Costs for your own shop

joseph9a

Hi guys,

I was just after some advice please from anyone that can help. I was looking at renting a premesis to run my new business from. I am giving it serous thought and I found a suitable shop. I do not have good credit and I have a debt relief order which I am 3 years into, but I have about 10k in the bank so I'm hoping this would be enough to start.

If anyone could give me a list of all the things you have to wish your own shop and approximately how much they cost. I am only going to employ 1 or 2 members of staff and the place I've seen is only a small office suite.

Thanks

Joe

Owain_Moneysaver

If the premises have planning class of use as office then you won't be able to use them as a retail shop without change of use permission.

Maddybee33

I'm not sure that I quite understand the question. First of all, what is the shop going to sell? Just saying you're opening a 'shop' isn't much help, as you could be opening a butchers, a pet shop, or a gift shop- all of these shops would require being run very differently.

Not to be too harsh, but from the sound of your question it doesn't sound like you've thought this through very well.

Savvy_Sue

You need a solicitor who deals with commercial property to look over the lease. You can't afford not to do this. You could be tied into a lease for several years, and if the business goes wrong you'll still be liable to pay it.

You need a contract for waste disposal.

You need gas, electric, water.

You need a sound understanding of employment law, or a good source of advice for that.

You need stock - agreement from a wholesaler, or whatever.

Display stands etc.

And so on.

Opinion

Rent
Business rates
Accountant fees
PAYE liability
PRS/PPL (if you plan on playing music)
Phone and broadband
Electricity, gas, water
Insurance
Office supplies
Marketing
Bank charges

Savvy_Sue

BTW, no-one's spelled it out, but the chances of you being able to obtain credit are vanishingly small. So do your costings v-e-r-y carefully, because that 10k may not go very far, and when it's gone it's gone.

Robin9

Depends on your lease but you may have to decorate.

£10k is not enough - expect to make a loss in year one, breakeven in year two and profit in year three (if it all goes very well)

zaax

The worst one is business rates and at can double if its a corner shop - its a business breaker

Pennywise

zaax wrote: »

The worst one is business rates and at can double if its a corner shop - its a business breaker

A small typical corner shop will probably be exempt due to the small business rate relief, though maybe no if you're in a high-cost shopping area, but if that were the case, the OP wouldn't have anywhere near enough money with just £10k. So in all probability, no business rates to pay.

The real killer is water rates, especially if rain water goes into the drains instead of a soakaway. You can get crazily high water rates bills for a very small business with very small water needs.

joseph9a

Thank you to everyone who replied and sorry I forgot to include what I was thinking of actually doing, I posted this before I went to bed sorry and was tired. The business I am looking to start is a printing and graphic design business, so it's just computers and printers I need to get it up and running.

Joe

Opinion

joseph9a wrote: »

Thank you to everyone who replied and sorry I forgot to include what I was thinking of actually doing, I posted this before I went to bed sorry and was tired. The business I am looking to start is a printing and graphic design business, so it's just computers and printers I need to get it up and running.

Joe

I assume you've got a business plan to follow? What's your burn rate? How long can you last on that £10,000 if things didn't take off and you didn't get any business for the first six months?