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some help please

 
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sassetaylor



Joined: 20 Dec 2007
Posts: 6

PostPosted: Thu Dec 20, 07 12:04 pm    Post subject: some help please  Reply with quote    



Hi Im new on here but would appreciate some help from you guys.

I currently work in local Gov in Nottingham but have for some time wanted to se up my own business.

A chance is coming up in June where an established (but not well promoted) herbal shop business is coming up for sale. i have big plans and ideas of how to publise and improve this shop, also by having internet sales, and stocking organic products esp for babies and young children.. Do any of you thing this is a goood idea. My dad is an accountant so he is checking the books for me for free, and would also do all my books and VAT for me for free

Cathryn



Joined: 16 Jul 2005
Posts: 19854
Location: Ceredigion
PostPosted: Thu Dec 20, 07 12:07 pm    Post subject: Reply with quote    

There are several articles on here which I am sure will be of help. And then lots of follow on information in the threads.

Hello, by the way, nice to meet you.

sally_in_wales
Downsizer Moderator


Joined: 06 Mar 2005
Posts: 20809
Location: sunny wales
PostPosted: Thu Dec 20, 07 12:08 pm    Post subject: Reply with quote    

Hello!

Sounds like it has potential, I suppose the biggest question to ask at this stage is why is it failing for the current owner? Is the area its in one that will attract people who will want what you sell at the prices you'll need to charge, and can you make the online side sufficiently different from any competitors to draw significant numbers of new customers?

Its going to be important to do your homework before you make a bid for it, a real bricks and mortar shop only works if enough people walk throgh the door every day and buy something, whearas the online side you could start now and build up even before you have a real shop

Cathryn



Joined: 16 Jul 2005
Posts: 19854
Location: Ceredigion
PostPosted: Thu Dec 20, 07 12:09 pm    Post subject: Reply with quote    

You'll find them in here

http://www.downsizer.net/Projects/Starting_Out/

One big tip. Do not sit with the downsizer window open while you are trying to work...very distracting.

Mrs Fiddlesticks



Joined: 02 Nov 2004
Posts: 10460

PostPosted: Thu Dec 20, 07 12:11 pm    Post subject: Reply with quote    

Hi Sassetaylor

welcome. Don't know much about small businesses but my first thought (cos I'm a cynical old Mrs F) was to find out the reason for the sale of the herbal shop business? Retirement sale is good, failed to make a go of it isn't!

How well is it situated within the shopping area? What are the shoppers like in that area -budget, interests etc etc. Some shops fail to thrive if sited wrongly.

Have you looked in to the wholesalers and costs of the new ideas you'd like to stock - does anyone else in the town already stock these items?

sassetaylor



Joined: 20 Dec 2007
Posts: 6

PostPosted: Thu Dec 20, 07 12:18 pm    Post subject: Reply with quote    

nobody else has a herbal shop on the East side of Nottingham where I live, the only decent herbal shop is in the City Centre. It is on a row of established shops and income bracket round there is fairly good, decent housing etc. Also the woman did the business as a side line as her main work is in acupunture. She ia also a part time carer for her mother and she no longer has the time to run the shop

Fee



Joined: 21 Mar 2005
Posts: 15919
Location: Earth
PostPosted: Thu Dec 20, 07 1:31 pm    Post subject: Reply with quote    

Hiya

Sounds like a good opportunity to me then.

I have to re-itterate ruby's post though, don't sit with the Downsizer window open, it's very dangerous

Welcome to the site, btw!

dpack



Joined: 02 Jul 2005
Posts: 36673
Location: yes
PostPosted: Thu Dec 20, 07 10:18 pm    Post subject: Reply with quote    

check the books check who walks in and buys over a few days
if it adds up and you want to be a shopkeeper go for it

kaz



Joined: 09 Sep 2006
Posts: 189

PostPosted: Fri Dec 21, 07 7:12 pm    Post subject: Reply with quote    

Welcome to the forum
Did the owner run the herbal shop herself or was she doing the acupuncture while someone else ran the shop for her?
I may get shot down for this but I feel that the owner is more likely to run the business dynamically and promote it to be more successful.

RichardW



Joined: 24 Aug 2006
Posts: 8442
Location: Llyn Peninsular North Wales
PostPosted: Fri Dec 21, 07 7:16 pm    Post subject: Reply with quote    

Do your sums.

Check out the online competition as you WILL have to compete on price & range to make it work.

Good luck

Justme

jema
Downsizer Moderator


Joined: 28 Oct 2004
Posts: 26750
Location: escaped from Swindon
PostPosted: Fri Dec 21, 07 7:28 pm    Post subject: Reply with quote    

dpack wrote:
check the books check who walks in and buys over a few days
if it adds up and you want to be a shopkeeper go for it


Agreed, especially with seeing who walks in.

Once you have premises, you are leaking money big time, and if the foot fall simply is not there, then you could be in trouble.

I think you have to be really hard nosed about this all the way.

RichardW



Joined: 24 Aug 2006
Posts: 8442
Location: Llyn Peninsular North Wales
PostPosted: Fri Dec 21, 07 7:41 pm    Post subject: Reply with quote    

Would it not be cheaper to simply start a new biss yourself? You can then choose the siting & costings of your premises. You can also start online for very little cost till you have the turn over to need storage then get a shop. If it already has a bad local name (why else is it failing? If locals used it then it would be thriving) that will take ages to turn around. How are the other shops in the same position doing? Is it a generaly busy foot trafic area? Whats is parking like (free, time limited, none)?


justme

sassetaylor



Joined: 20 Dec 2007
Posts: 6

PostPosted: Fri Jan 04, 08 2:06 pm    Post subject: Reply with quote    

Thanks for all your advice. I think the idea of building an online business first might be the way to go to start with

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