Starting up my own shop, personal loan v business loan?

DKLS

How do you know if your model works if you don't know the costs of the products?

motorguy

DKLS wrote: »

How do you know if your model works if you don't know the costs of the products?

Have to agree.

No idea of margins, no idea if suppliers will supply, and no idea of minimum purchase levels. Each supplier could demand you keep their full range, and that you order in batches of £50,000 and you could need ten suppliers.

As has been said, these companies are under no obligation to sell to any tom !!!!!! or harry, so just because the O/P wants to sell their stock doesnt mean they have the "right" to.

Buy a lottery ticket this evening - it will double your chances of getting this off the ground.

capeverde

You can have the best business plan in the world, but there is no chance of getting any funding from a bank for a start up without personal guarantees and security (usually property). Therefore unless you have this you are wasting your time. Also large suppliers are not going to give you accounts without a trading history, usually 3 years. They will not sell to you on a cash basis either, as its simply not worth their time on the volumes you would take. I would suggest you dont have the correct industry knowledge to embark on this if you are having to ask these questions on here. Not wishing to sound a killjoy, but these are the cold hard facts. Things will only start to get easier and walls removed after 3-5 years trading, then you can start calling the shots, assuming that is that you are moving forwards.

bookgirl_2

Hi,

A friend of my husband runs a franchise specialist running store (not sure if I can post the name). I don't know how the finances work but it gives him access to a range of top brands and the support of a larger group/website etc.

I see that they are just about to open a new store in Belfast so they will either be competition or someone to talk to to find out more!

R