AIBU to try set up shop?

[coveting]

AIBU to want to set up a shop?

I've worked in retail for many years now & despite the current climate I still love it, and it's always been a massive dream to set up my very own shop.

My husband also works in retail, so we have the background for it.. but we have no previous business experience as such, to top it off we aren't even home owners so have little cash in the grand scheme of things to even start with, we have roughly £6,000 from recent inheritance.

Are we being ridiculous to even consider it?

Has anyone done it themselves and can offer any advice? How did you find it?

It does seem that retail is dying, however there are a lot of people willing to support independents & there seems to be some thriving shops in our nearest towns (nestled in amongst the empty units).

I wouldn't.

Yes it's true that people like to support local businesses, but cost also comes into it. If people can get things cheaper then they usually do.

6k seems like a large amount, but in the scheme of opening up a business it's chicken feed.

Depends on what you are planning on selling.

But given that if it’s your dream why not try? If it doesn’t work at least you tried.

I guess the £6k would go really fast, sadly.

What kind of shop do you have in mind?

It's not enough. Rent/rates will be high. Legal costs on tenancy will be high. Have you got a product in mind?

Just a suggestion.... there’s tonnes of non for profit, social enterprise, charitable ideas out there that could work well for retail?
Less risk, more money from Gov / council / business support etc?
Just because it has any of the above it doesn’t mean you can’t earn money from it or take home a decent wage! You can do good for people / community and still thrive is what I mean and it means you can ask and rely on more support than if it’s a private enterprise.

Forgot to add I completely understand the £6,000 is bare minimum for start up & would get swallowed up very quickly, I assumed we'd have to try get a business loan on top of this.

Bricks &mortar retail is nearly dead.

That said, there's still (always?) a market for some things.

There will always be a niche for in-person services: barbers/beauticians, restaurants, pubs, cafes, etc.

There will always be a niche for emergency foodstuffs: cornershops, etc.

But if you're thinking of anything else, less clear-cut. Some tiny local businesses thrive. Some fail.

A lot depends on what sorts of things you'd be selling, as well as where and what other services you'd be willing to offer, etc (e.g. coffee shop in a bookstore, Amazon drop-off point in a shop, etc).

PM me if you like. MBA in this shite...

To be successful you have to have footfall &/or be unique with a online presence too.

6k wouldn't even be half a years business rates, let alone stock, and out fitting the premises.