hi do you think this is a good idea or a bad one??

Question

im 16 and want to open my own business in the next few years, i have a few ideas at present but am not sure which one would be the best to start i.e. start up capital, time devotion and work is needed.
the idea im really considering at present is selling clothes from new and upcoming designers so that people can wear the best quality clothes at an affordable price while there will still be a quite reasonable profit to be made!
the only problem is i am not sure how i would like to start it i.e. on the internet, from home, or in a retail outlet. the idea of starting on the net is quite daunting as i heard what happened to boo.com a number of years ago , but i wouldnt be making the same mistakes as my site would be simple and easy to navigate.
if this idea got up and running would it be best to buy when peole order stock at first and then when i start to see a trend from a particular designer i would order from them without orders placed as they seem to be selling?
good or bad idea?

Answer 1

Starting on the internet has definite advantages. Shops are extremely expensive to run and require you or staff to be there long hours. As soon as you start employing people you give yourself a whole load of stress. I know this from personal experience. Nobody cares about your money like you do yourself and even the best member of staff needs supervising.

The one disadvantage I can see is, personally, I wouldn't buy clothes over the internet, and I'm sure I'm not alone in that. However I know a lot of people, especially young ones who would probably be your target market, who do like to buy clothes on the internet so I'm sure you can be successful.

I think you are probably wise not to overstock in the early stages.

If I were you, I would start by finding work in something to do with clothing if possible, though anything will do. Save up a bit of money so you can get started without having to saddle yourself with too much of a loan. Contact some of the universities that do fashion design, I know they do it at Derby Uni, my daugther is on the course. See if you can get some budding designers who was to get an in into the industry and showcase their work. You maybe able to come to an arrangement with them were you advertise their designs and they pay you a commission if they are sold. You could start the business without giving up work in the early stages so you are not under so much pressure financially.

A well maintained web site and advertising are likely to be your biggest investments. People have to know you are there and be able to buy easily.

final word of advice, get a good well organised accounting system in place from day one. It will save you no end of stress.

best of luck

Answer 2

I think it's a great idea to be so entrepreneurial at 16 - wish I was that way and I'm 28!

I think starting up a dot-com business on the internet is the best way to start out as the overheads of starting up a business if you have to rent premises could prove extremely costly.

I think you have great business potential as you have clearly thought about whether or not you should blanket order or wait to see if designers prove their potential. But it doesn't have to be so black and white - why not set a limit (say, 3 or 4 items per designer) on how much stock you will buy from them in the first instance, or even buy on a buy-back basis - i.e. you will give a certain amount of time (say 6-12 months) for an item to initially sell and if it's not successful the designer buys it back from you.

Make sure you have contracts drawn up whatever you decide.

Or, why not work as art galleries do - take commission from a sale but don't actually buy the pieces - the only time money exchanges hands is when a sale goes through.

If the business proved a success, you could move on to a boutique, but I would start with internet first. Just because other dot com businesses have failed doesn't mean they all do; on the contrary, loads of businesses are still expanding and succeeding. Just do your market research on what makes an easy to use website with regards to buying clothes etc (I would check out how high street stores display their clothing on the internet). Make sure your website is simple and effective and that it is easy to read and easy to see the clothes (essential!).

Good luck!

Answer 3

I'm not going to say it's a good idea or a bad idea. Simply that it is a much more complex idea than you might currently think.

For example, say I order something from you and you go to the designer and place the order. Then he doesn't fulfill it, or I'm not happy with it. Now you have to run interference... time consuming and potentially expensive for you.

Are you shipping or is the designer? How are costs covered there?

I don't see any other way to do what you describe besides online. If you have a retail outlet, you will need to have stock. So online, how will you keep up with changing size and color inventory since the designer is maintaining that information, not you?

Like I said... not necessarily a bad idea, just a difficult one logistically. Perhaps it might be a better idea to develop a portal through which young designers can sell their own product and you just charge a fee for using your site?

But with all of that in mind, kudos to you for being visionary and thinking of your future. Keep exploring ideas and you'll find the right one. Entrepreneurship is a powerful, fulfilling opportunity.

Answer 4

A difficult idea as it needs quite a bit of capital to start.

Boo.com went bust for a number of reasons: burn rate, poor technology etc.

The principle problem of selling clothes over the internet is that people like to touch and try on clothes before they buy. So you really need to have a good brand name to sell this way.

A better idea might be for you to work on having a gathering place where designers can showcase their talents for others to buy from them. In this way you are the intermediary taking a commission and do not have to buy and sell clothes.

You can do this one of several ways.
1) A retail outlet
2) A coffee shop
3) A runway, demonstration, display, exhibition, show etc
4) Seminars
5) Being a management company

This will take a lot of marketing as well as building a good reputation with designers and buyers. You have two years to work on it so good luck!

Start with your local art college and women based clubs and work from there.

Answer 5

Hi I'm 16 too. I wish i could come up with good ideas like that! I'd start over the internet if I were you as a shop would be too expensive but u'd need advertising. It's a good idea but it'll be hard to predict which designers will become really popular and which won't. It's a gamble but then every business is. Good luck. I hope it goes really well.

Answer 6

Its a tough, saturated market.

You'd struggle to get the deal on price that the big companies can get. Your market for 'genuine' designer wear is probably limited -- and the sort of market place where people want to see/try/ buy .

I suspect your gut feel to try an online business is correct, certainly retail outlet is far too expensive and totally dependent on location - scarp that unless you have a bottomles pocket!

Try polanning for online business - but maybe a different marketplace...unless you have a twist that would make you novel enough! PLUS with fashion gear the trick is speed to customer - you'd have to have stock and fast shipping (you can't get drop-ship of designer gear I suspect -- but maybe another answerer knows better!)

Answer 7

hey I'm 16 to and i think that is is a very good idea but you have to get good quality stock from sales people who are willing to risk a lot of there money so you will have to guaranty there money back so maby holding the business back and getting a bit of money to fall back on in it all goes pair shaped. best of luck

Answer 8

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Answer 9

Go to the better business bureau and ask for help. They have senior citizens who volunteer to help newcomers to the business world.

Answer 10

I think its great that you are only 16 and already have some career ideas.Good luck with that,it soungs great.