Opening a new business

[kintaro 0]

Ever done it? I'm going to soon. There are a million things racing through my mind right now. I want to have fun producing a succefull venture. It's more about figuring out how to succeed than greed. But of course, the bottom line will be wether or not I can pay for this and remain in operation.

 

I'm curious to hear about other's experiences.

[bushpig 0]

nup. What into Kintaro?

[kintaro 0]

Ukulele's, accesories, and other Hawaiian goods (art, coffee, koa products, etc.). I don't exactly know but I'm throwing myself out there and trying.

[damian 0]

For sake of sounding like a complete dickhead: I spent a deal of effort last year with another guy setting up a corporate entity domiciled offshore in the British Virgin Islands (evil #1: tax haven!) with a master feeder from a US based asset fund (evil #2: other peoples money!!). The other guy went cold and I had no idea what I was doing on my own so nothing eventuated, which in retrospect was quite fortunate. However I was disappointed as I really wanted to build a success, just like you. It was supposed to be all up and running about now.

 

Good luck with your venture. I am sure you know already, but what ever you do, make sure you have an extensive business plan. And that includes a chapter on how to extract yourself in the event of failure and how to identify that you are failing before it is too late. Plan Plan Plan Plan. It is so important.

[misorano 1]

Biggest thing I think is to do something you're interested in personally. If it's not something you enjoy then you'll get bored quickly.

We never had a business plan as such, but then again it was never a huge risk or required a large outlay.(Internet businesses are great like that)

Also you need to be flexible as things crop up that you wouldn't have dreamed of. OUr business is running very smoothly now, but at the beginning it took a while to get everyone on the same wavelength.

One final thing, never treat your business as a finished product, there are always ways to improve it, or develop it further.

Good Luck

[kintaro 0]

Thank you spud and misorano! Excellent advice! Spud, you didn't sound like a dickhead...this is the kind of advice I'm searching for. I'm expecting to loose money for about a half a year. Then I'm projecting a 25k per month profit (if I'm lucky). It'll all depend on my planning and the market.

 

Please keep the advidce flowing! Muchos gracias!

[damian 0]

Well, that's a healthy monthly margin. They must be very fancy coconut bras

 

I believe that if a plan isn't written on paper then it isn't a plan. Your plan has to deal with things you didn't plan for, like Misorano says: flexability.

[brit-gob 9]

Yes a modest 25000 yen profit a month does sound like a good target there.

[kintaro 0]

Yah, I think like you do spud. I have to write everything down (I'm more anal than anal people)in order to make it pertinent. The monthly average is a bit conservative. I write extensively - everything. The only flexebiltty thing I havn't figured out yet is the leasing agreement. It's mandatory 2 years. I know there are ways around this but I don't know yet.

 

Check out Guam Micronesia Mall.com to see my place if you want.

[kintaro 0]

brit-bob, that was 2,500,000 yen per month. I was talking about dollars.

[damian 0]

Conservative? Are you talking 25k yen or $ per month?

 

URL didnt work. Do you mean this one? http://www.micronesiamall.com/

[damian 0]

ah, just saw your clarification to Gob

[kintaro 0]

Yes, le spud, that is the one. I'm talking 25k US $

[brit-gob 9]

I knew what he meant.

[damian 0]

So you own a shopping mall with over 100 tenants, including a cinema.... and you are asking for other's experiences in starting up a business?

[kintaro 0]

172 tenants. No, I'm starting up my own retail shop. Sort of a first for me. I've tried b/f in Japan but didn't do very well. So yes, I'm looking for experienced people to provide advice.

[sakebomb 0]

Hey Kintaro,

Sounds like you have your head in the right place to start with. Spud's advice about a plan is probably the best starting point. I recently took my online business one step further buy ditching the evil haven of ebay and created my own online shop. The overheads are minimal and my market stretches world wide.

 

It wasn't always the case but what made my business stand out (although there isn't much competition at the moment) is service....good service gets people talking, this and communication. Without these my business wouldn't be growing at all. Also a little market research helps as well!

 

Not sure if the advice is useful but it is my 2 cents!!!

[kintaro 0]

Sakebomb, thank you for your 2 cents! le spud, I must have misled you, I don't own the mall. When I said "my place" I was refering to the space in the mall I'm considering leasing.

[misorano 1]

Kintaro, Are you going to be hands on? Or set it up and get someone to run it for you?

Finding good staff is a prick of a job. Making the leap from employee to employer is huge. Made me see my old bosses in a new light.

Don't make my biggest mistake, neeeeeeeeeeever hire someone you know. Hire someone you are able to fire if they don't work out.

[kintaro 0]

For at least the first year I'll be hands on. It'll suck flying off to Guam every Monday morning and returning on Friday night but that's how it's going to have to be. If the project looks good my wife is willing to move.

 

Good advice. Firing your friends is probably not very pleasant.

[TJ OZ 0]

Cash flow is probably the most important thing to take into account.If you are expecting to lose money for half the year then I'm guessing you probably have some funds to back the venture. Look at your marketing plan too. Don't just open the shop and hope people come.

Best of luck.

[kintaro 0]

TJ02, we do have the funds and probably won't need to be borrowing from a bank. My wife is a Japanese marketing expert. She'll be a huge (and free) asset. Thanks!

[TJ OZ 0]

That will definately help. All the best for your new adventure.

[farquah 0]

if need be you can always just start selling overpriced surfboards to the Japanese!!!

[indosnm 0]

 Quote:

Originally posted by farquah:
if need be you can always just start selling overpriced surfboards to the Japanese!!!

ahh, easier said than done...
Good luck though Kintaro, Hope it all works out for you.
Sounds like you are going to blow some cash on your commutes though.