Opening a retail shop on high street

cuddlymarm

Hi

I don't want to be the voice of doom but I speak from experience when I say that not many small businesses are making a living these days (it's a combination of overheads rent, rates, water rates, insurance, phone, advertising, tax, VAT (if you earn enough) and then of course the likes of Tesco jumping on any profitable bandwagon.

The small business is a dying breed. We're still struggling along but 4 small businesses have gone in the last 3 months in the town where we are.

If you really feel that you have a good business idea (and there is no competition already filling that gap) then I wish you luck but please make sure you do your homework before you sign on the dotted line and tie yourself into anything.

Good luck

:rotfl: :rotfl: :rotfl:

you_wicked_gay

Esoog wrote: »

What exactly does bnwt mean?!

BNWT = Brand New With Tags

Esoog

woowoo. thanks

blue_monkey_2

Hmmm, also Primark. If they come to your town you can pretty much say you'll be stuffed and still have all that money to pay out. It's killed North Weald and Stevenage Markets - you can't complete with thsoe kinds of prices and the fact if something happens they'll give the money back and don't have to wait untila certain time to do it. It's a lure going into a shop but think of all the extra rent, rates, insurances, cost of fixtures and fittings you'll have to get. let's say it costs 30,000 and you are selling 15,000 items a year that is an extra £2 an item you'll have to charge more than you do now. Plus you'll probably then have to go VAt registered as you'll need the turnover to make the rent and rates. It is a huge step so you have to bear it in mind. if you can match the few pounds for tops everyone is paying on the high street then you'll be fine, if you can't then think about getting a couple of those huge storage sheds in your garden and storing the stock in there to get it out of the house, I've been there and done that and that is what we have now!

jo_b_2

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

I've moved this thread over to the 'Small Business Board' where you might get more advice and suggestions.

Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

lindsaygalaxy

When i looked at opening a shop in town, i got told this information from bank/letting agents etc -

If you are new to the business, yu have to pay 6 monhs rent in advance as wella s a 3 months worth deposit. You will then have business rates on top that you wil have to pay that will be a few thousand. You also have to expect at the start to be ur only employee working 6/7 days a week so that you can get it off the ground and make money to plugh back in the business.

Saying that id still love to have my own business!

motorguy

you_wicked_gay wrote: »

BNWT = Brand New With Tags

I saw on the ebay forum once where somebody bought an item that had BNWT in the title, and when it arrive it was new but with no tags.

When queried the seller said its short for Brand New Without Tags!!! :rolleyes: