What will you do business with $5000?

[Tiffany Lam]

Hi all,

I'm 24 and I'm now work for Japanese Company, however I'd like to follow my dream that I have many ideas to do business on my own.

With $5000, should I startup? If it's possible, can I open a Clothing Store or Handmade Store? Or maybe a service company?

Thanks so much for your advices

 

[DavidAshdown]

It depends what you want to do.

What is it that you are passionate about and/or know most about?

 

[Tiffany Lam]

It depends what you want to do.

What is it that you are passionate about and/or know most about?

As I said, I want to do business about Handmade Clothing or Handmade things. So do you think it's possible??

 

[Chris Ashdown]

How are you going to sell 5k is not much if you need to advertise or hold stock, hand made anything still needs to make a living wage and needs to find enough customers to give you the sales required to give you that wage

Maybe repairs and alterations would be a way to start and pay your wages and build up the handmade in spare time,

 

[Plan A Link]

No one can tell you what business to start up you really need to have the passion because when the going gets tough you want to be self motivated enough to carry on. With your budget it may be hard to open a clothing store or hand made items. But what you could do is use the money as an investment to learn about online marketing (there is plenty of free information available) and resell clothing items online through a website? then once you have a constant flow of orders start bringing your own products into the store. This will mean you can afford to live of the money produced from the business and it will also make your business scalable.

 

[Tiffany Lam]

No one can tell you what business to start up you really need to have the passion because when the going gets tough you want to be self motivated enough to carry on. With your budget it may be hard to open a clothing store or hand made items. But what you could do is use the money as an investment to learn about online marketing (there is plenty of free information available) and resell clothing items online through a website? then once you have a constant flow of orders start bringing your own products into the store. This will mean you can afford to live of the money produced from the business and it will also make your business scalable.

Firstly, many thanks for your advices. I know what my passion is, it's about Clothing by handmade. So I try to ask you guys with $5000, is it possible for me to do it? About learning online marketing I think we can learn it on the internet by ourself and use it in fact. Nowadays, business online in Vietnam is so popular, I'm afraid of competition. But if it's okay when startup with $5000 by handmade, I think I can get my own brand soon

 

[Tiffany Lam]

How are you going to sell 5k is not much if you need to advertise or hold stock, hand made anything still needs to make a living wage and needs to find enough customers to give you the sales required to give you that wage

Maybe repairs and alterations would be a way to start and pay your wages and build up the handmade in spare time,

Yes, I'm going to sell Handmade Clothing by myself, at first I will do it alone or with a friend (who good at Sales skill). All things maybe repaired from old clothes and become a new style. That's all I want to do and I hope it can be a Brand for second-hand clothes.

 

[Jeff Nev]

With 5K, you'd want to focus on services which can provide good ongoing results, such as developing a digital marketing strategy which can be sustained somewhat easily and you can focus on your store.

As Chris said , offer other services to supplement your business, and you're currently limiting yourself somewhat in the market. My other advice would be to make best advantage of those around who can provide help, such as other freelancers and small businesses. I don't mean financially, but instead through various services.

As an example, I helped start a company on much less in sterling. We were lucky because we enlisted the help of small web dev company, having a < link drop removed> based helped us establish connections in the capital and succeed. Take advantage of your settings and make your investment go a long way.

Good luck! Any chance of a link to your stuff?

 

[CloudAccountantcouk]

I started my first business with £5k on a credit card and it now has 650 staff (although I left well before it got that big).

 

[Tiffany Lam]

I started my first business with £5k on a credit card and it now has 650 staff (although I left well before it got that big).

You mean you opened a company and you sold it to someone else and left before it grows up. I don't know why you left your first business like that???

 

[CloudAccountantcouk]

You never know the right time to exit but offer was good and it was still a fair size. I was still able to retain an interest and benefit from the additional finance which enabled the business to grow by buying back books.

 

[Karimbo]

you can retail, if your products are unique and "hipster" enough you could rent a shipping container at boxpark. Though rental isn't cheap: http://www.boxpark.co.uk/enquiries/ (if you have the right product, it could more than pay for itelf and get momentum going) as the place has all sort of hipsters, silicon valley types and tourists there.

How are you sourcing your products?if it's made overseas and shipped here - you will need to pallet ship it which takes 2-3 months. With just £5K you won't be able to reinvest money in stock and get it shipped in time to sell on. You will need to buy at least £35K of capital to keep a healthy cash flow so you always have clothes coming in to sell on all year round.

Alternatively you can do a weekly run at a place like spitalfields market on a sunday. But this is more of a supplemantry trade for vendors involved on another site for rest of the week. Spitalfiends market would be a lot cheaper but it's only 1 day a week

 

[elisagrace]

" Where there is a will there is way". You can make purchase of clothes with $4000 from wholesale market as per latest fashion. Try to sell those to your friends on little margin. If they like your product it they will increase your market and they will send more customers to you and it will also boost your confidence level. For further purchase you can ask money from your near ones. Ones your work started it is sure that you will never look behind. Later on you can return money back from whom you have taken.

 

[sometechcompany]

With half of this money you can learn how to create a software and start a software-based business. This training : team23.training is specialized in helping entrepreneurs without technical background set up a software business. If you go through the full training, it will cost you half the money you have, and the good thing is that you can thereafter start any software business you want without paying 1$ to anyone.

 

[xnstandy]

It depends what you want to do. Now that your startup money is not very much. You can try with e-commerce. Sell your products on ebay amazon or etsy and so on. When an order come, then you will need to send your order. A dropship is an option you can consider. It does not cost you much.