the lease of space in the mall, starting inventory, cash register, computer, credit card machine, and display shelves. What other startup costs might I have?

 

Question 2: Once I begin running, I would have to pay for employees, electricity, possibly Internet service (is electricity usually included when you buy space in a mall?)... What other 'operational' costs might I have?

 

Question 3: How much money do I need to have set aside to open this business?

 

Question 4: As far as licenses or other legal obligations go, what do I need to do?

 

Question 5: How do I go about obtaining inventory at the best possible price? Wholesale? Straight from the manufacturer?

 

Thank you for your help!

 

 

Message Edited by entreinterest on 07-07-2009 01:38 AM
Tags: Discuss Popular Topics, Starting & Registering a Business
‹ Business in OnLine Switching Business Intent/Focus ›

siotw | Creator | 8/30/2009 - 1:58 am

2 words for you: business plan. You really need to develop at least a basic business plan before you do anything else.
Professional Web Site: http://sellitontheweb.com/blog

ChristineL | Former Moderator | 8/31/2009 - 10:13 am

Hi entreinterest, First off, thank you ronnie666 and siotw for providing your expertise! Like siotw mentioned, it is important to start off by writing a business a plan. Also, please feel free to check out our tips about starting a business. Good luck!

ronnie666 | Window Shopper | 7/16/2009 - 3:06 am

A cell phone business is one of the most lucrative businesses out there. It’s time to diversify your income with a low cost cell phone accessories business as cell phone industry is going in leaps and bounds and people are getting more involved in it because of its functionalities, convenience and style.According to your business, asset is requiring in the start and it’ll be beneficial for your business if you will separate some amount for your safe side. When starting a cell phone business you may need to obtain financing and apply for a loan and I think it’s the easiest way to solve your all financial problems as you questioned. The only thing you have to make is your presentation in the initial loan proposal and application. It’s really difficult to plan out the exact figure of amount for your business without knowing what’s going on in your mind relating to business promotion because it may differ from place to place, city to city, country to country. Initially, majority of the cost for starting business depends on the place where you got? How many employee you hired? How you designed your office? Etc.As concern from where you will get inventories at the best possible price, so manufacturer always charge much low as compare to wholesaler. But in the beginning of business, it’s difficult to get approach directly with the manufacturers, so wholesaler is best for you in my opinion. There is another source from where you get your desire an inventory is “Online Market”. I think this the best and easy way to purchase and even sell your products. You should think of it because in business you may not get a second opportunity. Best of luck for your new business!Thanks,Ronnie WilliamsWirelessPhoneGallery: The best source of all cell phone accessories Message Edited by NicoleD on 09-02-2009 05:28 PM