Would love to run a shop, please help.

[Darlyd]

I am really wanting to open my own shop BUT I have no experience with retail, I have always worked within care/nursing but I want a change and this has been decided.

There are a few empty shops (Used to be butchers/bakery) in my high street lacking bric a brac items such as ornaments, vases and weird items which all interest me except CO OP but they are now closing down and changing the store into CO OP Food.

I have noted down what expenses (researching this forum) except for cost of items, as I have no idea where to look? Am also wanting a market stall on a Sunday, I do a car boot at a very busy place and do really well with this. I wont be hiring staff as I want to do this with my husband/mother inlaw/friend will help if needed till I am up and running.

Oh I really want to do this, can you help me find suppliers so I can add it to my expenses so I can get a rough idea? How would I find out about rates and money to help set up?

Thank you for any help.

 

[mhall]

Assume no grants - then if you find one its a bonus
Business Rates can be found at www.voa.gov.uk. If Rateable value is less than £6k, there are no rates to pay till April next year

 

[HeffernanTrading]

What item's are you looking to sell? Then you can find suppliers from there.

Rates for what exactly?

Howard

 

[Darlyd]

Business rates?

I want to sell unusual items. Crystals, candles, vases, ornaments, pictures, frames, those kinds of items.


How would I go about having a pop up shop? Just to test to make sure it would be viable. I don't want to get into a long term lease straight away.

 

[arcon5]

Business rates is basically a tax collected by local government on behalf of central government based on the rateable value of the property. Don't forget to factor this is as it can be substantial.

Don't sign a lease without a solicitor - they are seriously a mine field and you get very little protection when signing commercial leases which is why it's important to understand your obligations.

Pop up shops are quite popular at peak times of the year - but be careful not to be inadvertently sucked in to 12 month min contracts for example.

Even if you are working yourself to save money etc you still need to work wages and salaries in your budgets anyway. Surely your friends and relatives want paying? And if not they won't be doing it forever? You need a day off sometimes.

Don't for a second think renting commercial property is like renting a house or something!! And if you own your own home or have any kind if wealth to your name then don't be signing these willy nilly as getting it wrong has literally destroyed lives and in many cases lead to bankruptcy.

As for stock, see websites like esources for suppliers etc.

Remember to also consider and budget for
Insurances - product liability, public liability min
Lease deposits and rent & rates
Legal and accountancy fees
Fixtures/fittings/signage/tradesman
Point of sale hardware/software
Cash flow to see you through first few months at very least
Company structure, whether ltd or sole trader

 

[Lunazzurra]

For a list of just about every supplier going, try a trade fair website such as www.springfair.com, www.btcf.co.uk or pulse-london.com for starters.

Then contact the companies that you are interested in for trade catalogues and price lists. They will probably favour you better if you already have a trading name as they are all understandably reticent about dishing out price lists to all and sundry.

Knock-up a basic letter head on Word as some companies may ask for this as proof of your seriousness. Make sure you print it out on good quality paper (at least 100gsm, preferably 120gsm) and has ALL your contact info on it.

Some suppliers may want credit, bank and/or personal references from you before trading with you. A business bank account with decent funds in it will help.

Most suppliers will put you on a pro-forma basis to begin with - this means having money available up front before you actually get anything in your shop. You should therefore cost this into to your initial set-up costs.

Whatever company name you end up with make sure you can get a .com or .co.uk or even .eu to match even if you don't intend to have a website until later.

Aim for mark-ups of x2.4 to cover costs for general giftware, (fashion) jewellery mark-ups can be as high as x 5 or even more sometimes.

MOST IMPORTANT:

Once you have the basic costs to hand:-

1. Do a brief business plan. What your aims for the business are, who are going to be your customers, where are they going to come from? Etc.Etc.

2. DO A CASH-FLOW FORECAST - how much will you need to turn-over to break even/make a profit. Free templates for this can be found on a Google search.

Don't worry if a lot of this appears to be finger-in-the-air job, it will give you a starting point and when detail can be added as you go on these forecasts will become more meaningful.

I could go on, but hope this helps to begin with.

Have fun!

 

[Lunazzurra]

Also worth contacting Government funded support organizations www.ytko.com/for-business and www.ouset.org who run local/regional courses and workshops on many aspects of starting/running/maintaining a small business.

 

[scologic]

I think you should opt for organic business growth.

Your idea for a market stall is a fantastic starting point especially as its getting into finer weather. The market stall is also an affordable starting point which you will learn a lot from.

The kinds of items you sell will differ from the location you sell them, you need to sell what the public want.

