Business Ideas anyone? ( Archived) (9)

Hi all,

I'm at a crossroads in life. A lawyer with 12 years experience in the legal field who returned to Malta where it seems I'm overqualified for most jobs after working in London.

having been unemployed for a while now, I now it's time to open up something of my own. I rather fancy a break from law and would love to try my hand at retail.

I've toyed with the idea of buying wholesale cheap clothes from Sicily up to opening my own cheap clothes shop. Unfortunately I'm not an entrepreneur but since I may soon have to sell my flat I might get a cash injection and the employment market is drab here.

Any ideas how to start a retail business with minimal expense. I tend to panic at the very thought but I've reached that age and stage in my profession where the only employment i can realistically look at is self-employment.

I've toyed with the idea of consultancy but I get a headache thinking of scripts for cold calling businesses, how to get paid, get a website done. As I've said I'm not a born entrepreneur but needs must.

Ideas welcome

Part of my job is to advice people in the rural areas, people with very little resources to get their very own small bussiness (mostly related to agriculture) to start with but one thing that I always tell them is:

Find something that you will love doing it and do it with passion.

There are many opportunities to make some money to live on and each person set his/her personal goals, some's are higher others prefer to remain with the basic for living, both cases are fine.

To find what is a good proposal and profitable for you, as a person who attended the University, you have to do it for yourself, do some research in the area you want to be. Selling products is one, services, art, commodities, food and groceries, etc...

Once you find an idea, tell to your self 3 good things about it AND 3 bad things about it too. If you can not find any bad thing about your "business", then you might have overlooked the rough sides of it.

What about an up-market second-hand clothing shop? Not much outlay, but you could specialise in vintage clothes.........

Do some market research to see if there are any other shops doing the same kind of business, or if the area could stand having more than one of the same kind of shop in it.

Check out possible sources for your commodity.

Check out premises, locations etc.

Cost your business for at least 6 months, on the premise that you have no income coming in, to see if you can afford it.

A business plan is always a good idea.

Hope this helps.



Do a survey to see if people would use such a business.

Or you could always relocate..Over here in the states they have a high demand for good lawyers in most of all the states here..Maybe could meet a guy in a nice state too who is intelligent and would appreciate having a partner who can carry on a decent relationship..I was almost thinking the guys in the states are bad untill I noticed some of the luck you been having over there..I guess I wont be meeting any men over in malta.. lol..

OMG Ginger that would be awesome, I just love our local vintage clothing....I also know most of our shop takes in most clothing on consignment....That is even more cost savings...with even less investment....The consignments shops do quite well in America, if u refuse to let folks bring in their trash and maintain high standards of quality. Here most shops get 50/50.