The past 4 weeks have been spent re-modeling EVERY aspect of the store. Every inch of that place has been cleaned, painted, sanded, molded, vacuumed, lysoled etc. It's amazing how much work has been put into that place in such a short amount of time.
Looking back we originally planned to close for 3 full days to complete our renovations. We are now on week 4 and have pretty much finalized everything we needed too. I'm glad that all of the labor intensive part is over and that we can focus on generating revenues, calculating profit margins, strategic selling, etc etc. I'm looking forward to the rest of the year and the challenges and surprises that seem to spring up every day.
Things to remember when starting a business:
* Task lists are IMPERATIVE: It is way to easy to become overwhelmed when you are at the bottom of the mountain looking up. By planning and prioritizing you can set goals and achieve milestones. When you look back at the day you have a detailed list of what you accomplished
* Set a bank account up, get a business credit card, checks and make sure your credit card machine is in your name and with the bank you want IMMEDIATELY!! What a hassle it becomes when you try to make changes to your financial aspects when you're up and running. I recommend settling all of this as soon as you get started!
* Decided on a name, email address, website , logo and business cards together. Have a good idea of what you want to call your business, what your email address etc will be. It's much easier to incorporate as the name you want from the get go so that you don't have to change your bank information, etc when you've already been operating.
* RECORD EVERY TRANSACTION!!! This is the ONLY way you will be able to have a clue where you stand from week to week. In order to project revenue for future periods, calculate margins, estimate your COGS and report taxes you MUST know where you stand financially at all times!
* Store your Tax ID#, Business Checking Account # and any other important often needed information in a readily accessible location it will save you a lot of headaches when your consistenly prompted for it.
Until next time: Don't waste time or time will waste you!
Tuesday, January 29, 2008
Saturday, December 8, 2007
Trials and Tribulations of a First Time Business Owner
What a day! Today was my first day as a co-owner of a sports & memorabilia store. What a whirlwind of emotion. I decided that I will use this blog as a vehicle to gather thoughts and as a journal to look back on all the different challenges and obstacles that I will face as a business owner.
I am very excited to own a business and I have to say that given the amount of twists and turns today, all in all it was a very successful day. I'm happy to have creative control over the future of a business and be involved in every macro and micro aspect. Being able to provide a customer with a service and put a smile on their face and a good feeling in their heart when they come and go is a priceless experience. With many avenues yet to be tapped, the potential for the storefront is endless.
We have already encountered a number of people with some potentially perfect sports star relations and business hook-ups. I am excited to see how the store changes and grows as new ideas and thoughts are implemented and customers begin to realize a metamorphis is taking place before their eyes. All of the hard work and dedication I've put into countless hours of studying, test taking and paper writing seems like it may finally be put to some good use.
Start-up Notes:
Always make sure you have a key to your store immediately.
Make sure you know how to operate your cash register flawlessly.
Make sure you have a trust worthy lawyer and accoutant you will need them alot!
Always put your best foot forward and greet everyone you meet with a smile and a greeting.
Get to know your surrounding owners, landlord and locals - first impressions are absolutely critical to success.
Don't be afraid to implement change and to let others know your plans - you will be able to gauge customer sentiments just from communicating your goals and objectives.
And most importantly, "Don't sweat the small stuff, and it's ALL small stuff!"
Until Next Time
I am very excited to own a business and I have to say that given the amount of twists and turns today, all in all it was a very successful day. I'm happy to have creative control over the future of a business and be involved in every macro and micro aspect. Being able to provide a customer with a service and put a smile on their face and a good feeling in their heart when they come and go is a priceless experience. With many avenues yet to be tapped, the potential for the storefront is endless.
We have already encountered a number of people with some potentially perfect sports star relations and business hook-ups. I am excited to see how the store changes and grows as new ideas and thoughts are implemented and customers begin to realize a metamorphis is taking place before their eyes. All of the hard work and dedication I've put into countless hours of studying, test taking and paper writing seems like it may finally be put to some good use.
Start-up Notes:
Always make sure you have a key to your store immediately.
Make sure you know how to operate your cash register flawlessly.
Make sure you have a trust worthy lawyer and accoutant you will need them alot!
Always put your best foot forward and greet everyone you meet with a smile and a greeting.
Get to know your surrounding owners, landlord and locals - first impressions are absolutely critical to success.
Don't be afraid to implement change and to let others know your plans - you will be able to gauge customer sentiments just from communicating your goals and objectives.
And most importantly, "Don't sweat the small stuff, and it's ALL small stuff!"
Until Next Time
Wednesday, December 5, 2007
New Journeys
Embarking on two business ventures this week. Owning my own store and internet viral-based website should prove to be exciting and time consuming. I'm excited to be doing something different with my life. The 9-5 routine is montonous and drab and this is a welcomed and hopefully sustained reprieve that will allow me to transition into doing something enjoyable with my life.
My education will probably slow down a little but at 24 and 60% to an MBA I'm not too concerned. Rather then taking 2 classes a semester until completion I will probably only take 1. This will allow me to dedicate more time to business ventures, investing and personal fitness. I'm looking forward to finishing up this semester in the next 2 weeks and getting my hands dirty with the new opportunities.
Til next time
My education will probably slow down a little but at 24 and 60% to an MBA I'm not too concerned. Rather then taking 2 classes a semester until completion I will probably only take 1. This will allow me to dedicate more time to business ventures, investing and personal fitness. I'm looking forward to finishing up this semester in the next 2 weeks and getting my hands dirty with the new opportunities.
Til next time
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