Getting a shop right now with little experiance will lead to you becoming a 1 year statistic (in the nicest possible way).

Before you take on a shop you need to know what the local area is like, what people shop for not what they tell you they buy. how many people actually know the shop you are opening even exists and thats before you get into all the legislation and red tape.

I may sound like doom and gloom but it's not the case - go into retail with your eyes wide open, do the home work contact your business gateway for training and start with your market stall moving to different markets to see where suits best.
Good luck, i share your vision to improve the local towns and villages but the public can be doubly cruel were they may initially seem kind.

 

[gr9ce]

Also remember the internet. If your goods can be sold on there cheaper than you can supply with overheads consider your business model carefully.

 

[Liam Seager]

YOU HAVE NO EXPERIENCE OF RETAIL?!

Sorry but its crazy to open a shop without this experience. You should go and work in a small established shop first, watch how everything is done and then re-assess if this is what you want to do. You can make lists of all the costs, programmes, systems, rents, bills, etc so you know what to expect.

I see so many people start shops for the sake of it without fully understanding what they are letting themselves in for.

You can read and research it as much as you like but first hand experience is the most important knowledge you can ever get.

 

[HFE Signs]

If a shop has been empty for some time, the landlord may well let you have it on a monthly agreement for the first 12 months, this will give you chance to test the water..

 

[AiJade]

We are a jewellery supplier with limited edition collections and great purchase options. Should you be interested, give us a call 01908 255 524 Clint

 

[ashbash]

Why do you want to open a shop?

I am being serious about this, because our motivation to do anything is sometimes the least explored thing when setting off in any activity.

I used to be a mental health nurse, and when really stressed out by my work, I had an escape fantasy of running a childrens bookshop...it married a lot of my interests, art, illustrations, books..and I had previous real life experience in the book trade.

The underlying ''fantasy'' was that it was a clear cut transaction...people came into my space, liked or did not like something, if they liked it they gave me money and went away happy, if they did not see something they wanted they left without any upset ( I can't begin to tell you how far removed that scenario was from my working life!!)

I now have a small gallery/shop, sell my own stuff, have traded a load of stress for another type of stress, and am ok , though with lots of sacrifices to get here.
So, I wanted to be my own boss, make money from my own skills, and provide a service that people enjoyed. There were other ways of doing this, having a shop was not fundamental but it was an opportunity that came my way. I could be earning five times what I do now in other fields, but other factors mattered more, and those were the motivators for me.

Sorry for long post, but have a good look at what it is you want to achieve..is having the shop the thing, or is it something else that matters to you more that you could do in other ways?

 

[Darlyd]

You make so much sense. I just want out of health care and am fed up of being bossed about and made to feel like crap and I also feel trapped where no where to go. I don't know what to do?

I've had a look around and to be honest the rents minimum 22k Annum around here there's no way I was expecting that. I am gutted but I suppose it's fate.

Any other ideas for something I could do?

I have only ever done health care and I some office experience but that's boring. I am the type of person who loves to express myself I suppose. I'm probably not making any sense.

 

[ashbash]

Darlyd - I so feel your pain!

There are lots of books and courses out there to help you find what your path(s) may be..but you can get very cross-eyed with all the different theories and sometimes very unrealistic promises that seminars and courses offer. I will pm you later in the weekend with my thoughts on what is out there, and what I found useful when I was in some turmoil .

Here's a start on your great escape;

For now, list these things:

Practical head - how much money do I need to live on..paying for rent/mortgage, bills, etc
what assets do I have -skills,list every positive thing you can do, whether cooking, driving, telling stories, ironing..seriously, do not discount anything that you can do, no matter how trivial
Professional skills - are you qualified in any aspects of health care, what have you done in work that as a skill you could transfer, what experiences do you have that you can trade on/sell?
Can you earn the same/enough money doing less of what you dislike..can you work three nights and earn the same money, go freelance/agency etc

Romantic head
list these
What do you dream of doing?
What comes easily to you that you dismiss or discount? You have diamonds at your feet that you may not recognise...what comes readily to you that others admire or wish they could do?
Is there a character in fiction/film/real life that you admire ? What is it about them that attracts you?
Is there anyone out there doing what you wish you could do?
What three steps do you need to take in the next week to begin getting closer to your dream?

Analysis head
example : I want to win the lottery - why?- to be free to travel, lead my own life - what is it about that that you need so much money for?Can you get that freedom in other ways..explore alternative ways of getting to to the underlying motivation ..(This is a very very short version of an important process, but you get what i mean)

Give yourself this weekend to daydream and research and allow time for unexpected coincidences to appear...it can be quite weird suddenly seeing stuff that was always there but which you did not 'see' before. I call this ;New Car Syndrome' ..you start thinking about a new car, or you get one, and then you see the same make everywhere...it wasn't important to you before, but now it is, so you start seeing them. You will find the same when you start thinking about what you want to do.

