Would you open a shop? Should I?

[Lilyofthefields]

Just that really.

I have an idea and a place in mind but I don't even know what questions I should be asking, let alone the answers.

I have zero experience of running a shop or business, although I briefly worked part time in a petrol station / village shop back in the 90s. I don't really know where to start.

I am 39, work part time for £42k, have no kids, no mortgage and no purpose in life.

Impossible to tell with that level of information.

Are you vaguely financially literate?

Also note that high street retail is dying on its feet.

I wouldn’t. The high street is failing everywhere, rents and rates are high and online is taking over. Is it something you could do online?

Is it the kind of thing where you need suppliers etc? Have you worked for yourself before or always been employed?

You work part time for £42k?

Wow. Depending on what your shop is, you'll probably find you'll be making less than that working full time.

You earn £42k from working part time? I think in your shoes I’d find purpose in sitting about counting my money.

Without any further information I’d have to say a definite no based on the level of Brexit-related uncertainty right now.

Some councils do free/cheap 'starting a business' courses. You need to do some market research and write a business plan to work out whether it might succeed. There is loads of help online.

Accept that most start up businesses fail within the first year. Accept that there will be a lot more work involved than you realise. Lots of boring tasks that you might not have thought about yet.

An it be an online shop instead so you work part time and do the shop bit part time?

Unless this is a service - food /drink

A lot of start ups fail, because they aren’t on the ball with finances and continue to keep pace with debts.

Start small and build up.

Is it for a current business or one you want to start? If it's a new venture, stay online to begin with - if you rent a shop you will be tied into a lease with the rent and rates to pay and you will struggle if you go for the high street.

Do you need a high street presence? If not, look for a small unit on an industrial estate or similar as you may find the rates and rent much lower than on the high street.

Thank you for the questions and sorry for being so vague, I'm in the initial phase of, "Heck, is this actually a realistic possibility" and my head's a whirl. Here are the answers (tell me of sharply if I miss something out!).

I am good with numbers, spreadsheets, organisation, lists, multi-tasking etc.

I have never worked for myself.

I accept that I will not be making the same kind of money. It has become a gilded cage.

I've looked at rents, you're looking at anywhere from £500 - £2000 per month in the area I'm looking at. But it's other stuff like rates and insurance that I know nothing about.

I would need suppliers and premises, it can't be done online.

What would you be selling as that's the key to whether it'll be a success or not.

Without any further information I’d have to say a definite no based on the level of Brexit-related uncertainty right now.

Brexit concerns me, but perhaps by the time I'm ready to make the move things would be a bit more settled?

You'll go bust without a clue what you are doing

www.telegraph.co.uk/politics/2019/01/24/start-ups-across-uk-going-bust-need-careful-management-economy/

It’s a less talked-about fact that 60 per cent of those new businesses will go-under within three years, and 20 per cent will close their doors within just 12 months

I would look at what has been on that site before, are there complementary businesses nearby, is there reasonable passing footfall?
Staffing is another massive issue, will you be able to recruit suitably? Parking and access.
Is the commodity you’re dealing in resistant to market variability?
I used to sell things, cotton prices went up and my margin was reduced enough that it just wasn’t viable without changing to manufacturers in China to make up the product. Which finished off the interest for me.
You need to understand all your costs, and be able to adapt constantly.
Retail is gloomy I think, but you should definitely investigate your idea, you might be on to a winner!

Brexit concerns me, but perhaps by the time I'm ready to make the move things would be a bit more settled?

Could well be. Though who knows really It depends on your timeline and Boris’s.

I wouldn't OP. The high street is massively struggling, it's not a good time to get into retail unless it's a real niche like no plastic supermarket or something but that would only work in certain locations.

I'd set up online and run it as a hobby and cut down your hours if it is successful

What would you be selling

Ok, so I'm thinking of a modern take on the old "scoop shops" we had back in the day. Ultra-clean, no dusty bins on the floor, low-plastic ethos, bring your own container...
The high street I'm thinking of has a high student population, growing East Europe community and is a fairly low socio-economic region.

There are lots of possible puns on weigh/way for the shop name, so practically 50% of the work is done.

Rates are expensive where I am. I have my own business premises, rent is £1000/ mth, rates are £500 (and we get small business relief!)

Also pay to get my bins emptied and water rates. My business has no dedicated parking, so I pay £1300/yr for that. There are also utility bills to consider, and insurance, as well as any public liability insurance you might need. Telephone and broadband. Computer systems, accountants, staff. Will you have cover if you want to go on holiday, or will you need to close the shop? Either way, it doubles the cost of your yearly break!

At times I love having my own business. Other times (eg. when the burglar alarm goes off at 3am and I have to deal with it, staff issues, client issues) I wish I'd never done it! Good luck if you decide to go for it, but £42K part time sounds like bliss to me!

Parking and access.

This is an issue, given the weight of what I'd hope to be selling. Not much parking, but high footfall, especially during university term-time. And it's not the kind of area where every household has a car.

I really, really wouldn't.

What is it that makes you think a retail business would bring you purpose in life?

Ok, so I'm thinking of a modern take on the old "scoop shops" we had back in the day. Ultra-clean, no dusty bins on the floor, low-plastic ethos, bring your own container...

I can’t find anything in English but two of these have failed in Holland in the past few years (in Utrecht and Groningen). Not enough visitors apparently. I think Waitrose are now trying something similar, is that right? So the tide might be turning.

Thank you @ThePlatypusAlwaysTriumphs that's honest and helpful.

It never ceases to amaze me the people that open shops up in the town where I live - when I can look at them and say 'that'll be gone in a year' and it invariably is. I cringe at the amount of money people spend opening up a shop, with all the work that involves to close 12 months later. It's horrendous! I really don't get how some people can't see that their dream to open a shop selling bejewelled toe nail clippers will fail. Do people not do research? I would love to open a shop but can't come up with anything that my town REALLY needs. So I think you're mad. And 42k for part time work - I earn half that for full time, I'd save like mad then retire early...

Honestly, I'm not convinced that a clever pun on weigh/way will be 50% of the work.

An eco friendly scoop/own containers thing could be a good idea, but in a low socio economic area full of students you're surely not going to be recouping 2k+ per month?

So you have no knowledge or experience and want to throw your money away.

It might be a fun hobby, but a business? No.