When is the right time to start small business?
Iam in USA.Is it right time to start small business at home? I want to import hand made things from India and sell here? I am confused whether to start right way or should I wait for somemore time ? AsI am thinking economy is worsening day by day !!
There is no reason why you need to wait.
However, in the current economy you need to have realistic expectations. Your sales will be slow. Nobody is buying collectibles and trinkets right now. People are sticking to the necessities.
I suggest you operate on a strictly cash basis. Do not go into debt at all for this (not now, not ever, debt is the reason so many companies are failing right now). Only buy what you can afford to pay cash for. At first you’ll have a limited inventory but as you start making sales, you can use the profits to grow the business.
Also, I wouldn’t open a store front at this time. You would have to make enough sales to pay the rent, and it will be hard to do that. Focus on selling things on ebay or at flea markets etc so you don’t get stuck with rent payments you can’t afford.
summer then you end in summer
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There is no reason why you need to wait.
However, in the current economy you need to have realistic expectations. Your sales will be slow. Nobody is buying collectibles and trinkets right now. People are sticking to the necessities.
I suggest you operate on a strictly cash basis. Do not go into debt at all for this (not now, not ever, debt is the reason so many companies are failing right now). Only buy what you can afford to pay cash for. At first you’ll have a limited inventory but as you start making sales, you can use the profits to grow the business.
Also, I wouldn’t open a store front at this time. You would have to make enough sales to pay the rent, and it will be hard to do that. Focus on selling things on ebay or at flea markets etc so you don’t get stuck with rent payments you can’t afford.
References :
Consult a tax attorney now about the new funds that might be available to you as part of the recent stimulus package.
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