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+---- Thread: Entrepreneurial Opportunity (/Thread-Entrepreneurial-Opportunity)
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Entrepreneurial Opportunity - BreShiE - 03-23-2014
As some of you may know, I currently work on a market in a phone shop, selling mobile phone accessories and it made me have a brain wave. What's to stop me from starting my own stall? My idea is to save up about £1000 to begin with from work, and start my own sweet/candy shop on the market.
I'm a very well orginized, business type individual and I know I could run it well, and I know for a fact I could turn over a massive profit from it, and eventually branch out into multiple shops. I can buy sweets at wholesale prices and sell them for a 6/10 profit.
A friend of mine is up for a partnership, and we could turn this into a fully fledged business. Obviously this will have to all by done by the book, on the books and with tax. The current estimates is an easy £2100 weekly turn over, which for the season is roughly £67,200 (if we make a fixed sales of £300 a day). With profits being roughly £40320. Split that between the two of us and that's £20,160 each. Yearly.
These estimates are with a fixed £300 a day, 7 days a week for 8 months. Sometimes we will be making more, sometimes we would be making less. On top of this we will have to cover the costs of our own packaging, gloves and alcohol handwash for health and safety, rent of the stall and electric, internet, tables, chairs and other random stuff. So initial total profit from the first year will be roughly £10,000-£15,000. Each.
As we eventually branch out and get several stalls, this could be a great earner. Full time, great wage.
My question is, should I do this? Is this a good idea? My mate has a car so deliveries and pickups are no issue. Nothing is really an issue apart from starting up and more research being needed.
Let me know what you guys think please!
RE: Entrepreneurial Opportunity - lux - 03-23-2014
You'd have to form a LLP (Limited Liability Partnership). Are there stall spaces available? Do you have to pay the council 'rent'? And the set-up... Metal polls, joints, covering, etc. What about transport? You'll need a van to transport the stock and stall to and from the market. Storage? You'd need somewhere to store stock and the van.
If you can sort all these out, then I'd say go for it.
RE: Entrepreneurial Opportunity - BreShiE - 03-23-2014
(03-23-2014, 07:10 PM)Monotonous Wrote: You'd have to form a LLP (Limited Liability Partnership). Are there stall spaces available? Do you have to pay the council 'rent'? And the set-up... Metal polls, joints, covering, etc. What about transport? You'll need a van to transport the stock and stall to and from the market. Storage? You'd need somewhere to store stock and the van.
If you can sort all these out, then I'd say go for it.
Yes there are stalls available, however we will not be doing this until next year. If we get in early enough, we can garuntee a space.
We do not have to pay the council rent for the stalls, we pay directly to the market management, who own the entire land.
The set up is all fine, I'm good with my hands and for the stuff I can't do I can just get my father to do for me (he's got a building and plumbing license).
Transport again is covered, for the most part and for the first year my friends car will be enough, after that when we start getting big enough I could just pay my father to drive me to the warehouse. By then however I will be driving myself, I will have my own van for doing this. There is parking space just outside the market and vehicles are allowed on the market but have to be off by 9am.
Stock can be stored on or off site, we will get a big enough stall to create a back part.
RE: Entrepreneurial Opportunity - Satan - 03-23-2014
Always assume for the first 2 years of a business you are going to be in the negatives. It helps.
As far as this goes, you'd probably want to rely on more than just sweets for a while, until the name gets around.
RE: Entrepreneurial Opportunity - Eclipse - 03-23-2014
It sounds like a good, well thought out idea. Go for it.
(03-23-2014, 09:36 PM)Satan Wrote: Always assume for the first 2 years of a business you are going to be in the negatives. It helps.
As far as this goes, you'd probably want to rely on more than just sweets for a while, until the name gets around.
Also, this.
RE: Entrepreneurial Opportunity - Cressi - 03-23-2014
I think it's a grand idea, and I wish you the best of luck if you do ^^
Also, I've helped set up businesses in the past; so PM me if you need any help
RE: Entrepreneurial Opportunity - BreShiE - 03-25-2014
(03-23-2014, 09:36 PM)Satan Wrote: Always assume for the first 2 years of a business you are going to be in the negatives. It helps.
As far as this goes, you'd probably want to rely on more than just sweets for a while, until the name gets around.
Sweets are very profitable where I live. These are very low estimates and account for every possible discrepancy I could think of. If sweets don't work out, I can always move onto something else once I'm fully set up.
(03-23-2014, 10:10 PM)Cressi Wrote: I think it's a grand idea, and I wish you the best of luck if you do ^^
Also, I've helped set up businesses in the past; so PM me if you need any help
Thanks Cressi! I have someone behind me who used to sell sweets for a living so I'm fine as for everything I can think of currently. I can run a business well, and I have everything covered apart from the startup money. It shouldn't take too long for me to get ahold of that though, as I'll be working full time 7 days a week soon enough.
RE: Entrepreneurial Opportunity - 3SidedSquare - 03-25-2014
Sounds like you have a plan, I would say go for it, and best of luck to you.
I think someone mentioned you'll want to set up an LLP, and while that's all well and good, you'll want to set up an LLC as well. It'll protect you from some losses if someone sues you for your candies giving them a seizure or some shit.
RE: Entrepreneurial Opportunity - Cressi - 03-25-2014
(03-25-2014, 12:46 AM)BreShiE Wrote: Thanks Cressi! I have someone behind me who used to sell sweets for a living so I'm fine as for everything I can think of currently. I can run a business well, and I have everything covered apart from the startup money. It shouldn't take too long for me to get ahold of that though, as I'll be working full time 7 days a week soon enough.
Ah, that's awesome ^^
Well, I hope you get started soon; and good luck to you ^^
RE: Entrepreneurial Opportunity - Flareon - 03-25-2014
Its a great idea if you know what you're doing but you should be prepared if you don't make the expected amount or even a loss after fees.