1.) The biggest issue is raising capital for product. Are there any government grants for small business owners? If so where may I find them. Do lending institutions approve business loans with just a business plan now days? I have no collateral and I need money, what do I do?
This really depends on how much cash injection you are looking for. A good source of capital can be family members, loans, credit cards or like you say a grant from an established charity or specialist organisation. Unless you are looking for big money I would always recommend trying to get a loan from a family member.
2.) I have heard horror stories of scammers looking to prey on ignorent individuals like myself. I was wondering if anyone could recommend any reputable wholesalers that speacialize in electronics (ie: ipods, iphones, itouch, PDA's and cell phones, gaming consoles, PC's ect.)
It comes with the territory I'm afraid. There is a lot of danger attached to dealing in these products, simply because they are popular items that a lot of people wish to source, hence people get desperate to find a cheap and reliable source. Scammers prey on this fact and lure unsuspecting traders into their trap. These situations can be fairly easily avoidable by doing plenty of research and using a secure payment method before deciding to part with your cash.
The items you are interested in can be found by looking in our wholesale marketplace and respective marketplace advertisers.
3.) Other than inventory and storage fees is there any other cost I should anticipate?
Depends on your situation. Will you trading from home or are you going to have to hire out premises? This is too broad a question without knowing how you plan to operate your business.
4.) Given technology changes by the minute is there a turnover time (in days) I should aim for so I don't get stuck with stagnate inventory?
This is a no brainer. Your objective is to make money as a business (amongst other things), having a prompt and regular turnover is the life line of any business. The fact is, the sooner you can get stock out of your warehouse, the better. There are certain situations when this varies, namely holding on to stock to secure a better price (ie; Christmas rush period) but for the majority of the time you should aim to get your money in and turned over as soon as possible.
Hope that helps.
New Member needs advice
Linear Mode
January 2009
