I'm thinking of opening my own shop

[BigGully]

Great thanks. I am having to look at prime locations or atleast shops that are situated in shopping areas or near a large number of businesses as I am intending for the business to sell food and my target market will be the lunch time trade. I will ensure that I put my negotiating hat on when I find the right place

I wish you every success on whatever you choose to do.

But I had a mate recently that did something similar, in prime shopping centres, his was more of a kiosk.

At the time I questioned whether it really was viable, not in a superior way, just pleading for him to do his sums.

On small unit sales, such as sandwiches, prospective owners like to note profit margins, all very worthy, but the volume has to be vast for that to translate into a living profit.

Unfortunately it failed rather quickly and he lost money and his sanity for a short while, so beware.

Subway sell subs at £1.50, Supermarkets about the same too, so what's unique about your sandwiches, quality, price, or both, each critical to your profit

If you sell a sandwich for £2.50, your gonna be lucky to pull a profit of more than a quid, considerably less if your thinking net profit !!

You will require queues snaking out of the door each afternoon to break even !!!

Ok Ok thats enough of my negativity and good luck, I fear you will need it.

 

[the right footed denilson]

I'm a greengrocer. We make money but work VERY hard. Not just in terms of the early mornings and long hours. You have to constantly be on your toes to get one over the supermarkets. So we're always trying new things.

If you sell a product people want or need, at a decent price, nice presentation and friendly, knowledgeable staff you'll be okay.
If you expect to sell any old crap and just sit behind your till on a laptop raking it in you'll be in for a nasty surprise.

EDIT: and do your research before you get carried away with either a location or product.

 

[Vincybaby]

Ok Ok thats enough of my negativity and good luck, I fear you will need it.

I hear all your advice and thank you for it too. I don't mind a bit of negativity to keep me on my toes. I think I will need a truck load of luck to get this off the ground but I have researched the market well and really hope my hard work can make it work..... anything beats the daily grind of my current office job

 

[dragonred]

I have my own business started from scratch 7 years ago with just 1 laptop, 1 phone and 1 hired room (broom cupboard nearer the truth) and just with me working solo - and it now has 12 people here and has done well in the recession (miracles happen). The things I've learnt are not rocket science, just often the hard way but you deal with that and keep going - don't ever expect a profit in the early years, expect your expenses and unknown emergencies to double/triple what you budgeted for and try and always keep at least 6 months money tucked away to cover blips. Like anything if you are willing to sacrifice some of your health, wealth and some relationships along the way, and mentally treat the business at all times as a 24/7 baby until it can look after and pay for itself, then you are already half way to doing well....anything less than that mindset and you may as well pour money down the sink!....just my experience but I am sure those who are self employed will recognise some of the comments!

 

[hart's shirt]

I have my own business started from scratch 7 years ago with just 1 laptop, 1 phone and 1 hired room (broom cupboard nearer the truth) and just with me working solo - and it now has 12 people here and has done well in the recession (miracles happen). The things I've learnt are not rocket science, just often the hard way but you deal with that and keep going - don't ever expect a profit in the early years, expect your expenses and unknown emergencies to double/triple what you budgeted for and try and always keep at least 6 months money tucked away to cover blips. Like anything if you are willing to sacrifice some of your health, wealth and some relationships along the way, and mentally treat the business at all times as a 24/7 baby until it can look after and pay for itself, then you are already half way to doing well....anything less than that mindset and you may as well pour money down the sink!....just my experience but I am sure those who are self employed will recognise some of the comments!

You've nailed it there. I've been running my business now for almost 6 years. We work in the service industry - perhaps looking at a service rather than a tangible product (with a shelflife and expiry date) might be better for the OP.

It's definitely not a baby any more as it provides employment to 11 people, but it's needed all the time and care that I could give. It's a labour of love though, and I wouldn't have had it any other way. Definitely watch the finances though - bootstrap as much as you can in the early years.

Once an entrepreneur, always an entrepreneur (at least at heart).