Is now a good time?

[onestoppampershop]

I have just negotiated a lease on a high st shop, which I intend to fully stock with handmade products 50% other peoples 50% mine, and a workshop on site where I will make candles and run classes.

I will either rent shelf space, or charge 30% commission. Either way I shouldn't need to worry about paying the rent from my 50% of the stock making that all profit.

The rent is low for high st at just over £10,000 (first 6 months rent free) and footfall is very very good. Theres also lots of other independent retailers in the town, tho none with the same business model as I intend.

Am I mad to even be considering with with the way the economy is right now?

Please help me bash out some ideas/problems that may arise?

 

[deniser]

How much are the business rates?

Is it just candles you will be selling?

 

[onestoppampershop]

business rates are 2500 after small business rate relief.

No, Ill be selling all manner of handmade. From cushions, candles, bath products ect to small furniture

 

[Doodle-Noodle]

Just like me then!

 

[onestoppampershop]

Oh right! How do you find it? Would you do it now with hindsight?

 

[onestoppampershop]

Just like me then!

I do hope you dont mind me asking and dont think im treading on your toes?

*off to find out how close you are*

 

[Doodle-Noodle]

Oh right! How do you find it? Would you do it now with hindsight?

Depends on what level you're asking to be honest - I love my shop, I love being here, I love being surrounded by beautiful things, I love making things myself and get great pleasure from selling to people who appreciate the work and effort that has gone into it and I can't imagine doing anything else. I love doing the workshops we run, I've met some wonderful people who started as customers and have become friends, I love working with our artists/crafters who sell their work here (all 61 of them), I love everything that my shop is about.
But from a business point of view the shop is not making enough profit to give me anywhere near a living wage; I worry every quarter when I need to get the rent together, I hate doing my VAT return, I don't like book keeping or doing accounts, I panic when the shop is empty, I'm frequently disappointed at the end of the day at the till reading ........
With hindsight I would never have taken such a massive personal financial risk, I didn't know back in 2008 that my OH would be made redundant twice in the space of 3 years and that we would be struggling to make our mortgage payments if I wasn't earning ..... had I known that, no, I wouldn't have done it.
What I would have done is spent the rest of my life wondering "what if?" ....... if you are passionate about what you are planning to do, are prepared to work 7 days a week for next to nothing, never fall victim to flu, colds, period pains, malaria etc which might mean you can't be in the shop when it's open then go for it. It is both the best and the worst thing I have ever done!

 

[Doodle-Noodle]

Where are you opening up (not too close to me I hope!)

 

[onestoppampershop]

I know exactly what you mean! Currently I have a little (quiet) shop in a craft village in Billericay, which I absolutely adore. And I had decided that I would pass up the opportunity of the high st, but I just couldnt live with the "what ifs"

However I get more internet than B&M sales. Hence the change of location and incorporating other peoples things in my shop. Im looking at moving to colchester high street. So a long way from you

If it goes tits up, then I just go work for macdonalds.... ok shoot me now! lol but u get the idea.

And there is just me working there so I cant be ill either, I've had 2 weeks of in the last year but thats only because its so quiet at the shop in billericay this time of year so it doesnt matter

 

[MOIC]

Hi

If its about making a profit and earning money, put your time, money and energy into promoting your internet business.

You may not have that 'lovely feeling' of giving a service to someone, but your business will grow at a much faster pace than your B&M shop.

Make money first, then indulge in what you would like to do !

Good luck with both.

Ron
MYOFFICEINCHINA

 

[jyorjhurt]

Retail sector has not going good time because in this time market are really slow and they are earning nothing because there are lots of problems of consumer they have no idea what to buy in lowest price.and what we do.

 

[onestoppampershop]

Thanks for your reply. but I dont quite understand what you mean?

 

[Busso]

Hi

If its about making a profit and earning money, put your time, money and energy into promoting your internet business.

You may not have that 'lovely feeling' of giving a service to someone, but your business will grow at a much faster pace than your B&M shop.

Make money first, then indulge in what you would like to do !

Good luck with both.

Ron
MYOFFICEINCHINA

Good point, if your currently doing more online why bother? I have shop and I also sell on the internet from it. I love my shop but if the internet started to make more money then I would shut the shop with all it's overheads and time restraints in an instant!

