Need advice for opening Sports Nutrition/Weightloss Independent Shop

Discussion in 'Men's Economics' started by tubesox, Dec 29, 2014.

  1. tubesox

    tubesox Member

    For all of my brother who are further up the economic scale than I am, which are quite a few...
    Im looking for advice, I know some of you are on the upper end of things and I would like to know what you look for in an entreapeneur for potential investment...

    Obviouvsly the supplemental nutrition industry is almost a compounding investment, but from what someone higher up on the food chain may need to see...what would seperate my possible store, hopefully chain one day from the common ground of a new small business in a dog eat dog world

    @pumpingiron22 hate to call you out, but i know you have sound advice in these areas..and i think @CensoredBoardsSuck you may also...there's a bunch more but i don't want to go through tagging the whole

    any help at all, from any of you..greatly appreciated
     
  2. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

    Are you investigating in a company or starting a company.
    I will be happy to answer any questions I can.
    Thanks PI
     
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  3. tubesox

    tubesox Member

    starting my own, independent...hopefully no overhead accept for possible investors i may have to succumb to
     
  4. MANWHORE

    MANWHORE Member

    Free gear to first 10 customers..
    That's all I got..

    Pump, you better take it from here
     
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  6. tubesox

    tubesox Member

    on a roll today bud, got me laughing again
     
  7. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

    So are you making a supplment.
    Or are purchasing the reselling?
    Sorry Im trying to get a feel of what your actual business plan is.
     
  8. tubesox

    tubesox Member

    reating my own as well as selling major name brands and a few brands i know from reps i've interacting with. They may not be as well known as the others but they're sports nutrition is top notch..vita sport, they distribute to some nutri shops...but the guys in my area i have known for awhile
    tein.jpg backtein.jpg pwo.jpg pwobCK.jpg
     
  9. tubesox

    tubesox Member

    they've got a bunch of other stuff and as far as making my own im looking into a contractor which has a good approval by forbes
     
  10. tubesox

    tubesox Member

  11. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

    First thing is to map out a business plan. It does not need to be to technical. Basically just for you. To give you an idea of where you are going and what you need to invest. Do not get a loan from the bank! You can do it on your own. The biggest thing you need to find out is profit margins. How much it cost can you get better pricing if you buy supplies in bulk. So you need to look at your cost vs profit margin. And is there any thing you can do to tweak it. Then you need to figure out are you going to sell it online? Hustle to get it in stores nutrition stores grocery stores. Gyms which these I would suggest highly. Store fronts are nice if you can afford it but it will eat up your profits. Which you dont need.
    Do you need to hire a rep or can you do it your self? Also go to the court house get a dba. And a tax Id. You will need that.
    Also make sure you have all the legal warnings on the back. Also at some point go to uspto to get trade marked and registered if things get booming
    Invest or download quick books to keep up with purchase orders and tracking and sales. Also remember the tax money you get is not yours. Put it in a separate account pay uncle Sam every 6months also tax time write off as much as you can contract labor supplies ectra. Ive been very interested in doing this as well so if you get up and going I would be happy to be a reseller if you give me a good price also a sample or two would be nice. Hope this helps pm me any time.
     
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  12. tubesox

    tubesox Member

    Awesome..

    Good thing my sister has a CPA and works for Price Waterhouse Cooper

    Hey, @Voltrader , youre a marketing man right?
     
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  13. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

    I also did marketing and point of sale for dr pepper/7up. Questions?
    Lol
     
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  14. tubesox

    tubesox Member

    Honestly brother I've got a lot of number crunching to do, i don't want to waste your time...
     
  15. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

    Good luck a prosperity on your new venture!
     
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  16. MassTurk

    MassTurk Member

    PI I follow your posts often. you are indeed an invaluable member here
    Mass
     
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  17. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

    Thanks brother im just glad to have awesome like minded members here. Like you.
     
  18. Voltrader

    Voltrader Member

    @tubesox Yes I own my business so by default I have to do marketing/sales. Good advice from PI above. This is the bible for sales a must read. You don't have to read every part of the book but you have to dive into it a bit and highlight the places for you.
    http://www.chetholmes.com/ultimate-sales-machine


    You also will need to incorporate your business before getting that EIN(tax id). So you will want to talk to your sister about C corp vs. S corp vs. LLC. At first just start by doing business as yourself and get a solid business plan before spending the money to incorporate($300-$700). Good luck in your venture and remember just with anything else you only get what you put into out. If you pour yourself into your success you can not fail.
     
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  19. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

    ^^^^ Almost forgot that LLC is good and easy to understand.
    Less rules and regulations. Basically if you go bankrupt or owe taxes the its can not go after your personal belongings. Corp stuff can get very confusing.
    That just my opinion.
     
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  20. tubesox

    tubesox Member

     
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