starting a business where to actually start?

H3RBSKI

H3RBSKI

H3RBSKI

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11 Sep 2011
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has anybody on here started their own business (mainly a small shop)
me and my best friend have been talking about this for years but never really had chance to do it, but now we do.

we dont really know where to start its going to be a video game store with pc repairs etc been looking online for wholesalers but all of them seem to want your company info before they will talk to you. obviously its pointless opening a shop without stock..

so any tips on where to start would be great. we only have £10,000 to get us started but the shop we are looking at is small and only £80 a week rent. any help is great guys.
 
i would say dont do it. only because computer game shops aren't exactly doing well these days. how many do you know that aren't big players

edit : ^ perhaps really both parts.
 
£10,000 will go in an instant on a shop.

Great, your rent is £80 per week. What about business rates, insurance, security, outfitting, company formation, accountancy, utilities, merchant accounts/card processing facilities etc? I don't own nor have I even worked in a shop yet I know all these things are requirements.
 
Seems highly risky in the current climate, you'd need to have a very strong internet based sales outlet as well to have any chance of it succeeding.

I personally wouldn't risk £10,000 on such a venture at the moment, if it was me i would want minimum of 6 months rent + £10,000 for initial shop stock with another £5,000 in place to feed the repair side of the businesses and buy in used goods. you have insurance premiums i take it on top of that as well i would assume?

i know nothing about business but these are just figures i would feel comfortable with also you could not draw a wage at first i would have thought as your trying to build a strong foundation for the business to last and would take time to generate profits? seems risky to me.
 
zhx said:
i would say dont do it. only because computer game shops aren't exactly doing well these days. how many do you know that aren't big players

edit : ^ perhaps really both parts.
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we arently really hoping it will do amazing and bring in £1000's a week, the guy who is putting the money up is one of our best friends and my friends boss who has several companies, he has basically told us to sort out a business plan and he will front the cash and pay for everything until we are settled.
we have never owned this sort of shop before (only tattoo studios) but its something we enjoy and would like to do. i know several small game stores shops near me that make a killing but we arent daft enough to open up close to them.
we just need ideas where to start ( we have shop fitters sorted and the like) its just we have never had a business like this so not sure where to start properly.
 
H3RBSKI said:
we arently really hoping it will do amazing and bring in £1000's a week, the guy who is putting the money up is one of our best friends and my friends boss who has several companies, he has basically told us to sort out a business plan and he will front the cash and pay for everything until we are settled.
we have never owned this sort of shop before (only tattoo studios) but its something we enjoy and would like to do. i know several small game stores shops near me that make a killing but we arent daft enough to open up close to them.
we just need ideas where to start ( we have shop fitters sorted and the like) its just we have never had a business like this so not sure where to start properly.
Click to expand...

Have you seen their accounts?

Why will people buy from you then?
 
Seriously, who buys from a local game shop these days?

It's all online now and anything big people go to tesco at midnight.
 
10k seems inadequate to me, for a business with premises.

After doing the maths for my potential business, I'm looking at about that for starting up working from home.
 
Good for you thinking in an entrepreneurial way. but do your research and be very realistic. This is horrible time to open up a games store and PC repair is not that lucrative.
 
Skidder said:
Good for you thinking in an entrepreneurial way. but do your research and be very realistic. This is horrible time to open up a games store and PC repair is not that lucrative.
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thanks and thats what i was asking for, with the last business we didnt really need a plan as it was completley different but this time we do so i was asking for advice. Been looking around and it appears i have lots of emails and phone calls to make tomorrow lol
 
DO NOT BOTHER

I quit my well paid job last year and attempted to do the same

In all honesty it is not worth the trouble / stress and all that goes with it
 
lurkio said:
DO NOT BOTHER

I quit my well paid job last year and attempted to do the same

In all honesty it is not worth the trouble / stress and all that goes with it
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Was just about to recommend he dropped you a PM :).

Take advice from lurk, he has been there and done it.

You're competing with so many people in that marketplace... from home people who call out / to people above shops etc.
 
H3RBSKI said:
thanks and thats what i was asking for, with the last business we didnt really need a plan as it was completley different but this time we do so i was asking for advice. Been looking around and it appears i have lots of emails and phone calls to make tomorrow lol
Click to expand...

You business model has large overheads and small margins.
 
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