Sector Specific Business Advice

[Yvonne]

Not easy to find specific industry information, especially "tips" on the insider stuff that can sink a new venture.

As someone who has been directly involved in quite a few ventures which failed (although we never ever went bankrupt!), including having a sole agency to import a world recognized brand of sporting goods!

No matter how well thought out your plan is, or how many negatives you considered, there will almost always be an aspect which you did not consider.
(Trust me!) I have all those T-shirts - Been There! - Done That! - and thought I could succeed by doing it differently!
Almost like a challenge hmmmm!

In almost everything I have been involved in during my life, and listening to friends in business as well, there are always factors one would never consider which have a major influence. We never realise the constraints of a particular industry until we experience them ourselves. Sometimes that experience comes at a higher cost than we thought possible.

Personally I would consider it money very well spent to do all I could to find someone who had a business importing clothing and apparel, who had been successful for a number of years and then either sold or "closed" the business.
Pay that person a consulting fee, for all the insider information and factors that affected his business. In fact - employ him as your adviser on a commission!!!!!

Please make sure you note that this is not legal or financial advice -
just friendly "signposts!"

Be realistic, which is really hard to be when desire for the venture will control your thinking (Much as someone newly in love completely overlooks ALL the warning signs!!!) it is as "emotional" as that. Honestly!

For example if I say - getting your International suppliers payments through the banking system can almost loose you your supplier - don't just brush that off with the mental thought that you will not have this problem. Story way too long to list here.

You don't say what line of business you are presently in or what experience you have to date, so perhaps this advice is unnecessary!

I have heard that the Department of Trade are "super" helpful, so perhaps they can provide you with information which might lead you in the right direction for industry specific information you may be seeking.

Please do not take this as a "negative" - strangely enough I feel the more constraints that you have to overcome the less likely you are to have too many competitors! or any that stick around anyway!

Wish you success

Yvonne

[BonaFide]

Yvonne

Thank you for your reply. It most certainly is not easy find industry specific information in the least. We have been bandying this idea around for the last year and to date have been unsuccesful in finding the right resources that will allow us insight into the way this segment of the market works and being a rather cautious fellow (brought on by past failures and non-starts), I feel the need to ensure that I do the proper due diligence before running off into the great wide yonder.

Having said that, as with most new ventures there is always an elemnet of risk one knowingly takes, but I do believe that one has to perform proper research before embarking on a new venture. Hence my post.

If you do not mind my picking your brain, given your foray into a similar line and it unfortunately not paying off (please correct me if I am wrong on this point), what were the stumbling blocks that led to the venture failing?

Your point in finding a reputable consultant is a very valid and valuable one, but it is finding these people that poses the problem.

At this point I am very realistic, and generally do not let emotional attributes of the human personality lead my decision making. Being pragmatic, emotions are the very last aspect of my personality that I let take precedence over my decisions.

I currently have a small IT business that I am growing, am involved in a Directors position of a non-profit oragnization, but derive my main income from being a Facilities, IT and Project Manager for a multi-national Formwork company.

I must be honest that I have found the DTI to be most unhelpful, but it is possible that I am not speaking to the right people there.

Would you mind expanding slightly on your statement in regards suppliers payments through the banking system? I am sure I have enough time to listen to your story

Kind Regards

Craig