WAT U GUYS THINK????

[serena tan]

Hi folks,
Just need some advice. Me and my friends are thinking of investing into a retail business, similar to shops such as topman/topshop and h&m.we are able to get really good clothes at very low prices from on my friends parents factory back in south korea. We have a budget of about 20k do you think that is sufficient, as we are looking for a space in the city centre nothing to big, medium- small size

And also any information about the UKs retail industry, because I feel there is too much competition but we can really offer good quality designer clothing for discounted prices (the clothes will be sold under our own brand). But I thought id post a message here just to get some advice and feedback. We are concentrating on both males and female clothing (casual, retro) and also we are also able to work as wholesalers providing clothing to companies under their own label (if the price is right) or under our own label.

Please… your advice and feedback is invaluable. takecare

[Eagle]

Ay first glance, I wouldn't have thought £20,000 was anywhere near enough to open a highstreet retail outlet. What with staff wages, insurance, rental of premises, stock (and back stock), utility bills, advertising, merchandising and all the other overheads I don't think you'll have much left - if anything! :)

What of your competition? Are they strong? Do you know wether consumer uptake of your product would match your expectations (or hopes)?

Have a chat with your local branch of www.businesslink.gov.uk. A carefully thought out business plan could just save you losing all that money. :)

[DuaneJackson]

Once piece of advice that will help you a lot with this: Don't carry too much stock!

You could very easily end up with a lot of your money tied up in stock that isn't sold.

[Hayles]

Have to agree that I don't think £20k will be enough unfortunately. There'll be costs to get the shop (solicitors, deposits, etc.) and then it's surprising how much it will then cost to get the shop fittings. Without a really good marketing campaign you won't get high takings for a while either so you definitely need some money in reserve (can't emphasise the importance of this bit!).

However, that said, if you can break down your expected costs (what will your initial stock cost you), you could work round it and build the business up slowly perhaps?

But don't give up on your idea! Sounds like you've got a good basis with sourcing the goods abroad. I've set up a couple of shops and now know some pitfalls. PM me if you'd like more info on what problems to expect and how to avoid them!

Hayles

[fastfences]

Hi,
I believe you would be best to do a 'trial run' in the better markets in your area. It will give you the necessary feedback you require without too much financial investment.
Cheers, Nigel

[Jayne]

Hi,
I believe you would be best to do a 'trial run' in the better markets in your area. It will give you the necessary feedback you require without too much financial investment.
Cheers, Nigel

Lol..I was just going to say the same thing..getting spooky Nigel :lol:

Jayne

[Hayles]

Jayne/Nigel

How? Are you thinking a small shop or something like party plan?

If you can get these clothes cheap enough could you not sell them wholesale too? It's really difficult to find good wholesalers online that you can order from.

Hayles