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Post by 1776 on Apr 15, 2017 4:11:16 GMT
Hey, I know there are a lot of successful businessmen on this forum, and I was wondering if I could kinda pick your brains/get some ideas and answers. I'm in a kinda nice position where I'm paying the bills, have a savings, and have a little extra cash. I've been thinking very hard lately about starting my own business. I'm a unrepentant knife nut, and I was thinking about starting my own business selling knives online. Cold steel, Kershaw, CRKT, Spyderco, Emerson, ESEE, Fallkniven, Buck, Cris Reeve, etc. Those would be the brands I sell, and more. Heck, I would have access to over 500 brands. I could stock swords as well, and may just do that. I know that it will be quite an undertaking, and so I want to go into this with both eyes open. I would be buying from Blue Ridge Knives, a very large distributor of knives. They buy the knives from the manufacturer (spyderco for example), and then sell the knives at dealer prices to their dealers. And that is what I would be, a Blue Ridge Knives dealer. Anyways, I would then take those knives I have bought, and turn around and sell them at retail prices. I know good knives, and I know good selling knives. Like I said, unrepentant knife nut. I don't really have a name for my business, though I have close to 100 ideas I think. Here are a few of my best ideas (I think); -Iron Clad Knives -War Path Knives -Edge Knives (or just Edge) -Scout Knives -Black Arrow Knives -Vanguard Knives. I would be selling both bushcraft and tactical knives, so I want the name to include both parties. Not just bushcraft, not just tactical. Kinda hard really. What do you think? Thats just the start of course, but I think I would be unloading to much on you poor guys if I said any more. Anything you can throw at me would be welcome! Thanks guys! 1776
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Post by demonskull on Apr 15, 2017 12:15:00 GMT
Before you purchase stock, try finding a vendor that will drop ship for you. This will decrease your investment so if things don't work out you still have the majority of your capitol. It will also save on shipping as your supplier will ship directly to your customer. You won't have to factor in shipping to you and then then customer.
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Post by Gunnar Wolfgard on Apr 15, 2017 13:33:38 GMT
Owned my own business for twenty five year will never do it again. Guess it might not be as bad if you're doing it part time out of your house but still be prepared to have a lot of other peoples hands in your pockets. Government ( taxes ) Insurance and Advertising costs. If you close the business you have to pay the sales tax on any remaining inventor you have left. What Demonskull recommended about direct ship from your suppliers would avoid that. I also found that when you turn a hobby into a business it stops being a fun hobby it's now work. Good luck on whatever you decide to do.
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pgandy
Moderator
Senior Forumite
Posts: 10,296
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Post by pgandy on Apr 15, 2017 13:48:40 GMT
I also found that when you turn a hobby into a business it stops being a fun hobby it's now work. I've seen this with several people including me. Good luck.
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Post by 1776 on Apr 15, 2017 18:10:19 GMT
Before you purchase stock, try finding a vendor that will drop ship for you. This will decrease your investment so if things don't work out you still have the majority of your capitol. It will also save on shipping as your supplier will ship directly to your customer. You won't have to factor in shipping to you and then then customer. Hmm. I'll look into that. The only thing I don't like about drop shipping is that I have less control over what happens. I would like to be able to inspect the knives before they go out, and make sure that they are perfectly packaged. I live by the moto, "If you want anything done right, you have to do it yourself.". I'm sorry, but I don't trust someone else with my business. They might not be as careful or picky as I would. And that might mean losing customers. Which is not acceptable. You understand?
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Post by 1776 on Apr 15, 2017 18:14:11 GMT
Owned my own business for twenty five year will never do it again. Guess it might not be as bad if you're doing it part time out of your house but still be prepared to have a lot of other peoples hands in your pockets. Government ( taxes ) Insurance and Advertising costs. If you close the business you have to pay the sales tax on any remaining inventor you have left. What Demonskull recommended about direct ship from your suppliers would avoid that. I also found that when you turn a hobby into a business it stops being a fun hobby it's now work. Good luck on whatever you decide to do. Thanks for your advice! I'll keep this in mind. I understand not wanting to turn a hobby into a business, I've kinda experienced this myself too. Sort of. I'm thinking about starting VERY small, and working up from there. I don't want to sink a lot of $$$ in at the first. That way I hope I can slowly figure out the kinks, and the problems.
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Post by 1776 on Apr 15, 2017 18:14:56 GMT
I also found that when you turn a hobby into a business it stops being a fun hobby it's now work. I've seen this with several people including me. Good luck. Thanks!
