Hello everyone! My name is Doug Beck and I'm a senior CIS and Entrepreneurial Studies double-major at Rider University. Last semester in my New Venture Planning class, Dr. Cook introduced the SVE to me and I was very interested in taking the business plan that I developed in NVP and implementing my idea in the SVE.
Like SportsFanBase.com, my business is solely online, but it is a bit different than Ari's. The primary focus of my business is selling cell phone accessories at a competitive price via eBay. I will be purchasing the accessories at a wholesale price and then reselling at an "eBay retail price" (eBay tends to sell cheaper than in stores).
My status right now can be summed up in one word: development. I have been exploring the market and trying to find the best products to invest in at this time, as the most marketable products are always changing with time. So far, I have contacted over a dozen wholesalers and plan on doing business with a handful of them. Some are domestic and some are foreign, but I will rely on my domestic wholesalers to get me started because the shipping time for the foreign wholesalers is very long.
As you can tell by my username, my business is called More2Cell LLC. I obtained my LLC online by searching on Google and being directed to the NJ State Small Business registration site. I also completed all my IRS registrations online and paid for everything with an e-check. It's truly amazing what the Internet now allows us to do!
Once I successfully registered my business, I setup a business account at Commerce Bank, which will be the account to which the loan that Rider is giving me will be deposited. With the money that Rider is loaning me, I hope to purchase products that will turn a large profit for me.
One of my biggest challenges is determining what phones are coming out soon and what phones are popular. Additionally, I need to research and determine what phones have the highest demand for accessories and invest in those accessories specifically. If anyone who reads this has any ideas on what some of the newest phones are or anything of that nature, I would greatly appreciate your input.
The next step would be to begin creating the templates that will be used for the listings that I will be posting on eBay. I have some experience with posting effective auctions on eBay, so this shouldn't be a problem.
I look forward to working with all those who read this post to maximize our success as young entrepreneurs!