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Have you set up your own business? HOW????

19 replies

charliecat · 28/03/2006 17:04

Would LOVE to have a pound shop...dont ask why...but I would LOL...but how on earth do you go about it?
Very Clueless. Please Help

OP posts:
charliecat · 29/03/2006 18:45

bump...and can anyone buy from a wholesalers?

OP posts:
Steppy1 · 29/03/2006 18:59

...have two limited companies...... If you're a business then you should be able to negotiate supplies with anybody though most will want to commence trading on a pro-forma invoice until such time as you have some sort of trading history...Will you be financing it yourself or through a bank loan...that's usually the killer, wooping great interested charges from banks !!! Good luck and go for it !!

zippitippitoes · 29/03/2006 19:03

I think that's a highly ompetitive area, difficult to do without high sell through

are any of them franchises?

work in one for a while is the best thing, get an idea how they work

most wholesalers will expect you to be a bona fide business..but a letterhead will do and don't expect credit as a new business but you may be lucky

it very much depends what stuff you want, there are cash and carries and ex catalogue places..don't know much about those

charliecat · 30/03/2006 21:43

right price......is that a francise? I am wondering whther market stall/ebay would be better...easier? Heads full of ideas but no knowledge. Very frustrating. Is there anywhee you can go and sound off ideas and someone rubbished them or throws you in the right direction?

OP posts:
Squarer · 30/03/2006 22:42

Pound shops have to be of the Pile It High Sell It Cheap variety. Think Walmart/ASDA versus the corner shop. Retail is floundering at the moment in any case so it is a bad time to consider a retail venture.

On the "plus" side, Ebay killed retail, but if you are looking to sell mass stuff on Ebay check out the competition. There are an awful lot of people who have had the same idea. I found a niche market by accident for Ebay when I was on Maternity Leave.... bought in at £2.50 and sold at £20. It is rare you can exploit it in such a way and my source dried up. Hate to be a killjoy, but in the current market you need a rarity/niche market to be successful. I have a niche market business (a service that I provide). My partner has a niche market commercial business and that is struggling.

HTH in some way, even though it appears negative Smile

fastasleep · 30/03/2006 22:47

Squarer!!!

I want to know more I promise I won't nick your idea.........

much

Squarer · 30/03/2006 23:01

which idea, oh sticky fingered one?

fastasleep · 30/03/2006 23:07

Tha making money idea oh... oh.... poo I can't think... oh SQUARE one.

I want to make money doing beadweaving or something, enough money to you know, live on... Sad why can't I it's not fair!!

(I haven't just been getting jealous at rich bead artists like this - www.valeriehector.com/ honest.)

Squarer · 30/03/2006 23:17

Snoozy - do you really think that valerie hector actually makes all the products she sells with her own bare hands? Financially rich, but spiritually? Yes, probably that too.

Rich people think of things for poor people to make. And so the cookie crumbleth.

[can you tell I'm depressed emoticon]

fastasleep · 30/03/2006 23:19

But I WANT TO be rich AND make things with beads.

I WANT TO.

Wink

Don't be a square :)

Squarer · 30/03/2006 23:20

Well, when you are rich you will be able to make things with beads - all day Wink Grin

fastasleep · 30/03/2006 23:23

It says in all my books in the intro bit 'and then I got asked to go to Paris and learned the skilled art of bead embroidery..'

I hate them all Angry lol

Skribble · 31/03/2006 00:53

I have a market stall, well I will be back at it now it is warmer, I am getting a trailer renovated to save time flashing up in the morning. I like the idea of parking up to book my spot and heading off to find a bacon roll. Back 2hrs later and open the hatch.

In the summer I sell at fairs and gala days.

If this is your first retail venture I would recommend a pound stall at the market first, less hassle and less overheads. If going for £1 lines you will have to hunt down suppliers. As has been said you won't get credit at first, a letter head is usually enough for them to get started though.

Do you have a retail unit in mind or have you not got that far yet, a stall will need a lot less stock to fill it up. You won't need a till, shop fitting, planning permission for signage etc.

You will need a stall though but you can start with a trestle table (not just a pasting table) and a cheap gazebo. Stalls can be bought second hand see Ebay, unless you have a big vehicle look for car boot models, this means it fits in your car boot as it shorter length poles.

Remember you will have to fit stock and the stall in your vehicle.

ghosty · 31/03/2006 02:40

What's beadweaving?

Skribble · 31/03/2006 02:44

Well you get some beads and some lentils then you thread them together with knicker elastic. Make sure the elastic is wholegrain.

ghosty · 31/03/2006 02:46

Thanks Skribble Grin

arfissimeau · 31/03/2006 03:15

PMSL.

Charliecat. You can buy limited companies off the shelf for very little money as long as you're not fussed about the name. You can get cheap letterheads printed online too. Should help with the wholesalers.

Kaz33 · 01/04/2006 20:19

Our company cost us £50 plus VAT - done in a day on the web and we got to choose our own name and shareholders etc all added.

Shelf companies cost less, but you can then change name of company and add shareholders etc... by filling in a few forms with companies house. Cost is minimal I seem to remember.

Skribble · 01/04/2006 20:43

If you are only a small business you might only want to be a sole trader instead of a Ltd. company.

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