What Should I Do?

[devon439]

Hi,

I'm nineteen years old and still living at home with parents. I was working for a large sports company but they had to make cut backs and unfortunately my job was 'vital' to the business. I was made redundant.

I really want to start my own business. My parents want me to get a job ASAP as I have a few financial commitments to maintain. They have offered me £800 as a loan to get a market stall going in my local indoor panier market. Children's clothing would be perfect in there. The market manager is also keen to have a stall for childrenswear.

Should I keep hunting for a job...so far there really hasn't been much joy, there isn't many jobs out there. Or should I take the £800 and try as hard as I can to make a living from a stall?

Thanks in advance.

 

[SusanBryant]

Could you get a part-time job in a bar or similar, just a few evenings a week, to keep money coming in while you establish your stall and see how it's going to work?

Good luck!

Susan

 

[LisaV]

Hello!

Yes it is really hard to get a job at the moment. What experience do you have in retail? Would you make a good salesperson?

Rather than invest your money on a stall now, do a bit of research first. Is there a stall selling clothes in the market? How well do they do? Where would you get your stock from?

Perhaps you could volunteer in a charity shop for a little while to see how things are run there. Have a go at selling. See what the problems are and what is popular.

Once you've done all your research and you have a better idea of what you are letting yourself in for, then go for it! And well done on using your initiative and trying to get started in this way. Your parents should be very proud - I know I would be!

 

[devon439]

Hello,

Some great ideas coming in from you both, thanks so much. In my local market the closest competition I have is knitted children's jumpers - it's all knitted. They are also locked into that as stalls are not able to change what they sell unless they obtain permission from the market manager.

It's great to hear the encouragement from you.

 

[youngflower]

Thanks for your information.

 

[Ranks]

Have a look through ebay wholesale and job lots for stock - beware of fake goods though. You should be able to pick up enough stock and have a couple of hundred left for working capital. Maybe a future goal could be to open a small shop doing the same....is there anything like that in your area?

I would say start a business. A job is ok if you like spending most of your wage on tax, and want to work till your 80+ (only half joking )
The business will give you so much more, whether you succeed or not. You also have age on your side (don't let anyone tell you different)
Good luck mate!
Jay

 

[Andrew @ PLA]

I would suggest that you take the money and try your hand at the business - see if you can get a discount on the rent (three months maybe) from the market and in the meantime carry on looking for a job.

Take the time to find yourself some good quality suppliers who will give you credit (even 30 days would help your cashflow out). There is so much to running a business, inc looooong hours but the job satisfaction you get is far better than you can get from Monday- Friday, 9 till 5.

Good luck and keep us all updated.

 

[CraigieDD]

Hi,

Should I keep hunting for a job...so far there really hasn't been much joy, there isn't many jobs out there. Or should I take the £800 and try as hard as I can to make a living from a stall?

Thanks in advance.

As the saying goes...

"You'll either say 'I wish I had, or I'm glad I did.'.... ;-)

Go for it brother and best of luck. Visit regularly, there's some really good people in here.

 

[downsouth]

I really want to start my own business. My parents want me to get a job ASAP as I have a few financial commitments to maintain. They have offered me £800 as a loan to get a market stall going in my local indoor panier market. Children's clothing would be perfect in there. The market manager is also keen to have a stall for childrenswear.

Personally i'd be researching this market, both the selling of childrens clothing in this location and also the actual market place itself.

Childrens clothing is extremely competitive, what are you going to sell? styles? sizes? fashions?

the MArket itself, how long is the lease? how much is the lease? of course the market manager is keen to get you in, he see's £££££ coming his way, bea careful not to get yourself into a sector/indistry you know little about or can get out of.

you dont want to be locked into something as you say you cant get out of

All the best though, post back with progress, plenty on here to help

 

[vvaannmmaann]

Give it a go!
Also think about "second hand clothing" if you can source good clean items you may attract people on a tight budget.Likewise kid's toys?
Good luck.

 

[BusinessDoctor]

Hi, I think you should go with the business idea. I was actually 19 when I set up my first business... there was a lot of learning involved, but I worked so hard on it that it became really successful.

There were so many brilliant business books I read, which helped me loads. I can send a list of the tops books I've read if you want? Just send me a private message.

Good luck to you, if you ever want any help let me know!

 

[devon439]

Thanks guys for all your help and advice, it's really encouraging. My local market works on a pay weekly basis. So if things were not to work out I can give one weeks notice which is a safeguard for me. I'll give things a shot and will keep you posted to my progress and hopefully my success! Thanks again. Best wishes to you all.