I'm thinking of opening my own shop

[Gullys Cats]

Hi, I am trying very hard to open my own shop also and have been thinking for sometime now that I would love to have a business partner. I do already have a shop idea and a well researched business plan and am currently looking for the perfect (and affordable) premises in Brighton.
If you think you would be interested in doing something in Brighton and would like a partner too then PM me and we can talk more if not then good luck with your venture

I will send you a pm

 

[Cheeky Monkey]

What a bag of old shite this thread is.

 

[Gullys Cats]

Thank you to everybody for the advice and pointers.

 

[Cheeky Monkey]

Thank you to everybody for the advice and pointers.

 

[Dorset Seagull]

No worries. It was good for many years. Be prepared to work 24/7 in one way or another. Watch what you spend when setting up, staffing was a real pain in the arse, customer service is the most important part.

I have a very successful retail business and would agree with everything you say so sorry it didn't workout for you

 

[Norman Potting]

Are you on medication??!! It's a shithole, the high street is a string of charity shops and empty shops, spattered with cheap poundland rip offs. I went to school and college there, and would have little to no desire to go back!!!

The Castle and the Park are lovely though

My thoughts entirely, coincidentally spent much of day in the park and the lovely open air swimming pool and even had a ride on the little train!. This bit of the town (and in general the lovely old houses North of the Big Bridge) are wasted on the other bits.

Absolutely of no help to the OP though.

 

[Promotion]

I have a very successful retail business and would agree with everything you say so sorry it didn't workout for you

Thank you. To be honest it was probably the best thing. I no longer worry about, the stock, the staff, the website, the invoices, the bank, VAT, PAYE, cash flow predictions, The invoices, customers, etc, etc, etc. The day I decided to close the door for the last time was a sad, but good day. One door closes another opens. The family now come first.

 

[Mr Burns]

Very true, that's why i started the tread, All advice is welcome

Best advice I can give you is simple. Don't bother.

Take a walk around Brighton and see what shops have been trading for more than a few years. Remove the chains from the list, and see what you have left. Then try and find out what these shops earn. It's not a lot. To start and maintain a bricks and mortar shop, you're going to need a very special idea, and then lots of luck for it to suceed. Rents and taxes and staff and stock, specially in Brighton do not come cheap.

If you are determined to give it a go, its about now you should be looking to open, to at least cash in on the Christmas rush. Without that, most small shops would not survive, so always a good idea to have the grand opening around September or October.

Before you go any further, get an idea of rents and rates. Rents are low at the moment, and offers of 50% of the asking price should be top end to get a lease for a few years, but these rates won't last for long after the downturn ends, then you will need staff, unless you are willing to work there 8-6 every day, and then more in the evening to run the admin side of it.

But in all honestly, it aint worth the effort mate. It'll be a one in a hundred shot if you make a go of it.

 

[Vincybaby]

Rents are low at the moment, and offers of 50% of the asking price should be top end to get a lease for a few years, but these rates won't last for long after the downturn ends, then you will need staff, unless you are willing to work there 8-6 every day, and then more in the evening to run the admin side of it.

It's interesting that you have suggested to offer only 50% of the rental asking price, is this the norm? I realise there are many aspects of the lease agreement that are open to negotiation, but I wasn't actually aware that this included the rental price. It's excellent news if that is the case, my forecast documents will look much healthier with a 50% reduction in the rent!

 

[driller]

No worries. It was good for many years. Be prepared to work 24/7 in one way or another. Watch what you spend when setting up, staffing was a real pain in the arse, customer service is the most important part.

what shop did you own?

 

[Dorset Seagull]

Thank you. To be honest it was probably the best thing. I no longer worry about, the stock, the staff, the website, the invoices, the bank, VAT, PAYE, cash flow predictions, The invoices, customers, etc, etc, etc. The day I decided to close the door for the last time was a sad, but good day. One door closes another opens. The family now come first.

Totally understand where you are coming from but the reality is the treadmill never ends whether employee or employer

 

[StillHateBellotti]

It's interesting that you have suggested to offer only 50% of the rental asking price, is this the norm? I realise there are many aspects of the lease agreement that are open to negotiation, but I wasn't actually aware that this included the rental price. It's excellent news if that is the case, my forecast documents will look much healthier with a 50% reduction in the rent!

Basic Business!

 

[Promotion]

what shop did you own?

It was a women's designer clothing shop in Lewes. Delilah.

 

[Promotion]

Totally understand where you are coming from but the reality is the treadmill never ends whether employee or employer

Very true. But now I work from home and don't employ anyone, no real overheads but I still have to do the bloody VAT.

 

[16bha]

How about a shop that sells food very quickly and cheaply to around 26000 people every other Saturday in Falmer? I'm sure there's a gap in the market!

 

[desprateseagull]

fork handles..?

 

[Mr Burns]

It's interesting that you have suggested to offer only 50% of the rental asking price, is this the norm? I realise there are many aspects of the lease agreement that are open to negotiation, but I wasn't actually aware that this included the rental price. It's excellent news if that is the case, my forecast documents will look much healthier with a 50% reduction in the rent!

At the moment, yes. If you are only going for a 2 or 3 year lease, there are deals to be had.

Example. Not a shop but warehouse & offices in my area, up for 52k a year with the first year half price. Someone offered 25k for 5 years with first year half price (12.5k) and got it without further discussion. I know its not the same commerical use as a shop, but I would imagine shop rents can be aggressivly negoated in the present climate, unless of course you are going for a prime location. If a premises is empty, its costing the landlord money in council tax, so many will do deals for a few year lease. Do not offer anywhere near asking price. Estate agents will frown upon low offers, so if when making an offer the estate agent tells you its an insulting offer, tell them to go an insult their client!! Landlords do not want empty shops at the best of times, but there are a lot of empty shops need filling at the moment, and I don't see it changing any time soon, so what have you got to lose. You'll be surprised!

 

[BigGully]

It's interesting that you have suggested to offer only 50% of the rental asking price, is this the norm? I realise there are many aspects of the lease agreement that are open to negotiation, but I wasn't actually aware that this included the rental price. It's excellent news if that is the case, my forecast documents will look much healthier with a 50% reduction in the rent!

Worryingly naive ..........

I fear that your bankers will only tolerate your business plan if backed up by guarantee's, security and charges against any property.

Be careful, be very careful.

I cannot think of any unique service or product that needs the burden of a shopfront and its associated costs.

I know I sound negative but I have some experience and the likeliness of failure unfortunately outweighs your optimism of success.

Just take your time and use the other retail tools to sell your product or service, but linking your dream to a lease is unnecessarily dangerous.

 

[Vincybaby]

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

 

[Dick Knights Mumm]

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 would get Mr Burns to do your negotiating. Seriously.