- Total posts: 17
Starting your own Small Business from scratch is a hard ask if you haven’t had experience and qualifications.
It is much easier to buy an existing business that the current owner wants to exit. This already has stock, location, and customers, but you need to analyse the business opportunity carefully to ensure that you can make the changes that are required for you to make a reasonable profit.
Many of my competitors were naysayers who told me that I had to follow the current system of buying from Australian wholesalers, but I decided to approach wholesalers in SE Asia who had a lower markup. This enabled my business to display more stock at a lower cost, resulting in far greater markups whilst still being competitive in the marketplace.
Before you enter into your own business you need to develop an “EDGE” so that you can make good profits and satisfy customers.