Hello, I am a college student (high school in the US) in the UK and I have found a need for a business abroad due me conducting market research in the local language on the internet and the online presence of companies in this particular industry is very minimal and even in English I also conducted market research as there is demand from English speaking expats and I discovered that there is no websites that can cater to these foreign clients. I am undoes not violate any of the CENTS commandments.
Control: I will own the service and the website and will not rely on any third parties to operate so there would not be any third party risk.
Entry: My idea will cost around $10000 - $12000 to start as there will be cost to get the residency permit, start the company, hire employees, advertising and office space. The particular country that I want to start the business in has a low GDP per capita compared to western world and access to loans are limited and will require a high interest rate if accepted by the bank. It will be difficult for a local to compete with my company due to the financial circumstances.
Need: Following my research, I have discovered that there is a need for my idea as locals and foreigners respectively are finding it difficult to deal in the particular industry and with the amount of value skews my company will bring forward there will be a need for my company.
Time: My idea could violate the time commandment as I will need to manage employees however I was planning on having a small amount of employees which I would personally train in salesmanship.
Scale: I will be able to scale the company by opening new branches around the country and the region. I could also create franchises to deviate the need for my time.
My plan is to finish college (high school in the us) and move hopefully next year to start this business.
I am looking for any feedback from entrepreneurs and I am open to criticism as this will help me grow and reach my Fastlane objectives.
Thank you for reading.
Muusa
Control: I will own the service and the website and will not rely on any third parties to operate so there would not be any third party risk.
Entry: My idea will cost around $10000 - $12000 to start as there will be cost to get the residency permit, start the company, hire employees, advertising and office space. The particular country that I want to start the business in has a low GDP per capita compared to western world and access to loans are limited and will require a high interest rate if accepted by the bank. It will be difficult for a local to compete with my company due to the financial circumstances.
Need: Following my research, I have discovered that there is a need for my idea as locals and foreigners respectively are finding it difficult to deal in the particular industry and with the amount of value skews my company will bring forward there will be a need for my company.
Time: My idea could violate the time commandment as I will need to manage employees however I was planning on having a small amount of employees which I would personally train in salesmanship.
Scale: I will be able to scale the company by opening new branches around the country and the region. I could also create franchises to deviate the need for my time.
My plan is to finish college (high school in the us) and move hopefully next year to start this business.
I am looking for any feedback from entrepreneurs and I am open to criticism as this will help me grow and reach my Fastlane objectives.
Thank you for reading.
Muusa
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