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Post by LG Martial Arts on Apr 15, 2017 23:01:22 GMT
As a small business owner myself, I would recommend you create a business plan before starting up or investing any $ into said business.
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Post by 1776 on Apr 16, 2017 3:29:00 GMT
As a small business owner myself, I would recommend you create a business plan before starting up or investing any $ into said business. Thanks I intend to/am already doing so. From your personal experience, what would you recommend I include in my business plan?
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Post by LG Martial Arts on Apr 16, 2017 12:10:45 GMT
As a small business owner myself, I would recommend you create a business plan before starting up or investing any $ into said business. Thanks I intend to/am already doing so. From your personal experience, what would you recommend I include in my business plan? Some things you should add are the saturation of the market you're looking into (if it's below/at capacity/beyond capacity [how much competition you're likely to have]), and sources of potential revenue. I'd recommend you download a business plan template and work from there - they usually have all the sections you need to consider.
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Post by pellius on Apr 17, 2017 16:15:29 GMT
With much respect, online retail looks like a really tough row to hoe, especially on a smaller scale. I genuinely wish you good fortune and success.
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Post by 1776 on Apr 18, 2017 16:11:32 GMT
Thanks I intend to/am already doing so. From your personal experience, what would you recommend I include in my business plan? Some things you should add are the saturation of the market you're looking into (if it's below/at capacity/beyond capacity [how much competition you're likely to have]), and sources of potential revenue. I'd recommend you download a business plan template and work from there - they usually have all the sections you need to consider. Thanks, I've been reading from the Small Business Administration. And they have a section on how to write your business plan, so I think I'll do that. Thanks for the advice!
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Post by 1776 on Apr 18, 2017 16:15:05 GMT
With much respect, online retail looks like a really tough row to hoe, especially on a smaller scale. I genuinely wish you good fortune and success. I agree. Online retail is a little bit of a challenge. So I've really got to be able to set my self apart from the competition. My idea is to focus on customer service. I believe I can out class a number of larger business by being the best customer service you can get. And while online retail in general is kinda full, the knife selling market doesn't seem to be as swamped. Thanks for the good wishes, I'll need all I can get!
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Deleted
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Posts: 0
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Post by Deleted on Apr 18, 2017 19:40:38 GMT
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Post by natqui on Apr 19, 2017 21:37:23 GMT
Hey, I know there are a lot of successful businessmen on this forum, and I was wondering if I could kinda pick your brains/get some ideas and answers. I'm in a kinda nice position where I'm paying the bills, have a savings, and have a little extra cash. I've been thinking very hard lately about starting my own business. I'm a unrepentant knife nut, and I was thinking about starting my own business selling knives online. Cold steel, Kershaw, CRKT, Spyderco, Emerson, ESEE, Fallkniven, Buck, Cris Reeve, etc. Those would be the brands I sell, and more. Heck, I would have access to over 500 brands. I could stock swords as well, and may just do that. I know that it will be quite an undertaking, and so I want to go into this with both eyes open. I would be buying from Blue Ridge Knives, a very large distributor of knives. They buy the knives from the manufacturer (spyderco for example), and then sell the knives at dealer prices to their dealers. And that is what I would be, a Blue Ridge Knives dealer. Anyways, I would then take those knives I have bought, and turn around and sell them at retail prices. I know good knives, and I know good selling knives. Like I said, unrepentant knife nut. I don't really have a name for my business, though I have close to 100 ideas I think. Here are a few of my best ideas (I think); -Iron Clad Knives -War Path Knives -Edge Knives (or just Edge) -Scout Knives -Black Arrow Knives -Vanguard Knives. I would be selling both bushcraft and tactical knives, so I want the name to include both parties. Not just bushcraft, not just tactical. Kinda hard really. What do you think? Thats just the start of course, but I think I would be unloading to much on you poor guys if I said any more. Anything you can throw at me would be welcome! Thanks guys! 1776 The main things have already been said^^ Would you open a shop too? Stock at home or rent a storage-unit/garage/depot?? Another big aspect would be: Do you have to pay your distributor right away or do you have like 30 days?? What is your 'target audience'? random knife buyers (<100€/$) or high-end buyers?? or both? If you need anything, let me know, I might be able to help, depending on where you live. I'm not very familiar with legal procedures outside Europe, hell, every country has its own rules... The business-plan and market analysis: you really should do that. Let alone the SWOT table enables you to see a big part of what you might experience as challenges. good luck P.S. If you go through with you project, don't forget to create a discount coupon for all SBG member
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Post by 1776 on Apr 20, 2017 3:47:20 GMT
Okay. Thanks. I usually did run them through the search engine. Didn't seem to find what you did though... you most have some sort of search engine magic!