Relax, it will be ok

 

[stefanss]

YOU HAVE NO EXPERIENCE OF RETAIL?!

Sorry but its crazy to open a shop without this experience. You should go and work in a small established shop first, watch how everything is done and then re-assess if this is what you want to do. You can make lists of all the costs, programmes, systems, rents, bills, etc so you know what to expect.

I see so many people start shops for the sake of it without fully understanding what they are letting themselves in for.

You can read and research it as much as you like but first hand experience is the most important knowledge you can ever get.

I know so many people who started a business without any experience and they are really successful. Just start a business you like, that's the recipe for success.

 

[arcon5]

I know so many people who started a business without any experience and they are really successful. Just start a business you like, that's the recipe for success.

Recipe for disaster more like.

Where some prosper, many will sink. It's no secret a large proportion of new business' fail within the first year. So well done to your friends who probably learnt quick and had a decent structure in place, namely decent cash flow and regular monitoring of management accounts

 

[David1962]

You'd be mad to jump into retail with no experience at the moment. There is a good reason so many shops are closing, and it's not inexperience, it's generally lack of footfall. Those that are surviving are either established with the previous good years cash supporting them, selling high end recession proof items or riding a trend such as sweet shops (going)/juice/milkshake bars (all but gone)/Cupcakes etc.

If you can guarantee you have a latest trend you may get a few years run if you are first or near first out there. If you are just replicating what others are doing you have to ask why those few customers left in the High Street would come to you rather than someone else.

 

[beasty]

YOU HAVE NO EXPERIENCE OF RETAIL?!

Sorry but its crazy to open a shop without this experience. You should go and work in a small established shop first, watch how everything is done and then re-assess if this is what you want to do. You can make lists of all the costs, programmes, systems, rents, bills, etc so you know what to expect.

I see so many people start shops for the sake of it without fully understanding what they are letting themselves in for.

You can read and research it as much as you like but first hand experience is the most important knowledge you can ever get.

I have no experience of retail and I plan to open a shop, pretty sure I am not crazy

 

[arcon5]

I have no experience of retail and I plan to open a shop, pretty sure I am not crazy

In which case don't underestimate how hard it is and how much it will cost to setup. Certainly don't think you can do it without an accountant and a lawyer, where signing leases is concerned.

Experience in business, if none in retail really is a must

 

[beasty]

Looking forward to it, will let you know how it goes..

Hi customer, yes you can buy it, kerching.. seems simple

 

[Darlyd]

Sorry for delay in replying.

I have decided not to go any further as I am scared of failing.

Beasty what part of the country are you in? Tell me your plans I am intrigued good luck with it..

 

[beasty]

Scared of failing
Well you def will not succeed unless you try that is certain

My plans will be revealed when I have the shop up and running

 

[stender]

You have to take each case seperately. Just because someone has no prior retail experience doesn't ensure failure. Theres lots of things I've never done but after reading how to do it or watched a video I've accomplished lots. A well organsied person can quite easily compile a list of what's required and execute it.
As for the most improtant part of retail.......What are you selling and where and for how much?
Do your homework, do we need one of those here? what's the footfall past the door? whats the competition? how much do they charge, what makes me better?

I would of recommended getting a stall over a bootsale as a first off but wouldnt recommend it with what your looking to sell. Why not look up craft fairs and use one of them as a tester?

 

[Tech4Homes]

Sorry for delay in replying.

I have decided not to go any further as I am scared of failing.

Beasty what part of the country are you in? Tell me your plans I am intrigued good luck with it..

Start an online shop/weekend shop/car boot/market stall/shop for fairs/events whilst maintaining your day job and build up the brand/customer base and start getting some sales then you'll feel more confident about leaving the day job, if it does fail then you haven't lost out and you can find something else to try.

 

[jimmii]

I opened up my first shop a few months ago and would agree with the post above. Start by doing days in markets and fairs etc and keep your job at the same time so that you can build up a customer base and keeping your costs pretty low then see if you can get a landlord to let you open up a pop-up shop for a few months so you can get a feel for what it is really like having your own store the ups and downs are crazy! One day you are wishing you had never signed the lease then the next you are thinking its time to open a second shop! It is very very hard for the first few months unless you have a fair bit of money to spend on marketing as even if there are a lot of people looking for exactly what you have its tough to let them know you are there.