I'm planning opening a pasty shop - what are the profit expectations?

Thrugelmir

Conrad wrote: »

Sounds fantastic. Getting paid for something you love - deffo the way to go.

Set yourself up financially first. So that what you earn and when you earn it isn't so important. Life is then far more rewarding. The days of working up to 70 hours a week to fund a 4 bed detached lifestyle are gone for me.

Conrad

Thrugelmir wrote: »

The days of working up to 70 hours a week to fund a 4 bed detached lifestyle are gone for me.

Ha, you have me right there. I want to pay off my mortgage, then turn my hand to the new business.

Thrugelmir

lostinrates wrote: »

It is a good way to go for some people.

For other's I've known it to be different. The work element can spoil the love element. e.g. DH and I know a session drummer. His life has always been music, he's done it, taken the sacrifice of money to do it full time, he's ok, good, not outstanding talent wise, but a very good drummer, he could well ahve mad eit given the right stroke of luck, the right other people etc. In early twenties you think you'll be happy doing what you love forever, its all you need, I think that changes. For him the change was when his GF got pregnant I think. He can't afford to turn down any offer of work and lots of people abuse that. He plays well, but now with no passion, its work, a job he's good at, and doesn't hate, but its work.

He's just one example I give: I know lots of people like that in entertainment industry and in equine industry. But he's a good example, because DH played with him about a fortnight before applying for conversion course and asking me to marry him.

There's a balance in life. I'm fortunate as an opportunity arose that I grasped. On the basis of giving it 18 months see if it was worthwhile.
My partner backed the idea. Despite a considerable loss of potential permanent income.

I would not of had the experience, knowledge to do this say 20 years ago.

In fact on a small scale I am only implementing the "best bits" that I've encountered from my years working in business. You could say that I am ethical in some ways. My word is my bond , a handshake. The most successful business people that survive in the longer term do so for good reason.

fc123

Snooze wrote: »

I was never a fan of apples and to be honest am still no fan of them now, but when I was on my last 'healthy eating' phase I discovered Pink Lady apples and these are the king of apples. You won't find a more enjoyable tasting apple than these babies.

I don't really 'do' fruit, but I am a sucker for navel oranges. These are the Pink Lady of oranges and I go through them like there's no tomorrow. Trouble is they have the same bodily effects as eating a hot curry .

R

Orange juice is like drinking battery acid.....can do dire things to your tummy. The body limits how much you can eat of something in it's natural state.....eating one orange, peeling it etc takes a while....maybe manage 2 but you couldn't eat 8 or 9 one after the other....but juiced you can.

I gave up Orange juice a few years back and my digestive system is 1000% more healthy....so much so, I don't even notice it wherease before I would get pains etc.

Same as nuts which are. wrongly, labelled fattening etc. Shelled, you would be able to chomp on 10 times the quantity that you would do if you had to crack the shell and picked them out first.

lostinrates

grrr, FC, I'm about to go on a juice only week.

Actually, its all about the cr-apple juice for me. with celery. and different herbs. Love veg juice, hate it un fresh. Having a bit of a bored of eating/lacklustre phase, hence juice.

fc123

lostinrates wrote: »

FC wish it were true about apples for me, I adore them, eat them all the time. I've swapped doctor for funeral drector, hoping that will work out better for me

next big thing? If pasties are taking off on the back of this thread well, as peole red on they'll be craving lemon jellies.

Apples probably only apply to the trivial illnesses like tummy upset or colds etc.....not the serious stuff.

I do recall when OH got his deaf disease...someone saying 'Oh, what caused that then?' and saying ''gosh, he doesn't smoke, drink da de da, how did he get a disease? '' Doh....random disease/illness can be just that...random and unpreventable.

fc123

Really2 wrote: »

Franchises are risky at the best of times. But agree pasty's may give you a living but not as good a living as something else.

I think my thought is I always get a core business before targeting more specialist parts.
If you can get the rich as a core business that would be great.
I suppose a good examples of how I think is Toyota creating sub devision Lexus. Or what Rolex grew into from being a no name supplier to the biggest luxury brand in the world.

