Does anyone own/run a 2nd hand shop

melmar_2

hi my OH is thinking of doing this,im not sure it will be viable at moment,any info/advice would be most welcome-oh sorry i think it would be mainly furniture

smithwayne

Hello, your question here made me to comment otherwise I am not very good in expressing myself in words and was here to read about money saving ideas. I think your OH should think again before taking the second hand shop. I did the same thing once but it did not yield me the results I wanted. It was a total waste for me for so many reasons. If he is confirmed to own the shop then please make it sure he reads the terms and agreements to avoid problems and confrontations in future. Doing things afresh is always better.

Debt_Free_Chick

Shops are expensive to run. You need to calculate how many bits of furniture you'd need to sell just to pay the rent. Then remember heat, light, power, insurance, motoring/transport expenses .... and that's before your OH draws a salary from the business.

Better to store the furniture in the garage and sell it via the classifieds in the local paper.

Savvy_Sue

Agree with DFC but didn't want to be too discouraging before everyone else had been ...

Also remember that if you're running a shop, you MUST be open when you say you will. Which means AT LEAST two members of staff, even if one of them is only part-time time / casual cover / you.

Selling via the classifieds could be the way to go, but you may still need to consider insurance (if you don't tell your insurer you're doing this, you may still have any unrelated claim turned down), telling your landlord / mortgage provider that you're running a business from home, and - most important - registering as self-employed with HMRC!

melmar_2

thanks for replying definetly needs more looking into,good idea with classifieds but no garage,what insurance do you mean Sue please

Savvy_Sue

Well, I'm assuming you have buildings and contents insurance on your home.

If you don't tell your insurer(s) that you are running a business from home, they MAY decline a claim. Even though, to your eyes, the claim has nothing to do with the business.

Certainly if you have a break-in, even if you don't intend to claim for any 'stock' you lost, they may argue that you were seriously under-insured because of the stock, and pay out accordingly.

While I'm at it, I'll spell out what I meant about telling your landlord / mortgage provider. This is for general information rather than directed just at you, btw.

If you are renting, your tenancy agreement may say you can't run a business from your home - this is quite common in local authority and social landlord tenancies. If you ask the LA for permission, they may give it, if they're satisfied that your business won't interfere with your neighbours' 'quiet enjoyment' of their property. If you don't ask for permission and one of your neighbours 'shops' you, you're in breach of your tenancy and could be given notice to quit, the first stage on the rocky road to eviction. So, check first. Even more so if you're renting from a private landlord, who may not be as reasonable as a social landlord.

If you have a mortgage, your lender may have not running a business from home as one of the conditions, but again they may be quite happy for you to do so if you ask. Whether they try to change your rate or impose other conditions may depend on the nature of the business. I know less about this than about tenancies, it's just something I've picked up, but the best thing is always to check first.

Debt_Free_Chick

In addition, your home insurance won't cover you for loss of any stock, if you keep it at home. You will need to insure your stock separately - if you think it's worth it.

melmar_2

thanks Sue and Debt-Free, really appreciate your input

COOLTRIKERCHICK

a lot of the secondhand furniture/house clearance people i deal with in my business say that they get more money and a better turnover by selling in boot sales, instead of a shop, have you considered a warehouse/business unit ?

you might find this a cheaper option, and you can maybe only open say x amount of days while you are not 'booting it'

i am renting a unit, which includes all my rates etc, which is run/owned by the local council

also as you are dealing in secondhand good, you might find extremely hard to find an insurer who will insure your stock... but the main one is public liability and employers liability. and make sure you get liability for outside your premises too, so if you are picking up some bits that you have bought from someones house, and you damage or break something there you are covered.

just a few options there for you to consider.

also the guys that do the boot sales have said,, they have had to lower their prices to get a quick turnover in furniture, and its the smaller pieces that are 'fast movers' as they put it..

good luck....

ooo one thng..... dont forget your van costs.... i am spending far more on fuel, etc than i estimated i would....

Debt_Free_Chick

There's a good market for "shabby chic" too.

Old furniture, paint it off-white and then "distress" it with a piece of wire wool. Rub in a little coloured wax.

COOLTRIKERCHICK

Debt_Free_Chick wrote: »

There's a good market for "shabby chic" too.

Old furniture, paint it off-white and then "distress" it with a piece of wire wool. Rub in a little coloured wax.

oooo this is what i love doing, and yes re-vamping old furniture is on the increase, and the big firms like laura ashley etc have taken this on board by the styles and looks of their new season furniture...

this is why the smaller bits of furniture sell quickly...

dfc are you on the shabby chic forum?

sorry going of thread...lol..