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which to go for ?

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fatmouse76
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which to go for ?

Postby fatmouse76 » Tue, 03 Jan 2012 12:05 pm

Hi, I am doing my homework right now as to which business should I go for. I dont wish to jump into things, and would rather do a proper research before I take my step.

First choice is to open a online hamper business for different occassions,something like Noels.
I would like to target the Expat market more but I am not sure if the Expats here do send hampers to each other ,the way, that locals do during festive seasons.

2nd) I am thinking of opening a play area for kids, where parents can leave the kids for 1 hour or more so that they can shop around.

Which do you think is less risky and more profitable.

Appreciate the replies, thanks!

beppi
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Postby beppi » Tue, 03 Jan 2012 4:51 pm

Business success and profitability depends on many more aspects than choosing the right idea in the first place.

- Even if people here send many hampers, you still need to be cheaper, better and/or more convenient (ideally all at once) than the local competion. AND you need to do your marketing right (so people actually know your website) AND have enough reserves to survive until you build up a reputation and sufficient repeat customers. I'd say be prepared for a few months with no income and up to two years with meagre returns, otherwise don't start!
- There are already several indoor kids' play areas. Your idea will only fly if you're in a mall with lots of people traffic, which will incur considerable rent. Upfront investments will be high. Again, you need to do good marketing, build up a reputation, and have the means to pay for upfront costs, rent plus up to a year without profit.

The risk is certainly lower in the hamper business, because you can start from home and lose only some material and advertising costs when it fails. The potential returns? That depends on your business plan, general setup and a lot of luck.

beppi
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Postby beppi » Tue, 03 Jan 2012 4:56 pm

In general, it is only a good idea to start a business if you can do things better than your competition.
Can you?
What is your background in the hamper or online business? Do you have experience with child care? Or are you going to employ experts in these fields?


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