Corner Shop

[ShopMan]

Hi Ladies and Gents,

i am looking for some help,

i want to start a connivance store in Glasgow i have found several properties to rent, i have limited funds, just over £1000 so i can get the building just need to find out other costs

i need to know some of the following

how much money would be needed roughly for stock and what not,
by law would i need to insure the business straight away ? if so how much should it cost and how could i secure some investment.

what would be the best way to go about a business loan ?

any tips you can offer would be appreciated
thanks

 

[Chris Ashdown]

Stock a shop about £20-30,000 but depends on shop

Insurance for shop demanded by landlord as well as normally 3-6 months rent deposit

3rd Party insurance for shop also required by law depends on location etc but quite expensive definatly above £500

You only chance of a business loan is if you have 50% of the amount you need yourself to put into the business and have a house to guarantee the rest

Stock would need to be payed for upfront untill you build up a trading history with your supplier

Licences reqd for selling booze and tobacco

 

[businessfunding]

Start up costs to consider (dependent on premises you have found):

- Signage
- Shelving
- Refrigerated units
- EPOS
- Pub. Liability insurance
- Premises insurance
- Rent deposit
- stock
- Marketing

There are various ways of handling some of these which seasoned retailers can advise n.

With regard to funding - everything will boil down to what security is on offer

You can lease some of the assets (but will require a home-owning guarantor)

A bank might help, subject to security in freehold property (fund-matching is not usual now)

In yor area there might be grant assistance

 

[harper101]

Glad to find these tips. Have a friend whose currently researching for possible costs to consider for business start ups but I'm not sure if her list will be final. Thanks!

 

[qrcctv]

In short it is almost not possible to start a corner shop (or in fact any shop) with a budget of £1000.

You really need £10000+ for a basic launch.

 

[Chris Ashdown]

I would double that at least

Three months Deposit on shop
Insurance for year for building
Landlords solicitors costs
Your solicitors costs
Your shop insurance
Rates
Phone deposit
Clean out shop
Decorate shop
Stock shop display
Stock store room
By Tills

 

[Ditata]

Absolutely agree with all of the above, to set up a corner shop business from scratch your going to need far more than that, if you have little or no prior experience of running a business you'll struggle to raise finance externally unless you have assets you can borrow against - property with minimal borrowings against it or something like that.