starting up retail shop on high street,

em84_2

Good evening,
My dream in life is to open a retail shop on the high street, I seen a shop i like the look at.
Shop price is £8,500 pa Is that pay in one go or monthly?
What other rates need paying aswell?
Would the bank help out with business loans? I do have some funds save away. I have over 1000 items brand new in my office for the ebay business. It going well but i want to have go out in the big world now. lol

Any info or links bout business starting up

Thank you so much

mercman1969

Em,

We have a retail unit in town.... our rent is £7500 PA. This is payable quarterly £1750.00 every 3 months

you also have to budget for council tax
Refuse disposal
Fire Regulations complience - required after Oct 2006
Utilities
Public liability Insurance
Advertising........... req'd if opening a new business
Bank Account Charges - nearly all charge something or other to businesses
Subscription to any professional bodies - FSB (federation of Small Businesses) for example.

Al this on top of your normal business running bills (stock)

Hope this has helped

Regards

Pete

motorguy

whats your chosen retail field?
What do you expect your margin to be?

motorguy

Also staff - full or part time.

Unless you plan on covering all the hours yourself?

welshgirlmel

A few links to start you off:-

http://www.becauseyoucan.com/home.stml?q=/home/starting_out
http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073858805&r.s=tl
http://www.businesseye.org.uk/index.html for businesses in Wales but useful info anyway
http://www.j4b.co.uk/ information on grants

Mel

welshgirlmel

Also
accounting and solictors fees
card services
bags and boxes
licence if you plan on playing music
cabinets/displays
safe
till

etc...

WhiteLily_2

Please think very carefully before putting your toe in the water! Retail is very depressed at the moment and you could end up with a large headache if you decide that the 'dream' is not for you. Hate to sound negative but I can speak from experience - believe me!
I pay around 9k per annum - payable monthly in advance. Are you thinking about taking on a lease?? Check the conditions very carefully and ask yourself what is the worse case scenario if things don't go to plan. You may be liable for more than you think if it all goes **** up!
I really don't mean to be negative - I am extremely realistic - with retail what you need to think about is that sales don't match your expectations you are still expected to pay your rent and associated bills - whatever the circumstances ! If your finances are in a delicate situaton or you rely on your income - it is far more easier being employed!
Good luck in whatever you decide to do!

motorguy

Having run my own retail business for a year there i can back what other people are saying in that its not easy!

Its an uphill struggle all the time, plus, if you have a bad month and you lose £1000, then the next month you have to make £1000 profit just to break even again.

If you string a few bad months together, which can happen, you can be seriously in debt very quickly.