They sort of grew in to the niche than starting off in it.
(But I think the Lexus example is great as now they are a middle class car with the perception of being more expensive now)

I suppose it boiles down to timing and ability to change to suite customers requirements/budgets.

I am still wading my way through this fascinating thread but the above is so true.

Deff applies to us as I started out selling all sorts of clothing...mens, ladies, kids, high fashion, basics and so on....and ended up specialising in my own little niche world. If I had to, I could expand and go back to a wider market.

Got more to tell but will finish the thread 1st:o

PasturesNew

Re the niche, the passion... I've never had a real passion for anything, which has been a real nuisance in me finding any niche. My niche is "random things that catch my eye in this five minutes", which isn't ... er ... very niche at all is it!

fc123

Conrad wrote: »

Well, it turns out someone that lives in the next village is an area coordinator for a large bakery chain! She said the average profit per branch was £50,000pa, which for me personaly would be too low a sum compared to the potential risk.
So the question is whether a more distinctive outlet specialising in premium mpasties, augmented with other products such as baps, would likely generate more profit.

Clearly an impossible thing to predict.

Other ideas I've had are;

An old fashioned style toy shop. In our area the only option is toys 'r' us, but we've come to dislike thier plasticy disney / TV centric range.
Would need a lot of space though, so again a huge risk in terms of rent commitment.

A farm shop - the one here is truly booming, but finding the right plot will be v hard. This type of business I would find particularly stimulating.

A hifi / TV shop. I have my own recording studio and know a lot about audio. I'd like the idea of a high end hifi and tv/ home cinema outlet. Value to be added by virtue of the fact fewer and fewer people have the time and skill to actualy set up a complex system in thier home. Plus I can advise them in a way no Curries person could on the audio side, and the TV side I will research fully prior to opening.
Someone we know of has such a business in Surrey and does very well indeed.

DOPESTER - I've had some experience with online offerings - it's very hard indeed. One of my brothers runs a company specialising in setting up online business. He says it's getting harder by the week as everyone is at it and driving traffic to your site is extremely difficult. Forgive me if I've the wrong end of the stick - I skimmed the thread and my impression is you are looking at an online offering.

FC123 - hope you are well!

The foody theme seems to fire you up.

I am listening to your track now....nyshe:D

I wouldn't go near the woody toys.....I think you need a daytrip to Brighton...I will plan you a tour if you do....''A Guide to Indie Niche and who makes the £££ and who doesn't.'' Bills is the one to visit if you want to feel a store with passion.

I know one woody toy shop, ticks over as a hobby but the main income comes from a BTL empire

Farm shop.....they make £££ as they are vertically integrated with some of their products......growing or making some of the produce cuts out the middle men.....so you may need to buy a farm? I don't think there is the margin to buy in and sell on. Ask LIR...I have heard they are a bit pricey. The lovely shop I refferred to earlier in the thread did a 'Farm Style Shop' in the character part of town. Tourists loved it but it couldn't pull a profit/wage.


On a positive, you sold loans that weren't unique, and could be gotten from the big guys.....but you still managed to sell on a product that wasn't particularly unusual and earn a good living, I guess you had competition too. OK, you had the benefit of a credit boom etc, but still not an easy thing to flog. A loan is a loan at the end of the day.

You own a comm property outright? Could you use it to try out a new venture? If you have parking and offer the home cinema techy (things I am doh about) service, could you base it there? Parking is the key with something like that.

The 40k pa rent high footfall shop should generate 400k pa. If you run it as owner manager, it should make 20% profit gross. Thats 80k pa.

You would be surprised how little some businesses make in hand. The 10 time rent and 20% of gross T/O is a good sum to my mind. Gives you a base to work from.

fc123

Conrad wrote: »

Ha, you have me right there. I want to pay off my mortgage, then turn my hand to the new business.

That's the best plan...mind you, we did do the opposite and it has been a rollercoaster the past 2 decades.......an advantage sometimes though as it pushed us to take risks that we may not have done (and some came good and others didn't) had we been 'comfortable. I don't know as I can't go back in time a relive the life wihout the pressure of kids and mortgage to fund.