Is it good to idea to open a business during this economic downfall time?

[minzeverest]

Hi,

Me and my wife are planning on opening a jewelry + gifts business sometime very soon.. probably April 2009. Jewelry is sterling silver based and fashion jewelries. No diamonds and expensive stuffs.

Location: Downtown, Good college foot traffic
Approx expense = $2,400/Month
Available capital = $1,5000

My wife will continue to work as full time as a backup income source.
Lease = sublease, so I wont have to sign long term lease contract

Can someone provide advice or tips..idea on if this is a good idea launching a new business as our economy fights for survival?

Thanks!

[TheBigIdea]

if college students want to buy your jewellery, then by all means go for it. expenses seem to be high , how many students need to buy how much jewellery for you to turn a healthy profit? gotta answer that question

[leonle]

It is better to strengthen the market and the reach of your product before fully investing in it.

[SOCMiles]

What about going with an online store. More potential traffic than any college, and you can seriously reduce your costs.

Do you already have any customers? If so, you could begin to market through them, letting them know that you have a website now, etc.

[EBITDA]

I agree with SOCMiles - what about e-commerce? Lower cost of entry, broader reach.

You mentioned college traffic - its been a while, but I don't remember being interested in jewlry when I was in college.

Nick
TransCapital Pro

[smithwayne]

A million dollar question and the answer to the same at the present time cant be answered by the best economist. This has been evident while the stock markets were crashing do we still know where is the bottom! It is a welcome idea that you have as far your business idea is concerned. But it would be a prudent advice to withheld things till some sort of sanity prevails.

[smartbusns]

Hi,

Me and my wife are planning on opening a jewelry + gifts business sometime very soon.. probably April 2009. Jewelry is sterling silver based and fashion jewelries. No diamonds and expensive stuffs.

Location: Downtown, Good college foot traffic
Approx expense = $2,400/Month
Available capital = $1,5000

My wife will continue to work as full time as a backup income source.
Lease = sublease, so I wont have to sign long term lease contract

Can someone provide advice or tips..idea on if this is a good idea launching a new business as our economy fights for survival?

Thanks!

Hi, your business sounds great! let's do it! economical troubles because of the general situation? I don't think so; I mean; you have a great idea, just trust in it. Good luck.

[SIMPLEROBB]

I agree with SOCMiles - what about e-commerce? Lower cost of entry, broader reach.

You mentioned college traffic - its been a while, but I don't remember being interested in jewlry when I was in college.

Nick
TransCapital Pro

Same here. College and Jewelry is like oil and water. Just my quarter.

[mtheory]

Think about adding a twist to the business like offerring to buy gold and jewelry to sell at a profit. The perfect angle on an economy in crisis.

A jewelry store is the perfect front for this type of business.

I know several jewelers that made a killing recently in the gold market.