Want to start a retail business. Any advice, resources for a numpty who has spotted an oppertunity

[pagwatch]

In short, I want to open a shop but have no idea where to start

Looked at properties, starting to tentatively approach suppliers but think I will need a manager as I haven't done this before.

If I rent a property do I then just hire a company to install till, point of sale and security equipment? Will they do 'training' on how it works .

Are these really stupid question?

Have a look if there any organisations near you that help new businesses. I know in our area (NW England) we have some groups that help with practical advice, mentoring, self-employment, etc.

The local council or Jobcentre may know. If not send me a PM and I will ask a friend who works for one of these groups if she knows of any near you.

I worked in retail for many years and it is very challenging in many ways so you do need to take good advice on everything from location, stock, cash flow, merchandising, staffing and much more.

Thank you.

I will check out local govt websites and any small business groups.

I will pm you if I may, if I can't track anyone locally.

Thanks again

Google "business link" abd your area :)

Please do proper research before you do this, I see so many people set up the shop of their dreams only to fold less than 6 months later.
If you pay a manager they will be taking home the money that should be going into your pocket. If you don't have a clue how to run a shop I suggest getting some experience doing that before putting your own money into one.
Have you really checked out the competition, the demand for your products...?
Oh, and location, location, location - no matter how good your products, or how lovely your shop, if you're up a side street you will go bust in a very short time indeed.
Good luck!

Cheers butter

Thanks too shite mum. Unfortunately I cannot and will never, be available during some key hours so would need a manager - it isn't simply about experience.
Equally I cannot work even part time to get experience unless a shop would hire me between 9.30 and 3.00 mon to fri only.

The properties I have been looking at are in very good spots located next to others that complement, in terms of price etc, but do not compete directly and right in the centre of very busy affluent town. Brilliant footfall and I would be drawing on my target customers visitiing locally

I won't go into it blindly but ultimately if I don't start somewhere I will just never do it. My circumstances mean it is a business where I control my hours or nowt.

I just want as much info then I can sit din with dh and we can thrash the idea out.

Thanks all. Mn is such a mine of info!

Watch Mary Portas and make sure your service is hot! Your bank may well have a small business advisor too and would be a good idea to draw up some sort of business plan.

I imagine that if anyone can do it Pag, then you can !

"I cannot work even part time to get experience unless a shop would hire me between 9.30 and 3.00 mon to fri only."

Can you do some P/T volunteering in a charity shop?
A shop has big overheads and is a drain on cash: you will need to rent (and sign up for a certain period, which they will probably ask you to personally guarantee), pay rates, pay the manager, pay up-front for stock, pay insurance & marketing, etc. Do a business plan and a cashflow. Go and see a bank manager who will pour cold water on your ideas and make you think realistically.

Do you actually need a physical shop? Could you do it online?

Good luck!

try your local chamber of commerce for advise
and get your cash flow plan done by an accountant who has other clients in your line of business - they will then be able to make a realistic plan based on solid facts

Ooh thanks all.
I think I will go see a small business person although I can afford to front most if the upfront costs.
The online option was something I thought about but the on line market is pretty well served.

I will ponder starting on line prior to rl launch iyswim.

The virtue of a physical shop is the contact with customers and being out of the house. I will have ds2 at home in a few years and he could be with me sometimes and may even be able to help a bit

I am adding all your advice to my spreadsheet

Hi Pagwatch, i think you might live near me, I worked in retail management and h/o for about 15yeasr so have quite abit of knowledge about what is needed re stock controll, till systems, vm ect. Send me a pm and i will have a chat with you about it if you like?

I opened a shop and ran it for two years, once I had paid for all of the overheads it really wasn't worth it so I went online instead. I enjoyed the sourcing products and having the shop but it was just so expensive, the end really came when we had a stone through the window and had to pay the excess and replace stock that was damaged - insurance company were crap.

Hi Nancy,

Just picked this up..
Thank you so much!

I will pm you next week when pesky kids are better/ safely back at school.

I am going to a new business seminar next week to find out all the things I don't know

I want to know what pagwatch is going to sell!

Do as much as you can yourslef - don't get pulled into someone else fitting your shop etc.

buy a cheapy till - you don't need it to do any more than take different tpyes of payment (card,cash, tokens) and have a "department" - you can get tilsl like that for about £80.

Buy your shelving units from somewhere like IKEA - shop diplay units are ridiculously expensive and completely unnecessary.

you can pm me, too, if you like.

(speaking from experience of having been ripped off or money prised out of me several times/or at least attempted to - cos now i'm hard as iron)

My parents have run a successful second-hand shop for nearly 20 years. It's on a very quiet street, nowhere near other shops. They've been successful because they've kept their overheads down to next-to-nothing and don't employ any staff (except an accountant once a year), they also own the shop so they don't have rent or mortgage to pay. Sales have gone down quite a bit in the last few years but they're still making a good profit. I want to do something similar when my dd starts school, I'm going to start off really small and see how it goes. Good luck with your venture.