Help please - where do I start and is this a good idea?

Savvy_Sue

Remember with a shop that you have to be open when you say you will. I'd start with limited opening hours, and timing these for when the nursery 'traffic' is going past, so that might mean early mornings but more likely lunchtimes and after pickup time.

Then you need a back up plan for when you're sick or on holiday. Will your parents help out with that?

hermum

Hi, are there very many other shops in your town doing the same thing? It may be worth speaking to Mums at the nursery, do as a survey, such as, where do they buy their kids clothes, how much do they spend per month per child. How many children. So on. If you take good pics, most people I know have special photos done most years but this is often through playgroups & schools.
Would the shop be large enough to sell prams & cots & other equipment? If you can't afford to buy them 2nd hand to start with, offer to sell on a commission.
Definitely speak to Business Link.
How old are you? Would you be eligible to start up help from The Princes Trust?
Good luck

bailey59

Thanks for your support jad and the link, looks like a good place to start.

Savvy_Sue, I am used to working all day so no difference there and as I only live a few minutes away I can get here or leave here easily. I am fully prepared for long hours and weekends. My sister or step-daughter would help out occasionaly, although I havent actually asked them yet but if this does go ahead I am sure they will happily help me. Its something I have only just thought about but I would discuss this fully with all my family beforehand anyway.

hermum there is only a Morrisions and a Factory outlet shop in this village so not much competition there. Then heading into town we have a Tesco extra and a Sainsburys (about 3 miles from here) Just outside town there is another shop like the one I am proposing so I am going to have a look on Saturday. In the town itself we have a small BHS, Co-op, Monsoon and Next. I cant think of anywhere else that sells baby clothes unless there are a couple of random shops somewhere.

The shop wouldnt be big enough for prams and cots though. And thanks for the tip about the survey. I will look at doing that.

I am 38, dont know about the Princes trust but I will check it out.

Thanks for your replies so far.

paulwf

Hi Bailey,

You obviously have lots of passion and enthusiasm for this project so I feel terrible for posting anything negative, but realism is also important. Your total unsecured debt that you list in your sig is a concern. For starters a new business may take a year to generate a reasonable level of profit. It may also not work out...can you afford to take that risk?

Even if it is a roaring success you may have a problem...if you want to take out a loan to move into larger premises in a prime location what does your credit profile look like?

paulwf

bailey59 wrote: »

Savvy_Sue, I am used to working all day so no difference there and as I only live a few minutes away I can get here or leave here easily. I am fully prepared for long hours and weekends.

Yesterday you posted another thread about your situation and whether or not you could raise a child. For the business project you describe to bring in a full time income it really would mean giving up your dream of having a baby. A new business will take up all your time, it will take over your life, don't expect a break for a holiday or because you feel ill let alone to have a baby.

Are you 100% sure this is the route you want to take?

Now I really feel like the harbinger of doom and gloom, please don't take it to heart I really want to see your business succeed, but these things do need to be addressed *hugs*

Savvy_Sue

Sadly at 38 you are too old for the Prince's Trust.

And I've thanked paul even though he brings doom and gloom, because these are all things you MUST think about. You MUST also do lots of 'What if' scenarios. Especially "What if I decide not to have a baby, make this my baby, and then fall pregnant?"

And wrt the unsecured debt, I was already thinking that in the early days you shouldn't go overboard on buying too much stock, or too wide a range of stock, and that's even more true in your case. It's like any risky investment, you shouldn't put in more than you can afford to lose!

eschaton

Seriously - forget it, you have ran up £40k debt and now want to start up a business !!!

You don't appear to have a financial bone in your body or any sense of reality regarding finances.

Retail is tough, I manage a multi million pound retail business and isn't a place for people that have just 'came up' with ideas.

Do yourself a favour and start job hunting.

Colin2511

putting aside your debt, with regards to the business, one of the best shops I saw when i had DD1 and DS1 was a everything but the baby shop. the basic premis was that I could purchase 2nd hand things from there, and when I had used them I could take them back, and the shop would sell them on for a commission to the next person, she only put a realistic selling price on, so the item sold quickly, or if it had not sold after 6 weeks (because no-one wanted it , or you had insisted on a high price), then you got the option to take it back. - as a mum you got cheap things, and an easy market to get rid of them after , as a business they got the commission and acted as the middle man - this worked very well in Harrogate, the shop was near the maternity hospital. - if you have the nurserys close by it could work with a little marketing to these. You would just need to fund the first "fill" of your shop with nice things, and then let the mums know you want things, (perhaps have an open morning with coffee / biccies etc asking mums to bring unwanted baby things in for you to sell. - Granted I used this shop in the early days before ebay was as strong as it is now, but it would still be easier taking a double buggy to a shop like yours than packing up and posting.

Savvy_Sue

One big question mark over selling on second hand baby equipment is the whole safety thing! You would need to be very sure that a buggy wasn't going to collapse or catch fingers, same with a cot or stairgate.

bailey59

Thank you so much for all your replies, even the reality check ones!

I realize I am in a lot of debt and my financial situation is far from ideal to be even thinking of starting up a new business venture. And yes I do also want a baby as per a previous post. But please realize that I only found out this week I am going to be made redundant. I am just churning loads of ideas through my head and I thought this would be the perfect place to ask you guys what you thought of my idea and to get honest feedback from you. As I said I dont know the first thing about setting up a new business which is why I came on here to ask. If I was to try and get another job in my profession (office admin) I would most likely have to take a drop in wages anyway. I have been doing admin work for 21 years and I want to see now if I can turn my redundancy into a life changing experience, I really dont want to get another job sitting behind a desk from 9 - 5. I have loads of things to discuss with my DH and my family who will give me loads of support. Yesterday I had a lovely dream and got reaaly excited about it, I was sitting in my cute little shop chatting to mums and selling loads of baby things. I know it may always just be a dream because of my current situation but, well, you just never know. With regards to the debt unfortunately it all started when my DH lost his job and had to support his 3 children, sometimes things happen and then snowball out of control. No excuse though I know.

Savvy_Sue I wouldnt sell second hand prams, cots etc, just clothes. I maybe thought of getting a supplier that would give me a discount and then ordering items from them, maybe have a catalouge in the shop that people can look through?

Colin2511 thats a good idea, thanks.

So thanks again for all your replies, none were taken personally as I know you are all giving me honest opinions which is why I came on here in the first place.