Opening a 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

cafenervosa_2

I would advice on not opening a shop on the high steet because of the costs involved. If you look around our town centres the number of empty or closing businesses is a decrace. I run an ebay business from home for one simple reason, to keep my expenses as low as possible. The only people who will end up paying for your £8,500 pa plus other running costs are your customers and this will make you less competitive than you will be now. High Street shops are slowly going, retail parks taking over but for now the internet is booming and thats where the future is.

frivolous_fay

Forgive me, but do you have a solid idea of what you want to sell? Is it you dream to have 'a shop' or a particular kind of shop?

Make sure you have a business plan. I suggest reading a little about starting businesses - try the local library.

I don't know the first thing about rates or opening a shop, but I'd go and find out before I even thought about finding premises! Preparation, my friend!

em84_2

I run a ebay business for over 3 yrs now and I must say it great being at home, But I have no where to put my stock, It over take 2 bedrooms. lol I got a long list of questions before i do anything silly.
I have made a appointment with the bank, All my books are up to date. And a business plan aswel.
Our nearest big town is 20 miles away in colchester. I sell Clothes bnwt woman size 8-30 and mens s-xxxl Few kids clothes too. I find on ebay people dont want to pay more then few pounds tho.

em84_2

Thank you for helpful tips

em84_2

I forget to say, I do a market stall 3 days a week, and 2-3 clothes partys a week. I make a good £200-300 a time. I buy my wholesale stock at £1.00-£1.50 max a item. Maybe i just need a big office for my stock. lol

RFW

em84 wrote: »

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

First the chances are that from the rent, you would be paying more than double that per annum. The rates would be around the same (depends on area, sometimes more, sometimes less, ask the council). Then there is insurance, amenities, water rates. Are the premises secure or would it need alarm, roller shutters?

Do you then need to employ staff or can you stay in the premises full time with you and your existing workforce.

When you say you have 1000 items in stock, is that your total stock. 1000 items is a lot to sell on Ebay, but not a lot to have in a shop. Then if you're selling clothing you need to think about fixtures and fittings. Also advertising would be an additional cost.

Is the shop owned by one group or independent? (if in a precinct or group of shops, you may have restrictions on what you can sell).

As others have said retail is extremely difficult, that's not to say you can't make it work and be successful. However I'd be extremely cautious, you need far more behind you than you appear to have. With that rent I would guess that you would need at least £100,000 in funds and stock to get you through the first year and then it could be a rough ride.

snax

The only guaranteed profit in all of this is the £8500 you pay to your landlord - Stick with the markets until you see a property that will add value to your business - not drain profit.

highguyuk

I've had a quick read - and I think you've already said your solution.

You need to get a warehouse. Or a garage. Or some more space to put your stock.

You don't seem to have a high profit margin on your items currently. Buying at £1, seeing for only a few pounds more. Think how much of that small profit is going to be eaten up selling in a shop with all the extra overheads.

Or perhaps, how much you will have to sell at the smaller profit rate to maintain or increase your earnings. Would you have the space, staff or the supply of good stock to do it?

TKPeters

We have a unit based within a Business Centre which is run by our local council & rent inc rates & electric is £300pm

Try your local Business Link who'll be able to find you suitable premises

Esoog

What exactly does bnwt mean?!