thinking of opening a shop

Dis86 said:
Well since we don't have a massive amount of information from your OP I can say this...

My dad recently managed the construction of a shop for a company. The total contract value was £7m, this included fitting, planning, legal and environmental management. Thus I think we can assume yours will be in this region too.
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I'm guessing this wasn't a little corner shop.
 
Dis86 said:
Well since we don't have a massive amount of information from your OP I can say this...

My dad recently managed the construction of a shop for a company. The total contract value was £7m, this included fitting, planning, legal and environmental management. Thus I think we can assume yours will be in this region too.
Click to expand...

I think he's renting :P
 
Amp34 said:
Don't think anyone has mentioned Business Rates? AFAIK they are pretty substantial.
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Holy crap I'd never heard of business rates before. Wow that's quite a killer :( glad I only need a randomly placed server and a home pc for mine :D kinda throws a proper office out the window.

Edit: ooo it's instead of council tax. I thought it was a separate charge.
 
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teenwolf said:
i wont go into much detail but apart from the lease what other costs are involved.

i would appreciate some help please with some figures from you nice nice people out there to get a general idea.

lease and accountant, computers are all taken care of.
i would want payment by card so that needs to be taken into account.

thanks in advance
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Well you have to at least have some capital.

*Dons sunglasses*
 
With no inclination as to what shop it's impossible to say.

After stock and lease/deposit then fixtures, fittings and decor will probably be the next single biggest cost, if not the biggest, and that's a case of how long is a piece of string.
 
  • Rent
  • Rates
  • Water
  • Gas
  • Electricity
  • Shop fittings, signage and furniture
  • Tills and stock system
  • Stock
  • Accountant?
  • Employees (corporate structure)
  • VAT
  • Liability insurance, contents insurance
  • Bank charges (merchant account)
  • Credit card charges
  • Line rental for the telephone
  • Broadband bill
  • Website
  • Mobile bill
 
I think if you're asking on a forum like OCUK you aren't prepared enough to start a business. You should be doing masses of research to ensure you understand everything involved and are happy to move forward, not rely on other people to tell you what you should be thinking about.

I'm not trying to be a dick, but you just don't seem very confident and bad businesses can bankrupt people, which I wouldn't want to see happen.
 
EVH said:
  • Rent
  • Rates
  • Water
  • Gas
  • Electricity
  • Shop fittings, signage and furniture
  • Tills and stock system
  • Stock
  • Accountant?
  • Employees (corporate structure)
  • VAT
  • Liability insurance, contents insurance
  • Bank charges (merchant account)
  • Credit card charges
  • Line rental for the telephone
  • Broadband bill
  • Website
  • Mobile bill
Click to expand...

Couple of other things to consider here:

- Solicitors' charges (in relation to the lease)
- Rent Deposit
- Alarm Installation/Maintenance Charges depending on Alarm Type

I was involved in the setup of a shop last year, and it took a lot longer than anticipated due to the condition of the shop, but due to this, we managed to (along with the Solicitor) negotiate a rent free period for three months due to the amount of work we would have to carry out on the shop - including repairs to the shop front and replacement laminated safety glass.

I also did the leg work in negotiating the Card Terminal charges with various company, saving quite a considerable sum in the process - in both rental and transaction charges. Well worth the extra effort.
 
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