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Post by 1776 on Apr 20, 2017 3:52:20 GMT
Hey, I know there are a lot of successful businessmen on this forum, and I was wondering if I could kinda pick your brains/get some ideas and answers. I'm in a kinda nice position where I'm paying the bills, have a savings, and have a little extra cash. I've been thinking very hard lately about starting my own business. I'm a unrepentant knife nut, and I was thinking about starting my own business selling knives online. Cold steel, Kershaw, CRKT, Spyderco, Emerson, ESEE, Fallkniven, Buck, Cris Reeve, etc. Those would be the brands I sell, and more. Heck, I would have access to over 500 brands. I could stock swords as well, and may just do that. I know that it will be quite an undertaking, and so I want to go into this with both eyes open. I would be buying from Blue Ridge Knives, a very large distributor of knives. They buy the knives from the manufacturer (spyderco for example), and then sell the knives at dealer prices to their dealers. And that is what I would be, a Blue Ridge Knives dealer. Anyways, I would then take those knives I have bought, and turn around and sell them at retail prices. I know good knives, and I know good selling knives. Like I said, unrepentant knife nut. I don't really have a name for my business, though I have close to 100 ideas I think. Here are a few of my best ideas (I think); -Iron Clad Knives -War Path Knives -Edge Knives (or just Edge) -Scout Knives -Black Arrow Knives -Vanguard Knives. I would be selling both bushcraft and tactical knives, so I want the name to include both parties. Not just bushcraft, not just tactical. Kinda hard really. What do you think? Thats just the start of course, but I think I would be unloading to much on you poor guys if I said any more. Anything you can throw at me would be welcome! Thanks guys! 1776 The main things have already been said^^ Would you open a shop too? Stock at home or rent a storage-unit/garage/depot?? Another big aspect would be: Do you have to pay your distributor right away or do you have like 30 days?? What is your 'target audience'? random knife buyers (<100€/$) or high-end buyers?? or both? If you need anything, let me know, I might be able to help, depending on where you live. I'm not very familiar with legal procedures outside Europe, hell, every country has its own rules... The business-plan and market analysis: you really should do that. Let alone the SWOT table enables you to see a big part of what you might experience as challenges. good luck P.S. If you go through with you project, don't forget to create a discount coupon for all SBG member Some very good points. Thanks for the offer. Haha yeah, I guess I should create a SBG forum discount... lol. Got to remember that when I make the website... hehe., have to pay $100 dollars more to buy.
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Post by natqui on Apr 20, 2017 14:35:13 GMT
Some very good points. Thanks for the offer. Haha yeah, I guess I should create a SBG forum discount... lol. Got to remember that when I make the website... hehe., have to pay $100 dollars more to buy. 100$ for? Didn't get it ^^ You talking about the website price? If that's the case, you do not need to spend that much. With 'Wordpress' (website that helps you create a website you buy templates and you use them. No need to know anything about coding of webpages [like java, C++, CSS for HTML5,..] and it does not take that much time, once you're used to it.) and a common domain ( it's the last letters of your url, after the dot) you might be able to have it all for about 50 bucks. Now all depends on the domain you want, and the templates for wordpress. I did it once, very easy. A lot of tutorials on YT too
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Post by 1776 on Apr 20, 2017 18:37:20 GMT
Some very good points. Thanks for the offer. Haha yeah, I guess I should create a SBG forum discount... lol. Got to remember that when I make the website... hehe., have to pay $100 dollars more to buy. 100$ for? Didn't get it ^^ You talking about the website price? If that's the case, you do not need to spend that much. With 'Wordpress' (website that helps you create a website you buy templates and you use them. No need to know anything about coding of webpages [like java, C++, CSS for HTML5,..] and it does not take that much time, once you're used to it.) and a common domain ( it's the last letters of your url, after the dot) you might be able to have it all for about 50 bucks. Now all depends on the domain you want, and the templates for wordpress. I did it once, very easy. A lot of tutorials on YT too Blah. Joke gone wrong. What ever, I'm never very good at them anyways. Yeah, Wordpress was what I was thinking about doing. That, or Quick 'n Easy Web Builder 4. I heard about a Apple Website builder... but can't seem to find it. I would like to go with Apple, they always do things right. I'll check out wordpress though. Thanks for the tip!
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Post by 1776 on Apr 20, 2017 18:54:11 GMT
A quick search led me to RapidWeaver website builder. Very impressive.
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