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Hello,
Was wondering what your thoughts on both business are when it comes to them becoming a fast lane business.
I previously started a business that failed (online retail business, on a mix of bought, dropshipping models. A mix of marketing costs, high debt, not enough profit margin, Covid, UK cost of living and obviously mistakes done by me, gave me no choice but to liquidate the business.
With that experience from the past I obviously want to make sure I do not do the same mistakes and would like your input on all the points above about two potential businesses and their potential to be a fast lane business.
Recruitment Agencies:
Very little money to start the business
Potential to hire recruiters in time and grow the business
Can be a global business though start needs to be local or national at best
No industry knowledge
Easier to start as no stock is needed, only time and graft to begin with
I have no love per se in the industry or business which might actually be a good thing
High competition and low entry point
Potential of scale if people are hired and trained to a point where you are not needed to run the business
Very small amount of placements needed to make very good money
Fragrance House:
Investment to start can be substantial but £5k-£10k could be enough to start on a very small scale
Substantial knowledge in e-commerce
Lot of different products can be created in time from perfumes, candles, reed diffusers, shower gels, hand wash, etc...
Can be sold in stores, online, wholesalers, distributors, potential to go to other markets such as hotels, spas, home decor, etc...
Connections when it comes to places to sell such as marketplaces and wholesalers, distributors
It will be a private label so brand will be an asset
I love the industry but I am not a perfumer so would look into the business differently (as opposed to doing the perfume, I would be the creative director for lack of a better word)
High Competition from big designer names but more knowledgable needed so not everyone will start due to entry difficulty
I have good differentiation on how the brand will be marketed but fragrance business is quite personal (people only buy if they like it)
Difficult to sell online only as people need to smell so will be a slow starter
Can be sold anywhere and in time if I have stores I can be left to run the business and NOT be IN the business
Potential of scale
With all the points above could one or both be a fast lane business?
I did a WADM Decision Matrix on both and Fragrance House came out in front but by not much: 16 Factors, 723 to 712
Any inputs on this would be appreciated.
Thank you
Was wondering what your thoughts on both business are when it comes to them becoming a fast lane business.
I previously started a business that failed (online retail business, on a mix of bought, dropshipping models. A mix of marketing costs, high debt, not enough profit margin, Covid, UK cost of living and obviously mistakes done by me, gave me no choice but to liquidate the business.
With that experience from the past I obviously want to make sure I do not do the same mistakes and would like your input on all the points above about two potential businesses and their potential to be a fast lane business.
Recruitment Agencies:
Very little money to start the business
Potential to hire recruiters in time and grow the business
Can be a global business though start needs to be local or national at best
No industry knowledge
Easier to start as no stock is needed, only time and graft to begin with
I have no love per se in the industry or business which might actually be a good thing
High competition and low entry point
Potential of scale if people are hired and trained to a point where you are not needed to run the business
Very small amount of placements needed to make very good money
Fragrance House:
Investment to start can be substantial but £5k-£10k could be enough to start on a very small scale
Substantial knowledge in e-commerce
Lot of different products can be created in time from perfumes, candles, reed diffusers, shower gels, hand wash, etc...
Can be sold in stores, online, wholesalers, distributors, potential to go to other markets such as hotels, spas, home decor, etc...
Connections when it comes to places to sell such as marketplaces and wholesalers, distributors
It will be a private label so brand will be an asset
I love the industry but I am not a perfumer so would look into the business differently (as opposed to doing the perfume, I would be the creative director for lack of a better word)
High Competition from big designer names but more knowledgable needed so not everyone will start due to entry difficulty
I have good differentiation on how the brand will be marketed but fragrance business is quite personal (people only buy if they like it)
Difficult to sell online only as people need to smell so will be a slow starter
Can be sold anywhere and in time if I have stores I can be left to run the business and NOT be IN the business
Potential of scale
With all the points above could one or both be a fast lane business?
I did a WADM Decision Matrix on both and Fragrance House came out in front but by not much: 16 Factors, 723 to 712
Any inputs on this would be appreciated.
Thank you
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