A dream?

[lyndonio]

Hi I have dream of having my own business and would like to know if it is viable. I dont want to give too much information away about my idea but it would be bricks and mortar retail selling a few goods tried and tested and some more quirky items. I have read lots and lots of people who have independent retail shops how it has been a tough few years and that small businesses are done with, sell online its the only way.... I really dont want to sell online as i see having a shop as more of a lifestyle and a pleasure to work on something and see as it tangible. I have my idea a little money and a little business knowledge but no real experience and this would be a big step. How do you go about leasing a property what sort of business should i be a sole trader or company and maybe some retail dos and donts. Also how do i pay and claim VAT and what rates insurances must i pay? I know there are people with lots of experience on here so any help would be much appreciated. I dont want my dream to be a nightmare!!!

Thanks in advance

 

[ScotComp]

My honest advice, if you don't know the answers to those questions you should really be finding out yourself without asking us to write it all down for you because the information you require is fairly long winded and readily available all over the internet.

Good head start would be here: http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073858805

 

[lyndonio]

I am obviously going to do some research myself and dont want/ need all of the questions I asked answering but you get my gist. Thanks for your reply really helped....

 

[ScotComp]

I am obviously going to do some research myself and dont want/ need all of the questions I asked answering but you get my gist. Thanks for your reply really helped....

Sorry, just usually when people ask a question they usually want an answer.

In terms of premises, usually your local council will have a number of properties for let/sale and obviously the estate agents as well.

There is usually a huge amount of support available via your local council, business community and Business Link (which is a government agency).

I'm slightly concerned that you've ruled out the internet so quickly, as a business you should really be looking to get as many income streams as possible which suit your business, I certainly wouldn't rule it out. Far too early, especially since (as you said) a lot of local businesses are struggling at the moment.

Best of luck with your new venture!

 

[lyndonio]

Anybody in retail got any advice please

 

[Parrot Hosting]

1) Get yourself a job in a shop along the lines of your desired sector - even offer to work for nothing in return for training and experience. This will tell you loads!!!!
2) Make sure the products you are interested in selling are things that will fly off the shelves at a ratio that can a) support the overheads and b) are of a wide enough appeal to keep customers flowing through your doors.
3) Don't trust your own tasted - market test EVERYTHING!
4) Be prepared for long hours, no customers, and lots of trials and tribulations from everyone.
5) Make sure you have enough capital to run your business for a year AFTER paying for all the stock you need.
6) Be prepared for no holiday, working 6 days a week, bank holidays and even Xmas.
7) Never trust the staff, control is better than faith, loyalty and a nice personality.
8) Make sure your buying is the keenest you can get, margin is everything and buying to high and selling to low is a fast route to failure.
9) Don't go for a long lease ands try for a get out after 12 months so if things go pear-shaped your not trapped.
10) Never sit on your arse when things are quiet, check stock, pare prices, dress windows, clean shelves, research and keep busy - when the customer start coming in, you won't have time for those things.

I could go on.... and on ... and on...