I need your help!

**xoxobaby** · 01-05-2009 05:22 PM

Hey everyone. I'm new here and I came here for the sole purpose of finding a solution to a big problem

I'm 18 and I don't know ANYTHING about the business world. However I've done some research and I want to own my own retail store. HOWEVER, I don't know where to start and who to talk to. I'm thinking of doing a business loan from the bank, but I don't know who I can speak to regarding business. I've only finished high school and currently studying fashion design, but isn't working out for me. Do I have to take business management courses or can I just start out with cash, and if so, who do I talk to?

**Gibbo** · 01-05-2009 05:29 PM

Primarily, it's important you know your market and know who exactly it is you're trying to appeal to. Are you fixed on the idea of a store or are you also interested in eCommerce? Fashion is an extremely restrictive business, mainly due to the competition that's out there! Before asking anyone for money, you need to have a clear focus on what your plan is and this needs to be conveyed to them. Nobody will hand cash over to you unless they're sure they believe it will yield a return (unless they're taking an extreme risk, but.. In times like these that's obviously highly unlikely).

There's no rules on what experience you have to have, so no, business management courses are not essential. The benefits are clear, however, if you should decide to take a business management course. Start out by doing some market research in your speciality then go from there!

Good luck,

Sean

**xoxobaby** · 01-05-2009 06:44 PM

I want a store inside the busiest mall down here in Vancouver. Phew, that's a relief that I wouldn't have to take any courses! I wanted to start a.s.a.p. I'm in no rush though.

So regarding this issue, do I need to talk to a lawyer about this? if an investor, how to look for one? I really don't know

I need to know all the key steps. I'm thinking of buying a book but don't know whether it will help

**RLorenzen** · 01-05-2009 06:48 PM

Before you talk to anybody or put anything into action, learn what you're doing. This is very important and you'll thank me 6 months from now when you're not in the sh*thole because you went in too fast and didn't plan for a lot of the things that are going to happen.

Go to the library or bookstore and load up on books about starting a business, small business accounting, business management, retail and anything else you see that is relevant to what you want to do. You may even want to take some college classes or even go for a degree part-time while you run your business. Just learn everything now while you can do it without losing money on costly errors.