Desire to open up my own shop, either on-line or locally?

Ivy89

I've always dreamt of opening up a shop of my own. Obviously in this economic climate it's a bit awkward isn't it?, So I was wondering what the outlook is like with on-line shops?. The particular genre of products I would like to sell is new age or metaphysical. I live in south Wales.

In regards to a store, I know of two new age/metaphysical stores a few miles from me (In Caerphilly) but If I were to open a shop I would be hoping to do it more Blackwood area. There's a spiritualist church down the road from the high street that is always full, and a few people come into the charity shop I volunteer in and buy the crystals/spiritualist books so I do know there is an interest in that sort of product locally. I discussed with one of the new age stores in Caerphilly about how well they've been running and apparently it was quite difficult at first. However they seem to be running well now since they opened up a small area for coffees out the back, and since they began selling services such as massage and tarot readings. The other shop also sells treatments and sells alot of products on-line.

The other alternative is an on-line shop, as I said above. I've explored a few holistic/new age wholesale sites and they seem reasonably priced. I was wondering how difficult it is?.

Do you think its worth it?, I've been searching for a job for two years and been volunteering in a charity shop for a year. I've been taught tills, serving customers, sorting out displays, managing the other volunteers. I've also worked briefly in Greggs but I am unable to find any other work. I apply for job after job, but with no luck, but apparently jobs are very scarce locally with over 100 people applying for most jobs.
If I were to open a business my sister would be helping me out as she has studied a business diploma with distinctions.

Would you recommend trying for a on-line shop rather than a store. If so are there any loans or help that you can receive for that or does it all have to come out of your own pocket?. Shopwise are there any loans or enterprise loans etc that are available?. I have £600 in savings that I can put towards buying products and that. Do you recommend any on-line store providers or any other tips?.

pitkin2020

Well you have to weigh the pros and cons up of each idea and see which would be best for you. TBH though £600 as a starting budget isn't a great deal to secure a lease, pay atleast a months rent up front aswell other costs like advertising, signage etc. Then you need to get stock, a shop needs to be full of stock to be able to sell it so you physically have to hold the stock and would probably need around 2k to get a good selection of wares and have the shelves plentiful.

The online version would be cheaper but would still need anywhere between £250-£1500 to get the online shop up and running unless you can do it yourself. The stock again ideally you would need to hold to ensure its available when you come to sell it but you could buy less instead of 10 each you could buy 2 each and replace on a weekly order. You could dropship but make sure your supplier is 100% reliable.

paulwf

Ivy89 - could I ask why you have a dream of running your own shop? Are you really passionate about it or is it because you can't find a job? You'll be in for insanely long hours if you work for yourself so it has to be your dream and passion.

If you sell online it can get very tedious, ebaying is to a large extent just admin as in relisting items, ordering more stock, sending payment reminders and invoices, packing and taking a trip to the post office. There isn't always that much to get passionate about with online selling.

To cut to the chase a physical shop is going to be out of the question without substantially more funds, you could try a market or craft fair though. The factor in whatever way you decide to sell is profit margins, a lot of these types of sectors have very low margins as you end up dealing with lots of small suppliers which don't have the buying power plus you end up paying high carriage costs each time. I could be completely wrong though so do your research, you can't crunch any figures until you know your gross profit.

I think it is interesting that it it the treatments have turned the businesses around, these have substantially higher margins and require very little stock holding, that would be where I would focus first.

Ivy89

Thanks for the comment. It's not necessarily for now but it is a dream of mine so it might have to wait until I have the funds . I'm not sure but I thought there was loans available to new businesses? I'm twenty one if there's an age restriction.

Ivy89

No it's not for the money. I work so hard in the charity shop and it's really shown me how much I want my own shop. I'm really passionate about it and I'm also really interested in new age or the metaphysical so it's combining my two passions. It was always my nan's dream to have her own shop so I'd like to do it in memory of her too. My grandparents ended up running their haulage firm instead until she became ill.

I would love to use the treatments as a helpful point but at the moment I haven't got any qualifications with holistics , only my own experience. I'm attempting to enrol in a reflexology course at the moment so I can obtain more funds. I hope to use a portion of this to save for my shop as I live with my parents so I don't have any bills. If I did open my own shop I would offer treatments , either done by me or eventually by a employee.
Online - I wasn't intending on using eBay as it's very competitive and I've heard it's not really worth it.

In regards for a stall I was actually considering doing one around Christmas time if I can , I'm making my own jewellery . Are there any important things to know when doing the stalls like insurance , or do you just buy your stock and bring equipment ?.

pitkin2020

Personally you would be best starting out with a market stall, lower over heads and less commitment. Work from there, probably feasable with your budget to start small with some select items and work it up. If it takes offer than a shop offering services would be the next step.