 

[onestoppampershop]

Because firstly I need a base to keep all the stock. Secondly when I was doing internet only I had alot of customers that wanted to come in and discuss things, so although im doing more on the internet, I wouldn't be if it wasn't for the shop as well if you know what I mean

 

[HFE Signs]

Most businesses are quiet this time of year, it does however give us chance to catch up on all the little job you don't get round to.. I would say go for it, but don't expect to make much money for the first 6 months.. make sure you have a break out clause on your property.. good luck...

p.s. if you need anything we supply 10% off for you

 

[Busso]

Because firstly I need a base to keep all the stock. Secondly when I was doing internet only I had alot of customers that wanted to come in and discuss things, so although im doing more on the internet, I wouldn't be if it wasn't for the shop as well if you know what I mean

Yeah makes sense, you already know the pitfalls so if your comfortable with it then crack on!

 

[Stuart Bailey]

Doodles if you hadnt set up your own business you may have been made redundant too and therefore you would have no income at all!

 

[Doodle-Noodle]

Doodles if you hadnt set up your own business you may have been made redundant too and therefore you would have no income at all!

Indeed I may ...... but then I would have sold the house, bought a VW Campervan and become a hippy, spending my days skipping through poppy fields, strumming a guitar and eeking a living out of poverty-driven art instead
Which actually sounds very appealing

 

[pur_wpd]

I agree you have to do what you really love. Sometimes its a shame profit margins get in the way!

 

[Stuart Bailey]

doodles you'd get bored after two months

 

[Doodle-Noodle]

doodles you'd get bored after two months

Depends who I picked as a travelling companion!

 

[onestoppampershop]

Hehe! I wouldnt mind the hippy route either!

Im going to go for it and see where it takes me! Whats the worst that can happnen? lol

 

[Chris Ashdown]

Make sure your shop is in the right area for your sort of trade, may well be better near a visitor atraction where people expect to buy nic nacks than say the high street

Also look at terms of lease if offering 6 months free there is probably a good few years to sign up to and if it fails you still have to pay

 

[onestoppampershop]

Its in central colchester which does attract alot of visitors, and also already has lots of thriving independent shops

 

[Doodle-Noodle]

Good luck to you ..... you obviously already know exactly what your direction will be, and understand the market you are going into.
I personally believe (well, I have to really!) that independent shops that can offer customers something different to the big chains (who are, in my opinion anyhow, stuffed full of generic crap) will actually be the ones to survive despite the economic climate.
We are seeing a big increase on sales of personalised and made to order goods in all sorts of forms, whether it's ceramics, wall art or toy boxes/keepsake boxes.
People will pay for your creative imagination if they do not have one of their own

 

[onestoppampershop]

Im hoping so doodles! Fingers crossed it all turns out ok, and business is on the up - for us both! x

 

[mrchips]

Does that mean I can move into your craft unit ;-)

I hope it works out for you.

Mr Chips.

 

[onestoppampershop]

Even if I get the new shop. I've not decided if I'm leaving barleylands yet lol

 

[BoBo_184]

You've obviously already put a lot of thoughts into the business as you have tried to optimise the business model with classes and juicy commission on third party goods...

While the headline is scary - 10% unemployment rate, we all gotta remind ourselves that that leaves 90% of the working population fully employed and buying stuff as they have always done...

I wish you the best of success with your shop because I like the idea of a craft store, it sounds interesting

I have one suggestion: also set up an e-shop and use your spare time to increase your website's traffic and sales

Online businesses have very low overheads, assuming you won't be totally reckless and buy into a lot of wasteful and poorly executed SEO, CPC campaigns, so any sales will go straight to your bottomline

it will further enhance the long term success of your business

 

[zukiestyle]

Good luck with it, I say go for it! And i love the fact you are supporting handmade. I would be happy to supply you with my fashion and pet accessories if you'd have me? Just give me a shout if you like what you see!x

 

[onestoppampershop]

Im wobbling and getting nervous now. So close to staying where I am

 

[Banned]

Go on, jump.

Won't say it'll work out dandy as it might not. But until you try you will always wonder.

 

[littlebiz]

Don't jump!