Foo - About to start a new company

it is all because my love for flashlights working on geting a whole seller now.So far i have been approached buy one .but how do i know if there legit?there will be lots of money invollved how do i protect my self?

Spellcheck.

Don't rush in. Get your business plan straight first. That's more that we can cover here in Foo. Get thee to a library.

Spellcheck.Yeah that is for sure i was just thinking i should hire a secretary. Because spellchecker has no clue what im trying to say.But there is nothing i hate more then being a boss.PLus it will cost at least 15 bucks a hour for agood one

Spellcheck.

+1. And...

2. Don't get high with your accountant.
3. Budget for rights to rock this in the commercials


http://www.youtube.com/watch?v=MhWZTSyD2mw

Don't rush in. Get your business plan straight first. That's more that we can cover here in Foo. Get thee to a library.yeah im going slow spent a lot of time finding the best items to sell .Now im just looking for good wholesellers

What is going to be your business model?

Yeah that is for sure i was just thinking i should hire a secretary.

Let's make it an even $20 and I'll start Monday after Thanksgiving.

What is going to be your business model?
selling the bestflash lights for cheap so far ive shown thse lights to guys who have 3 hundred dolar flashlights and i blew there mind for instance a 6 d maglights thats right 6 d cells is like 200 lumens i can sella light that fits in ya pocket for around that many lumens .Im also looking at lights that are around 5000 lumens that i can sell for around 75 bucks i hope

it is all because my love for flashlights working on geting a whole seller now.So far i have been approached buy one .but how do i know if there legit?there will be lots of money invollved how do i protect my self?

You are starting a flashlight company? Really? Just flashlights? I'm not sure there is "lots of money" in the flashlight market.

You are starting a flashlight company? Really? Just flashlights? I'm not sure there is "lots of money" in the flashlight market.u would be surprised there called flashoholics.these aint lights u get at walmart they pretty much make it lok like its daytimes or they can do s.o.s or u can just use them on low to save battery life

It has to be better then having the money in the bank as the dollar falls even realestate i think will fail

It has to be better then having the money in the bank as the dollar falls even realestate i think will fail

Again? When's the double dip hit, Swami?

Again? When's the double dip hit, Swami? i just am guessing around 2013 the market will fail. now i admit im no expert im far from it.If im wrong it wont be the first time lol

One thing you might want to check out is Shark Tank, if you don't watch it already. Lots of budding entrepreneurs getting ripped up by the pros, and a few make it into partnership. The thing to watch is how the pro's evaluate the entrepreneurs, what are they looking for.

It has to be better then having the money in the bank as the dollar falls even realestate i think will fail

Yes and no. Business badly done can be one of the fastest ways to lose your shirt. Or, you might be the next Mark Zuckerberg.

One thing you might want to check out is Shark Tank, if you don't watch it already. Lots of budding entrepreneurs getting ripped up by the pros, and a few make it into partnership. The thing to watch is how the pro's evaluate the entrepreneurs, what are they looking for.
He would have to bring something to the table like a new design, improved optics, improved driver circuitry, revolutionary power supply- with a patent or ten in hand- if he even has a chance. From what I can tell, the OP just wants to enter the retail space (be another middle man) and that sector is chock full already- action led and shiningbeam come to mind.

He would have to bring something to the table like a new design, improved optics, improved driver circuitry, revolutionary power supply- with a patent or ten in hand- if he even has a chance.

I said WATCH the show, not be on it. You learn a lot about the business metrics, cost of production, ROI, rates of growth etc., that they (and others in business) are looking for, mistakes that entrepreneurs make, things they do right etc.

If he needs it I've got a great flashlight concept that uses persistance of vision to increase the useful light from a flashlight without a brighter bulb. I even made a prototype and it works.

Sadly, with the new LED flash lights and improved batteries, it's now easier and cheaper to just add more LEDs.

He should watch the show and maybe it will help him figure out what direction to take with his ideas. If the seed for this was planted in head by a vendor inquiring if he'd like to be a distributor... yeah, he should not only watch it, but take copious notes.

Reminds me of the SNL skit about the Scotch Tape store. Just not sure a flashlight store is a great idea. I think people are pretty happy with their cheap Walmart flashlights. Not really a product most people are willing to spend a lot on.

Yup, it's possible that he could do it. But he'd have to do a lot of research into his business model. Selling stuff for the cheapest is a model that sucks in a lot of people, and a few like Sam Walton make it work. So he'd have to compete with Sam Walton now. What made it work for Sam Walton was not that he sold it cheapest, but rather that he brought low prices to rural areas where other discount stores didn't think there was enough of a market.

