Buying A Newsagent/Sweet Shop

MoNeyTaker

Hi have worked in a newsagent for 8 years for someone else (left in 2002) i have thought about owning one my self in the last year or so. Just need help on a few questions i have on how to buy and what people i will need.


I kind of know how to go about leasing/renting one through agencies and arranging an appointment to view the properties but what what professionals will i need onboard?

Thank you

bordercars

unless you have a bottomless pit of money think hard before doing this. as an independant i think your stock cost will be high profit low and you will have all the major players against you.

MoNeyTaker

bordercars wrote: »

unless you have a bottomless pit of money think hard before doing this. as an independant i think your stock cost will be high profit low and you will have all the major players against you.

The shop i have in mind makes 7000 a week. end profit is around 500 pound. Thinking hard not required. Still need help on the questions above.

Regards

jonesMUFCforever

Who owns the property? How much would it cost for you to buy? Do you have anything to put into the business or security to offer for a loan?
You say the shop 'makes' £7000 a week do you mean this is the turnover?
End profit of £500 per week - do you mean net profit (if so before or after tax)?
Do you have a business plan?
Does the end profit take into account any repayments on a loan?

Finally working for somebody is totally different to owning the business - you are responsible for everything - what happens if one of your staff doesn't turn up? Are you prepared to work 18 hour days 7 days a week??

Some questions for you to ponder.

xxlaurissaxx

Where about do you stay? Scotland, england.......? In Scotland there is business Gateway who give you all this advice free, not sure what its called in england but ill have a look. xx

maninthestreet

The risk with buying a paper shop is that it might blow away.

MoNeyTaker

jonesMUFCforever wrote: »

Who owns the property? How much would it cost for you to buy? Do you have anything to put into the business or security to offer for a loan?
You say the shop 'makes' £7000 a week do you mean this is the turnover?
End profit of £500 per week - do you mean net profit (if so before or after tax)?
Do you have a business plan?
Does the end profit take into account any repayments on a loan?

Finally working for somebody is totally different to owning the business - you are responsible for everything - what happens if one of your staff doesn't turn up? Are you prepared to work 18 hour days 7 days a week??

Some questions for you to ponder.

Hi, 7000 includes lotto and other services such as newspapers etc (total turnover of what the shop makes each week). End profit is how much i keep in my pocket.

The property is being rented out 300 a week.

Loan isn’t a problem got that in the bag.

Very Aware of the responsibility involved. Wont need staff have family to help out.

Not necessary to work 18 hours (13-14 hours max 7 days a week), you only need to work those hours if you buy a shop in an area that has low passing trade.



Do you have a shop if so can you remember how you went about buying it or renting it?



Regards

MoNeyTaker

xxlaurissaxx wrote: »

Where about do you stay? Scotland, england.......? In Scotland there is business Gateway who give you all this advice free, not sure what its called in england but ill have a look. xx

Hi based in England northwest. Any help is much appreciated.

Regards

MoNeyTaker

maninthestreet wrote: »

The risk with buying a paper shop is that it might blow away.

No wind where the shop is based.

A_Nice_Englishman

13 hours a day, 7 days a week for £500 works out at £5.50 an hour - less than minimum wage.

xxlaurissaxx

MoNeyTaker wrote: »

Hi based in England northwest. Any help is much appreciated.

Regards

Its Business Link. www.businesslink.gov.uk

Hope this helps xx