Switching from Full Time Employee to Starting Retail Biz

[pinkknitter]

Hi all, i am new here.... I am thinking of switching from my full time job to start a retail biz but i've got no experience in online biz or shopfront biz at all. I just feel too stressful of my job & want to be in control of my own biz.

(1) can i know what are the average Net earnings that the majority of the forumers here averaged? anyone hit $4-5K (whether online or with shopfront)?

(2) where am i be able to source for cheapest suppliers/wholesalers besides this website?

(3) what are the procedure of starting the biz :-
- need to register with ACRA?
- apply what license?
- implications on GST etc.?
- any others that i missed out & the timelines for these?

Thanks for your valuable advice...

[jamie123]

1) This will be difficult. You will need a few months if not years of built up regular customers to achieve that. Business is a long term thingy.

2) I will recommend Alibaba

3) ACRA is a must. The rest of license depends on your trade. You can find more information at ACRA website.

[Across]

Originally Posted by pinkknitter

Hi all, i am new here.... I am thinking of switching from my full time job to start a retail biz but i've got no experience in online biz or shopfront biz at all. I just feel too stressful of my job & want to be in control of my own biz.

(1) can i know what are the average Net earnings that the majority of the forumers here averaged? anyone hit $4-5K (whether online or with shopfront)?

(2) where am i be able to source for cheapest suppliers/wholesalers besides this website?

(3) what are the procedure of starting the biz :-
- need to register with ACRA?
- apply what license?
- implications on GST etc.?
- any others that i missed out & the timelines for these?

Thanks for your valuable advice...

Hi,

I agree with jamie123 to certain extent.

1) It's really not easy

2) Not recommended for newbie

3) -You need to register with ACRA to start a retail business unless you talk about bazaar or flea market that you wanna try out first (can consider).
-As Jamie123 said, depends on what trade.
-GST not recommended when your business is small

Actually doing business is really not easy, you might ended up being more stressful than working as an employee.

Correct me if I'm wrong.

Regards

[Across]

Originally Posted by Across

Hi,

I agree with jamie123 to certain extent.

1) It's really not easy

2) Not recommended for newbie

3) -You need to register with ACRA to start a retail business unless you talk about bazaar or flea market that you wanna try out first (can consider).
-As Jamie123 said, depends on what trade.
-GST not recommended when your business is small

Actually doing business is really not easy, you might ended up being more stressful than working as an employee.

Correct me if I'm wrong.

Regards

Hi,

2) I mean alibaba is not recommended for newbie. Source of supplier will depend on types of products.

Regards

[shadowcast]

if not alibaba, then what would you suggest @_@.

[Across]

Hi shadowcast,

I'm sorry to say that you have asked a rather sensitive question. Not many people here would like to share with you because you might end up being their competitors.

If you don't mind, many members here would be very happy to supply you or put their stock with you on consignment this will help you save trouble on sourcing too.

As mentioned earlier, supplier will very much depends on types of products you are looking for. May I know what will you be selling? If it's fashion I know of one website, may not be the cheapest but allows you to buy in small quantity, pricing wise is still sellable.

Regards

[pinkknitter]

Hi, thanks for all the replies...I am thinking of trying out fashion bags...hope can source cheap priced items & can sell well...