Help Totaly New in Retail But Planning to Take the Plunge!

chikkie14 · 08-12-2009, 03:43 AM

Hi I have decided to rent a space at far east plaza and sell my goods. Can somebody please help me with the following questions?

1.) Do I need to register my business before I rent and start selling?

2.)As a sole proprietor, if my business didn't do well and I would have to close down (touch wood) without owing people money, am I in danger of losing my properties?

3.) Is Far East plaza actually a good place for starters like me?
4.) Will I actually earn something from it?
5.) Any idea on how much capital is reasonable enough to start this biz?

Any piece of advice is very much appreciated. thanks!

arobetta · 16-12-2009, 03:19 PM

Quote:

Originally Posted by chikkie14

Hi I have decided to rent a space at far east plaza and sell my goods. Can somebody please help me with the following questions?

1.) Do I need to register my business before I rent and start selling?

2.)As a sole proprietor, if my business didn't do well and I would have to close down (touch wood) without owing people money, am I in danger of losing my properties?

3.) Is Far East plaza actually a good place for starters like me?
4.) Will I actually earn something from it?
5.) Any idea on how much capital is reasonable enough to start this biz?

Any piece of advice is very much appreciated. thanks!

Hmmn, I cant help you much but do consider the 3 months security deposit and 1 months advance rental (around 20k)... Cash register POS cost (around 1.5k - 2.5k)... Reno costs (8k for normal - 15k to 20k for design + carpentery works) ... Registering sole proprietor is $65/-... Stocks cost...

walux8 · 16-12-2009, 06:19 PM

what are you selling?

noeclue · 16-12-2009, 07:26 PM

1) If you are going to shopping mall, most of them will require you to have a company with certain paid up capital. Normally the amount is S$50K. Some established mall will ask you for S$100-150K. Far East will need a contract between individual (as a guarantor) and landlord.

2) No.

3/4/5) NC.

08-12-2009, 03:43 AM	#1
chikkie14 Junior Member Join Date: May 2009 Location: Tampines Posts: 4 My Reputation: Points: 10/ Rep Power: 0	Help Totaly New in Retail But Planning to Take the Plunge! Hi I have decided to rent a space at far east plaza and sell my goods. Can somebody please help me with the following questions? 1.) Do I need to register my business before I rent and start selling? 2.)As a sole proprietor, if my business didn't do well and I would have to close down (touch wood) without owing people money, am I in danger of losing my properties? 3.) Is Far East plaza actually a good place for starters like me? 4.) Will I actually earn something from it? 5.) Any idea on how much capital is reasonable enough to start this biz? Any piece of advice is very much appreciated. thanks!

16-12-2009, 06:19 PM	#3
walux8 Member Join Date: May 2009 Location: Orchard Posts: 19 My Reputation: Points: 10/ Rep Power: 0	Re: Help Totaly New in Retail But Planning to Take the Plunge! what are you selling? __________________ www.blog.xsquad.com.sg

16-12-2009, 07:26 PM	#4
noeclue Senior Member Join Date: May 2008 Location: Australia/Singapore Posts: 193 My Reputation: Points: 10/ Rep Power: 17	Re: Help Totaly New in Retail But Planning to Take the Plunge! 1) If you are going to shopping mall, most of them will require you to have a company with certain paid up capital. Normally the amount is S$50K. Some established mall will ask you for S$100-150K. Far East will need a contract between individual (as a guarantor) and landlord. 2) No. 3/4/5) NC.

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