Starting up a shop from scratch

scottmac":1e8vmh0o said:

Anyhow, the high street is doomed.

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Tell that to hairdressers and coffee shops

scottmac":2jxh0yex said:

You need a spare £20k to start a shop.

These knobs who say they started a multi million dollar empire with fifty squid in their back pocket are liars.

Anyhow, the high street is doomed.

Go net.

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Very bad advice that. Take no notice of naysayers and doom mongers. Hmmm these 'knobs' funny really that's exactly what my father in law did, he must be a liar then :roll:

I started my longboard business with a sole investment of 1500 euro, borrowed nothing, sold all, lock, stock, website and name just before xmas for 140 times the intial investment. Not a bad return for 3 years work. If you are in the right place at the right time selling the right product you will not fail. Niche markets are the thing, we had people who would travel for 7 hours by car just to visit the shop because we knew our boards inside out, had the largest range of stock on the shelf in France, possibly europe. We weren't even in a big town. The reason I sold up was because with the 2 tattoo & piercing shops, internet orders and expanding market I was working 18 hour days and tbh I'd had enough.

Make sure there is actually a market for what you want to sell, how big is the town ? Will people travel just to visit your shop ? Is the town lacking in something that you could take advantage of ? If you find a niche that isn't filled be prepared to change your ideas to take full advantage of it. try not to rely on people, the trick is to get the people to rely on you.
The thing with renting, given the current financial climate you should be able to negociate at least a 30% rent reduction for the first year. Shop fitting is another money sink, all of our shops have been fitted out with displays, furniture etc from Ikea, it may sound stupid but when you can buy a glass display cabinet for 50 quid as opposed to 250 for the same size from a shop supplies the call me Sven any day of the week.
if you think it will work and see no reason not to do it, do it.

I'd say do it now but keep a weather eye on the likes of notonthehighstreet.com or consider going on there as well.

David B":1wrkih7s said:

02gf74":1wrkih7s said:

P.S. I momentarily mis-read "the footfall isn't bad" as "the football isn't bad", even though the Posh are having an even worse time of it than Wolves at present....

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Tell me about it :x

I've got no experience of retail but every experience of Peebo. Make sure you have some cheap tat to target some of the plebs you get in town. And stock some GT85 cheaper than A1 Motorsavers. I'll be sure to pay a visit

I restarted an empty cycle shop with just £6,000 of stock in 2006......as far as i know it continues to trade.

B77":2z6ltllm said:

scottmac":2z6ltllm said:

You need a spare £20k to start a shop.

These knobs who say they started a multi million dollar empire with fifty squid in their back pocket are liars.

Anyhow, the high street is doomed.

Go net.

Click to expand...

Very bad advice that. Take no notice of naysayers and doom mongers. Hmmm these 'knobs' funny really that's exactly what my father in law did, he must be a liar then :roll:

Niche markets are the thing, we had people who would travel for 7 hours by car just to visit the shop because we knew our boards inside out, had the largest range of stock on the shelf in France, possibly europe. We weren't even in a big town. The reason I sold up was because with the 2 tattoo & piercing shops, internet orders and expanding market I was working 18 hour days and tbh I'd had enough.

if you think it will work and see no reason not to do it, do it.

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The reason why you sold up was exactly what I meant. Sure, some people do make a reasonable business, but with more people on the planet than ever before you definitely need a niche, as you said.

I'm not calling your father-in-law a liar. Good on him if he made it, but to the OP: totally research your market, and then research it again if you're starting a business.

I've been researching my idea for the past twelve months. Analysing stock, where to get quality components cheap, tax, customer's preferences, the list goes on and I'm still in two minds as to whether I should start or not. :shock:

When I was in the USA I met a fair few people whom stated that they started with a dollar in their back pocket, but further questioning revealed they had a rich wife with a sh!tload of dosh knocking around as back-up!

Oh, and to the OP, you will work 18 hours a day, 8 days a week if you want to make it work.

Good Luck!

LGF, my very best wishes and luck to the both of you for the future
Go for it, I know you would have done your homework/research, and know what your doing. I say go for it and take a chance, everythings a gamble in life.
Remember the old saying ' Brave men dont live forever, cautious men dont live at all'

Jamie

Good luck, and my missis must never ever find your website or my man pad will be a flowery fairy sparkly hell hole

I hope this works well for you mark
Rent negotiation seems a key point in this these days , my sister in law moved out of our local town center
When she could due to other shops ,mostly pound shops paying significantly less and having a much larger income ,she was told that her ( fine art ) shop had a greater margin hence the higher rent and rates
The fact that she had been there 20 years made no difference
So she moved to a trading estate where there's a growing retail sector
A quarter the rent and better parking , more turnover ,happy days
So negotiate the rent down

Well, its starting to happen.

A chance meeting with the new owner of an old well known (around here anyway) truck stop gave us a little premises for less than 10% of what we were paying for our little stand. Self contained shop with a bog and a store room right next to a busy cafe.

There are lots of industrial units that the owners let out so there is a car mechanic and valeters moving in next door too. Lots of passing trade in a little hamlet that also has a farm with alligators and deer...

I am 'allowed' to flog bicycles too, allowed by the missus that is...

Early days yet:

http://www.thegrovecafeoldhurst.co.uk/