Starting Out - Engraving, Trophy & Gifts Industry

By Author: Engraved Tankards (www.mypewterart.co.uk)
Total Articles: 14
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It was Napoleon who described Britain as a nation of shopkeepers but whereas he made this as a disparaging remark, others have understood it to be an essential element in creating a thriving, buoyant economy. From Adam Smith in the 17th Century to our previous Prime Minister (Gordon Brown), all those concerned with economic policy have understood the importance of the high street and the importance of individual shopkeepers in the country's fiscal mix.

But whilst the high street has the ability to turn individuals into mini Alan Sugars, it also has the ability to turn others into fired apprentices who fail to meet the mark. Before starting out there are many things to consider - not least - do you have the knowledge that will allow you to run a profitable business?

How will you market your products? How much money will you make in year one? Who are your suppliers? These are all the questions that people starting a business need to know. Before you get to this stage, there are key things that need to be considered: Is there a gap in the market where you plan to set-up? What relevant experience and expertise do ...
... you have that will make the business work? How will you fund your business?

Some people, particularly in the retail sector, consider buying an existing business or buying a franchise. This can carry fewer risks than starting completely afresh. It should give an insight into projected revenues and establish whether there is an existing market for an outlet selling gifts. My advice to you would be, if you are considering buying an existing business make sure you know why the business is being sold. It is worth spending some time really examining why it is being sold and what factors may have encouraged this. Look into the history of the business, current performance and external factors that will impact on the business's performance in the long term future.

Franchises should be scrutinised in exactly the same way. With a franchise there may also be a particular way the business has to be run that has to be stuck to.

If you're looking to break into the engraving, trophy and gifts trade. Rather then starting out totally new, why not research and find out whether there is any nearby cobblers, or trophy shops wanting to sell. This way, you will not be required to risk finding new customers etc. As taking over an existing business, you will most definitely be able to acquire the shop's existing customers.

Janet is an expert in giving wording and fonts arrangement advice for engraved pewter tankard and engraved pewter goblets. Visit Pewter Art UK for more pewter gifts idea. http://www.mypewterart.co.uk