There are also plenty of health & harmony events that happen frequently that you could attend as a trader.

Savvy_Sue

Ivy89 wrote: »

Thanks for the comment. It's not necessarily for now but it is a dream of mine so it might have to wait until I have the funds . I'm not sure but I thought there was loans available to new businesses? I'm twenty one if there's an age restriction.

There are now very few grants available to new businesses. You might find it worth while to get in touch with The Prince's Trust while you're still under 25!

The experience you've gained in the charity shop will be very useful, I'd 'show willing' and see if you can take on more responsibility, eg helping draw up rotas, reviewing policies, working on developments. If that shop has any paid staff, shadow them if you can - it tends to be the managers who are paid so worth being ready to apply for that kind of job.

But think about WHAT it is in your dream of running a shop which makes it YOUR dream. Is it interacting face to face with customers and building a relationship? Obviously you don't get much of that online. Is it because you 'believe' in what you want to sell? That could go either way.

patman99

I was thinking of suggesting a market stall. You should aim to be 'out and about' at least 4 days a week.
If you have a large carboot sale near you, go and have a look around. Are there any traders selling what you intend to sell?. If not, might be worth the pitch fee to try at least 4 weeks on the trot (people will become familiar with you being there and will be more tempted to buy from you).

There is no reason why you cannot also run a shop online at the same time. The secret to online success is good photographs, so if you go down the online route, invest in a DSLR, light-diffusing tent and studio lighting (you can make your own light tent, just google it.

Ivy89

It's both interacting with the customers and belief in the products I'd say. The only reason I'm considering online is as a back up and as a way to get funds to ensure the shop runs smoothly. I have been showing willing, I've actually been highly recommended to the area manager by my manager to be a sales assistant or assistant manager , just the company I work for has very few jobs locally at the moment. I've been told I'll probably be offered an interview soon as a sales assistant( which will give me he same responsibilities as an assistant manager) . I already cover for my manager when shes absent or On her day off ; I cash up, close and open, run the shop and manager the customers, sort out donations, sort out some paperwork on the computer . She's basically taught me how to be an assistant manager. I've considered the princes trust, does that only help stores or will it help online aswell?.

Stall is actually a really good idea , but I'm not sure what is required? Do you have to get any insurance or just turn up with your pitch and products when you've paid?. I might purchase a few products and try out the car boot idea. There is all three in the area I would like to start up a business . There is a car boot every other Sunday, an indoor Market which was offering units for £ 60 per week last Jan, and an outdoor Market . Are there any tips on these would you suggest?

inmypocketnottheirs

Have a google for Market Traders Federation to find out the ins and outs of market trading. You probably have found https://www.thewholesaler.co.uk.

texranger

Ivy89 wrote: »

I've always dreamt of opening up a shop of my own. Obviously in this economic climate it's a bit awkward isn't it?, So I was wondering what the outlook is like with on-line shops?. The particular genre of products I would like to sell is new age or metaphysical. I live in south Wales.

In regards to a store, I know of two new age/metaphysical stores a few miles from me (In Caerphilly) but If I were to open a shop I would be hoping to do it more Blackwood area. There's a spiritualist church down the road from the high street that is always full, and a few people come into the charity shop I volunteer in and buy the crystals/spiritualist books so I do know there is an interest in that sort of product locally. I discussed with one of the new age stores in Caerphilly about how well they've been running and apparently it was quite difficult at first. However they seem to be running well now since they opened up a small area for coffees out the back, and since they began selling services such as massage and tarot readings. The other shop also sells treatments and sells alot of products on-line.

The other alternative is an on-line shop, as I said above. I've explored a few holistic/new age wholesale sites and they seem reasonably priced. I was wondering how difficult it is?.

Do you think its worth it?, I've been searching for a job for two years and been volunteering in a charity shop for a year. I've been taught tills, serving customers, sorting out displays, managing the other volunteers. I've also worked briefly in Greggs but I am unable to find any other work. I apply for job after job, but with no luck, but apparently jobs are very scarce locally with over 100 people applying for most jobs.
If I were to open a business my sister would be helping me out as she has studied a business diploma with distinctions.

Would you recommend trying for a on-line shop rather than a store. If so are there any loans or help that you can receive for that or does it all have to come out of your own pocket?. Shopwise are there any loans or enterprise loans etc that are available?. I have £600 in savings that I can put towards buying products and that. Do you recommend any on-line store providers or any other tips?.

I have looked at stores, but TBH the high street is dead , you need a regular footfall, so best in an out of town shopping centre rather than a high street.

another option is markets/summer fairs/country shows/craft shows

you have not rates/water etc. to pay, you just need a sturdy van and a market stall that you can pick up from £100. this will also mean you take you business to different areas and if it takes off and you decided on a shop then with being on the markets you will know which towns give you the best income to judge where to set up.