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Starting a business....

Discussion in 'Business & Tax Advice' started by thec00kchris, Apr 8, 2013.

  1. thec00kchris

    thec00kchris Regular Member

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    Hi there.
    So as part of a young enterprise scheme at school we have been selling badges.We have created a product in which the user makes their own badge. I don't want to go into too much detail for obvious reasons. They have been selling well throughout the school and especially with the younger age 10-13.
    It costs us £0.50 to make and we sell at £1.45 so its a nice margin.
    It is coming to the end of the process and we are closing the business down now however i am thinking of carrying on with it as i think it has potential.
    I am thinking of getting permission to sell at local junior schools as they are my target market really.
    I have also had some interest from a kids club, browny group and also an invitation to a local craft fair in the summer.

    In terms of online selling...
    I sold one on ebay with my dad's account which has high feedback a few weeks back and it went for £2. I then made my own ebay account however with it having no feedback the item didn't sell.
    I am also thinking of creating a website in which i would advertise my products to kids clubs/ browny groups leaders to order wholesale- (this is where i would make the big money) or maybe sell each pack individually?

    I would like to know your thoughts.

    Chris​



     
  2. thec00kchris

    thec00kchris Regular Member

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    200+ views and no replies...
     
  3. Amsterdammer

    Amsterdammer Power Member

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    First time I read it. Could be nobody knows what to say and stay silent?

    Reading it tho, you seem to have a product and want to sell on Ebay but need a trust factor.
    As a silly idea, you could start on other schools as you planned and offer an incentive like if they buy three thru Ebay they get one free or whatever. You could also flyer the neighborhood or try the meathead1234 method.

    Just a thought, hope it helps. :)
     
  4. Ste Fishkin

    Ste Fishkin "I'm watching you.." - Apricot Jr. VIP Premium Member UnGagged Attendee

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    this is a forum for men

    not children with £1 badges
     
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  5. Goal Line Technology

    Goal Line Technology Senior Member

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    Harsh, but very fair indeed :)
     
  6. Amsterdammer

    Amsterdammer Power Member

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    ^^ A bit harsh I think. You don't know how many he can sell. A buck adds up quickly. :p
    Only thing I wonder about is postage costs cutting into profits but if OP feels there is enough ROI I see no reason to talk down to him for asking a proper question. You may not like the product or ROI but the question itself still stays valid imho.
     
  7. KeyMouse

    KeyMouse BANNED BANNED

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    well first ask yourself this " Is there a need for my product ?" if yes then you would know where to search
     
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  8. AR!ZONA

    AR!ZONA Regular Member

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    OP, Ste Hughes may have been harsh but fair, but he is right. This is a little bit below the usual business question we (the elderly) would like to have posted. Although, I do like your entrepreneurial spirit!

    I would consider developing a plan to get all of your local schools involved, while asking the faculty to help by holding events at each school. They could be fundraising or whatever, but try to get other people selling these badges for you.

    For instance, each school allows kids to sell these to their classmates for a percentage of your profits. They could be competing for a prize as well, like whoever sells the most gets a prize. The key here is to scale and allow others to do the grunt of the legwork (sales) while allowing you the time to oversee and manage a sales team.

    Perhaps the schools could even use it solely for a fundraising event, while you get credit and respect (as well as an awesome milestone for a resume). The lesson you learn here would be invaluable at your age.

    Start small with just your school and branch out and maybe eventually you could have a decent system to put forward towards a college education. Or IM education...

    For all the haters out there: http://www.businessweek.com/articles/2012-05-02/kid-ceos-teen-siblings-found-flipoutz-bracelets