Business Idea?

preciousb

Hey all, just started working in the IT department for a company that trades discounted goods, pound prices etc. Although the jobs ok, ive always wanted my own business.

Now i have always wanted to do a business. I had an idea a few weeks ago about doing a sweet shop- went against it.

Now i can get hold of discounted goods on a regular basis from the wholesaler company i work for providing i have a business. The prices are very good and i can see a mark up margin of 40% on each item.

Where can i sell these goods or how can i? I was thinking of a market stall but not sure. My capital is very small after i purchase the stock.

Totally i have got £500 pounds for everything.

Any suggestions please?

borders_dude

preciousb wrote: »

Hey all, just started working in the IT department for a company that trades discounted goods, pound prices etc. Although the jobs ok, ive always wanted my own business.

Now i have always wanted to do a business. I had an idea a few weeks ago about doing a sweet shop- went against it.

Now i can get hold of discounted goods on a regular basis from the wholesaler company i work for providing i have a business. The prices are very good and i can see a mark up margin of 40% on each item.

Where can i sell these goods or how can i? I was thinking of a market stall but not sure. My capital is very small after i purchase the stock.

Totally i have got £500 pounds for everything.

Any suggestions please?

1) Ebay store.
2) Your own independent online shop.
3) Both of the above at the same time.

preciousb

Hi,

I had an ebay account years ago that got suspended for security reasons/proof of ownership of goods.

They wanted proof of the items i was selling including invoices or receipts from a time period of 2 years.

I couldnt provide them (wish i kept the invoices).

So recently created an ebay account and so far its ok, 1.5 weeks its been alive lol. I havent sold on it yet. Thats the worry that it will get suspended by then.

I was also thinking about a stall in the market? Would that seem like a good idea?

Horace

Visit your local markets and see if there are stalls selling sweets there before you commit yourself to anything.

If you are thinking of self employment have a chat to Business Link (https://www.businesslink.gov.uk) as they will tell you how to set up and the pitfalls you are likely to face.

lincroft1710

How exclusive/saleable/desirable/competitively priced is/are the product(s) you will sell?

Market stalls aren't always easy to come by and mean early starts/long days/hard work/possibly out in all weathers.

You will have to tell HMRC you're self employed and keep proper accounts

preciousb

Hi, my idea is to sell discount line goods - household items, pets toys, sports goods etc

Really low cost discount stock

The sweets idea - i had to say no to as there were too many hurdles and its probably a higher risk

Horace wrote: »

Visit your local markets and see if there are stalls selling sweets there before you commit yourself to anything.

If you are thinking of self employment have a chat to Business Link (www.businesslink.gov.uk) as they will tell you how to set up and the pitfalls you are likely to face.

borders_dude

Horace wrote: »

...


If you are thinking of self employment have a chat to Business Link (www.businesslink.gov.uk) as they will tell you how to set up and the pitfalls you are likely to face.

I would only recommend chatting to them if you are in a part of the UK that business link deals with. This exludes Scotland, Northern Ireland and wales.

preciousb

Am based in the Midlands

I heard a little about the pricess trust. I am 24 years old so am assuming i fit the age criteria.

Question is, how would i go about getting a grant or are the chances of a grant slim for this kind of business?

borders_dude

preciousb wrote: »

Am based in the Midlands

I heard a little about the pricess trust. I am 24 years old so am assuming i fit the age criteria.

Question is, how would i go about getting a grant or are the chances of a grant slim for this kind of business?

I think a key part of starting a business is to do some legwork. With respect you cant expect everyone to do it for you.

Consider this, although it may sound harsh. If you are struggling to come to grips with the basics are you really the type of person who can make a good of starting a business?

mum-of-3

preciousb wrote: »

Am based in the Midlands

I heard a little about the pricess trust. I am 24 years old so am assuming i fit the age criteria.

Question is, how would i go about getting a grant or are the chances of a grant slim for this kind of business?

As you are in employment you do not fit the criteria for Prince's Trust

Owain_Moneysaver

You need to get your employer's agreement as they may not be happy with you competing with their existing customers.