How should I start an online store?

Asked by lucid (154

) January 22nd, 2011

I would like to start an web-based store to sell audio equipment. I generally know what I want to sell and what engine I would like to use to sell it (Goodsie seems like a good option). It’s important to become an authorized dealer for the products I sell, what should I do to make sure I am accepted when applying? What is the best way to build inventory and how much inventory should I keep? I don’t have cash-on-hand to build a significant inventory, what is the best way to go about getting a bank loan and make the right moves to become successful?

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5 Answers

You’re going to have to have a written business plan before you talk to banks. You will need to have documentation of vendor willingness to consider you as an authorized dealer. While you would not necessarily have to have inventory on hand, you are going to have to have documentation of exactly how the ordering is going to work.

You should also run a credit report on yourself and do what you need to do to make sure your credit is impeccable.

Keep in mind that most audio retailers have inventory; this is who your competition will be. What will make your business unique?

BarnacleBill (16123

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