We often get asked how we started our business, and if we have any advice for others who would like to start their own business. Today we received this lovely email from Lauren, so I thought I’d share our response so that others who are interested in this info could also benefit…
[Plasticland] I was just curious about your store and how it first was started. I’ve been a fan for a while and was thinking of starting my own business. Any advice you might have? – Lauren
Hi Lauren,
You can read about us here: http://www.shopplasticland.com/fashion/c/About-Us.html
I have 3 bits of advise that I always give when this question is asked (we learned most of these the hard way)…
1. Do Not borrow any money to start. Scrape together a minimum of $75,000 – $100,000 cash before you decide to even try to open your doors.
2. While you are saving up money work in the industry that you want to own a business in. Running a business is a very different beast than what most people believe it to be, and you should know exactly what you are getting yourself into. Reading business books also helps with back-end concerns like accounting and marketing.
3. Once you have your money and experience in hand, talk to your local SCORE office to get started (but don’t let them talk you into borrowing money, borrowed money is why many businesses fail, a point that has become very obvious during this recession).
Good luck!
-Rebecca
www.ShopPlasticland.com
Saving up such a large amount of money sounds daunting, I know, but I cannot emphasize that point strongly enough. Debt payments severely interfere with cash flow, and that can strangle a new business.
Saving isn’t as hard as it might seem, and the organization skills, and dedication that you learn while saving up will greatly help you succeed when you are running your future business. For tips on how to save check out books from David Bach and Dave Ramsey.
