Advice on Taking a Big Risk - Cash Flow

[OC RYDERZ]

Hello All,

I am currently tryng launch my online shop, and I would like to get your opinions on what I should look into. I do have a website surrently in the works, it's one of those free website makers that does not cost me anything - I know that's a not the way to go, but when your funds are basically being thrown back into your products, so your inventory can continue to grow . . . I have been going this to keep my shoppers looking and what I have got to offer, so they come back.

Since my money is not that high at the moment, and sales are up and down. What would you all suggest? Should I just go for it and take out a decent sized loan? This way I can afford to throw down money for a better site, more products, and any other issues that I need to smooth out.

But, this would mean I am starting off in debt . . . plus I am located in Europe, so I am a little ways from home.

I will leave at this note, but I would like to discuss what I can do. Any tips on gaining funds, or gaining traffic to my products? Just throwing out questions . . .

Thank you,

- Josh

[Encrypted]

As far as I'm concerned.. the site makes the business. Building a professional site is going to help you make more sales and it will ultimately build up your business's reputation. Just make sure you don't waste the money on some trashy developer. If you're going to have a site developed, get it done the right way.

[generationy]

You sound like a typical entrepreneur with some traction and looking to expand his/her success. Perfect! Good for you! I would suggest that since you already have sales that means you also have clients. Some might be coming back or some might not. Just keep in mind that you have to validate your business so use their testimonials to do so. What will help you the most is getting their opinions on your business to get more clients. Good luck!

[borisfowler]

Some things you should consider: do you want to have one loan or two loans to payback? It is always cheaper to keep existing clients than to find new ones. I like the references idea posted above. This article here has some tips you might consider looking into. It talks about the "chasms" that each small business will encounter. Startups Need Focus To Cross All The Chasms | Hot Sauce!


Good luck!

[goldie]

Don't be fooled by the idea that "as an entrepreneur you should be taking risks." The truth is that all entrepreneurs minimise risk; the only risk you take is leaving full time employment when there is no guaranteed business income and even that risk is mitigated (keep your day job) until the business produces profit regularly.

Don't take a loan - you will reduce your opportunities of continually being able to tryout ideas.

Keep your costs down. Get another job if you need more money. Or spend your time trying to get an investor onboard - they share part of the risk and input knowledge but you will pay through equity.

Better still, focus on your business - creating new products and services that will increase income.

There are plenty of risks anyway (see the youtube link at clickok.org), without creating more of your own.

[guidemesingapore]

What kind of products are you going to sell via your online shop? Is it a niche product or something that has a lot of competition. Keep those in mind before taking out a big loan. Sometimes depending upon the product, you can start small and scale up later.

[anthony11]

since you already have clients take down a list of confirmed orders on products, keep doing this untill you see profit, avoid loans unless its the absolute last option!