But it's possible that he might come up with an angle that could work if he thinks carefully and could find something like customer service, building a community or other unique strategy. If there is a community of photophiles (light lovers) as he says he might be able to make a market of it selling rare, unique or hard to get stuff.

Yup, it's possible that he could do it. But he'd have to do a lot of research into his business model. Selling stuff for the cheapest is a model that sucks in a lot of people, and a few like Sam Walton make it work. So he'd have to compete with Sam Walton now. What made it work for Sam Walton was not that he sold it cheapest, but rather that he brought low prices to rural areas where other discount stores didn't think there was enough of a market.

But it's possible that he might come up with an angle that could work if he thinks carefully and could find something like customer service, building a community or other unique strategy. If there is a community of photophiles (light lovers) as he says he might be able to make a market of it selling rare, unique or hard to get stuff.

We talk a lot here about bike shops struggling to stay open...I can't imagine there are enough flashlight enthusiasts out there to support a business.

One thing you might want to check out is Shark Tank, if you don't watch it already. Lots of budding entrepreneurs getting ripped up by the pros, and a few make it into partnership. The thing to watch is how the pro's evaluate the entrepreneurs, what are they looking for.

They shun retailers.

Try and sell some on eBay first. Also the best way is to sell directly from the supplier so you have no inventory to speak of.

How big a scale are you interested in? Cottaqge industry scale can be done via Ebay and Amazon, all the way up to industrial scale. They are just marketing avenues.

Protecting yourself? First, incorporate your venture. It isolates your venture from your personal money and compartmentalizes liability. Hire a lawyer and an accountant. If you are going to manufacture overseas, hire an import/export specialist and good freight forwarder.

Have an operational plan from the get go, and have capitalization in place sufficient to meet your needs. Most businesses fail because they run out of capital in the middle of their climb and hit the wall. Shoestring startups are very prone to failing, because they have no reserves for failures.

Are you really dealing direct with the factory or is it a pyramid of wholesalers? Are you going to be responsible for warranty of the goods? What legislative requirements are there regarding such things as taxes and import duties? How much are you investing and when do you expect a return? If nothing else you need to be a good salesman and do a lot of canvassing of potential retailers. In order to impress retail outlets you NEED to be organised.

Or you could just sell them all on eBay.

Anthony

How big a scale are you interested in? Cottaqge industry scale can be done via Ebay and Amazon, all the way up to industrial scale. They are just marketing avenues.

Protecting yourself? First, incorporate your venture. It isolates your venture from your personal money and compartmentalizes liability. Hire a lawyer and an accountant. If you are going to manufacture overseas, hire an import/export specialist and good freight forwarder.

Have an operational plan from the get go, and have capitalization in place sufficient to meet your needs. Most businesses fail because they run out of capital in the middle of their climb and hit the wall. Shoestring startups are very prone to failing, because they have no reserves for failures.
Windy, if you read no other post in this thread and take it seriously, make sure you read this one 20 times and ensure it sinks in. Especially the bit about start-up capital.

im reading all advice any i really am grateful for it i wont have a real store im just going to sell online ill buy them then go thru the lights and fix the ones that aint perfect or make the wholesleer do it.so far i think ill be betyer of with more expensve lights .like this 1 http://dx.com/p/trustfire-x6-sst-90-5-mode-2300-lumen-memory-led-flashlight-with-batteries-set-3-18650-47754

im reading all advice any i really am grateful for it i wont have a real store im just going to sell online ill buy them then go thru the lights and fix the ones that aint perfect or make the wholesleer do it.so far i think ill be betyer of with more expensve lights .like this 1 http://dx.com/p/trustfire-x6-sst-90-5-mode-2300-lumen-memory-led-flashlight-with-batteries-set-3-18650-47754

http://www.countycomm.com/aatactical.html

There a quite a few websites like This one. There is definitely a market for the product you are selling. The problem is that people tend to buy based on price. I have a friend that had an online buisiness for a few years. He is a software programmer and disected the whole online deal.The main thing was google search status. The more people you can direct to your site the better. He had all of these ways of getting his website on the first page of a google search.

1. Get government grant
2. Hire a bunch of employees
3. Let them unionize
4. Don't give in to the union
5. Reorganize
6. Get government bailout
7. Sell company
8. Golden parachute for you