Its hard to believe that just about one year ago, I formally applied for a license to incorporate my very first business; One Greek Store. A lot has changed since then.
Getting the business started presented a series of challenges I had never encountered before. I recall my partners and I wondering whether or not we needed a business plan. Originally, we wanted to acquire a loan or perhaps some funding to jump start our project. A reality check set in when we realized that most people wouldn’t take a group of college kids with an idea seriously. That is, without some proof of a successful product/service.
Feeling a little demoralized, we decided to fund the project by stretching every dollar from our personal savings. Combined with a set of credit cards, we committed ourselves to the Greek Store project.
In less than 6 months of business, we turned a profit. This was mostly due to the connections we had in the Greek community. Within this time frame, the team familiarized itself with the operation of an industrial machine, a refined price structure, and establishing a cooperative relationship with distributors/manufacturers. All of which was critical to our success.
After recognizing that the business can be successful, the team decided to invest in more industrial machines. 3 more to be exact. This literally transformed the apartment into a warehouse!! But, it increased our productivity by double and allowed us to make even more money. After having a successful semester, even more business came to us in the Spring. We need the extra machines!
Not only did we get machines, but we also got custom tables for an improved workspace and storage space. I’ve attached some pictures below. As you can see, its a little messy =)