Buying A Newsagent/Sweet Shop

jonesMUFCforever

MoNeyTaker wrote: »

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

Sorry but the answers seem to come from somebody with very little knowledge of business practises and in some cases simplistic.
So your family will work free of charge - they never want a holiday?
Your turnover of £7k includes lottery takings but only 5% of that is yours - the rest has to be sent to lottery HQ.
Does the rent include business rates = does the £500 you put in your pocket take into account Tax, NI and other expenses like public liability insurance, stock insurance etc etc.

You need to look into this much more businesslike - I would suggest getting an accountant to help you with a business plan before you commit any money to this.