whats involved in buying a shop ie newsagents

mystic_bertie

this is just a thought, i have never been self employed and i have never worked in a shop.

i was wondering if i was interested in buying a shop how much money do i need of my own or can i borrow the full amount ?

i have this idea and my missus could work there full time, but is there likely to be much money to be made doing this as i would imagine the more profitable a business is then the more it would cost. its maybe a daft idea but i thought i would ask as i thought it could be a bit of security for the future, as pensions are not very reliable and then theres talk f the pension age getting moved, if i had a shop i could have a wee easy number working there insted of slogging at what im doing now. im 39 and just thinking ahead, a wee easy job for when i turn 60

Errata

My local village shop is also a newsagents. The owner gets up at 4.30 every morning to sort out the papers, opens up at 6am and closes at 8pm. Half day closing on Wed but open from 5-7 in the evening, and closes at 12 noon on Sundays. The half day they have off on Wed is spent at the wholesalers and replenishing the shop shelves.
Does your wife fancy working these sort of hours and would you be able to work them when you're 60 ?

mystic_bertie

Errata wrote: »

My local village shop is also a newsagents. The owner gets up at 4.30 every morning to sort out the papers, opens up at 6am and closes at 8pm. Half day closing on Wed but open from 5-7 in the evening, and closes at 12 noon on Sundays. The half day they have off on Wed is spent at the wholesalers and replenishing the shop shelves.
Does your wife fancy working these sort of hours and would you be able to work them when you're 60 ?

i would also employ staff, i meant my missus would do a normal full working week hours.

Savvy_Sue

mystic_bertie wrote: »

i would also employ staff, i meant my missus would do a normal full working week hours.

until a member of staff goes sick suddenly, or walks out suddenly, or dips their hand in the till suddenly, and you're left short-handed - someone has to cover! Oh, and if you offer a paper delivery service, who steps in when the spotty teenager fails to turn up at 7 am?

Owning a newsagents isn't a cushy way to earn a bit on the side. ATM, no retail is, and probably never has been.

By all means carry on researching, but I wouldn't do this unless you were passionate about being a shopkeeper, and your wife shared your passion. Then I'd research marketing, margins, bookkeeping, employment law, health and safety law, food safety law (most newagents have a chiller with some snacks and fresh food!) and so on.

Then, I'd invest in a shop with a lot of passing trade but not much local competition.

motorguy

Savvy_Sue wrote: »

until a member of staff goes sick suddenly, or walks out suddenly, or dips their hand in the till suddenly, and you're left short-handed - someone has to cover! Oh, and if you offer a paper delivery service, who steps in when the spotty teenager fails to turn up at 7 am?

Owning a newsagents isn't a cushy way to earn a bit on the side. ATM, no retail is, and probably never has been.

By all means carry on researching, but I wouldn't do this unless you were passionate about being a shopkeeper, and your wife shared your passion. Then I'd research marketing, margins, bookkeeping, employment law, health and safety law, food safety law (most newagents have a chiller with some snacks and fresh food!) and so on.

Then, I'd invest in a shop with a lot of passing trade but not much local competition.

All very true and fair comment. I'd be wary of buying a shop full stop at the moment. Any that are making decent money are asking stoopid prices.

newsseller12

I own a newsagents/convenience store and yes there is money to be made but you certainly have to work for it! I put in over 100 hours per week every week. My day starts at 5.30am and ends at 9.00pm 7 days, when we close at 9.00pm I regulary spend over 1 hour of "my time" bookeeping, banking,cashing up and cleaning the store.
On the other hand though I love the work although I have a 7 year plan and that is how long I plan to stay here before I sell up and semi retire to a part time job elsewhere.

Francesanne

mystic_bertie wrote: »

this is just a thought, i have never been self employed and i have never worked in a shop.

i was wondering if i was interested in buying a shop how much money do i need of my own or can i borrow the full amount ?

i have this idea and my missus could work there full time, but is there likely to be much money to be made doing this as i would imagine the more profitable a business is then the more it would cost. its maybe a daft idea but i thought i would ask as i thought it could be a bit of security for the future, as pensions are not very reliable and then theres talk f the pension age getting moved, if i had a shop i could have a wee easy number working there insted of slogging at what im doing now. im 39 and just thinking ahead, a wee easy job for when i turn 60

Our local newsagent closed earlier this year because it just wasn't viable to keep it going. It was run by a really great couple and they tried their best to make a go of it. The husband had to take a full time job as a bus driver to make a living for the family but also helped out in the shop when he could. Too much competition from local supermarkets. Would think very carefully before you make any rash move.

greyteam1959

I have been in the retail food business for 26 years now and I can tell you it ain't easy mate !!!
My best advice to you is go and work in a newsagents or whatever you are thinking about doing.
Part time / full time / work for nothing just for the experience........
Then make up your mind