starting up on my own(6 Posts)
I'm after some advice please, I think that I've got a good idea for a shop. I've done some fairly basic research into what people want in a new shop in my town. I'm sure that my idea is a sound one which could work but I don't know where to go from here.
What should my next step be? I haven't got a clue what to do now. I'm sure that it is much harder than I think but I truly believe that I'm on the right lines.
Any ideas/advice/warnings would be very gratefully received.
Thanks in advance.
I'm in a similar position. Have all the ideas, have it all mapped out in my head, but no idea where to start and DC2 due in a few weeks !
How did you do the basic research that you've done ?
I've often thought - check out the demographics, ie can the shop be supported by your local community (how, I have no idea !). Put business plan together, then go and speak to local business link / banks to see what they think of your idea and to discuss funding.
However up to now I've yet to that and seem to be focusing more on shop location and internal decoration (mentally that is !)
Whats your idea if you don't mind me asking ?
Find your local Business Link office and give them a call. This is government funded support to help people in your position - they will be able to give advice and send you on courses (usually free) to explain the basics of how to start a business. You can also download various business plans from the internet (I got one from the Barclays Bank website). Writing a business plan forces you to think about the nitty gritty of costs and balances, (even if they are estimates) so that you can see exactly what you need to do to break even. You would also require one if you need to get a bank loan or overdraft to get you started (buying stock for the shop, I imagine would be a fairly hefty initial outlay) Business Link will help with all this though.
Business Link is a great resource, lots of advice and free courses etc.
Have a look on the local council website they should have a population census for the area, might be a couple of years old but will still give you an idea of the demographic you are targeting, usually has sex, age breakdowns etc. Also good to measure the footfall where you are planning to set up at different times of the day, location is everything in the retail world if you can get close to Boots, M&S, BHS it would be crackin but leases and fees will prob be a lot more but then so will your potential customer base.
Legal fees will prob be steep, cost of fitting out the premises and pos, marketing, advertising and the blummin till and card machine cost a fortune usually have a monthly fee based on t/over could be as much as £250 month then you have to buy it as well and some do a fee per transaction which can soon mount up.
Then obv the cost of stock, storage if its perishable, insurance, running costs etc.
it sounds scary when you start thinking about the set up costs. Especially in this climate - when there's no guarantee of success.
Does it have to be a shop? Rent is a huge overhead - can you sell off t'interweb instead?
Beware of landlords trying to get you to sign up to a 25 year lease with upward-only increases in rent every few years, all guaranteed by a legal Charge on your home.
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